Dividend comparison

SPYI vs FEPI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Neos S&P 500(R) High Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.

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SPYI 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 SPYI. 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 11.81% for SPYI. That is about $1,459 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, SPYI returned 49.8% versus 40.7% for FEPI, with dividends reinvested. $10,000 would have grown to $14,983 in SPYI and $14,073 in FEPI.
  • Risk. FEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -16.5% for SPYI.
  • Diversification. FEPI holds 50 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 66.7% of FEPI.
  • Overlap. At least 38% of the two portfolios overlap by weight, across 15 shared holdings.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $726 million for FEPI.

Bottom line: SPYI fits better if you care most about stronger 3-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.
MetricSPYI
Neos S&P 500(R) High Income ETF
FEPI
REX FANG & Innovation Equity Premium Income ETF
Dividend yield (TTM)11.81%26.40%
Dividend / share (TTM)$6.34$10.94
Payout frequencyMonthlyMonthly
Last dividend$0.5338 on Sep 18, 2026$0.2094 on Oct 15, 2026
Ex-dividend dateSep 16, 2026Oct 14, 2026
Dividend growth (CAGR)3.1% over 2 yrs—
Price$53.70$41.43
Dividend growth streak2 years—
Beta0.701.09
Max drawdown (5Y)-16.5%-100.0%
Market cap$10.50B$715.1M
ExchangeCBOENASDAQ
Expense ratio0.68%0.65%
Assets under management$12.56B$725.7M
Number of holdings1050
Top 10 concentration38.5%66.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

FEPI

$219.98/mo

$2640 /yr at 26.40% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; FEPI pays monthly.
YearSPYIFEPI
2025$6.1458$11.6079
2024$6.1182$13.4931
2023$5.7873—
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 SPYI vs FEPI actually do

SPYI
A NEOS ETF that holds the S&P 500 and runs a call-writing program on SPX index options for monthly income.

It owns the index constituents, then layers on a data-driven call strategy that can include both sold and purchased SPX options, so the manager can dial how much upside is given away instead of overwriting the whole book every month. SPX options are section 1256 contracts, which are marked to market and taxed 60% long-term and 40% short-term regardless of holding period, and NEOS also harvests losses inside the options sleeve. Together those choices change the tax character of what lands in your account, which is the main thing separating this from an ordinary buy-write fund.

Suits a taxable-account holder who wants S&P 500 exposure with a much larger monthly payout and cares about how that income is taxed. Not for someone who wants uncapped participation in a strong bull market or the lowest possible expense ratio.

Tax-aware equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 4, 2023 would now be worth $14,942 in SPYI and $14,073 in FEPI.
PeriodSPYIFEPI
1 month1.15%-2.95%
3 months1.19%1.94%
Year to date2.23%-9.05%
1 year3.99%-9.97%
3 years49.83%40.73%
5 years——
  • SPYI
  • FEPI
951311672023202420252026149141

Both series indexed to 100 on 2023-10-04 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.
  • SPYI
  • FEPI
0%17%34%51%68%Technology39.1%67.5%Communication Services9.7%19.3%Consumer Cyclical9.2%13.2%Financial Services11.5%Healthcare9.6%Industrials7.4%Consumer Defensive4.7%Energy3.7%Utilities1.9%Real Estate1.7%Other1.5%0.0%
SPYI vs FEPI holdings overlap
At least 38% 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 holdingsSPYI weightFEPI weight
AAPLApple Inc7.49%6.87%
NVDANVIDIA Corp7.94%6.54%
MSFTMicrosoft Corp5.97%6.69%
AMZNAmazon.com Inc3.90%6.94%
GOOGLAlphabet Inc3.00%6.66%
AVGOBroadcom Inc2.40%6.42%
METAMeta Platforms Inc2.29%6.33%
TSLATesla Inc1.59%6.75%
MUMicron Technology Inc1.51%6.60%
AMDAdvanced Micro Devices Inc1.32%6.17%
Top 10 holdings
Largest positions by portfolio weight.

SPYI10 holdings total

NameWeight
NVDANVIDIA Corp7.94%
AAPLApple Inc7.49%
MSFTMicrosoft Corp5.97%
AMZNAmazon.com Inc3.90%
GOOGLAlphabet Inc3.00%
GOOGAlphabet Inc2.41%
AVGOBroadcom Inc2.40%
METAMeta Platforms Inc2.29%
TSLATesla Inc1.59%
LLYEli Lilly & Co1.55%

FEPI50 holdings total

NameWeight
AMZNAMAZON.COM INC6.94%
AAPLAPPLE INC6.87%
NFLXNETFLIX INC6.76%
TSLATesla Inc.6.75%
MSFTMICROSOFT CORP6.69%
GOOGLALPHABET INC-CL A6.66%
MUMICRON TECHNOLOGY INC6.60%
NVDANVIDIA CORP6.54%
SNDKSANDISK CORP/DE SNDKV6.50%
AVGOBroadcom Inc.6.42%

Quick verdict

SPYI fits better if you care most about stronger 3-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.

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Frequently asked questions

Is SPYI or FEPI better for dividend income?
It depends on your goals. SPYI currently yields 11.81% 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 SPYI and FEPI?
Neos S&P 500(R) High Income ETF (SPYI) 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, SPYI or FEPI?
FEPI has the lower expense ratio. SPYI 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, SPYI or FEPI?
Over the last 3 years, SPYI has the higher total return with dividends reinvested: SPYI returned 49.8% and FEPI returned 40.7%. Past performance does not predict future returns.
Which is riskier, SPYI or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: SPYI fell as much as 16.5% and FEPI as much as 100.0%. Their betas are 0.70 and 1.09.
How much do SPYI and FEPI overlap?
At least 38% of the two portfolios overlap by weight, across 15 shared holdings. The largest shared positions are AAPL, NVDA, MSFT. Holding both still adds meaningful diversification.
How often do SPYI and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.5338 for SPYI and $0.2094 for FEPI.
How much income does $10,000 in SPYI vs FEPI generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 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 SPYI 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 SPYI vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI 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.

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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.