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ETF Comparison

FEPI vs QQQI: A FANG Sleeve, or the Whole Nasdaq-100?

A head-to-head of REX FANG & Innovation Equity Premium Income and NEOS Nasdaq-100 High Income covering the book, cost, and cash.

Data updated September 4, 2026

Best for

  • FEPIInvestors who want to maximize current income — roughly 25.07%, generated by selling options premium.
  • QQQIInvestors 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 QQQI over the trailing twelve months, posting a 19.12% total return against 19.53%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.49% a year versus 15.43% 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.
SymbolYTD1YSince Jan 2024Volatility Sharpe Sortino Max drawdown
FEPI10.20%19.12%15.43%19.5%0.660.93-15.0%
QQQI11.88%19.53%19.49%16.4%0.811.14-9.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jan 2024” measures every fund from January 30, 2024 — 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 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPIQQQI
Full nameREX FANG & Innovation Equity Premium Income ETFNEOS Nasdaq-100 High Income ETF
IssuerREX SharesNEOS
Underlying indexBasket (FANG & innovation equities)Nasdaq-100
Last Close$42.52 as of September 4, 2026$54.75 as of September 4, 2026
Distribution rate25.07%14.29%
Distribution Safety Score™ 8384
Safety-Adjusted Yield 20.81%12.00%
Expense ratio0.65%0.68%
AUM$702M$14.1B
Distribution frequencyWeeklyMonthly
ObjectiveTargets income by selling covered calls on an actively managed basket of FANG and innovation focused equities while maintaining growth exposure.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date10/11/202301/29/2024
Beta1.16841.0553
Last dividend$0.205$0.6518
Ex-dividend date09/02/202608/19/2026

Bottom lineChoose FEPI if you want to maximize current income — roughly 25.07%, generated by selling options premium. Choose QQQI 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 QQQI keeps full price exposure.

FEPI vs QQQI: FANG overlay or Nasdaq-100 income?

FEPI is a FANG-and-innovation sleeve. QQQI overlays the whole Nasdaq-100. The book underneath is the decision.

FEPIQQQI
What it ownsFANG and innovation names plus overlayNasdaq-100 plus NEOS overlay
Expense ratio0.65%0.68%
Distribution yield25.07%14.29%

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 QQQI 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.

Income calculator

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

ETFs67
Total AUM$15.8B

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.

ETFs19
Total AUM$32.9B

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

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on QQQI.

Want to go deeper?

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Quick verdict

FEPI (REX FANG & Innovation Equity Premium Income ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both dividend ETFs, but they take different approaches.

FEPI offers the higher yield at 25.07% vs 14.29% for QQQI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

FEPI is cheaper with an expense ratio of 0.65% compared to 0.68%.

They have different reference exposures: FEPI is linked to Basket (FANG & innovation equities) while QQQI is linked to Nasdaq-100, which means their performance drivers differ.

QQQI is the larger fund by assets ($14.1B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FEPI would generate roughly $208.92/month, while QQQI would produce $119.08/month, at current distribution rates.

FEPI yield25.07%
QQQI yield14.29%
Monthly diff on $10K$89.83

Cost & efficiency

Over 10 years on $10,000, FEPI would cost approximately $650 in fees vs $680 for QQQI (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

FEPI ER0.65%
QQQI ER0.68%

Strategy & risk

FEPI is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while QQQI is actively managed around Nasdaq-100 exposure with an active approach. Beta is 1.1684 for FEPI and 1.0553 for QQQI, making QQQI the less volatile of the two by this measure.

FEPI beta1.1684
QQQI beta1.0553

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $702M in assets. QQQI is managed by NEOS (launched 01/29/2024) with $14.1B in assets.

FEPI AUM$702M
QQQI AUM$14.1B

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Frequently asked questions

What is the difference between FEPI and QQQI?

FEPI (REX FANG & Innovation Equity Premium Income ETF) writes options on FANG and innovation names. QQQI (NEOS Nasdaq-100 High Income ETF) overlays the Nasdaq-100. Cost is 0.65% versus 0.68%; distributions are 25.07% and 14.29% as of September 2026. A FANG sleeve versus the whole Nasdaq-100 is the decision, not which yield is larger on one date.

What is the current distribution rate for FEPI and QQQI?

FEPI currently distributes 25.07% and QQQI 14.29%, based on fund data updated September 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 QQQI 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 QQQI?

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 QQQI 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: QQQI scores 84, FEPI scores 83. Neither has a clear safety edge on that measure. 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 QQQI?

FEPI has an expense ratio of 0.65% while QQQI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in FEPI would generate roughly $208.92 per month ($2,507.00 annually). The same in QQQI would produce about $119.08 per month ($1,429.00 annually).

Which has performed better historically, FEPI or QQQI?

FEPI has lagged QQQI over the trailing twelve months, posting a 19.12% total return against 19.53%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.49% a year versus 15.43% 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 QQQI — at a glance

Generated September 5, 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 QQQI are both covered-call equity ETFs that generate income by selling options on large-cap technology and growth stocks. FEPI targets an actively managed basket of FANG and innovation companies and distributes 25.07% annually via weekly payouts. QQQI tracks the Nasdaq-100 index and distributes 14.29% annually via monthly payouts. The key distinction is yield ambition: FEPI's distribution rate is nearly 11 percentage points higher, reflecting a more aggressive call-writing strategy on a narrower, actively curated portfolio.

How they differ

The biggest difference is distribution rate and strategy philosophy. This gap suggests FEPI writes calls more aggressively—accepting greater caps on upside potential—to generate higher income.

Second, portfolio construction differs significantly. FEPI uses an actively managed basket of hand-picked growth stocks; QQQI replicates the Nasdaq-100 index. Index exposure provides broader diversification across 100 stocks versus FEPI's concentrated selection, though both carry meaningful exposure to the technology and growth sectors.

Third, AUM and maturity vary materially. QQQI holds $14.1B in assets and has a longer track record since 01/29/2024, while FEPI holds $702M and is newer, having launched 10/11/2023. QQQI's 1.0553 beta is also slightly lower than FEPI's 1.1684, suggesting marginally less sensitivity to broad market swings.

Who each is best for

FEPI: Fits investors who prioritize current income generation above capital preservation and can tolerate capped upside in exchange for weekly cash distributions. The aggressive call-writing strategy suits those with high income needs from a concentrated growth-stock allocation.

QQQI: Designed for investors seeking monthly income from broad Nasdaq-100 exposure while maintaining meaningful participation in secular growth trends. Works well for those balancing income needs with diversification across 100 stocks and tax-efficient distributions.

Key risks to know

  • NAV erosion at extreme yields. FEPI's 25.07% distribution rate substantially exceeds typical underlying dividend and capital-gains yields in growth stocks. Sustaining distributions at that level relies heavily on return-of-capital mechanics, which gradually erodes net asset value over time if underlying prices don't appreciate.
  • Covered-call caps on rally participation. Both funds cap upside by selling calls. FEPI's 25.07% yield implies very tight call strikes, meaning investors surrender most gains if the portfolio rallies sharply. QQQI's 14.29% yield allows more upside participation, but caps remain material.
  • Concentration and active-selection risk in FEPI. FEPI's active FANG-focused basket lacks the diversification of the Nasdaq-100. If narrative-driven mega-cap tech stocks underperform or FEPI's manager makes poor security choices, the concentrated portfolio has no fallback to broad-index resilience.
  • **Weekly vs.
  • Nascent track record. FEPI launched 10/11/2023, giving it 2 years of observable performance history in real market conditions. QQQI, though also recent, has a slightly longer operating history to evaluate consistency.

Bottom line

FEPI pursues maximum current income at the cost of tight upside caps and a concentrated, actively managed portfolio; QQQI balances meaningful income at 14.29% with broader diversification and more upside room. The choice hinges on whether you need the highest possible yield and can accept concentrated FANG exposure and capped gains, or prefer exposure to the full Nasdaq-100 with more moderate—but still substantial—income. Past performance doesn't predict future results, and both funds' short histories limit confidence in their sustainability at current distribution rates.

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

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The metrics behind this comparison, explained in the Academy.

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