At a glance
AIPI charges 65.0% a year, above the 0.41% average of the 8 funds most like it (the most expensive of 9). It has $436.0M in assets, the 6th largest of that group; it paid 36.97% of its price in distributions over the past 12 months, monthly. Over the past year it returned +15.1% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds. Its ten largest positions make up 66.2% of the fund, out of 25 in all.
The short version
REX AI Equity Premium Income ETF (AIPI) is an actively managed fund. It invests mainly in the 25 stocks of the BITA AI Leaders Select Index, such as CrowdStrike, Palantir and Nvidia, and sells covered call options on them to earn income. It paid a trailing 12-month yield of about 37% as of October 27, 2026, in monthly payouts. In exchange, it charges 0.65% a year and gives up some gains when AI stocks rally.
Price history
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AIPI +15.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AIPI official prospectus, to Dec 31, 2025 | — | — | — | +16.42% | — | +20.60% |
| AIPI price data to Oct 27, 2026 | +17.9% | +15.1% | — | — | — | +21.1% |
- Over the year to Oct 27, 2026, AIPI returned +15.1%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.3%); its best was 2025 (+16.3%).
- The deepest fall in its price history was 25.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 9, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.9% | — |
| 2025 | +16.3% | +16.42% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $9.7000 | |
| 2025 | $15.1500 |
What's inside
As of May 31, 2026, the fund held 25 securities; the ten largest made up 66.2% of assets.
| Holding | Weight | |
|---|---|---|
| CROWDSTRIKE HOLDINGS, INC. | 12.93% | |
| PALANTIR TECHNOLOGIES INC. | 9.11% | |
| NVIDIA CORPORATION | 8.92% | |
| Astera Labs, Inc | 7.80% | |
| DATADOG, INC. | 7.21% | |
| MICRON TECHNOLOGY, INC. | 4.50% | |
| SUPER MICRO COMPUTER, INC. | 4.28% | |
| IONQ Inc | 3.92% | |
| PALO ALTO NETWORKS, INC. | 3.91% | |
| ADVANCED MICRO DEVICES, INC. | 3.60% | |
| QUALCOMM INCORPORATED | 3.57% | |
| SERVICENOW, INC. | 3.43% | |
| CISCO SYSTEMS, INC. | 3.30% | |
| INTERNATIONAL BUSINESS MACHINES CORPORATION | 3.23% | |
| INTEL CORPORATION | 2.90% |
By country
United States 108.43%By asset type
Stocks 108.43%By sector
Sectors of the companies held, for the 96.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $17.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.05%, +9.48%, +10.45%.
How it works
AIPI is actively managed, but at least 80% of its net assets go into stocks in the BITA AI Leaders Select Index. The index scores companies listed on the NYSE or Nasdaq by how much of their revenue comes from AI hardware, software, infrastructure and services. The five most heavily traded "Purity Leaders" are companies with at least half their revenue from AI. Together they get 40% of the index, weighted by 12-month trading value. Twenty "Key Enablers" split the other 60% equally. These are companies central to AI that are not purely AI businesses. Each stock is capped at 10%, but the fund's weights can differ: CrowdStrike made up 12.9% as of May 31, 2026.
The fund also writes covered calls. It sells buyers the right to purchase shares it owns at a set price (the strike) by a set date, and keeps the fee, or premium, as income. If a stock climbs past the strike, the fund gives up those gains. The prospectus expects the fund to lag in rising markets and beat the index in flat ones. In falling markets it expects to lose money, with premiums softening the loss only partly. The fund may use FLEX options, which are customizable contracts cleared by the Options Clearing Corporation.
The fund aims to pay monthly, but payouts vary and aren't guaranteed. Each payout lowers the share price, and the prospectus warns that repeated payouts can wear it down over time.
What it really costs
- AIPI charges 65% a year, versus an average of 0.41% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AIPI | $66 | $208 | $362 | $810 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its large but variable payouts come from an options strategy on 25 concentrated AI stocks with a short track record, so it works more as a small, higher-risk slice than as a core income source.
