A head-to-head comparison of REX FANG & Innovation Equity Premium Income ETF 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 YMAX.
Targets income by selling covered calls on an actively managed basket of FANG and innovation
focused equities while maintaining growth exposure.
Covered Call
Asset class
Equity
Equity
Inception date
10/11/2023
01/16/2024
Beta
1.1684
1.5515
Last dividend
$0.2060
$0.0710
Ex-dividend date
07/08/2026
07/08/2026
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 46.62%, generated by selling options premium. There's no free lunch: YMAX's payout comes from selling options, which caps upside and can erode the share price over time, while FEPI keeps full price exposure.
Most used
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
FEPI has outpaced YMAX over the trailing twelve months, posting a 16.13% total return against -8.58%. Measured from Jan 2024 — when the younger fund began trading — FEPI has compounded at 14.66% a year versus 10.23% for YMAX. FEPI has been the steadier holding, though — annualized volatility of 18.6% against 24.8% for YMAX. 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 17, 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) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both weekly-pay dividend ETFs, but they take different approaches.
YMAX offers the higher yield at 46.62% vs 25.10% 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 1.28%.
They track different benchmarks: FEPI is linked to Basket (FANG & innovation equities) while YMAX tracks Basket (Yieldmax ETFs), which means their performance drivers differ.
FEPI is the larger fund by assets ($682M), which generally means tighter spreads and better liquidity.
Who should choose each?
Choose FEPI
REX FANG & Innovation Equity Premium Income 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 1.28% for YMAX.
Prefer lower volatility — a beta of 1.2 vs 1.6 for YMAX.
Choose YMAX
YieldMax Universe Fund of Option Income ETFs
Want to maximize current income — YMAX distributes roughly 46.62% from selling options premium, vs 25.10% 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.
Deep dive
Yield & income
On a $10,000 investment, FEPI would generate roughly $209.17/month, while YMAX would produce $388.50/month, at current distribution rates. Both pay weekly distributions.
FEPI yield25.10%
YMAX yield46.62%
Monthly diff on $10K$179.33
Cost & efficiency
Over 10 years on $10,000, FEPI would cost approximately $650 in fees vs $1,280 for YMAX (simplified, not compounded). The $630.00 difference may be offset by yield or performance.
FEPI ER0.65%
YMAX ER1.28%
Strategy & risk
FEPI tracks Basket (FANG & innovation equities) with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 1.1684 for FEPI and 1.5515 for YMAX, indicating FEPI is less volatile relative to the market.
FEPI beta1.1684
YMAX beta1.5515
Fund details
FEPI is managed by REX Shares (launched 10/11/2023) with $682M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $420M in assets.
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Frequently asked questions
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 & Innovation Equity Premium Income ETF) tracks Basket (FANG & innovation equities) with a covered call approach, while YMAX (YieldMax Universe Fund of Option Income ETFs) 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 — 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.
Which has lower fees, FEPI or YMAX?
FEPI has an expense ratio of 0.65% while YMAX charges 1.28%. 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 rates, $10,000 in FEPI would generate roughly $209.17 per month ($2,510.00 annually). The same in YMAX would produce about $388.50 per month ($4,662.00 annually).
Which has performed better historically, FEPI or YMAX?
FEPI has outpaced YMAX over the trailing twelve months, posting a 16.13% total return against -8.58%. Measured from Jan 2024 — when the younger fund began trading — FEPI has compounded at 14.66% a year versus 10.23% for YMAX. FEPI has been the steadier holding, though — annualized volatility of 18.6% against 24.8% for YMAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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