REX IncomeMax Option Strategy ETF
$5.90−0.03 (−0.43%)
- 1.32%
- $18M
- 0.1M sh
- $6.25
- low $5.90high $26.50
The ETF.net ULTI Grade
F
Score 17 out of 100
- 44 of 51
Score 17 of 100 falls in the F 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.F8 out of 100Rank 47 of 51Mission
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.F4 out of 100Rank 46 of 46Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D33 out of 100Rank 42 of 51Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D29 out of 100Rank 38 of 42Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 29 of 51
Our read on ULTI
FREX's IncomeMax overlay writes options across a basket of roughly 80 US-listed stocks, income first. Its own prospectus says the quiet part out loud: the options strategy limits how much of the upside you keep.
The fund seeks current income and exposure to the share prices of selected U.S.-listed securities, while limiting potential investment gains through its options strategy.
Why people hold it
- Income is the whole mandate, not a side effect: an active options overlay on a basket of roughly 80 US-listed stocks, with distributions set on a weekly schedule in the prospectus.
- Writing options across dozens of underlying names spreads the strategy over a basket, so no single stock carries the payout the way it does in single-stock income funds.
- Actively managed: a manager sets the option positions instead of an index formula running the same trades on autopilot.
Worth knowing
- The 1.32% expense ratio sits at the pricey end of option-income ETFs. Category leaders like PAPI and DIVO charge a fraction of that for their own premium-income strategies.
- Capped upside is the deal, in writing: the prospectus states the options strategy limits potential gains in exchange for current income.
- Launched in late 2025, so there is little history showing how the overlay behaves across a full market cycle.
ULTI Holdings
- Stocks
- 62
- 51%
- Cash & Other
Geography
- United States89.84%
- Cayman Islands5.09%
- Netherlands5.07%
ULTI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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ULTI$7,320
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 | ULTI |
|---|---|
| Year to date | −26.8% |
| 1 month | −4.1% |
| 3 months | −28.2% |
| 1 year | — |
| 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 | ULTI |
|---|---|---|
| 2026 YTD | −26.8% | |
| 2025 | −38.2% |
ULTI in the news
Category Review
The payout and the result came apart in option-income funds
ULTI Dividends
- $0.09 per share
- Weekly
Distribution data unavailable.
Distribution history
ULTI Risk
- —
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.
- —
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.
- —
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.
- 1.96
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
ULTI Cost
1.32%
ULTI1.32%
- The middle half of Active Option Income funds
- Median 0.95%
46 of the 51 Active Option Income funds charge less.
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- FWZRDOpportunistic Trader ETFExpense ratio 1.07%1 year return −100.0%
- FYBTYGraniteShares YieldBoost TopYielders ETFExpense ratio 1.38%1 year return —
- FISBGIncomeSTKd 1x Bitcoin & 1x Gold Premium ETFExpense ratio 1.29%1 year return —