At a glance
FEPI charges 0.65% a year, above the 0.55% average of the 1 funds most like it. It has $647.2M in assets; it paid 27.04% of its price in distributions over the past 12 months, monthly. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +20.6% a year. Its ten largest positions make up 56.4% of the fund, out of 18 in all.
The short version
REX FANG & Innovation Equity Premium Income ETF (FEPI) holds the 15 equally weighted US tech stocks in the Solactive FANG Innovation Index and sells covered call options on them to generate income. It targets an annualized distribution rate of 25%, paid monthly, and its trailing yield was 27.04% as of October 27, 2026. The trade-offs are capped upside, a 0.65% expense ratio and the risk that large payouts wear down the share price.
Price history
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FEPI +7.6% 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 | |
|---|---|---|---|---|---|---|
| FEPI official prospectus, to Dec 31, 2024 | — | +15.78% | — | — | — | +23.79% |
| FEPI price data to Oct 27, 2026 | +9.3% | +7.6% | +20.6% | — | — | +18.3% |
- Over the year to Oct 27, 2026, FEPI returned +7.6%.
- Its worst full calendar year was 2024 (+15.5%); its best was 2025 (+18.3%).
- The deepest fall in its price history was 23.6% (Dec 6, 2024 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | +18.3% | — |
| 2024 | +15.5% | +15.78% |
| 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) | $8.1400 | |
| 2025 | $11.6100 | -14.0% |
| 2024 | $13.5000 |
What's inside
As of Jul 31, 2026, the fund held 18 securities; the ten largest made up 56.39% of assets.
| Holding | Weight | |
|---|---|---|
| ALPHABET INC. | 7.00% | |
| BROADCOM INC. | 6.95% | |
| APPLE INC. | 6.90% | |
| NVIDIA CORPORATION | 6.68% | |
| ADVANCED MICRO DEVICES, INC. | 6.05% | |
| MICRON TECHNOLOGY, INC. | 5.88% | |
| META PLATFORMS, INC. | 4.25% | |
| MICROSOFT CORPORATION | 4.23% | |
| ORACLE CORPORATION | 4.23% | |
| PALANTIR TECHNOLOGIES INC. | 4.22% | |
| TESLA, INC. | 4.22% | |
| AMAZON.COM, INC. | 4.21% | |
| NETFLIX, INC. | 4.21% | |
| INTEL CORPORATION | 4.10% | |
| SANDISK CORPORATION | 4.09% |
By country
United States 78.74%By asset type
Stocks 77.22%Bonds and notes 1.53%By sector
Sectors of the companies held, for the 73.1% 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 $49.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.95%, -5.88%, -5.51%.
How it works
FEPI is actively managed, but its stock portfolio copies the Solactive FANG Innovation Index. The index holds 15 US technology stocks. Eight are fixed "core" names: Apple, Amazon, Meta Platforms, Alphabet, Microsoft, Netflix, NVIDIA and Tesla. The other seven are the most heavily traded US tech stocks from industries such as semiconductors and software, and they are reselected every quarter. Each stock gets an equal weight, and the fund rebalances monthly. As of July 31, 2026, the largest positions included Alphabet (7.0%), Broadcom (7.0%), Apple (6.9%) and NVIDIA (6.7%).
For income, the fund writes (sells) covered call options on stocks it owns. A call option gives its holder the right to purchase a stock at a set "strike" price before a set date. The fund collects a cash payment, called a premium, for selling that right. It aims to sell calls slightly above the stock's price, which leaves some room for gains. Any rise above the strike goes to the option holder instead. The fund uses standard listed options and FLEX options, which also trade on exchanges but allow custom terms.
The 25% distribution target is not guaranteed. Each payout lowers the fund's net asset value, and the prospectus warns that repeated payouts may significantly erode it over time. Portfolio turnover was 128.92%.
What it really costs
- FEPI charges 0.65% a year, versus an average of 0.55% for the similar funds below.
