Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
REX Crypto Equity Premium Income ETF
$30.49−0.18 (−0.59%)
- 0.85%
- $127M
- +10.3%
- 45.07%
- 0M sh
- $30.78
- low $26.98high $43.70
The ETF.net CEPI Grade
B
Score 62 out of 100
- 4 of 22
Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C50 out of 100Rank 11 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A88 out of 100Rank 2 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C48 out of 100Rank 12 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A83 out of 100Rank 1 of 14Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A71 out of 100Rank 6 of 22
Our read on CEPI
BCrypto exposure without the coins. CEPI owns a basket of miners, exchanges and digital-payment stocks, then sells options against them for income, so the sector's volatility becomes the fuel for the premium.
The fund seeks current income and capital appreciation, while targeting most of the returns of the S&P 500 Total Return Index with lower volatility and additional income.
Why people hold it
- Charges 0.85% a year, below the 0.96% median for crypto-linked income funds.
- Spreads across roughly 80 crypto and digital-payment stocks from the BITA Crypto Assets & Digital Payments Index, rather than leaning on one bitcoin proxy.
- Sits in the top quartile of the crypto-income group we track, one of the stronger builds in a crowded niche.
- A plain 1940 Act fund holding stocks, not coins: no wallet, no exchange account, 1099 at tax time.
Worth knowing
- Writing options for income trades away part of any big rally in crypto equities. Premium now, capped upside later.
- A December 2024 launch that still trades lightly next to the giant income ETFs, so spreads can run wider.
- Exposure leans on derivatives, including synthetic single-stock positions, so the options book drives results as much as the shares behind it.
CEPI Holdings
- Stocks
- 26
- 56%
- AMD
Geography
- United States85.06%
- Taiwan (Province of China)5.46%
- Brazil5.42%
- Australia4.06%
CEPI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
CEPI$11,028
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CEPI |
|---|---|
| Year to date | +23.6% |
| 1 month | +0.2% |
| 3 months | +4.0% |
| 1 year | +10.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CEPI |
|---|---|---|
| 2026 YTD | +23.6% | |
| 2025 | +10.8% | |
| 2024 | −9.0% |
CEPI in the news
CEPI Dividends
- 45.07%
- $13.82
- $0.26 per share
- Weekly
Distribution history
CEPI Risk
- 25.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.68
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −29.4%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.69
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CEPI Cost
0.85%
CEPI0.85%
- The middle half of Crypto Option Income funds
- Median 0.85%
9 of the 21 Crypto Option Income funds charge less.
Other funds in Crypto Option Income
- BBTCCGrayscale Funds TrustExpense ratio 0.66%1 year return −27.6%
- BBAGYAmplify Bitcoin Max Income Covered Call ETFExpense ratio 0.65%1 year return −37.4%
- BYBTCRoundhill Investments - Bitcoin Covered Call Strategy ETFExpense ratio 0.95%1 year return −31.0%
- CXBCINEOS Boosted Bitcoin High Income ETFExpense ratio 0.98%1 year return —
- CDFIIFT Vest Bitcoin Strategy & Target Income ETFExpense ratio 0.85%1 year return −30.0%