FEPI and QQA are both covered call ETFs tracking the same benchmark, but with different approaches. FEPI offers a 24.67% yield, while QQA provides a 9.80% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
REX FANG & Innovation Equity Premium Income ETF
5.80
Overall Score
Invesco Nasdaq-100 Income Advantage ETF
8.04
Overall Score
| Criteria | FEPI | QQA |
|---|---|---|
| Overall Score | 5.80 8.04 | |
| Total Return (25%) | 6.80 8.34 | |
| Downside Protection (25%) | — 7.49 | |
| Upside Participation (25%) | 8.70 7.63 | |
| Consistency (15%) | 9.43 10.00 | |
| Expense Ratio (5%) | 4.38 7.62 | |
| Liquidity (5%) | 5.88 5.83 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | FEPI | QQA |
|---|---|---|
| Expense Ratio | 0.650% | 0.390% |
| Inception Date | Oct 1, 2023 | Jul 1, 2024 |
| Issuer | REX Shares | Invesco |
| Distribution Frequency | Weekly | Monthly |
| Maturity Rating | 3/5 stars | 4/5 stars |
Pays a 24.7% TTM yield, but captured 114% of QQQ's down months and trails QQQ by 37 points since 2023.
Investor Profile:
FEPI holds the 15 stocks of the equal-weighted FANG & Innovation Index, rebalanced monthly. REX writes covered calls on individual stocks and invests the premium in money market instruments. Since May 2026 the fund pays weekly instead of monthly. REX states that current distributions are 100% estimated return of capital.
Down capture of 63% against 76% up capture is the best ratio of the Nasdaq income funds, over a record of only 26 months.
Investor Profile:
QQA is an actively managed Invesco fund of funds that holds stocks and ETFs to mirror the Nasdaq-100, 121 positions. It earns option income through equity-linked notes (ELNs), which Invesco describes as giving upside participation and downside protection. About 20% of assets sit in an Invesco government money market fund. It pays monthly and charges 0.29%.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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