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ETF Comparison

FEPI vs SPYI: Which Is the Better Pick in 2026?

A head-to-head comparison of REX FANG & Innovation Equity Premium Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • FEPIInvestors who want to maximize current income — roughly 25.47%, generated by selling options premium.
  • SPYIInvestors 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 SPYI over the trailing twelve months, posting a 13.59% total return against 16.82%. The picture flips over 3 years, though — FEPI has compounded at 18.20% a year, ahead of SPYI at 16.54%. SPYI has been the steadier holding, though — annualized volatility of 12.6% against 19.6% 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%
SPYI9.34%16.82%16.54%17.44%12.6%0.861.22-16.5%

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.
MetricFEPISPYI
Full nameREX FANG & Innovation Equity Premium Income ETFNEOS S&P 500 High Income ETF
IssuerREX SharesNEOS
Last Close$41.80 as of August 19, 2026$54.04 as of August 19, 2026
Distribution yield25.47%12.04%
Distribution Safety Score™ 8290
Expense ratio0.65%0.68%
AUM$694M$11.6B
Distribution frequencyWeeklyMonthly
Underlying indexBasket (FANG & innovation equities)S&P 500 Index
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 date10/11/202308/29/2022
Beta1.16840.7
Last dividend$0.2047$0.5423
Ex-dividend date08/19/202608/19/2026

Bottom lineChoose FEPI if you want to maximize current income — roughly 25.47%, generated by selling options premium. Choose SPYI 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 SPYI keeps full price exposure.

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 SPYI 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

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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
NEOS
ETFs19
Total AUM$32.2B

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 SPYI.

See all NEOS ETFs

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Quick verdict

FEPI (REX FANG & Innovation Equity Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both dividend ETFs, but they take different approaches.

FEPI offers the higher yield at 25.47% vs 12.04% for SPYI. 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 track different benchmarks: FEPI is linked to Basket (FANG & innovation equities) while SPYI tracks S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($11.6B), 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 12.04% for SPYI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.65% expense ratio vs 0.68% for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.7 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 SPYI would produce $100.33/month, at current distribution rates.

FEPI yield25.47%
SPYI yield12.04%
Monthly diff on $10K$111.92

Cost & efficiency

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

FEPI ER0.65%
SPYI ER0.68%

Strategy & risk

FEPI is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 1.1684 for FEPI and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

FEPI beta1.1684
SPYI beta0.7

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $694M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.6B in assets.

FEPI AUM$694M
SPYI AUM$11.6B
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Frequently asked questions

What is the current distribution yield for FEPI and SPYI?

FEPI currently distributes 25.47% and SPYI 12.04%, 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 SPYI 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.

What is the difference between FEPI and SPYI?

FEPI (REX FANG & Innovation Equity Premium Income ETF) is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by REX Shares and NEOS respectively.

Can I hold both FEPI and SPYI?

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 SPYI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, FEPI scores 82, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 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 SPYI?

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

At current rates, $10,000 in FEPI would generate roughly $212.25 per month ($2,547.00 annually). The same in SPYI would produce about $100.33 per month ($1,204.00 annually).

Which has performed better historically, FEPI or SPYI?

FEPI has lagged SPYI over the trailing twelve months, posting a 13.59% total return against 16.82%. The picture flips over 3 years, though — FEPI has compounded at 18.20% a year, ahead of SPYI at 16.54%. SPYI has been the steadier holding, though — annualized volatility of 12.6% against 19.6% 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 SPYI — 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 SPYI are both equity ETFs that generate income through covered-call strategies, but they target sharply different investor profiles. FEPI sells calls on an actively managed basket of FANG and innovation stocks, distributing 24.87% annually in weekly payments. SPYI sells calls on the S&P 500 Index itself, distributing 11.69% monthly and emphasizing tax efficiency. The core trade-off is between concentrated high-yield income and broad-based, lower-yield income.

How they differ

The biggest difference is underlying exposure: FEPI holds a curated basket of growth and technology stocks, while SPYI replicates the S&P 500. This matters because FEPI's active selection concentrates beta (1.17 vs. SPYI's 0.7), meaning it amplifies market moves and offers no downside dampening from defensive names. FEPI's yield is more than double SPYI's (24.87% vs. 11.69%), but that premium comes partly from call-selling on more volatile names; SPYI's lower yield reflects the call program operating on 500 holdings with lower implied volatility. FEPI distributes weekly while SPYI distributes monthly, a difference in reinvestment timing and tax reporting. SPYI is substantially larger at $11.4B in AUM versus FEPI's $680M, which affects liquidity and fund stability. Both charge similar expense ratios (0.65% for FEPI, 0.68% for SPYI), but SPYI explicitly targets tax efficiency.

Who each is best for

FEPI: Fits investors with high risk tolerance who prioritize maximum current income and are comfortable with concentrated exposure to technology and growth equities. Designed for those who believe in the long-term direction of FANG-adjacent names and accept that call-selling will cap upside.

SPYI: Fits investors seeking meaningful income from a diversified equity base without sacrificing broad market exposure. Designed for those who want monthly income, care about tax efficiency in their holdings, and prefer downside participation closer to the broader market.

Key risks to know

  • NAV erosion at extreme yield levels. FEPI's 24.87% distribution rate is nearly double SPYI's, creating a structural risk that capital is being returned rather than earned. If the underlying FANG basket generates mid-to-high single-digit total returns while 24% is paid out annually, NAV will erode over time.
  • Concentration risk on FANG and innovation exposure. FEPI's active basket means holdings are tilted toward a subset of mega-cap technology and growth names. A prolonged underperformance cycle in those sectors, or regulatory headwinds affecting big tech, will hurt FEPI more than a broad-market fund.
  • Call-capped upside in a rallying market. Both funds cap their stock appreciation by selling calls, but FEPI's higher call-strike selection on volatile names means significant rally participation may be foregone. SPYI's lower yield suggests less aggressive call-striking, but both sacrifice tail upside.
  • Beta difference and volatility mismatch. FEPI's beta of 1.17 means it swings harder than the market during sell-offs, potentially requiring investors to stomach larger drawdowns to sustain the income. SPYI's 0.7 beta offers more cushion, though this also reflects its broader holdings.
  • Weekly distribution complexity. FEPI's weekly payout frequency creates more reinvestment timing decisions and tax-event reporting lines than SPYI's monthly schedule, adding operational friction for tax filing.

Bottom line

If you prioritize maximum current income and are comfortable with concentrated technology exposure and higher volatility, FEPI's 24.87% yield and active management fit that profile. If you want meaningful income from a true market-tracking portfolio with less fluctuation and simpler tax reporting, SPYI's 11.69% yield and S&P 500 foundation offer a different trade-off. Both employ covered calls, so neither offers full market participation in a strong rally; the income level and cap structure differ materially between them and should align with your return expectations. 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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