Forget JEPQ: Goldman’s Nasdaq Income Fund Raised Its October Payout While JPMorgan Cut Its Own

The JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ) built its following by combining Nasdaq stock exposure with a monthly distribution paid out of option premium. That formula still works, but JEPQ holders got a smaller check in October. A $100,000 position collects roughly $926.41, down from $1,115.46 the month before. The same stake in the Goldman Sachs Nasdaq-100 Premium Income ETF (NASDAQ:GPIQ) collects $872.30, up from $851.76.

GPIQ’s Payout Rose While JEPQ’s Fell

Both funds went ex-dividend on October 1, 2026. GPIQ pays $0.50881 per share on October 7, 2026, up from $0.49683 the prior month. JEPQ paid $0.56687 per share on October 5, 2026, down from $0.68255.

To generate income, a covered-call fund sells call options and passes the premium to shareholders. Premiums grow when markets turn volatile and shrink when they calm down, so the monthly payment moves with conditions. The two funds also collect premium in different ways. JEPQ’s June 30, 2026 portfolio filing shows structured notes issued by several banks.

These are the equity-linked notes that generate its option income. GPIQ’s filing for the same date lists its stocks next to derivative positions it holds directly. Because the structures and strike choices differ, the two funds can move in opposite directions in the same market.

One month tells you about conditions and positioning. It doesn’t necessarily show that Goldman runs a better strategy, and it doesn’t reliably predict what either fund pays next.

GPIQ Has Led on Total Return in Every Recent Window

So far this year, GPIQ is up 20.43%, compared with 15.1% for JEPQ, a gap of 5.33 points. Over one year, GPIQ gained 23.87% against 20.01%, a 3.86-point lead. It also led over the past month, rising 5.25% while JEPQ rose 4.41%. These numbers include both price and distribution reinvestment.

This matters to a JEPQ holder because covered-call funds give up some upside in exchange for premium. GPIQ has kept more of the Nasdaq’s gains.

JEPQ Still Delivers More Cash Right Now

This is JEPQ’s strongest advantage. On the same $100,000 stake, its October payment of $926.41 is larger than GPIQ’s $872.30. Its annualized forward income of $11,116.91 is also higher than GPIQ’s $10,467.55.

An income investor choosing only on today’s cash would still pick JEPQ. The case for GPIQ depends on which way its payment is moving and on its stronger price performance.

JEPQ is also much bigger. It reported more than $40 billion in net assets as of June 30, 2026, against about $5.1 billion for GPIQ.

What Annualized Income Figures Can and Cannot Tell You

The annualized numbers, $11,116.91 for JEPQ and $10,467.55 for GPIQ, are estimates based on each fund’s current distribution rate. Neither fund promises to keep paying that rate. Both set a new payment every month, and October’s moves show how fast the monthly ranking can change. Read the estimates as a snapshot of today’s conditions.

How to Weigh a Switch

In an IRA or 401(k), switching is tax-free. So moving from JEPQ to GPIQ leaves only the tradeoffs above to consider. In a taxable account, taxes apply. Selling JEPQ at a gain creates a capital gains tax bill that could outweigh a small edge. One option is to send new contributions and reinvested distributions into GPIQ and leave the existing JEPQ position alone. Both funds share the same core risk: concentrated Nasdaq exposure that can fall sharply, with limited upside in strong rallies.

Matching Each Nasdaq Income Fund to Its Investor

JEPQ still suits investors seeking the biggest monthly check today, since it pays more on the same stake. GPIQ makes the stronger case for investors who want Nasdaq income and more of the price gains. It raised its payment this month and has led on price year-to-date, over one year, and over the past month. Keep an eye on the next few distributions from both funds to see whether October’s split continues.

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