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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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • FEPIInvestors who want a covered-call overwrite written on the holdings themselves.
  • JEPQInvestors who want an actively selected equity book whose calls are sold through equity-linked notes, and accept ordinary-income treatment of that overlay.

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 lagged JEPQ over the trailing twelve months, posting a 16.70% total return against 19.92%. Measured from Oct 2023 — the start of shared available history — JEPQ has compounded at 21.21% a year versus 20.26% for FEPI. JEPQ has been the steadier holding, though — annualized volatility of 14.8% 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%
JEPQ14.90%19.92%21.21%14.8%0.921.33-8.8%

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

MetricFEPIJEPQ
Forward distribution rate24.96%11.14%
Trailing 12-month yield24.34%11.28%
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.

Total return against the stated underlying is on JEPQ vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPIJEPQ
Full nameREX FANG Covered Call ETFJPMorgan Nasdaq Equity Premium Income ETF
IssuerREX SharesJPMorgan
Underlying indexBasket (FANG & innovation equities)Nasdaq-100
Last Close$43.21 as of October 2, 2026$61.04 as of October 2, 2026
Distribution rate24.96%11.14%
Trailing 12-month yield24.34%11.28%
30-day SEC yield-0.32%—
Distribution Safety Score™ 7790
Safety-Adjusted Yield 19.22%10.03%
Expense ratio0.65%0.35%
AUM$727M$43.9B
Distribution frequencyWeeklyMonthly
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
Beta1.16840.81
Last dividend$0.2074$0.56687 declared, pays 10/05/2026
Ex-dividend date09/30/202610/01/2026

Bottom lineChoose FEPI if you want a covered-call overwrite written on the holdings themselves. Choose JEPQ if you want an actively selected equity book whose calls are sold through equity-linked notes, and accept ordinary-income treatment of that overlay. FEPI and JEPQ 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.

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 rate24.96%11.14%

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
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 JEPQ.

See all JPMorgan ETFs

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Quick verdict

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

FEPI offers the higher yield at 24.96% vs 11.14% 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 have different reference exposures: FEPI is linked to Basket (FANG & innovation equities) while JEPQ is linked to Nasdaq-100, which means their performance drivers differ.

JEPQ is the larger fund by assets ($43.9B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FEPI

REX FANG Covered Call ETF

  • Want a covered-call overwrite on the stocks the fund holds.
  • Want to maximize current income — FEPI distributes roughly 24.96% from selling options premium, vs 11.14% 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

  • Want equity-linked notes as the income engine, with ordinary-income treatment.
  • 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 $48.00 cash per distribution, while JEPQ would produce $92.83 cash per distribution, at current distribution rates.

FEPI yield24.96%
JEPQ yield11.14%
Cash diff on $10K$44.83

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 0.81 for JEPQ, making JEPQ the less volatile of the two by this measure.

FEPI beta1.1684
JEPQ beta0.81

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $727M in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $43.9B in assets.

FEPI AUM$727M
JEPQ AUM$43.9B
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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 Covered Call 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 24.96% and 11.14% as of October 2026. Compare the stocks underneath and how much upside is sold.

What is the current distribution rate for FEPI and JEPQ?

FEPI currently distributes 24.96% and JEPQ 11.14%, 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 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 77, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also shown lower price volatility (beta 0.81 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 $48.00 cash per distribution ($2,496.00 annually). The same in JEPQ would produce about $92.83 cash per distribution ($1,114.00 annually).

Which has performed better historically, FEPI or JEPQ?

FEPI has lagged JEPQ over the trailing twelve months, posting a 16.70% total return against 19.92%. Measured from Oct 2023 — the start of shared available history — JEPQ has compounded at 21.21% a year versus 20.26% for FEPI. JEPQ has been the steadier holding, though — annualized volatility of 14.8% 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 JEPQ — at a glance

Generated October 3, 2026.

Overview

FEPI and JEPQ are both equity ETFs that generate income by selling call options on technology-heavy stock baskets, but they differ sharply in yield, strategy, and underlying focus. The key distinction is aggressiveness: FEPI pursues much higher income through tighter call strikes or more frequent rolling, whereas JEPQ balances income generation with capital preservation.

How they differ

The most obvious difference is yield and payout frequency.

Second, their underlying exposure diverges. FEPI actively manages a proprietary basket centered on FANG names and innovation equities with a beta of 1.1684, implying greater volatility than the broad market. JEPQ ties itself to the Nasdaq-100 Index with a 0.81 beta, suggesting lower price sensitivity than FEPI despite both being tech-focused. The Nasdaq-100 constraint also means JEPQ's portfolio is more transparent and rules-based.

Third, fees and mechanics differ. FEPI's 0.65% expense ratio is 0.3% higher than JEPQ's 0.35%, a meaningful gap on a platform designed to harvest option premium. JEPQ's use of equity-linked notes adds structural complexity but may provide more consistent call strike management, whereas FEPI's active overlay introduces manager discretion.

Who each is best for

FEPI: Fits investors seeking maximum current income from technology exposure who have a short time horizon and accept significant NAV erosion risk in exchange for aggressive weekly distributions and higher volatility.

JEPQ: Designed for income seekers who want Nasdaq-100-like exposure with a lower expense drag and more measured monthly distributions, paired with a willingness to tolerate modest call-related underperformance relative to unhedged tech equities.

Key risks to know

  • NAV erosion at extreme yields: FEPI's 24.96% distribution rate is more than double JEPQ's, suggesting distributions may draw substantially on return of capital rather than underlying equity gains. At this payout level, principal erosion is likely unless the covered calls and stock appreciation offset the entire payout, which becomes harder to sustain over multiple years.
  • Call strike assignment and cap risk: Both funds cap upside through call sales; FEPI's higher yield implies tighter strikes. A sharp rally in the FANG or Nasdaq-100 basket locks in that cap and shifts returns to call sellers rather than equity holders. JEPQ's lower yield suggests slightly higher strike placement, offering more upside cushion. Weekly distributions on a smaller fund also increase the operational and rebalancing burden.
  • Nasdaq concentration overlap: Both funds derive heavy exposure to the same technology and innovation segment. If the Nasdaq or FANG-heavy equities experience a sharp correction, both will decline in tandem, and call sales may amplify losses if realized volatility spikes above implied levels.
  • Beta and volatility mismatch: FEPI's 1.1684 beta versus JEPQ's 0.81 signals that FEPI takes on more market sensitivity. The higher leverage or active positioning magnifies drawdowns, which may force call rolls at unfavorable prices during market stress. Both funds cap upside and tie returns to call strike levels, so compare them on your tolerance for call-related underperformance and your confidence in tech valuations. Past performance does not 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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These comparisons follow the Dividend Vision methodology.