FEPI vs YMAG vs YMAX: Which Is the Better Pick in 2026?
A side-by-side comparison of REX FANG & Innovation Equity Premium Income ETF, Tidal Trust II - YieldMax Magnificent 7 Fund of Option Income ETFs and YieldMax Universe Fund of Option Income ETFs covering yield, cost, risk, and income potential.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on YMAG and YMAX.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
FEPI tops the group on trailing twelve-month total return at 16.13%, with YMAG at 15.78% and YMAX at -8.58%. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 10, 2026. YTD and 1Y are cumulative; longer windows 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.
Quick verdict
FEPI (REX FANG & Innovation Equity Premium Income ETF), YMAG (Tidal Trust II - YieldMax Magnificent 7 Fund of Option Income ETFs), YMAX (YieldMax Universe Fund of Option Income ETFs) are dividend ETFs that take different approaches.
YMAX offers the highest reported yield at 46.62%, followed by YMAG at 33.46%, FEPI at 25.10%.
FEPI is the cheapest with an expense ratio of 0.65%, compared to 1.28% for YMAG and 1.28% for YMAX.
FEPI is the largest fund by assets ($682M), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment: FEPI generates ~$209.17/month, YMAG generates ~$278.83/month, YMAX generates ~$388.50/month at current distribution rates.
FEPI yield25.10%
YMAG yield33.46%
YMAX yield46.62%
Cost & efficiency
Over 10 years on $10,000: FEPI costs ~$650, YMAG costs ~$1,280, YMAX costs ~$1,280 in fees (simplified, not compounded).
FEPI ER0.65%
YMAG ER1.28%
YMAX ER1.28%
Strategy & risk
FEPI tracks Basket (FANG & innovation equities) with a covered call approach; YMAG tracks Basket (Magnificent 7 Stocks) with a covered call approach; YMAX tracks Basket (Yieldmax ETFs) with a covered call approach.
FEPI beta1.1684
YMAG beta1.1624
YMAX beta1.5515
Fund details
FEPI is managed by REX Shares (launched 10/11/2023) with $682M in assets. YMAG is managed by YieldMax (launched 01/29/2024) with $310M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $420M in assets.
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Frequently asked questions
Which of FEPI, YMAG, YMAX is best for dividend income?
It depends on your goals. YMAX currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.
What is the difference between FEPI, YMAG, YMAX?
FEPI (REX FANG & Innovation Equity Premium Income ETF) tracks Basket (FANG & innovation equities) with a covered call approach, issued by REX Shares. YMAG (Tidal Trust II - YieldMax Magnificent 7 Fund of Option Income ETFs) tracks Basket (Magnificent 7 Stocks) with a covered call approach, issued by YieldMax. YMAX (YieldMax Universe Fund of Option Income ETFs) tracks Basket (Yieldmax ETFs) with a covered call approach, issued by YieldMax.
Can I hold FEPI, YMAG, YMAX together?
Yes — nothing prevents holding them together. 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.
Which has the lowest fees among FEPI, YMAG, YMAX?
FEPI has an expense ratio of 0.65%, YMAG has an expense ratio of 1.28%, YMAX has an expense ratio of 1.28%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 generate in each?
$10,000 in FEPI yields ~$209.17/month ($2,510.00/year). $10,000 in YMAG yields ~$278.83/month ($3,346.00/year). $10,000 in YMAX yields ~$388.50/month ($4,662.00/year).
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
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