ISPY vs FEPI: Income Fund Comparison
Proshares S&P 500 High Income ETF - US (ISPY) and REX FANG & Innovation Equity Premium Income ETF - US (FEPI) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: ISPY individual review · FEPI individual review
ISPY: Expense ratio is 0.56% FEPI: Total expense ratio is 0.65%. ISPY inception date December 18 2023 - approximately 2.3 years of history FEPI inception date was October 11 2023. As of March 6 2026 the fund is approximately 2 years and 4 months old. Full Dependability and Return scores for both funds are available in the app.
| ISPY | FEPI | |
|---|---|---|
| Fund Name | Proshares S&P 500 High Income ETF - US | REX FANG & Innovation Equity Premium Income ETF - US |
| Fund Type | Index Based Fund | Sector Based Fund - Information Technology |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | 2026-04-07 | 2026-03-06 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: ISPY vs FEPI 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
Expense ratio is 0.56%
Total expense ratio is 0.65%.
ProShares has surpassed $100 billion in assets under management
Over $10 billion in assets under management for Rex Financial.
Inception date December 18 2023 - approximately 2.3 years of history
Inception date was October 11 2023. As of March 6 2026 the fund is approximately 2 years and 4 months old.
Fund AUM approximately $1.14 billion as of February 28 2026
Fund AUM is approximately $591.6 million as of March 4 2026.
Risk: ISPY vs FEPI 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Calculation result: beta 0.91 vs SPY (period 2023-12-29 to 2026-03-28) - standalone volatility 12.99% annualized (weekly returns) - low-to-moderate price variability
Beta is 1.12 vs SPY over the available price series (October 2023 to March 2026). Standalone annualized volatility is 21.39% (weekly total returns). Both measures score 3.
See the full Risk analysis for both ISPY and FEPI — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: ISPY vs FEPI 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Monthly distributions
Fund pays monthly distributions.
See the full Return analysis for both ISPY and FEPI — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both ISPY and FEPI are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: ISPY vs FEPI
Which has a lower expense ratio, ISPY or FEPI?
ISPY: Expense ratio is 0.56%
FEPI: Total expense ratio is 0.65%.
Which fund has more assets under management, ISPY or FEPI?
ISPY: Fund AUM approximately $1.14 billion as of February 28 2026
FEPI: Fund AUM is approximately $591.6 million as of March 4 2026.
Which fund has been trading longer, ISPY or FEPI?
ISPY: Inception date December 18 2023 - approximately 2.3 years of history
FEPI: Inception date was October 11 2023. As of March 6 2026 the fund is approximately 2 years and 4 months old.
Who manages ISPY vs FEPI?
ISPY: ProShares has surpassed $100 billion in assets under management
FEPI: Over $10 billion in assets under management for Rex Financial.
Where can I see the full ISPY vs FEPI comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between ISPY and FEPI?
Proshares S&P 500 High Income ETF - US is a Index Based Fund. Expense ratio is 0.56%. REX FANG & Innovation Equity Premium Income ETF - US is a Sector Based Fund - Information Technology. Total expense ratio is 0.65%. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, ISPY or FEPI?
ISPY: Expense ratio is 0.56%. Inception date December 18 2023 - approximately 2.3 years of history. FEPI: Total expense ratio is 0.65%. Inception date was October 11 2023. As of March 6 2026 the fund is approximately 2 years and 4 months old. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do ISPY and FEPI pay monthly distributions?
ISPY: Monthly distributions. FEPI: Fund pays monthly distributions. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full ISPY vs FEPI Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
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