ETF Evaluator:
REX FANG & Innovation Equity Prm Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
| 127.0% | YieldMax AMD Option Income Strategy ETF (AMDY) |
| 113.8% | YieldMax MSTR Short Opt Inc Stgy ETF (WNTR) |
| 91.4% | YieldMax Semiconductor Port Opt Inc ETF (CHPY) |
| 90.2% | YieldMax Target 12 Smcndctr Opt Inc ETF (SOXY) |
| 61.8% | YieldMax GOOGL Option Income Stgy ETF (GOOY) |
Risk
Index
Risk
Index
ETF Details
REX FANG & Innovation Equity Prm Inc ETF Overview
REX FANG & Innovation Equity Prm Inc ETF (FEPI) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Rex launched the ETF in 2023.
The investment seeks capital appreciation and current income.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks current income while maintaining the opportunity for exposure to the share price (i.e., the price returns) of the securities of the companies comprising the Solactive FANG Innovation Index. The fund advisor seeks to employ the fund's investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. It is non-diversified.
About REX FANG & Innovation Equity Prm Inc ETF (FEPI)
There are 3 members of the management team with an average tenure of 2.19 years: Rafael Zayas (2024), Austin Wen (2023) and Yin Bhuyan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Solactive FANG Innovation TR USD index with a weighting of 100%. REX FANG & Innovation Equity Prm Inc ETF has 61 securities in its portfolio. The top 10 holdings constitute 71.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
REX FANG & Innovation Equity Prm Inc ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. REX FANG & Innovation Equity Prm Inc ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.4% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). REX FANG & Innovation Equity Prm Inc ETF has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $655 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FEPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The REX FANG & Innovation Equity Prm Inc ETF expense ratio is above average compared to funds in the Derivative Income category. REX FANG & Innovation Equity Prm Inc ETF has an expense ratio of 0.65%, which is 22% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. REX FANG & Innovation Equity Prm Inc ETF has a portfolio turnover rate of 128%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, REX FANG & Innovation Equity Prm Inc ETF returned -6.0%, which earned it a grade of F, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
REX FANG & Innovation Equity Prm Inc ETF has a trailing yield of 3.67%, which is below the 19.96% category average.
The fund normally distributes its income weekly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
REX FANG & Innovation Equity Prm Inc ETF Grades
Year to date, the ETF has returned -0.3%, 2.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.6% over the past year (grade of D).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about REX FANG & Innovation Equity Prm Inc ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FEPI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FEPI Return (NAV) | -6.0% | -3.1% | 10.6% | na | na | na |
| FEPI Return (Price) | -6.0% | -3.1% | 10.7% | na | na | na |
| NAV +/- Price Return | -0.034% | -0.078% | -0.128% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| FEPI Grade (NAV) | F | D | D | na | na | na |
| +/- Category (NAV) | -4.4% | -3.8% | -0.6% | na | na | na |
| FEPI Tax-Cost Ratio | na | na | 1.4% | na | na | na |
FEPI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEPI Return (NAV) | -0.3% | 18.2% | 15.8% | na | na | na | na | na | na | na | na |
| FEPI Return (Price) | -0.3% | 18.3% | 15.5% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.052% | 0.003% | -0.018% | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| FEPI Grade (NAV) | D | B | C | na | na | na | na | na | na | na | na |
| +/- Category | -2.9% | 7.6% | -2.7% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 655 Mil |
| Share Class Assets: | $ 655 Mil |
| Turnover: | 128.9% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | Solactive FANG Innovation TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Weekly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Wen Austin (2023), Zayas Rafael (2024), Bhuyan Yin (2025) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 61 |
| % in Top 10 Holdings: | 71.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Rex |
| Phone Number: | 844-802-4004 |
| Website: | |
| Inception Date: | October 11, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.83% |
