Which paid more, APLY or FEPI?

Over the year to Oct 28, 2026, APLY paid 28.6% of its starting price in cash and FEPI paid 22.9%, so APLY paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, APLY or FEPI?

With every distribution reinvested, APLY returned +18.2% and FEPI +8.5% over the year to Oct 28, 2026.

Which is cheaper, APLY or FEPI?

APLY charges 1.04% a year and FEPI charges 0.65%, so FEPI is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Income ETFs

APLY vs FEPI: Dividend Yield & Total Return

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Over the year to Oct 28, 2026, APLY paid 28.6% of its price in cash against FEPI’s 22.9%, and returned more with it reinvested.

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Net assets on Oct 27, 2026: $112m for YieldMax AAPL Option Income Strategy ETF and $725m for REX FANG & Innovation Equity Premium Income ETF.

APLY on its own →FEPI on its own →

At a glance

28.6%

APLY cash paid, 1 year

22.9%

FEPI cash paid, 1 year

+18.2%

APLY total return, 1 year

+8.5%

FEPI total return, 1 year

APLY · 1 year to Oct 28, 2026 10.1 pts behind AAPL

APLY

+18.2%

AAPL

+28.3%

10.1 pts behind AAPL

APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

AAPL

+28.3%

APLY

+18.2%

28.6% of it arrived as cash

10.1 pts behind AAPL

Total return, distributions reinvested

10.1 pts behind AAPL

APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

AAPL

+28.3%

APLY

+18.2%

28.6% cash

10.1 pts behind AAPL

28.6% of it arrived as cash. Total return, distributions reinvested. APLY over 1 year: paid 28.6%, price −14.2%, total +18.2%, AAPL +28.3%, −10.1 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

FEPI · 1 year to Oct 28, 2026 Not measured

FEPI

+8.5%

none

Not measured

FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.

FEPI

+8.5%

22.9% as cash

Total return, distributions reinvested

Not measured

FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.

FEPI

+8.5%

22.9% of it arrived as cash. Both charts share one scale, with zero at the line. FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.

Data to Oct 28, 2026.

Pair scorecard

FEPI costs 0.39 points a year less; their one-year returns differ by 9.7 points; FEPI is 6.5 times larger.

Points (pts) are percentage points.

APLY vs FEPI: Dividend Yield & Total Return
Measure	APLY	FEPI
Paid and earned
Measure	APLY	FEPI
Total return, 1 year	+18.2%	+8.5%
Price change, 1 year	fell 14.2%	fell 16.3%
Against its benchmark
Measure	APLY	FEPI
Benchmark	Apple (AAPL)	not published
Cost and size
Measure	APLY	FEPI
Expense ratio	1.04%	0.65%
Net assets, as of Oct 27, 2026	$112m	$725m
Holdings
Measure	APLY	FEPI
Holdings in common	0%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 28, 2026. Method

Risk and return

Oct 20, 2023 to Oct 23, 2026 · 157 weekly returns

APLY FEPI

Return

Total return edge FEPI +60.1% +68.3%

Annualized edge FEPI +16.9% +18.8%

Price return edge FEPI −35.1% −19.7%

Risk

Volatility edge FEPI 21.5% 19.1%

Max drawdown edge FEPI (slight) −24.1% −22.7%

Risk-adjusted

Sharpe edge FEPI 0.63 0.77

Sortino edge FEPI 0.86 1.09

Calmar edge FEPI 0.70 0.83

Reading

FEPI returned more: +68.3% to +60.1%. FEPI swung less: 19.1% to 21.5%. FEPI fell slightly less at its worst: −22.7% to −24.1%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: APLY vs FEPI: Dividend Yield & Total Return
Measure	APLY	FEPI	Edge	How it is measured
Return
Total return	+60.1%	+68.3%	FEPI	Price change plus distributions, reinvested.
Annualized	+16.9%	+18.8%	FEPI	Total return as a yearly rate.
Price return	−35.1%	−19.7%	FEPI	Price change alone, distributions left out.
Risk
Volatility	21.5%	19.1%	FEPI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.8%	13.4%	FEPI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−24.1%	−22.7%	FEPI (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.63	0.77	FEPI	Return above Treasury bills per unit of volatility.
Sortino	0.86	1.09	FEPI	Return above Treasury bills per unit of downside deviation.
Calmar	0.70	0.83	FEPI	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 157 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, APLY and FEPI hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 28, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first APLY FEPI

