AIPI
Caution
High confidence
ETF Comparison
AIPI vs FEPI: FANG Premium Income, or a Broader AI Call Write?
A head-to-head of REX FANG & Innovation Equity Premium Income and REX AI Equity Premium Income covering universe and overlay.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- AIPIInvestors who want an AI leaders and enablers stock universe with call income.
- FEPIInvestors who want the FANG Innovation stock universe with call income.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
FEPI
Caution
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  AIPI | FEPI |
|---|---|---|
| Full name | REX AI Covered Call ETF | REX FANG Covered Call ETF |
| Issuer | REX Shares | REX Shares |
| Underlying index | Basket (AI Stocks) | Actively managed (no tracked index recorded) |
| Last Close | $30.16 as of November 6, 2026 | $35.92 as of November 6, 2026 |
| Distribution rate | 37.59% | 26.54% |
| Trailing 12-month yield | 41.73% | 29.17% |
| 30-day SEC yield | -0.22% | -0.33% |
| Distribution Safety Score™ | 56 | 44 |
| Safety-Adjusted Yield | 21.05% | 11.68% |
| Expense ratio | 0.65% | 0.65% |
| AUM | $445M | $677M |
| Distribution frequency | Weekly | Weekly |
| Objective | Generates income by writing covered calls on a portfolio of artificial-intelligence focused equities while retaining core exposure to the theme. | Targets income by selling covered calls on an actively managed basket of FANG and innovation focused equities while maintaining growth exposure. |
| Asset class | Equity | Equity |
| Inception date | 06/04/2024 | 10/11/2023 |
| Beta | 1.0555 | 1.08 |
| Last dividend | $0.218 | $0.1833 |
| Ex-dividend date | 11/04/2026 | 11/04/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
AIPI has outpaced FEPI over the trailing twelve months, posting a -3.46% total return against -5.99%. Measured from Jun 2024 — the start of shared available history — AIPI has compounded at 11.89% a year versus 8.15% for FEPI. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Jun 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| AIPI | -2.25% | -3.46% | 11.89% | 22.4% | -0.34 | -0.43 | -19.4% |
| FEPI | -5.27% | -5.99% | 8.15% | 22.4% | -0.46 | -0.59 | -17.5% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2024” measures every fund from June 4, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate, SEC yield and return of capital
| Metric | AIPI | FEPI |
|---|---|---|
| Forward distribution rate | 37.59% | 26.54% |
| Trailing 12-month yield | 41.73% | 29.17% |
| 30-day SEC yield | -0.22% | -0.33% |
| Return of capital | 100.00% | 100.00% |
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose AIPI if you want an AI leaders and enablers stock universe with call income. Choose FEPI if you want the FANG Innovation stock universe with call income. Compare holdings and net total returns over matching dates. A distribution rate is not a return forecast, and historical beta is not a leverage target or a guarantee about future losses.
Compare the stock universes before the distribution rates
AIPI primarily invests in stocks from the BITA AI Leaders Select Index, including AI businesses and enablers. FEPI uses the 15-stock, equally weighted FANG Innovation universe. Both actively write covered calls. FEPI is not automatically more diversified, and AIPI is not limited to companies selling only AI products.
| AIPI | FEPI | |
|---|---|---|
| Approach | AI leaders and enablers with covered calls | FANG Innovation stocks with covered calls |
| Risk review | AI-theme concentration, equity downside, and reduced upside | Concentrated technology-related stocks, equity downside, and reduced upside |
| Expense ratio | 0.65% | 0.65% |
| Portfolio fit | Review combined holdings and weights | Review combined holdings and weights |
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
- Capped upside and premium dependence. AIPI and FEPI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs75
Total AUM$14.6B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
The fund lineup emphasizes income generation through option strategies and sector-specific exposure, with holdings spanning technology, commodities, and alternative assets. REX Shares targets investors seeking non-traditional income approaches and concentrated sector bets, positioning itself in a niche segment focused on structured strategies rather than broad market indexing.
See our curated list of related YouTube videos on AIPI and FEPI.
Quick verdict
AIPI (REX AI Covered Call ETF) and FEPI (REX FANG Covered Call ETF) are both weekly-pay dividend ETFs, but they take different approaches.
AIPI offers the higher yield at 37.59% vs 26.54% for FEPI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
They have different reference exposures: AIPI is linked to Basket (AI Stocks) while FEPI is linked to Basket (FANG & innovation equities), which means their performance drivers differ.
FEPI is the larger fund by assets ($677M), but assets alone do not establish trading costs or liquidity.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
4 shared positions
AIPI 20.1% of its top-10 weight
FEPI 28.9% of its top-10 weight
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, AIPI would pay about $3,759.00 a year (about $72.29 per weekly distribution), while FEPI would pay about $2,654.00 a year (about $51.04 per weekly distribution). Both pay weekly distributions.
AIPI yield37.59%
FEPI yield26.54%
Annual cash diff on $10K$1,105.00
Cost & efficiency
Over 10 years on $10,000, AIPI would cost approximately $650 in fees vs $650 for FEPI (simplified, not compounded). Both charge the same expense ratio.
AIPI ER0.65%
FEPI ER0.65%
Strategy & risk
AIPI primarily invests in stocks from the BITA AI Leaders Select Index, including AI businesses and enablers. FEPI uses the 15-stock, equally weighted FANG Innovation universe. Both actively write covered calls. FEPI is not automatically more diversified, and AIPI is not limited to companies selling only AI products. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
AIPI beta1.0555
FEPI beta1.08
Fund details
AIPI is managed by REX Shares (launched 06/04/2024) with $445M in assets. FEPI is managed by REX Shares (launched 10/11/2023) with $677M in assets.
AIPI AUM$445M
FEPI AUM$677M
Frequently asked questions
Can AIPI and FEPI's distribution rates reveal their option strikes?
No. Rates also reflect payment policy, asset prices, and the period measured. Inspect current option holdings for strike prices and coverage. REX moved both funds to weekly distributions in May 2026; frequency is not a guarantee of the amount or of total return. Compare holdings and current fees rather than assuming one theme is safer.
What is the difference between AIPI and FEPI?
FEPI (REX FANG Covered Call ETF) writes calls on FANG and innovation names. AIPI (REX AI Covered Call ETF) writes calls on an AI equity book. Both are option-income equity ETFs; the sleeve differs. Cost is 0.65% versus 0.65%; size is $445M versus $677M. Distributions are 37.59% and 26.54% as of November 2026. Universe, not a yield table, is the live difference.
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Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.