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Rating:A Florida ETP Shop Adds an Options-Powered Equity Income ETF Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 11, 2023

A Florida ETP Shop Adds an Options-Powered Equity Income ETF

Reported by Neil Anderson, Managing Editor

The team at a Florida ETP shop is rolling out an actively managed, non-diversified, equity income ETF that is powered by options.

Today, Scott Acheycheck, CEO of Miami-based (formerly Fairfield, Connecticut-based) REX Shares [profile], unveils the launch of the REX FANG & Innovation Equity Premium Income ETF (FEPI on the Nasdaq). The ETF is a series of the ETF Opportunities Trust.

FEPI's inception date was Monday. The new fund comes with an expense ratio of 65 basis points.

REX Advisers, LLC will serve as FEPI's investment advisor, while Vident Asset Management will serve as subadvisor. The new ETF's PM team includes senior Vident portfolio manager Ryan Dofflemeyer and Vident PM Austin Wen. The strategy behind FEPI involves buying and rebalancing the stocks in the Solactive FANG Innovations Index, then generates income by selling call options on those stocks.

Acheychek describes FEPI as designed to meet "a glaring market need: provide access to just the leaders in 'Big Tech' and use the volatility from these stocks to provide potential high income by selling out of the money call options on them."

"This allows for upside participation in the important tech stocks that continue to drive the overall market while at the same time providing income which can also serve as a buffer against market downturns," Acheychek states. "FEPI is our present solution for income, paving the way for more option-based innovations from the REX Shares team."

FEPI's other service providers will include: Commonwealth Fund Services, Inc. as administrator; Citi Fund Services Ohio, Inc. as fund accountant; Citibank, N.A. as custodian, dividend disbursing agent, and transfer agent; Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; and Practus, LLP as counsel. 

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