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Dividend Vision

ETF Comparison

FEPI vs JEPQ: Different Stocks, Different Income Overlay

A head-to-head of REX FANG & Innovation Equity Premium Income and JPMorgan's Nasdaq Equity Premium Income covering the book, cost, and cash.

Data updated August 19, 2026

Best for

  • FEPIInvestors who want to maximize current income — roughly 25.47%, generated by selling options premium.
  • JEPQInvestors who are comfortable trading away most upside for a large, steady payout.

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

FEPI has lagged JEPQ over the trailing twelve months, posting a 13.59% total return against 19.86%. The lead holds up over 3 years too: JEPQ has compounded at 20.30% a year, against 18.20% 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.
SymbolYTD1Y3YSince Oct 2023Volatility Sharpe Sortino Max drawdown
FEPI6.30%13.59%18.20%18.20%19.6%0.630.87-23.6%
JEPQ10.39%19.86%20.30%20.50%15.7%0.901.27-20.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2023” measures every fund from October 11, 2023 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. 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 trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPIJEPQ
Full nameREX FANG & Innovation Equity Premium Income ETFJPMorgan Nasdaq Equity Premium Income ETF
IssuerREX SharesJPMorgan
Last Close$41.80 as of August 19, 2026$59.93 as of August 19, 2026
Distribution yield25.47%14.12%
Distribution Safety Score™ 8290
Expense ratio0.65%0.35%
AUM$694M$41.9B
Distribution frequencyWeeklyMonthly
Underlying indexBasket (FANG & innovation equities)NASDAQ 100
ObjectiveTargets income by selling covered calls on an actively managed basket of FANG and innovation focused equities while maintaining growth exposure.Seeks monthly income by combining an actively managed portfolio of equities drawn largely from the Nasdaq-100 Index with equity-linked notes that sell call options on that benchmark.
Asset classEquityEquity
Inception date10/11/202305/03/2022
Beta1.16840.8
Last dividend$0.2047$0.7050
Ex-dividend date08/19/202608/03/2026

Bottom lineChoose FEPI if you want to maximize current income — roughly 25.47%, generated by selling options premium. Choose JEPQ if you are comfortable trading away most upside for a large, steady payout. There's no free lunch: FEPI's payout comes from selling options, which caps upside and can erode the share price over time, while JEPQ keeps full price exposure.

FEPI vs JEPQ: FANG overlay or Nasdaq overlay?

FEPI writes options on FANG and innovation names. JEPQ overlays the Nasdaq-100. The book underneath is the decision.

FEPIJEPQ
What it ownsFANG and innovation names plus overlayNasdaq-100 plus option overlay
Expense ratio0.65%0.35%
Distribution yield25.47%14.12%

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 and JEPQ 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

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
ETFs68
Total AUM$15.4B

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
ETFs79
Total AUM$345B

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 JEPQ.

See all JPMorgan ETFs

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Quick verdict

FEPI (REX FANG & Innovation Equity Premium Income ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both dividend ETFs, but they take different approaches.

FEPI offers the higher yield at 25.47% vs 14.12% for JEPQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

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

They track different benchmarks: FEPI is linked to Basket (FANG & innovation equities) while JEPQ tracks NASDAQ 100, which means their performance drivers differ.

JEPQ is the larger fund by assets ($41.9B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose FEPI

REX FANG & Innovation Equity Premium Income ETF

  • Want to maximize current income — FEPI distributes roughly 25.47% from selling options premium, vs 14.12% for JEPQ.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose JEPQ

JPMorgan Nasdaq Equity Premium Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.35% expense ratio vs 0.65% for FEPI.
  • Prefer lower volatility — a beta of 0.8 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 $212.25/month, while JEPQ would produce $117.67/month, at current distribution rates.

FEPI yield25.47%
JEPQ yield14.12%
Monthly diff on $10K$94.58

Cost & efficiency

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

FEPI ER0.65%
JEPQ ER0.35%

Strategy & risk

FEPI is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while JEPQ is actively managed around NASDAQ 100 exposure with a covered call approach. Beta is 1.1684 for FEPI and 0.8 for JEPQ, making JEPQ the less volatile of the two by this measure.

FEPI beta1.1684
JEPQ beta0.8

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $694M in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $41.9B in assets.

