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FEPI
REX FANG & Innovation Equity Premium Income ETF
REX Advisers, LLC
Verdict
WATCH
Weighted score · 3.75 / 5
Fund Identity
What it is, who runs it, where it lives.
Capital appreciation and current income..
FEPI is an actively managed ETF that seeks current income while maintaining exposure to the price returns of the 15 technology stocks comprising the Solactive FANG Innovation Index. The Fund purchases all Index constituents on an equally weighted basis and generates income by writing (selling) covered call options that are slightly out of the money on each portfolio holding. The covered call strategy provides option premium income but limits upside participation above the strike price of written calls. Under normal conditions, the Fund targets an annualized distribution rate of 25%.
Ticker
FEPI
Issuer
REX Advisers, LLC
Exchange
XNAS
Inception
2023-10-11 · 2.7 yrs
Mgmt style
Active
Replication
Physical (full replication) of index constituents plus covered call options written on individual portfolio stocks
Index-based
— · Solactive FANG Innovation Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered Calls (slightly out-of-the-money) written on individual portfolio holdings; may use standardized exchange-traded options and/or FLEX Options
generates income
Underlying
Individual stocks comprising the Solactive FANG Innovation Index (e.g., AAPL, AMZN, META, GOOGL, MSFT, NFLX, NVDA, TSLA and 7 additional technology stocks)
income exposure
MONTHLY
25.7%
DIST. RATE
100% ROC
Ordinary Income
Ordinary Income
Underlying
Individual stocks comprising the Solactive FANG Innovation Index (e.g., AAPL, AMZN, META, GOOGL, MSFT, NFLX, NVDA, TSLA and 7 additional technology stocks)
Strategy
Covered Calls (slightly out-of-the-money) written on individual portfolio holdings; may use standardized exchange-traded options and/or FLEX Options
Tax
Ordinary Income
The Fund writes slightly out-of-the-money covered call options on each stock it holds, rolling contracts as they are exercised or expire. Both standardized exchange-traded and FLEX Options (customizable, OCC-guaranteed, European-style) may be used. The strategy generates premium income targeting a 25% annualized distribution rate but caps upside participation above each option's strike price.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
24.4%
Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
100%
ROC
Return of Capital — mixed100%
Net Investment Income0%
Frequency
Monthly
Dist. rate
25.73%
ROC %
100%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
25.4%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The June 11, 2026 distribution of $0.21 per share is estimated to be 100% Return of Capital, with no net investment income or capital gains components. On a fiscal year-to-date basis, cumulative distributions of $9.21 per share are also classified entirely as Return of Capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 2 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-17
Ex-dividend
2026-06-17
Pay date
—
Payback Period
3.9 yr
Dist. Since Incep.
$30.7
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
10
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$45.7$41.2$36.8$32.4
JUN '25JUN '26
Price $44.19
50-DMA $43.17
200-DMA $40.68
Bullish — 50-DMA above 200-DMA
Price $44.19 is above the 200-day SMA ($40.68); 50-day SMA $43.17. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
233K
Avg dollar volume
$9,672,418
Bid/ask spread
0.11%
Premium/discount
+0.12%
Turnover
129%
Estimated bid/ask spread ~0.15% (moderate). Average daily dollar volume ~$9.7M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling (sustained outflows). Source: shares×price (Massive, monthly).
AUM ($)
$621M
$733M$515M$297M
JUN '24JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
FEPI · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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