The JPMorgan Equity Premium Income ETF's (NYSEMKT: JEPI) trailing 7.6% dividend yield is eye-catching enough to attract investors looking for monthly income. But just how risky is it? Here's what you need to know before you buy it.

The exchange-traded fund (ETF) aims to generate sustainable monthly income for investors while having the potential for capital appreciation. Its managers also seek to achieve lower volatility than the S 500 Index by investing in equities and equity-linked notes (ELNs).

The strategy of the ETF is as follows:

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Source Fool.com