Dividend comparison
ISPY vs FEPI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for ProShares - S&P 500 High Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.
ISPY vs FEPI: key differences
The short answer, from the latest data on this page.
- Fees. ISPY is cheaper at 0.55% a year versus 0.65% for FEPI. On $10,000 that is $10 a year less in fees.
- Income. FEPI pays more income, yielding 26.40% over the last twelve months versus 5.52% for ISPY. That is about $2,088 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, ISPY returned 6.6% versus -10.0% for FEPI, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $9,003 in FEPI.
- Risk. FEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -100.0%, against -16.9% for ISPY.
- Diversification. ISPY holds 514 positions and FEPI holds 50. The ten largest positions make up 44.4% of ISPY and 66.7% of FEPI.
- Overlap. At least 34% of the two portfolios overlap by weight, across 15 shared holdings.
Bottom line: ISPY fits better if you care most about lower fees, stronger 1-year returns, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | ISPY ProShares - S&P 500 High Income ETF | FEPI REX FANG & Innovation Equity Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 5.52% | 26.40% |
| Dividend / share (TTM) | $2.65 | $10.94 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.2523 on Oct 7, 2026 | $0.2094 on Oct 15, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 14, 2026 |
| Price | $48.05 | $41.43 |
| Beta | 0.86 | 1.09 |
| Max drawdown (5Y) | -16.9% | -100.0% |
| Market cap | $1.15B | $715.1M |
| Exchange | CBOE | NASDAQ |
| Expense ratio | 0.55% | 0.65% |
| Assets under management | $1.16B | $714.6M |
| Number of holdings | 514 | 50 |
| Top 10 concentration | 44.4% | 66.7% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
ISPY
$46.00/mo
$552 /yr at 5.52% yield
FEPI
$219.98/mo
$2640 /yr at 26.40% yield
Dividend history
Total dividends paid per share in each calendar year. ISPY pays monthly; FEPI pays monthly.
| Year | ISPY | FEPI |
|---|---|---|
| 2025 | $3.9051 | $11.6079 |
| 2024 | — | $13.4931 |
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.
Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 20, 2023 would now be worth $14,654 in ISPY and $12,375 in FEPI.
| Period | ISPY | FEPI |
|---|---|---|
| 1 month | -0.08% | -2.95% |
| 3 months | 1.14% | 1.94% |
| Year to date | 5.30% | -9.05% |
| 1 year | 6.61% | -9.97% |
| 3 years | — | 40.73% |
| 5 years | — | — |
- ISPY
- FEPI
Both series indexed to 100 on 2023-12-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- ISPY
- FEPI
ISPY vs FEPI holdings overlap
At least 34% overlap by weight, with 15 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | ISPY weight | FEPI weight |
|---|---|---|
| NVDANVIDIA CORP | 6.70% | 6.56% |
| AAPLAPPLE INC | 6.38% | 6.99% |
| MSFTMICROSOFT CORP | 5.05% | 6.75% |
| AMZNAMAZON.COM INC | 3.28% | 6.72% |
| GOOGLALPHABET INC-CL A | 2.58% | 6.70% |
| AVGOBROADCOM INC | 2.03% | 6.42% |
| METAMETA PLATFORMS INC-CLASS A | 1.98% | 6.47% |
| TSLATESLA INC | 1.32% | 6.61% |
| MUMICRON TECHNOLOGY INC | 1.30% | 6.51% |
| AMDADVANCED MICRO DEVICES | 1.12% | 6.16% |
Top 10 holdings
Largest positions by portfolio weight.
ISPY514 holdings total
Quick verdict
ISPY fits better if you care most about lower fees, stronger 1-year returns, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how ISPY vs FEPI fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is ISPY or FEPI better for dividend income?
It depends on your goals. ISPY currently yields 5.52% Trailing Twelve Months (TTM) while FEPI yields 26.40%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between ISPY and FEPI?
ProShares - S&P 500 High Income ETF (ISPY) is an ETF listed on CBOE. REX FANG & Innovation Equity Premium Income ETF (FEPI) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, ISPY or FEPI?
ISPY has the lower expense ratio. ISPY charges 0.55% a year and FEPI charges 0.65%, a difference of $10 a year on a $10,000 investment.
Which has performed better, ISPY or FEPI?
Over the last 1 year, ISPY has the higher total return with dividends reinvested: ISPY returned 6.6% and FEPI returned -10.0%. Past performance does not predict future returns.
Which is riskier, ISPY or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: ISPY fell as much as 16.9% and FEPI as much as 100.0%. Their betas are 0.86 and 1.09.
How much do ISPY and FEPI overlap?
At least 34% of the two portfolios overlap by weight, across 15 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do ISPY and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.2523 for ISPY and $0.2094 for FEPI.
How much income does $10,000 in ISPY vs FEPI generate?
At current TTM yields, $10,000 in ISPY would generate roughly $46.00 per month ($552 annually). The same amount in FEPI would produce about $219.98 per month ($2640 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both ISPY and FEPI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare ISPY vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how ISPY and FEPI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
Related comparisons
For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.