JEPI Out, SPYI In: What the Swap Does to a $1.08 Million Income Portfolio

A comparison of two income ETFs—JPMorgan Equity Premium Income (JEPI) and NEOS S&P 500 High Income (SPYI)—shows how fund choice can materially change a retirees’ cash flow. The analysis looks at a $1.08 million position using forward distribution rates, annualizing each fund’s most recent monthly payment, and prices as of October 16, 2026. In JEPI, the stake would generate about $77,569 per year, based on a forward distribution rate of 7.18%. In SPYI, the same amount is projected to produce more than $129,000 annually, adding roughly $52,104 extra cash flow, tied to a 12.01% forward rate. The piece describes JEPI’s option-income structure and notes SPYI’s higher exposure to mega-cap tech.