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ETF Comparison

FEPI vs JEPI: Growth-Stock Calls, or S&P 500 Income?

A head-to-head of REX FANG & Innovation Equity Premium Income and JPMorgan Equity Premium Income covering the call overlay, cost, and cash.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • FEPIInvestors who want to maximize current income — roughly 24.96%, generated by selling options premium.
  • JEPIInvestors who want broad equity exposure.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

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.

FEPI has outpaced JEPI over the trailing twelve months, posting a 16.70% total return against 6.88%. Measured from Oct 2023 — the start of shared available history — FEPI has compounded at 20.26% a year versus 9.88% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 19.7% for FEPI. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Oct 2023Volatility Sharpe Sortino Max drawdown
FEPI14.18%16.70%20.26%19.7%0.560.79-15.0%
JEPI3.91%6.88%9.88%8.1%0.270.38-6.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Oct 2023” measures every fund from October 11, 2023 — 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

MetricFEPIJEPI
Forward distribution rate24.96%7.30%
Trailing 12-month yield24.34%8.13%
30-day SEC yield-0.32%—
Return of capital100.00%—

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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPIJEPI
Full nameREX FANG Covered Call ETFJPMorgan Equity Premium Income ETF
IssuerREX SharesJPMorgan
Last Close$43.21 as of October 2, 2026$56.10 as of October 2, 2026
Distribution rate24.96%7.30%
Trailing 12-month yield24.34%8.13%
30-day SEC yield-0.32%—
Distribution Safety Score™ 7775
Safety-Adjusted Yield 19.22%5.47%
Expense ratio0.65%0.35%
AUM$727M$45.7B
Distribution frequencyWeeklyMonthly
Underlying indexBasket (FANG & innovation equities)—
ObjectiveTargets income by selling covered calls on an actively managed basket of FANG and innovation focused equities while maintaining growth exposure.Seeks monthly income and lower volatility than the broad U.S. large-cap market by combining an actively managed portfolio of equities with equity-linked notes that sell call options on the S&P 500 Index.
Asset classEquityEquity
Inception date10/11/202305/20/2020
Beta1.16840.43
Last dividend$0.2074$0.34134 declared, pays 10/05/2026
Ex-dividend date09/30/202610/01/2026

Bottom lineChoose FEPI if you want to maximize current income — roughly 24.96%, generated by selling options premium. Choose JEPI if you want broad equity exposure. FEPI and JEPI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

Growth-stock calls versus large-cap equity income

FEPI sells covered calls on a growth-stock basket. JEPI pairs large-cap equities with notes that sell S&P 500 calls. Overlay is the split.

FEPIJEPI
OverlayCovered calls on growth stocksEquities plus S&P 500 call notes
Expense ratio0.65%0.35%
Distribution rate24.96%7.30%
Fund size$727M$45.7B

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. FEPI generates 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

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

REX Shares
ETFs74
Total AUM$17.0B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

REX Shares is known for specializing in options-based and thematic ETF strategies, offering 23 funds organized across distinct families including Covered Call, IncomeMax Option Strategy, and MicroSectors products. 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 FEPI.

See all REX Shares ETFs
JPMorgan
ETFs78
Total AUM$350B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

JPMorgan is a major provider of ETFs spanning multiple asset classes and strategies, with particular strength in income-focused funds including their popular covered call strategy lineup. Their fund family encompasses broad categories including bond, equity, factor, income, index, international, municipal, and sector ETFs, providing investors with diverse exposure options across markets and investment styles. The issuer offers both core indexed strategies and actively managed solutions, serving investors seeking everything from traditional dividend income to sophisticated factor-based and thematic approaches.

See our curated list of related YouTube videos on JEPI.

See all JPMorgan ETFs

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Quick verdict

FEPI (REX FANG Covered Call ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both dividend ETFs, but they take different approaches.

FEPI offers the higher yield at 24.96% vs 7.30% for JEPI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

JEPI is cheaper with an expense ratio of 0.35% compared to 0.65%.

JEPI is the larger fund by assets ($45.7B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FEPI

REX FANG Covered Call ETF

  • Want to maximize current income — FEPI distributes roughly 24.96% from selling options premium, vs 7.30% for JEPI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose JEPI

JPMorgan Equity Premium Income ETF

  • Want broad equity exposure.
  • Want to keep costs low — a 0.35% expense ratio vs 0.65% for FEPI.
  • Prefer lower volatility — a beta of 0.4 vs 1.2 for FEPI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, FEPI would generate roughly $48.00 cash per distribution, while JEPI would produce $60.83 cash per distribution, at current distribution rates.

