FEPI and QQQX are both covered call ETFs tracking the same benchmark, but with different approaches. FEPI offers a 24.67% yield, while QQQX provides a 8.71% 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
Nuveen Nasdaq 100 Dynamic Overwrite Fund
5.21
Overall Score
| Criteria | FEPI | QQQX |
|---|---|---|
| Overall Score | 5.80 5.21 | |
| Total Return (25%) | 6.80 4.05 | |
| Downside Protection (25%) | — 1.28 | |
| Upside Participation (25%) | 8.70 8.28 | |
| Consistency (15%) | 9.43 10.00 | |
| Expense Ratio (5%) | 4.38 1.25 | |
| Liquidity (5%) | 5.88 4.80 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | FEPI | QQQX |
|---|---|---|
| Expense Ratio | 0.650% | 0.900% |
| Inception Date | Oct 1, 2023 | Jan 25, 2007 |
| Issuer | REX Shares | Nuveen |
| Distribution Frequency | Weekly | Quarterly |
| Maturity Rating | 3/5 stars | 5/5 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.
Volatility of 19.6% against QQQ's 20.9% and 101% down capture mean the overwrite lowered upside without lowering risk.
Investor Profile:
QQQX is a closed-end fund managed by Nuveen Fund Advisors. It invests at least 90% of managed assets in an equity portfolio built around the Nasdaq-100, 222 positions as of August 2026, and writes call options on it dynamically. Its stated objective is a total return with less volatility than the Nasdaq-100. It uses no leverage and pays quarterly.
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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