The folks at an alt ETFs shop in Florida are rolling out their second covered call ETF, eight months after their first.

Scott Edward Acheychek REX Shares Chief Operating Officer

On Tuesday, Scott Acheychek, chief operating officer of REX Shares [profile], unveiled the launch of the REX AI Equity Premium Income ETF (AIPI on the Nasdaq). The new, actively managed, non-diversified fund is a series of the ETF Opportunities Trust.

AIPI's inception date was Tuesday (June 4), and it comes with an expense ratio of 65 basis points. As of yesterday, the new ETF had more than $1.3 million in AUM.

REX Advisers, LLC serves as AIPI's investment advisor, and Vident Asset Management serves as subadvisor. The new fund's PM team includes two Vident executives: Austin Wen, portfolio manager; and Rafael Zayas, senior vice president and head of portfolio management and trading.

The new ETF is designed to offer investors regular income (from the options strategy) combined with exposure to artificial intelligence companies (by tracking an AI-focused stock index from BITA). The launch of AIPI comes after the REX Shares team launched their first covered call ETF, FEPI, last October. As of yesterday, that fund had grown to more than $239.6 million in AUM.

Acheychek puts the launch of AIPI in the context of "the AI revolution ... transforming every industry."

"We launched AIPI to help investors capitalize on these advancements owning the stocks while using options to provide a steady income stream," Acheychek states. "AIPI exemplifies REX Shares' commitment to innovating the covered call ETF landscape with specialized, options-based strategies that seek to address investor needs of potential NAV growth & income."

AIPI's other service providers include: Commonwealth Fund Services, Inc. as administrator; Citi Fund Services Ohio, Inc. as fund accountant; Citibank, N.A. as custodian 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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