DV
Dividend Vision

ETF Comparison

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

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.

Data updated September 18, 2026

Best for

  • FEPIInvestors who are comfortable trading away most upside for a large, steady payout.
  • YMAXInvestors who want to maximize current income — roughly 39.53%, generated by selling options premium.

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.

FEPI has outpaced YMAX over the trailing twelve months, posting a 17.23% total return against -0.14%. Measured from Jan 2024 — the start of shared available history — FEPI has compounded at 16.68% a year versus 14.63% for YMAX. FEPI has been the steadier holding, though — annualized volatility of 19.7% against 24.7% for YMAX. 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.
SymbolYTD1YSince Jan 2024Volatility Sharpe Sortino Max drawdown
FEPI11.72%17.23%16.68%19.7%0.580.82-15.0%
YMAX6.67%-0.14%14.63%24.7%-0.19-0.26-26.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFEPIYMAX
Full nameREX FANG & Innovation Equity Premium Income ETFYieldMax Universe Fund of Option Income ETFs
IssuerREX SharesYieldMax
Underlying indexBasket (FANG & innovation equities)Basket (Yieldmax ETFs)
Last Close$42.69 as of September 18, 2026$7.63 as of September 18, 2026
Distribution rate24.85%39.53%
Distribution Safety Score™ 7660
Safety-Adjusted Yield 18.89%23.72%
Expense ratio0.65%1.33%
AUM$695M$369M
Distribution frequencyWeeklyWeekly
ObjectiveTargets 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 classEquityEquity
Inception date10/11/202301/16/2024
Beta1.16841.5515
Last dividend$0.204$0.058
Ex-dividend date09/16/202609/16/2026

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 39.53%, 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

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

REX Shares
ETFs72
Total AUM$16.3B

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
YieldMax
ETFs61
Total AUM$9.59B

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.

See all YieldMax ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

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 39.53% vs 24.85% 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 ($695M), but assets alone do not establish trading costs or 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 1.33% 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 39.53% from selling options premium, vs 24.85% 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 $207.08/month, while YMAX would produce $329.42/month, at current distribution rates. Both pay weekly distributions.

FEPI yield24.85%
YMAX yield39.53%
Monthly diff on $10K$122.33

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 1.1684 for FEPI and 1.5515 for YMAX, making FEPI the less volatile of the two by this measure.

FEPI beta1.1684
YMAX beta1.5515

Fund details

FEPI is managed by REX Shares (launched 10/11/2023) with $695M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $369M in assets.

FEPI AUM$695M
YMAX AUM$369M
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution rate for FEPI and YMAX?

FEPI currently distributes 24.85% and YMAX 39.53%, based on fund data updated September 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 & Innovation Equity Premium Income ETF) is actively managed around Basket (FANG & innovation equities) exposure 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.

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 76, YMAX scores 60, so FEPI's payout currently looks the more resilient of the two. FEPI has also shown lower price volatility (beta 1.17 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 rates, $10,000 in FEPI would generate roughly $207.08 per month ($2,485.00 annually). The same in YMAX would produce about $329.42 per month ($3,953.00 annually).

Which has performed better historically, FEPI or YMAX?

FEPI has outpaced YMAX over the trailing twelve months, posting a 17.23% total return against -0.14%. Measured from Jan 2024 — the start of shared available history — FEPI has compounded at 16.68% a year versus 14.63% for YMAX. FEPI has been the steadier holding, though — annualized volatility of 19.7% against 24.7% for YMAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FEPI vs YMAX — at a glance

Generated September 19, 2026.

Overview

FEPI and YMAX are both equity-focused ETFs that generate income through covered call writing on technology and innovation stocks, distributing weekly.

How they differ

YMAX's distribution yield of 39.53% dwarfs FEPI's 24.85%, but that gap reflects YMAX's fund-of-funds model and higher expense ratio of 1.33% versus 0.65%. FEPI targets a narrower, actively curated basket of FANG names and innovation plays, while YMAX spreads capital across multiple option-income strategies, introducing an extra layer of fees. FEPI is also significantly larger, with $695M in assets versus $369M, and launched earlier at 10/11/2023, giving it more operational history.

Who each is best for

  • FEPI: Investors seeking a streamlined, actively managed approach to call-covered FANG and innovation exposure who prioritize lower fees and are willing to accept concentration in a single strategy and curated basket.
  • YMAX: Investors drawn to a broader menu of option-income strategies across multiple YieldMax funds and willing to accept higher fees and greater volatility in exchange for diversification across distinct call-overlay approaches.

Key risks to know

  • NAV erosion at extreme distribution rates. YMAX's 39.53% yield far exceeds typical equity return expectations and relies heavily on call premium capture and return of capital; FEPI's 24.85% yield carries similar erosion risk. Both funds are likely to see NAV decline over time unless underlying equities and call premiums sustain distributions.
  • Concentration within options-overlay strategy. Both funds bet on sustained call premium harvesting; if implied volatility compresses or equity upside is capped by call strikes, distributions could contract sharply. FEPI's focus on a curated FANG basket adds additional single-strategy risk.
  • Beta and volatility mismatch. YMAX's 1.5515 reflects meaningfully higher market sensitivity than FEPI's 1.1684. Rising market volatility may boost call premiums but will amplify NAV swings; falling volatility may starve premiums while locking in losses on the underlying equity sleeves.
  • Technology sector concentration. Both funds carry heavy exposure to technology and innovation equities; sector downturns or regulatory pressures on mega-cap tech will drive correlated losses across both holdings and call premiums.

Bottom line

FEPI offers a leaner, more transparent single-strategy call-overlay model at lower cost, while YMAX pursues diversification across multiple option-income approaches at the expense of higher fees and volatility. Neither fund's distribution yield should be mistaken for sustainable cash flow—both rely on call premium decay and likely return of capital, and 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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener