At a glance
CEPI charges 0.85% a year, below the 1.1% average of the 2 funds most like it (the cheapest of 3). It has $110.1M in assets, the 2nd largest of that group; it paid 50.41% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.3% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds. Its ten largest positions make up 51.3% of the fund, out of 25 in all.
The short version
REX Crypto Equity Premium Income ETF (CEPI) is an actively managed fund that owns stocks from the BITA Crypto Assets & Digital Payments Index, such as payment firms, bitcoin miners, crypto exchanges and chipmakers. It also sells covered call options on those stocks to earn income. It pays monthly, and its trailing yield was 50.41% as of October 27, 2026. It charges 0.85% a year, below the 1.1% average of similar funds.
Price history
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CEPI -0.3% 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 | |
|---|---|---|---|---|---|---|
| CEPI official prospectus, to Dec 31, 2025 | — | +2.95% | — | — | — | — |
| CEPI price data to Oct 27, 2026 | +16.2% | -0.3% | — | — | — | +8.7% |
- Over the year to Oct 27, 2026, CEPI returned -0.3%, 2nd of 3 among similar funds.
- Its worst full calendar year was 2025 (+10.8%); its best was 2025 (+10.8%).
- The deepest fall in its price history was 29.4% (Jan 24, 2025 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.2% | — |
| 2025 | +10.8% | +11.01% |
| 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) | $10.3400 | |
| 2025 | $17.1100 |
What's inside
As of Jul 31, 2026, the fund held 25 securities; the ten largest made up 51.27% of assets. It also reported 4.5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| PayPal Holdings Inc | 5.80% | |
| Mastercard Inc | 5.51% | |
| NU Holdings Ltd/Cayman Islands | 5.46% | |
| NVIDIA Corp | 5.34% | |
| Visa Inc | 5.25% | |
| IREN Ltd | 4.92% | |
| TSMC | 4.83% | |
| Strategy Inc | 4.80% | |
| Advanced Micro Devices Inc | 4.77% | |
| Coinbase Global Inc | 4.58% | |
| MARA Holdings Inc | 4.47% | |
| Cipher Digital Inc | 4.47% | |
| Micron Technology Inc | 4.38% | |
| Applied Digital Corp | 4.30% | |
| Tesla Inc | 4.10% |
By country
United States 82.74%Brazil 5.46%Australia 4.92%Taiwan 4.83%Singapore 0.6%By asset type
Stocks 98.54%By sector
Sectors of the companies held, for the 57.2% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $21.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.27%, -1.73%, -4.69%.
How it works
The fund puts at least 80% of its net assets into stocks of companies in the BITA Crypto Assets and Digital Payments Index. That index tracks 25 US-listed companies tied to crypto mining, trading, custody, blockchain technology and digital payments. It weights companies by liquidity, meaning how easily their shares trade. It adds and removes members quarterly and rebalances monthly. The fund does not own bitcoin or other crypto directly. As of July 31, 2026, its largest holdings were PayPal (5.8%), Mastercard (5.5%), Nu Holdings (5.5%), NVIDIA (5.3%) and Visa (5.2%). The top 10 made up about 51% of assets.
On top of the stocks, the manager writes covered calls. A call option gives the buyer the right to buy a stock at a set "strike" price. The fund collects a fee, called a premium, for selling that right. The call is "covered" because the fund owns the shares. The fund may use FLEX options, which are customizable exchange-listed contracts guaranteed by the Options Clearing Corporation.
Here is the trade-off. If a stock rises above the strike price, the fund gives up those extra gains. If the stock falls, the fund takes the loss, softened only by the premium. The prospectus expects the fund to lag the index in rising markets, beat it in flat markets and lose money in falling ones. The fund does not move into cash to protect itself during downturns. Portfolio turnover was 43% according to the prospectus.
What it really costs
- CEPI charges 0.85% a year, versus an average of 1.1% for the similar funds below (1st of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CEPI | $87 | $271 | $471 | $1,049 |
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
It is a concentrated, volatile bet on crypto-linked and payments stocks with capped upside and variable payouts, so it is better suited to a small slice of a portfolio than to its core.
CEPI launched on December 4, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year so far, 2025, returned 11.01% according to the prospectus. That year was still bumpy. Shares fell 29.4% between January 24 and April 8, 2025, and took about 3.3 months to recover. Over the year to October 27, 2026, its beta was 1.85, which means it moved almost twice as much as the broad market. A retiree drawing income during a slump like that could have to sell shares at low prices.
The 50.41% trailing yield is paid monthly. Payouts vary, may include a return of capital and can wear down the share price over time. Option income is usually taxed as ordinary income. Under the SEC's standard example, costs are $87 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly option income from crypto-linked and payments stocks like Coinbase, PayPal and Visa who can accept volatility of about 30%.
- People who want exposure to crypto-related companies without owning bitcoin directly, and who accept limited upside in exchange for option premiums.
- Cost-conscious buyers of option-income funds: CEPI's 0.85% expense ratio is below ULTY's 1.30% and HECO's 0.90%.
Look elsewhere if
- Anyone who needs steady, predictable income: payouts vary from month to month and may include return of capital, which can wear down share value.
- Investors who want a long track record: the fund launched in December 2024 and has never been through a full bear market.
- Those who want the full gains of a crypto rally: the calls limit upside, but losses like the 29.4% drop in early 2025 still hit.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does CEPI pay monthly dividends?
Yes. CEPI aims to pay distributions monthly. Over the twelve months to October 27, 2026, it paid $14.30 per share, a trailing yield of 50.41%. The prospectus warns that payments are not guaranteed, may vary a lot from month to month and may include a return of capital, which means getting some of your own money back. Most of the income comes from selling options, so it is usually taxed as ordinary income rather than as qualified dividends.
Is CEPI good for retirement income?
It depends on how much risk someone can take. CEPI pays monthly and had a 50.41% trailing yield as of October 27, 2026. But its prospectus warns that repeated payouts can wear down the fund's share price over time. It fell 29.4% in early 2025, and its beta of 1.85 means it moved almost twice as much as the broad market. Its track record starts in December 2024. Because of that, it is more often treated as a small, higher-risk holding than as a core source of income.
Does CEPI own bitcoin?
No. CEPI does not hold bitcoin or any other crypto asset directly. It owns stocks of companies whose businesses are tied to crypto and digital payments. Examples include the miners IREN and MARA, the exchange Coinbase and Strategy, which holds bitcoin. It also owns payment firms like PayPal, Mastercard and Visa, and chipmakers such as NVIDIA and TSMC. Those stocks can still rise and fall sharply with crypto prices, and the fund sells call options on them.
What's the difference between CEPI and HECO?
Among funds with matching data, SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has the most holdings in common with CEPI, about 35% overlap. HECO charges 0.90% a year, compared with CEPI's 0.85%. As of October 27, 2026, HECO returned 9.1% over one year, while CEPI returned -0.3%. HECO had net assets of $81.9 million and CEPI had $110.1 million as of July 31, 2026. Each fund's prospectus explains how it uses options.
What is CEPI's expense ratio?
CEPI's expense ratio is 0.85%, all of it a management fee, according to its February 27, 2026 prospectus. That is below the 1.1% average of similar funds. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, total costs would be about $87 after one year, $271 after three years, $471 after five years and $1,049 after ten years.