- 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 |
|---|---|---|---|---|
| FEPI | $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
It pairs a very high payout with concentrated exposure to 15 tech stocks and above-market swings, so it fits better as a small add-on than a foundation.
FEPI could add a large monthly cash stream. Its trailing 12-month yield was 27.04% as of October 27, 2026. Most of that comes from option premiums, which are usually taxed as ordinary income. The fund still takes the full hit when its 15 tech stocks fall, and its one-year beta of 1.31 means it has swung more than the broad market. It launched in October 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 23.6%, from December 6, 2024 to April 8, 2025, and it recovered by June 30, 2025. Its weakest calendar year, 2024, still returned 15.5%. A retiree drawing income during a slump would be taking cash while the share price is down. The SEC example puts costs at $66 on $10,000 in the first year. 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 who want large monthly payouts and accept a 25% distribution target that may wear down the share price over time.
- Holders comfortable with an equal-weighted bet on 15 US tech stocks such as Alphabet, Broadcom, Apple and NVIDIA.
- Those holding it in a tax-advantaged account, since option income is usually taxed as ordinary income rather than as qualified dividends.
Look elsewhere if
- Investors wanting full tech growth: covered calls hand any gains above the strike price to the option holder.
- Anyone wanting a long track record: the fund launched in October 2023 and missed the 2020 and 2022 downturns.
- Cost-focused investors: its 0.65% expense ratio is higher than the 0.55% charged by Amplify CWP Growth & Income ETF (QDVO).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FEPI this fund | — | 0.65% | $647.2M | +7.6% | +20.6% |
| QDVO Amplify CWP Growth & Income ETF | 52% | 0.55% | $738.3M | +9.9% | — |
Questions investors ask
Does FEPI pay monthly dividends?
Yes. FEPI pays monthly distributions. Over the 12 months to October 27, 2026, it paid $11.12 per share, a trailing yield of 27.04%. The fund targets an annualized distribution rate of 25%, but the prospectus says payouts may be higher or lower and are not guaranteed. Most of the income comes from selling call options, so it is usually taxed as ordinary income rather than as qualified dividends.
Why is FEPI's yield so high, and does it lose value over time?
The yield is high because FEPI sells call options on its stocks and pays out the premiums, aiming for a 25% annual distribution rate. Each payout reduces the fund's net asset value by the same amount. The prospectus warns that repeated distributions may significantly erode the share price over time. Selling calls also caps how much the fund gains when its stocks rise, which makes it harder to make up for those payouts.
What stocks are in FEPI?
FEPI holds the 15 stocks in the Solactive FANG Innovation Index, all at equal weight. Eight are fixed: Apple, Amazon, Meta Platforms, Alphabet, Microsoft, Netflix, NVIDIA and Tesla. The other seven are heavily traded US tech stocks that change quarterly. As of July 31, 2026, these included Broadcom, AMD, Micron, Oracle, Palantir, Intel and SanDisk. The ten largest positions made up 56.39% of the fund, and technology made up 49.2%.
How has FEPI performed since it launched?
FEPI's prospectus shows a 15.78% return for 2024 and an average of 23.79% a year from its October 2023 launch through December 31, 2024. Based on prices through October 27, 2026, it returned 18.3% in 2025, 9.3% year to date, 7.6% over one year and 20.6% a year over three years. Its deepest drop was 23.6%, between December 2024 and April 2025, and it recovered by June 30, 2025.
What's the difference between FEPI and QDVO?
Both are options-income ETFs, and their holdings overlap by about 52%. Amplify CWP Growth & Income ETF (QDVO) charges 0.55% a year, compared with FEPI's 0.65%. QDVO returned 9.9% over the year to October 27, 2026, compared with 7.6% for FEPI. QDVO had $738 million in net assets as of June 30, 2026. FEPI had $647 million as of July 31, 2026. FEPI holds 15 equally weighted tech stocks and targets a 25% distribution rate.