State Street Roasts JPMorgan’s Biggest ETF, Then Backtracks

It began as the kind of sales pitch that floods the inboxes of financial advisers. Except this time, State Street Investment Management used it to take a swipe at one of JPMorgan Chase & Co.’s showcase ETFs, a head-turning move that cut through the industry’s usual politeness.

“Sitting on JEPI losses?” read the start of the subject line on the Nov. 14 note, referring to the ticker attached to the JPMorgan Equity Premium Income ETF, which has ballooned to $40 billion since its May 2020 launch and has inspired a wave of look-alike funds. “Consider SPIN,” it continued, the ticker for State Street’s $60 million US Equity Premium Income ETF.