- Pays: weekly — since May 2026; it paid monthly before that, which is why the chart's early points are larger and sparser.
- First paid: November 2023 — every payment since is charted below.
- What it is: the 15 equally weighted big-tech stocks of the FANG & Innovation Index, with covered calls written on them.
- Fee: 0.65% gross expense ratio — among the cheapest in the option-income category.
- Distribution rate: recently around ~25% annualized (issuer page), with recent distributions estimated largely as return of capital per the fund's 19a-1 notices.
A real covered-call fund — it owns the stocks and sells calls on them, unlike the synthetic spread structures elsewhere in this category. The ~25% rate still obeys the category's law: premium that rich is paid for surrendering rallies, and the tax character of the checks (largely return of capital recently) affects your cost basis.
FEPI pays weekly (monthly before May 2026). Each point below is one distribution since November 2023.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from FEPI's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
REX's premium-income funds stake out the middle ground: genuine stock ownership, index-based portfolios, covered calls, and a 0.65% fee that undercuts most of the category. FEPI is the big-tech flagship — big-tech option premium at a mainstream 0.65% fee — the establishment's answer to YieldMax.
The natural comparison: YMAG pools YieldMax's Magnificent-7 funds for a similar big-tech income bet — overlay them on the compare tool. And because recent distributions have been estimated largely as return of capital, the Cost Basis Calculator matters for the tax side.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is FEPI's Next Ex-Dividend Date?
FEPI pays weekly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from FEPI's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
FEPI's Record So Far
FEPI — the REX FANG & Innovation Equity Premium Income ETF — launched in October 2023 and has paid since November 2023: monthly at first, weekly since May 2026. The chart above shows every declared distribution across both cadences.
Covered Calls, Literally
Much of the "covered call" category doesn't actually own stock — synthetic positions and spreads stand in. FEPI does it the textbook way: hold 15 equal-weight big-tech names, write calls against them, distribute the premium. The textbook trade-off applies too — capped participation in the very rallies that make these stocks famous, in exchange for a ~25% payout rate.
Reading the Chart Honestly
The cadence switch makes raw per-payment comparisons misleading — a weekly $0.20 beats a monthly $0.60. Use the year-by-year table for the real trend, and judge total return against both plain tech exposure and the aggressive end of the category on the compare tool.
Heavy Return-of-Capital Fund? Track Your Real Cost Basis
Distributions classified as return of capital lower your cost basis and change your tax bill when you sell. Our free calculator does the lot-by-lot math.
Open the Cost Basis Calculator