QQQI and FEPI are both covered call ETFs tracking the same benchmark, but with different approaches. QQQI offers a 13.76% yield, while FEPI provides a 24.67% 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
NEOS Nasdaq 100 High Income ETF
7.43
Overall Score
REX FANG & Innovation Equity Premium Income ETF
5.80
Overall Score
| Criteria | QQQI | FEPI |
|---|---|---|
| Overall Score | 7.43 5.80 | |
| Total Return (25%) | 8.16 6.80 | |
| Downside Protection (25%) | 5.48 — | |
| Upside Participation (25%) | 7.98 8.70 | |
| Consistency (15%) | 10.00 9.43 | |
| Expense Ratio (5%) | 4.00 4.38 | |
| Liquidity (5%) | 6.55 5.88 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | QQQI | FEPI |
|---|---|---|
| Expense Ratio | 0.680% | 0.650% |
| Inception Date | Jan 30, 2024 | Oct 1, 2023 |
| Issuer | NEOS | REX Shares |
| Distribution Frequency | Monthly | Weekly |
| Maturity Rating | 2/5 stars | 3/5 stars |
Pays 13.8%, 2.6 points more than JEPQ, at a fee of 0.68% that is almost double JEPQ's 0.35%.
Investor Profile:
QQQI is an actively managed NEOS fund that holds large-cap Nasdaq-100 stocks, 106 positions, and sells index call options to generate monthly income. NEOS uses index options that qualify as Section 1256 contracts, taxed at the 60/40 rate. It aims for high monthly income in a tax-efficient way, with distributions that are partly return of capital.
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.
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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