FEPI AUM$694M
JEPQ AUM$41.9B
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Frequently asked questions

What is the difference between FEPI and JEPQ?

They do not sit on the same book. FEPI (REX FANG & Innovation Equity Premium Income ETF) writes options on FANG and innovation names and pays weekly. JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) overlays the Nasdaq-100 and pays monthly. Cost is 0.65% versus 0.35%; distributions are 25.47% and 14.12% as of August 2026. Compare the stocks underneath and how much upside is sold.

What is the current distribution yield for FEPI and JEPQ?

FEPI currently distributes 25.47% and JEPQ 14.12%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FEPI or JEPQ 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 JEPQ?

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 JEPQ safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JEPQ scores 90, FEPI scores 82, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also shown lower price volatility (beta 0.80 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 JEPQ?

FEPI has an expense ratio of 0.65% while JEPQ 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 JEPQ generate?

At current rates, $10,000 in FEPI would generate roughly $212.25 per month ($2,547.00 annually). The same in JEPQ would produce about $117.67 per month ($1,412.00 annually).

Which has performed better historically, FEPI or JEPQ?

FEPI has lagged JEPQ over the trailing twelve months, posting a 13.59% total return against 19.86%. The lead holds up over 3 years too: JEPQ has compounded at 20.30% a year, against 18.20% 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 JEPQ — at a glance

Generated August 15, 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

FEPI and JEPQ are both equity ETFs that generate income by selling call options against stock holdings—a covered-call strategy. The critical difference: FEPI targets a much higher yield (24.87% vs. 13.98%) by running an actively managed basket of FANG and innovation stocks with weekly distributions, while JEPQ tracks the Nasdaq-100 with monthly payouts and a lower expense ratio. Both carry options-writing risk, but FEPI's aggressive yield and shorter payout cycle introduce steeper NAV-erosion concerns.

How they differ

FEPI's 24.87% distribution rate is nearly double JEPQ's 13.98%—achieved through more aggressive call-selling on a concentrated tech-focused basket, with weekly distributions to accelerate income compounding or depletion. JEPQ uses equity-linked notes tied to the Nasdaq-100 benchmark, a far broader and more liquid index, and distributes monthly; its 0.35% expense ratio is also half FEPI's 0.65%. FEPI carries a beta of 1.17 (amplifying market moves), while JEPQ's 0.8 beta suggests some downside cushioning from its options overlay. JEPQ's AUM of $41.6B dwarfs FEPI's $680M, reflecting maturity and investor confidence in the JPMorgan strategy.

Who each is best for

FEPI: Fits investors seeking maximum current income from a concentrated tech-focused portfolio and willing to accept weekly volatility, rapid potential NAV decline, and the operational complexity of frequent reinvestment or distribution sweeps.

JEPQ: Fits investors who want equity-linked income from a broad Nasdaq-100 exposure, prefer monthly distributions and lower fees, and can tolerate moderate upside caps from call-selling without the NAV-erosion risks of ultra-high yields.

Key risks to know

  • NAV erosion at extreme yields: FEPI's 24.87% distribution rate likely exceeds the underlying portfolio's capital appreciation plus dividends, meaning NAV declines over time unless the Nasdaq rallies sharply. At weekly distribution frequency, this erosion compounds quickly and is difficult to reverse.
  • Concentrated sector exposure: FEPI's FANG-and-innovation mandate means heavy overlap in mega-cap tech; a sector correction will hit NAV hard and leave call-writing income insufficient to offset losses.
  • Call capping during rallies: Both funds limit upside by selling calls; JEPQ's lower beta and Nasdaq-100 breadth moderate this drag, but FEPI's aggressive call-selling on a narrow basket could underperform in strong tech rallies.
  • Options counterparty and liquidity risk: FEPI's smaller AUM and active management introduce tighter bid-ask spreads and higher execution risk if the fund must unwind positions or if option counterparties face stress.
  • Early-stage track record for FEPI: Launched just over a year ago, FEPI lacks a full market cycle of history; yield sustainability and NAV behavior are unproven across rising rates or sector downturns.

Bottom line

If you need maximum current yield and can tolerate rapid NAV decline and weekly distribution timing, FEPI delivers; if you prioritize a lower fee, broad Nasdaq exposure, monthly payouts, and stable NAV over the longest time horizon, JEPQ's slower bleed and larger asset base offer more cushion. Past performance doesn't predict 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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