FEPI
Caution
High confidence
ETF Comparison
FEPI vs YMAX: Which Is the Better Pick in 2026?
A head-to-head comparison of REX FANG Covered Call ETF and YieldMax Universe Fund of Option Income ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- FEPIInvestors who are comfortable trading away most upside for a large, steady payout.
- YMAXInvestors who want to maximize current income — roughly 41.35%, generated by selling options premium.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
YMAX
Elevated risk
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  FEPI |  YMAX |
|---|---|---|
| Full name | REX FANG Covered Call ETF | YieldMax Universe Fund of Option Income ETF |
| Issuer | REX Shares | YieldMax |
| Underlying index | Actively managed (no tracked index recorded) | Basket (Yieldmax ETFs) |
| Last Close | $35.92 as of November 6, 2026 | $6.64 as of November 6, 2026 |
| Distribution rate | 26.54% | 41.35% |
| Trailing 12-month yield | 29.17% | 62.49% |
| 30-day SEC yield | -0.33% | 94.39% |
| Distribution Safety Score™ | 44 | 24 |
| Safety-Adjusted Yield | 11.68% | 9.92% |
| Expense ratio | 0.65% | 1.33% |
| AUM | $677M | $332M |
| Distribution frequency | Weekly | Weekly |
| Objective | Targets income by selling covered calls on an actively managed basket of FANG and innovation focused equities while maintaining growth exposure. | Fund of funds that seeks weekly income by investing its assets across the shares of the underlying YieldMax option income ETFs, or directly in the instruments those ETFs hold. |
| Asset class | Equity | Equity |
| Inception date | 10/11/2023 | 01/16/2024 |
| Beta | 1.08 | 1.5515 |
| Last dividend | $0.1833 | $0.0528 |
| Ex-dividend date | 11/04/2026 | 11/04/2026 |
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 YMAX over the trailing twelve months, posting a -5.99% total return against -8.87%. Measured from Jan 2024 — the start of shared available history — YMAX has compounded at 9.78% a year versus 9.54% for FEPI. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Jan 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| FEPI | -5.27% | -5.99% | 9.54% | 22.4% | -0.46 | -0.59 | -17.5% |
| YMAX | -3.00% | -8.87% | 9.78% | 26.0% | -0.52 | -0.68 | -21.7% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 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 Jan 2024” measures every fund from January 17, 2024 — 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
| Metric | FEPI | YMAX |
|---|---|---|
| Forward distribution rate | 26.54% | 41.35% |
| Trailing 12-month yield | 29.17% | 62.49% |
| 30-day SEC yield | -0.33% | 94.39% |
| Return of capital | 100.00% | 29.47% |
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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose FEPI if you are comfortable trading away most upside for a large, steady payout. Choose YMAX if you want to maximize current income — roughly 41.35%, generated by selling options premium. FEPI and YMAX 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 YMAX 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
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs75
Total AUM$14.6B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
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.
ETFs63
Total AUM$9.06B
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. 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 YMAX.
Quick verdict
FEPI (REX FANG Covered Call ETF) and YMAX (YieldMax Universe Fund of Option Income ETF) are both weekly-pay dividend ETFs, but they take different approaches.
YMAX offers the higher yield at 41.35% vs 26.54% for FEPI. 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 1.33%.
They have different reference exposures: FEPI is linked to Basket (FANG & innovation equities) while YMAX is linked to Basket (Yieldmax ETFs), which means their performance drivers differ.
FEPI is the larger fund by assets ($677M), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose FEPI
REX FANG Covered Call ETF
- 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 1.33% for YMAX.
- Prefer lower market sensitivity — a beta of 1.08 vs 1.55 for YMAX.
Choose YMAX
YieldMax Universe Fund of Option Income ETF
- Want to maximize current income — YMAX distributes roughly 41.35% from selling options premium, vs 26.54% for FEPI.
- Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
0 shared positions
FEPI 0.0% of its top-10 weight
YMAX 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of FEPI, YMAX. These funds draw from largely different positions at the top of their books.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, FEPI would pay about $2,654.00 a year (about $51.04 per weekly distribution), while YMAX would pay about $4,135.00 a year (about $79.52 per weekly distribution). Both pay weekly distributions.
FEPI yield26.54%
YMAX yield41.35%
Annual cash diff on $10K$1,481.00
Cost & efficiency
Over 10 years on $10,000, FEPI would cost approximately $650 in fees vs $1,330 for YMAX (simplified, not compounded). The $680.00 difference may be offset by yield or performance.