Only in one fund ↓

Only in APLY

United States Treasury Note/Bond 3.375% 09/15/2027 26.10%

United States Treasury Note/Bond 2.375% 05/15/2027 13.93%

AAPL 12/18/2026 310.01 C 11.68%

AAPL US 10/30/26 C352.5 0.03%

AAPL US 10/30/26 C355 0.02%

AAPL US 10/30/26 C350 -0.12%

AAPL US 10/30/26 C347.5 -0.13%

AAPL 12/18/2026 310.01 P -0.86%

Only in FEPI

ALPHABET INC. 7.00%

BROADCOM INC. 6.95%

APPLE INC. 6.90%

NVIDIA CORPORATION 6.68%

ADVANCED MICRO DEVICES, INC. 6.04%

MICRON TECHNOLOGY, INC. 5.88%

META PLATFORMS, INC. 4.25%

MICROSOFT CORPORATION 4.23%

Check overlap with more funds →

Side by side

APLY YieldMax AAPL Option Income Strategy ETF · Synthetic covered call on AAPL, paying weekly FEPI REX FANG & Innovation Equity Premium Income ETF · Covered call, paying weekly

Issuer YieldMax REX

Strategy synthetic covered call covered call

Benchmark Apple (AAPL) none

Pays weekly weekly

Payout rate, annualized 20.9% 24.6%

Expense ratio 1.04% 0.65%

Cash paid, 1 year 28.6% 22.9%

Price change, 1 year −14.2% −16.3%

Total return, 1 year +18.2% +8.5%

Benchmark return, 1 year +28.3% not published

Ahead or behind −10.1 pts not available

Return of capital, latest estimate not published not published

Age 3.5 years 3.0 years

Net assets, as of Oct 27, 2026 $112m $725m

As of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: APLY vs FEPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	APLY	FEPI	APLY	FEPI	APLY	FEPI
3 months	0.0%	+16.3%	6.7%	7.0%	−1.8 pts	not measured
6 months	+18.3%	+8.1%	17.5%	11.0%	−9.2 pts	not measured
1 year	+18.2%	+8.5%	28.6%	22.9%	−10.1 pts	not measured
3 years	+63.0%	+78.0%	73.1%	72.9%	−44.1 pts	not measured
Since launchNot the same days: APLY Apr 2023 · FEPI Oct 2023	+62.0%	+69.0%	76.2%	69.2%	−47.9 pts	not measured

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Client brief · page 1 of 2 Report BR-3E37BF76FA

APLY and FEPI are built for the same job. How do they differ in cost, holdings and results?

Income paid. APLY paid 28.6% and FEPI 22.9% (cash paid over 1 year, as a share of its price at the start), a gap of 5.7 points.
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 28, 2026 and Jul 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 APLY returned +18.2% and FEPI +8.5% with distributions reinvested, a gap of 9.7 points.

Data as of Oct 28, 2026.

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About each fund

APLY

Over the year to Oct 28, 2026, APLY paid 28.6% of its starting value in cash distributions while its price fell 14.2%. With every distribution reinvested, the fund returned +18.2%. Apple (AAPL) returned +28.3% over the same days, so a holder was behind by 10.1 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 20.9%, paid weekly.

FEPI

Over the year to Oct 28, 2026, FEPI paid 22.9% of its starting value in cash distributions while its price fell 16.3%. With every distribution reinvested, the fund returned +8.5%. At its price on Oct 28, 2026 the latest distribution annualizes to 24.6%, paid weekly.

Questions people ask

Which paid more, APLY or FEPI?: Over the year to Oct 28, 2026, APLY paid 28.6% of its starting price in cash and FEPI paid 22.9%, so APLY paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, APLY or FEPI?: With every distribution reinvested, APLY returned +18.2% and FEPI +8.5% over the year to Oct 28, 2026.
Which is cheaper, APLY or FEPI?: APLY charges 1.04% a year and FEPI charges 0.65%, so FEPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

APLY vs GPIQ APLY vs QYLD APLY vs SDTY APLY vs OARK FEPI vs OVLH FEPI vs MAGY FEPI vs DOGG FEPI vs SEPI

Where to next

All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →APLY on its own →FEPI on its own →APLY dividend history →APLY holdings →FEPI dividend history →FEPI holdings →Method →Standards and sources →

Sources and dates

APLY filings on SEC EDGAR ↗

APLY prospectus with the expense ratio (SEC) ↗

APLY 19a-1 distribution notice ↗

YieldMax page for APLY ↗

FEPI filings on SEC EDGAR ↗

FEPI prospectus with the expense ratio (SEC) ↗

REX page for FEPI ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APLY against FEPI, data as of Oct 28, 2026. https://etfiq.com/compare/income/aply-vs-fepi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.