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CEPI vs DFII

REX Crypto Equity Premium Income ETF

CEPIBNasdaq

FT Vest Bitcoin Strategy & Target Income ETF

DFIICNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CEPI0.85%DFII0.85%

Avg volume · 30D

CEPI 6.4×the volume

CEPI51.4KDFII8K

CEPI vs DFII Performance

Oct 31, 2025 – Oct 30, 2026

−1.8%CEPI−30.7%DFII

Oct 31, 2025 to Oct 30, 2026. CEPI −1.8%. DFII −30.7%. Use the arrow keys to read each point.−40%−20%−10%10%Oct 2025Apr 2026Oct 2026
Expense ratio
CEPI 0.85%
DFII 0.85%
Fund size
CEPI $119M
DFII $20M
1Y total return
CEPI −1.8%, better
DFII −30.7%
Yield (12M)
CEPI 48.27%, better
DFII 20.66%
Holdings
CEPI 26
DFII 4
Avg volume (30D)
CEPI 51.4K sh, better
DFII 8K sh
NAV per share
CEPI $28.13
DFII $13.04
52W range

ETF.net Grade

CEPI: Cost 50, Risk 88, Mission not scored, Tradability 50, Holdings 92, Durability 71. DFII: Cost 50, Risk 50, Mission not scored, Tradability 60, Holdings 39, Durability 72.
Pillar letters and Scores for CEPI, DFII, with each pillar’s weight
PillarCEPIDFII
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightA88HigherC50
Tradability15% weightC50B60Higher
Holdings10% weightA92HigherD39
Durability5% weightA71A72Higher

Rank among Crypto Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CEPI and DFII are both graded against the same 21 Crypto Option Income funds, so their Grades compare head to head.

Crypto Option Income⁠

Category · 21 funds
See all 21 ›

CEPI ranks 3rd and DFII 6th of 21 funds in the Crypto Option Income Category.

  1. Rank 1ABITAThe iShares Bitcoin Premium Income ETFScore 88
  2. Rank 2BBTCCGrayscale Funds TrustScore 70
  3. Rank 3BBAGYAmplify Bitcoin Max Income Covered Call ETFScore 64
  4. Rank 3BCEPIREX Crypto Equity Premium Income ETFScore 64
  5. Rank 5CYBTCRoundhill Bitcoin Covered Call Strategy ETFScore 54
  6. Rank 6CDFIIFT Vest Bitcoin Strategy & Target Income ETFScore 52
  7. Rank 6CXBCINEOS Boosted Bitcoin High Income ETFScore 52

Our read on each fund

ETF.net Research

CEPIBREX Crypto Equity Premium Income ETF

DFIICFT Vest Bitcoin Strategy & Target Income ETF

In short

CEPI Crypto 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.

DFII A bitcoin income fund that never owns a coin. First Trust's Vest team sells options on bitcoin ETPs to fund a monthly payout targeted 15% above one-month Treasury rates, trading away part of bitcoin's upside for cash flow.

Stated mandate

CEPI 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.

DFII The Fund seeks partial participation in bitcoin returns while generating a high level of income. It uses options referencing Bitcoin Exposure Instruments rather than investing directly in bitcoin.

Why people hold it

  • CEPI 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.
  • DFII The payout policy is written down, not improvised: a target income level 15% above the one-month Treasury distribution rate, paid monthly.ftportfolios.com
  • No coins, keys, or exchange accounts. Exposure runs through options on bitcoin ETPs held inside an ordinary 1940 Act fund you buy in a brokerage account.sec.gov
  • 0.85% a year, which sits below the median fee in its crypto options-income peer group.sec.gov
  • Part of First Trust Vest's target-income lineup, the firm's options-overlay machinery aimed at bitcoin instead of an equity index.ftportfolios.com

Worth knowing

  • CEPI 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.
  • DFII Partial participation is the bargain. The options that fund the income also clip the upside, so the fund is built to lag bitcoin in a strong run.ftportfolios.com
  • Distributions can include return of capital, meaning some of a payout may be your own principal handed back rather than income the fund earned.ftportfolios.com
  • Launched in 2025 and small, so it trades lightly next to bigger crypto-income names and carries a short record through a full crypto cycle.

Full CEPI profile⁠

Full DFII profile⁠

CEPI vs DFII Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CEPI vs DFII Cost

Same expense ratio

$16,199

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CEPI 0.85%

    $16,199

  • DFII 0.85%

    $16,199

$10,000
30 years

Cost over time

  • CEPI 0.85%
  • DFII 0.85%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530CEPI $16,199DFII $16,199

Year by year

YearCEPIDFII
10$1,508$1,508
20$5,706$5,706
30$16,199$16,199

Expense ratio

  • 0.85%CEPI
  • 0.85%DFII
  • Middle half of Crypto Option Income funds
  • Median 0.85%

CEPI 10th cheapest of 21 funds

DFII 10th cheapest of 21 funds

CEPI vs DFII Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CEPI 48.27%, better
DFII 20.66%
Payout (12M)
CEPI $13.03
DFII $2.70
Last payment
CEPI $0.22
DFII $0.22
Ex-dividend
CEPI Oct 28, 2026
DFII Oct 1, 2026
Paid on
CEPI Oct 29, 2026
DFII Oct 2, 2026
Frequency
CEPI Weekly
DFII Monthly

Distribution history

Per share, 2026, same scale for both

CEPIWeekly · 27 paymentsAll CEPI payments⁠
One bar per payment. 27 payments in 2026 YTD. Jan 27, 2026 $1.25; Feb 24, 2026 $1.11; Mar 24, 2026 $1.06; Apr 28, 2026 $1.17; May 27, 2026 $0.28; Jun 3, 2026 $0.29; Jun 10, 2026 $0.28; Jun 17, 2026 $0.28; Jun 24, 2026 $0.28; Jul 1, 2026 $0.27; Jul 8, 2026 $0.27; Jul 15, 2026 $0.26; Jul 22, 2026 $0.26; Jul 29, 2026 $0.25; Aug 5, 2026 $0.26; Aug 12, 2026 $0.25; Aug 19, 2026 $0.26; Aug 26, 2026 $0.25; Sep 2, 2026 $0.25; Sep 9, 2026 $0.26; Sep 16, 2026 $0.25; Sep 23, 2026 $0.26; Sep 30, 2026 $0.25; Oct 7, 2026 $0.26; Oct 14, 2026 $0.25; Oct 21, 2026 $0.23; Oct 28, 2026 $0.22. Use the arrow keys to read each point.$0$12026YTD
DFIIMonthly · 10 paymentsAll DFII payments⁠
One bar per payment. 10 payments in 2026 YTD. Jan 2, 2026 $0.26; Feb 2, 2026 $0.25; Mar 2, 2026 $0.20; Apr 1, 2026 $0.19; May 1, 2026 $0.21; Jun 1, 2026 $0.21; Jul 1, 2026 $0.17; Aug 3, 2026 $0.18; Sep 1, 2026 $0.20; Oct 1, 2026 $0.22. Use the arrow keys to read each point.$0$12026YTD

CEPI vs DFII Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CEPI 26.0%since Jan 2025DFII 37.6%since May 2025
Return per unit of riskSharpe ratio, 3 years
CEPI 0.41since Jan 2025DFII −0.33since May 2025
Worst fallMax drawdown, 5 years
CEPI −29.4%since Dec 2024DFII −51.0%since Apr 2025
Market sensitivityBeta, 5 years
CEPI 1.69DFII 1.36

CEPI and DFII in the news

All news⁠

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