FEPI ER0.65%
YMAX ER1.33%
Strategy & risk
FEPI is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 1.08 for FEPI and 1.5515 for YMAX, making FEPI the less sensitive to market moves of the two by this measure.
FEPI beta1.08
YMAX beta1.5515
Fund details
FEPI is managed by REX Shares (launched 10/11/2023) with $677M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $332M in assets.
FEPI AUM$677M
YMAX AUM$332M
Frequently asked questions
What is the current distribution rate for FEPI and YMAX?
FEPI currently distributes 26.54% and YMAX 41.35%, based on fund data updated November 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 YMAX better for dividend income?
It depends on your goals. YMAX 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 YMAX?
FEPI (REX FANG Covered Call ETF) is actively managed around Basket (FANG & innovation equities) exposure with a covered call approach, while YMAX (YieldMax Universe Fund of Option Income ETF) tracks Basket (Yieldmax ETFs) with a covered call approach. They are issued by REX Shares and YieldMax respectively.
Can I hold both FEPI and YMAX?
Yes. Their disclosed top-10 holdings share no positions, so combining both spreads your money across different underlying names — see the holdings-overlap section above for the details. Overlap outside the disclosed top 10 can still exist.
Is FEPI or YMAX safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — FEPI scores 44, YMAX scores 24, so FEPI's payout currently looks the more resilient of the two. FEPI has also been less sensitive to market moves (beta 1.08 vs 1.55 for YMAX). 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 YMAX?
FEPI has an expense ratio of 0.65% while YMAX charges 1.33%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in FEPI vs YMAX generate?
At current distribution rates, $10,000 in FEPI would pay about $2,654.00 a year (about $51.04 per weekly distribution). $10,000 in YMAX would pay about $4,135.00 a year (about $79.52 per weekly distribution).
Which has performed better historically, FEPI or YMAX?
FEPI has outpaced YMAX over the trailing twelve months, posting a -5.99% total return against -8.87%. Measured from Jan 2024 — the start of shared available history — YMAX has compounded at 9.78% a year versus 9.54% for FEPI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
FEPI vs YMAX — at a glance
Generated October 31, 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 YMAX are both equity ETFs that generate income through covered call strategies on technology and growth stocks, distributing returns weekly.
How they differ
The largest difference is yield and expense structure: YMAX offers a 41.35% distribution rate against 1.33% in fees, while FEPI yields 26.54% with 0.65% expenses—a 68 basis-point cost gap that YMAX's higher payout reflects. On volatility, FEPI carries a beta of 1.08, while YMAX's 1.5515 suggests greater sensitivity to broad market swings—a 39-basis-point difference that tracks with YMAX's diversified fund-of-funds structure. FEPI has been operating since 10/11/2023 with $677M in assets; YMAX launched 01/16/2024 and holds $332M.
Who each is best for
FEPI: Investors who want concentrated exposure to mega-cap tech and innovation names and prefer a single, transparent covered-call mechanism with lower fees and a moderately elevated yield.
YMAX: Investors seeking the highest weekly income available through a diversified basket of option-writing strategies, accepting higher fees and greater price sensitivity in exchange for broader underlying exposure.
Key risks to know
- NAV erosion at extreme yields: Both funds distribute well above typical equity returns. At FEPI's 26.54% and YMAX's 41.35%, distributions likely include substantial return-of-capital treatment, meaning ongoing payouts may erode net asset value over time unless underlying holdings appreciate sharply.
- Covered-call cap on upside: By selling calls, both funds forgo gains if their underlying tech holdings rally hard. The tradeoff is structural: high income comes at the cost of capped appreciation.
- Fund-of-funds overhead and tracking risk: YMAX's fund-of-funds model introduces a second layer of fees and potential tracking divergence from its component YieldMax ETFs. Investors assume the expense ratio of each underlying ETF on top of YMAX's own 1.33% charge.
- Technology concentration and macro sensitivity: Both funds are heavily weighted to mega-cap and high-growth tech, amplifying drawdown risk during market corrections or shifts in interest-rate expectations. YMAX's higher beta (1.5515 vs. 1.08) compounds this sensitivity.
- Weekly redemption and price volatility: Weekly distributions and frequent option-expiry rollovers can create sharp NAV and price swings, especially during earnings seasons or rapid interest-rate moves.
Bottom line
If you prioritize simplicity, lower fees, and direct FANG exposure with a high but sustainable income level, FEPI offers a cleaner structure. If you want maximum weekly cash flow and are comfortable with higher fees and greater price volatility in exchange for broader option-income diversification, YMAX delivers a much higher payout—though both funds' extreme distributions raise questions about long-term NAV sustainability. 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.
These comparisons follow the Dividend Vision methodology.