FEPI yield24.96%
JEPI yield7.30%
Cash diff on $10K$12.83

Cost & efficiency

Over 10 years on $10,000, FEPI would cost approximately $650 in fees vs $350 for JEPI (simplified, not compounded). The $300.00 difference may be offset by yield or performance.

FEPI ER0.65%
JEPI ER0.35%

Strategy & risk

FEPI is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while JEPI is an actively managed ETF built around a derivative overlay strategy. Beta is 1.1684 for FEPI and 0.43 for JEPI, making JEPI the less volatile of the two by this measure.

FEPI beta1.1684
JEPI beta0.43

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $727M in assets. JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets.

FEPI AUM$727M
JEPI AUM$45.7B
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Frequently asked questions

What is the difference between FEPI and JEPI?

FEPI (REX FANG Covered Call ETF) sells covered calls on a growth-stock basket. JEPI (JPMorgan Equity Premium Income ETF) pairs large-cap equities with notes that sell S&P 500 calls. Cost is 0.65% versus 0.35%. Distributions are 24.96% and 7.30% as of October 2026. The call overlay, not a one-date yield, is the split.

What is the current distribution rate for FEPI and JEPI?

FEPI currently distributes 24.96% and JEPI 7.30%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FEPI or JEPI better for dividend income?

It depends on your goals. FEPI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both FEPI and JEPI?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is FEPI or JEPI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: FEPI scores 77, JEPI scores 75. Neither has a clear safety edge on that measure. JEPI has also shown lower price volatility (beta 0.43 vs 1.17 for FEPI). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, FEPI or JEPI?

FEPI has an expense ratio of 0.65% while JEPI charges 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FEPI vs JEPI generate?

At current rates, $10,000 in FEPI would generate roughly $48.00 cash per distribution ($2,496.00 annually). The same in JEPI would produce about $60.83 cash per distribution ($730.00 annually).

Which has performed better historically, FEPI or JEPI?

FEPI has outpaced JEPI over the trailing twelve months, posting a 16.70% total return against 6.88%. Measured from Oct 2023 — the start of shared available history — FEPI has compounded at 20.26% a year versus 9.88% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 19.7% for FEPI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FEPI vs JEPI — at a glance

Generated October 3, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

Both FEPI and JEPI are equity ETFs that generate income by selling call options, but they pursue dramatically different yield strategies. The key distinction: FEPI chases aggressive income through concentrated tech exposure and frequent rebalancing; JEPI targets lower volatility and steadier payouts through diversified equity exposure and hedging mechanics. JEPI achieves its lower yield partly through a broader underlying exposure tied to the S&P 500 and partly through deliberate portfolio design aimed at dampening volatility — its beta of 0.43 versus FEPI's 1.1684 illustrates this fundamental difference. FEPI, newer by 2 years, emphasizes growth capital appreciation alongside call-income capture; JEPI prioritizes income stability and downside cushion, reflected in its lower beta and longer track record since inception in May 2020.

Who each is best for

FEPI: Fits investors with high income needs who are comfortable with concentrated exposure to technology and innovation equities, accept meaningful volatility, and want frequent distribution events that align with short-term cash-flow planning.

JEPI: Fits investors seeking consistent monthly income from a diversified large-cap foundation, prefer lower portfolio volatility relative to the broader market, and value the operational scale and lower cost structure of a multi-billion-dollar fund.

Key risks to know

  • NAV erosion at extreme distribution yields. FEPI's 24.96% annualized payout rate significantly exceeds typical equity total returns; sustaining this yield likely depends on return of capital treatment or NAV decay over time, a dynamic worth monitoring closely against the fund's price trend.
  • Concentrated tech and growth-stock risk. FEPI's FANG and innovation mandate concentrates portfolio risk in a narrow sector; significant underperformance in growth equities or rate-sensitive tech stocks would directly pressure both capital value and call-income generation.
  • Call-cap risk and structure divergence. FEPI uses a traditional covered-call overlay on individual equities, while JEPI employs equity-linked notes indexed to the S&P 500; FEPI's upside capping mechanism is tighter and sector-specific, whereas JEPI's broad-market call structure may behave differently in rallies or rotations.
  • Beta and volatility mismatch. FEPI's beta of 1.1684 versus JEPI's 0.43 reflects a fundamental design choice: FEPI amplifies equity-market swings, while JEPI dampens them. Investors expecting lower portfolio swings may be disappointed by FEPI's price action.

Bottom line

If your priority is maximum monthly income from a broad, lower-volatility equity base, JEPI's 7.30% yield, 0.43 beta, and established scale stand out. If you're drawn to aggressive short-term income and can tolerate concentration in growth stocks and high NAV sensitivity, FEPI's 24.96% distribution may be appealing — but verify whether that rate is sustainable beyond return of capital and confirm that concentrated tech exposure fits your portfolio. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.