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ETF Comparison

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

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

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • FEPIInvestors who want a covered-call overwrite written on the holdings themselves.
  • SPYIInvestors who want index call spreads structured for Section 1256 tax treatment.

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 SPYI over the trailing twelve months, posting a 16.70% total return against 15.39%. Measured from Oct 2023 — the start of shared available history — FEPI has compounded at 20.26% a year versus 17.48% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.8% 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%
SPYI11.57%15.39%17.48%10.8%0.901.29-7.7%

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

MetricFEPISPYI
Forward distribution rate24.96%11.95%
Trailing 12-month yield24.34%11.83%
30-day SEC yield-0.32%0.46%
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 SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPISPYI
Full nameREX FANG Covered Call ETFNEOS S&P 500 High Income ETF
IssuerREX SharesNEOS
Underlying indexBasket (FANG & innovation equities)S&P 500 Index
Last Close$43.21 as of October 2, 2026$53.60 as of October 2, 2026
Distribution rate24.96%11.95%
Trailing 12-month yield24.34%11.83%
30-day SEC yield-0.32%0.46%
Distribution Safety Score™ 7790
Safety-Adjusted Yield 19.22%10.76%
Expense ratio0.65%0.68%
AUM$727M$12.4B
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 date10/11/202308/29/2022
Beta1.16840.7
Last dividend$0.2074$0.5338
Ex-dividend date09/30/202609/16/2026

Bottom lineChoose FEPI if you want a covered-call overwrite written on the holdings themselves. Choose SPYI if you want index call spreads structured for Section 1256 tax treatment. FEPI and SPYI 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.

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
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
NEOS
ETFs19
Total AUM$34.7B

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 Covered Call 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 24.96% vs 11.95% 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 have different reference exposures: FEPI is linked to Basket (FANG & innovation equities) while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($12.4B), 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 11.95% 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

  • Want index call spreads structured for Section 1256 tax treatment.
  • 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 $48.00 cash per distribution, while SPYI would produce $99.58 cash per distribution, at current distribution rates.

FEPI yield24.96%
SPYI yield11.95%
Cash diff on $10K$51.58

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 active 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 $727M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

FEPI AUM$727M
SPYI AUM$12.4B
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Frequently asked questions

What is the current distribution rate for FEPI and SPYI?

FEPI currently distributes 24.96% and SPYI 11.95%, 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 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 Covered Call 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 active 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 77, 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 $48.00 cash per distribution ($2,496.00 annually). The same in SPYI would produce about $99.58 cash per distribution ($1,195.00 annually).

Which has performed better historically, FEPI or SPYI?

FEPI has outpaced SPYI over the trailing twelve months, posting a 16.70% total return against 15.39%. Measured from Oct 2023 — the start of shared available history — FEPI has compounded at 20.26% a year versus 17.48% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.8% 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 SPYI — at a glance

Generated October 3, 2026.

Overview

FEPI and SPYI are both equity ETFs that use covered call strategies to generate income, but they target fundamentally different underlying markets. The key distinction is concentration versus diversification: FEPI bets on a narrow, high-volatility growth cohort; SPYI spreads call income across 500 large-cap stocks.

How they differ

The biggest difference is underlying exposure. FEPI focuses on a concentrated basket of FANG and innovation equities—a sector-tilted strategy with 1.1684 beta—while SPYI uses the full S&P 500 as its call-writing base and exhibits 0.7 beta, signaling lower correlation to market swings. That concentration gap drives the second major difference: yield.

Who each is best for

FEPI: Fits investors comfortable with concentrated, high-volatility tech exposure who prioritize maximum current income and can tolerate weekly distributions and the tax accounting complexity that entails.

SPYI: Fits investors seeking broad-market equity exposure with meaningful call-generated income, lower volatility, and monthly payout simplicity—particularly those aiming for a diversified core holding rather than a satellite tech bet.

Key risks to know

  • NAV erosion at ultra-high yields. FEPI's 24.96% distribution rate—nearly double the S&P 500's trailing dividend yield—raises the probability that some payouts rely on return of capital rather than option premium and underlying dividends alone. At such a yield, NAV compression over time is a material risk to monitor.
  • Concentrated call-writing risk on volatile names. FEPI's focus on FANG and innovation stocks means call premium depends on the volatility and price action of a small set of mega-cap tech names. If those stocks stabilize or trade sideways, call premium shrinks and yield declines sharply; conversely, strong rallies cap upside gains.
  • Structural beta mismatch. FEPI carries 1.1684, implying amplified moves in both directions relative to the broad market. During tech corrections, the concentrated holdings may fall faster than the S&P 500, compressing both NAV and premium income simultaneously.
  • Call assignment and opportunity cost. Both funds suppress upside by design, but FEPI's aggressive call strikes on concentrated names increase the odds of early assignment on rallies, locking in gains at preset levels. Investors giving up potential gains in exchange for weekly income need to accept that trade-off as permanent. Tracking cost basis and short-term versus long-term gains is more involved.

Bottom line

If you want maximum current income and can embrace concentrated tech volatility and weekly accounting, FEPI delivers a substantially higher yield. If you prefer S&P 500 diversification, smoother monthly income, and a larger, more liquid fund, SPYI offers a more balanced profile at a cost only marginally higher. The yield gap between them reflects real structural differences—concentration, volatility, and beta—not identical strategies priced differently; past performance and future distributions are not guaranteed.

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.