AIPI pays monthly. Its trailing 12-month yield was 36.97% as of October 27, 2026. It launched in June 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its deepest drop, 25.2%, ran from February 18 to April 8, 2025. It recovered by July 9, 2025, about three months later. Its only full calendar year, 2025, returned 16.42%. Anyone forced to sell shares near a low like April 2025 would lock in losses, and the prospectus warns that repeated payouts can erode the share price. Payouts vary, and option income is usually taxed as ordinary income. The fund costs 0.65% a year, or $66 on $10,000 in year one under the SEC example. That is above the 0.41% average for similar funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers comfortable with large, variable monthly payouts (a 36.97% trailing yield as of October 27, 2026) from 25 concentrated AI stocks.
- Investors who want AI exposure led by CrowdStrike, Palantir and Nvidia and will give up some gains in sharp rallies for option premiums.
- Investors holding it in IRAs or other tax-advantaged accounts, since option income is usually taxed as ordinary income in taxable accounts.
Look elsewhere if
- Those wanting broad diversification: technology made up 89.1% of holdings with sector data, and the top 10 made up 66.2%, as of May 31, 2026.
- Cost-conscious investors: its 0.65% expense ratio compares with 0.08% for XLK and a 0.41% average among similar funds.
- Anyone needing steady payouts or stable principal: payouts vary, the fund fell 25.2% in early 2025, and repeated distributions can erode its share price.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AIPI this fund | — | 65% | $436.0M | +15.1% | — |
| IETC iShares U.S. Tech Independence Focused ETF · different strategy | 48% | 0.18% | $668.3M | +2.9% | +28.9% |
| XAIX Xtrackers Artificial Intelligence and Big D… · different strategy | 47% | 0.35% | $173.4M | +31.0% | — |
| QQMG Invesco ESG NASDAQ 100 ETF · different strategy | 44% | 0.2% | $200.0M | +16.4% | +29.5% |
| XLK Technology Select Sector SPDR Fund · different strategy | 41% | 0.08% | $123.91B | +20.1% | +4.0% |
| IYW iShares U.S. Technology ETF · different strategy | 39% | 0.39% | $23.58B | +13.9% | +30.4% |
| FEPI REX FANG & Innovation Equity Premium Income… | 38% | 0.65% | $647.2M | +7.6% | +20.6% |
| XPND First Trust Expanded Technology ETF · different strategy | 34% | 0.65% | $39.4M | +1.8% | +25.7% |
Questions investors ask
Does AIPI pay monthly dividends?
Yes, AIPI aims to pay distributions monthly. Over the 12 months to October 27, 2026, it paid $13.41 per share, a trailing yield of about 37%. The prospectus warns there is no assurance of a payout in any given month and that amounts may vary greatly. Most of the money comes from option premiums. These are usually taxed as ordinary income rather than as qualified dividends, which get lower tax rates.
Why is AIPI's yield so high?
AIPI's yield comes mainly from selling call options on volatile AI stocks such as Palantir, Nvidia and Astera Labs. Options on volatile stocks tend to fetch larger premiums. A high yield is not the same as a high total return, though. The fund gives up gains when stocks rise past their strike prices, and each payout lowers the share price. The prospectus warns that repeated distributions may significantly erode the fund's value over time.
What's the difference between AIPI and FEPI?
Both are REX ETFs that hold tech-heavy stocks and sell covered calls, and both charge 0.65% a year. The difference is the stock list. AIPI follows the BITA AI Leaders Select Index, while FEPI, as its name says, targets FANG and innovation stocks. About 38% of their holdings overlap. AIPI returned 15.1% over the year to October 27, 2026, against 7.6% for FEPI. FEPI had $647 million in net assets as of July 31, 2026, against about $436 million for AIPI as of May 31, 2026.
What stocks are in AIPI?
As of May 31, 2026, AIPI held 25 stocks. The largest were CrowdStrike at 12.9%, Palantir at 9.1%, Nvidia at 8.9%, Astera Labs at 7.8% and Datadog at 7.2%. Micron, Super Micro Computer, IonQ, Palo Alto Networks and AMD rounded out the top 10, which together made up 66.2% of the fund. Technology accounted for 89.1% of the holdings with sector data, so the fund is narrowly focused.
Is AIPI good for retirement income?
It can produce large monthly income, but it has swung more than the broad stock market. Its one-year beta was 1.29 as of October 27, 2026, and it fell 25.2% between February and April 2025. Because it launched in June 2024, it has no record through a long bear market. From its launch through December 31, 2025, it returned 20.6% a year on average, but a short history says little about future results.