Dividend comparison

QQQI vs FEPI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for NEOS Nasdaq-100 High Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.

Start freeOpen interactive compareSee pricing
QQQI vs FEPI: key differences
The short answer, from the latest data on this page.
  • Fees. FEPI is cheaper at 0.65% a year versus 0.68% for QQQI. On $10,000 that is $3 a year less in fees.
  • Income. FEPI pays more income, yielding 26.40% over the last twelve months versus 14.11% for QQQI. That is about $1,229 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, QQQI returned 0.7% versus -10.0% for FEPI, with dividends reinvested. $10,000 would have grown to $10,069 in QQQI 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 -20.0% for QQQI.
  • Diversification. FEPI holds 50 positions and QQQI holds 10. The ten largest positions make up 47.0% of QQQI and 66.7% of FEPI.
  • Overlap. 50% of the two portfolios overlap by weight, across 14 shared holdings.
  • Size. QQQI is the larger fund with $15.1 billion in assets, against $715 million for FEPI.

Bottom line: QQQI fits better if you care most about stronger 1-year returns and smaller drawdowns. FEPI fits better if you care most about lower fees, more income today and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricQQQI
NEOS Nasdaq-100 High Income ETF
FEPI
REX FANG & Innovation Equity Premium Income ETF
Dividend yield (TTM)14.11%26.40%
Dividend / share (TTM)$7.64$10.94
Payout frequencyMonthlyMonthly
Last dividend$0.6339 on Sep 18, 2026$0.2094 on Oct 15, 2026
Ex-dividend dateSep 16, 2026Oct 14, 2026
Price$54.16$41.43
Beta0.931.09
Max drawdown (5Y)-20.0%-100.0%
Market cap$14.89B$715.1M
ExchangeNASDAQNASDAQ
Expense ratio0.68%0.65%
Assets under management$15.08B$714.6M
Number of holdings1050
Top 10 concentration47.0%66.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

QQQI

$117.57/mo

$1411 /yr at 14.11% yield

FEPI

$219.98/mo

$2640 /yr at 26.40% yield

Dividend history
Total dividends paid per share in each calendar year. QQQI pays monthly; FEPI pays monthly.
YearQQQIFEPI
2025$7.4435$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.

What QQQI vs FEPI actually do

QQQI
The Nasdaq-100 counterpart to NEOS's S&P 500 income fund, holding the index and writing NDX index options for monthly distributions.

It owns Nasdaq-100 constituents and applies the same call strategy of sold and purchased index options, sized actively rather than as a fixed full overwrite. Nasdaq-100 volatility is structurally higher, so the option premium collected is larger and the monthly distribution is bigger than the S&P 500 version. NDX options are also section 1256 contracts, so the same 60/40 tax treatment and loss-harvesting mechanics apply.

Suits someone who wants technology-heavy exposure converted into monthly cash with attention paid to tax character. A poor fit if you are holding the Nasdaq-100 specifically to compound growth, because the call overlay gives away the tail of exactly the rallies that index is bought for.

Aggressive tax-aware income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Jan 30, 2024 would now be worth $14,126 in QQQI and $11,824 in FEPI.
PeriodQQQIFEPI
1 month-0.42%-2.95%
3 months-0.09%1.94%
Year to date0.56%-9.05%
1 year0.69%-9.97%
3 years—40.73%
5 years——
  • QQQI
  • FEPI
84119154202420252026141118

Both series indexed to 100 on 2024-01-30 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.
  • QQQI
  • FEPI
0%17%34%51%68%Technology61.2%67.5%Communication Services12.7%19.3%Consumer Cyclical10.1%13.2%Consumer Defensive5.6%Healthcare3.9%Industrials3.8%Utilities1.0%Basic Materials0.9%Energy0.5%Financial Services0.2%Other0.1%0.0%
QQQI vs FEPI holdings overlap
50% overlap by weight, with 14 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 holdingsQQQI weightFEPI weight
AAPLApple Inc7.81%6.99%
NVDANVIDIA Corp8.20%6.56%
MSFTMicrosoft Corp6.11%6.75%
AMZNAmazon.com Inc4.47%6.72%
MUMicron Technology Inc4.40%6.51%
AMDAdvanced Micro Devices Inc3.81%6.16%
METAMeta Platforms Inc3.25%6.47%
GOOGLAlphabet Inc3.13%6.70%
TSLATesla Inc2.96%6.61%
AVGOBroadcom Inc2.51%6.42%
Top 10 holdings
Largest positions by portfolio weight.

QQQI10 holdings total

NameWeight
NVDANVIDIA Corp8.20%
AAPLApple Inc7.81%
MSFTMicrosoft Corp6.11%
AMZNAmazon.com Inc4.47%
MUMicron Technology Inc4.40%
AMDAdvanced Micro Devices Inc3.81%
METAMeta Platforms Inc3.25%
GOOGLAlphabet Inc3.13%
TSLATesla Inc2.96%
GOOGAlphabet Inc2.90%

FEPI50 holdings total

NameWeight
AAPLAPPLE INC6.99%
NFLXNETFLIX INC6.94%
MSFTMICROSOFT CORP6.75%
AMZNAMAZON.COM INC6.72%
GOOGLALPHABET INC-CL A6.70%
TSLATesla Inc.6.61%
NVDANVIDIA CORP6.56%
MUMICRON TECHNOLOGY INC6.51%
METAMETA PLATFORMS INC6.47%
AVGOBroadcom Inc.6.42%

Quick verdict

QQQI fits better if you care most about stronger 1-year returns and smaller drawdowns. FEPI fits better if you care most about lower fees, more income today and broader diversification. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how QQQI vs FEPI fits with the rest of your holdings. Free to start — no credit card required for the trial.
Start freeInteractive DRIP compare

Frequently asked questions

Is QQQI or FEPI better for dividend income?
It depends on your goals. QQQI currently yields 14.11% 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 QQQI and FEPI?
NEOS Nasdaq-100 High Income ETF (QQQI) is an ETF listed on NASDAQ. 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, QQQI or FEPI?
FEPI has the lower expense ratio. QQQI charges 0.68% a year and FEPI charges 0.65%, a difference of $3 a year on a $10,000 investment.
Which has performed better, QQQI or FEPI?
Over the last 1 year, QQQI has the higher total return with dividends reinvested: QQQI returned 0.7% and FEPI returned -10.0%. Past performance does not predict future returns.
Which is riskier, QQQI or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: QQQI fell as much as 20.0% and FEPI as much as 100.0%. Their betas are 0.93 and 1.09.
How much do QQQI and FEPI overlap?
About 50% of the two portfolios overlap by weight, across 14 shared holdings. The largest shared positions are AAPL, NVDA, MSFT. Holding both still adds meaningful diversification.
How often do QQQI and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.6339 for QQQI and $0.2094 for FEPI.
How much income does $10,000 in QQQI vs FEPI generate?
At current TTM yields, $10,000 in QQQI would generate roughly $117.57 per month ($1411 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 QQQI 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 QQQI vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how QQQI 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.