The REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) is a new covered call ETF focusing on select tech and growth companies, including Micron Technology (MU), Nvidia (NVDA) and Tesla (TSLA). It sells out of the money call options on its holdings, capping potential upside, but boosting its distribution rate to a whopping 25.9%, annualized. Although the fund seems like a reasonable investment opportunity, I believe that the JPMorgan Nasdaq Equity Premium Income ETF's (JEPQ) offers a similar, slightly stronger, value proposition. JEPQ focuses on tech companies too, but is more diversified, less risky, and a bit cheaper.