Home ETFs and Funds Analysis ETF Analysis Summary REX FANG & Innovation Equity Premium Income ETF offers high income via covered calls but has underperformed QQQ and SPY YTD, returning only ~1%. FEPI's concentrated, high-beta AI and tech holdings have amplified downside risk, while its structure caps upside, limiting gains from surging names like INTC. Dividend payments, though initially attractive (~25% yield), have declined as underlying holdings fell, revealing that principal performance outweighs volatility for income stability. Despite recent challenges, I maintain a positive view on FEPI for income-focused investors. In this article I unpack the recent drivers of underperformance and elaborate on my continued positive investment stance. Jezperklauzen/iStock via Getty Images Back in early January of this year, I issued a bullish article on the REX FANG & Innovation Equity Premium Income ETF ( FEPI ).…