PAYR vs ULTI

PAYRAFederated Hermes Enhanced Income ETF

ULTIFREX IncomeMax Option Strategy ETF

In short

PAYR —No data

ULTI REX'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.

Stated mandate

PAYR —No data

ULTI 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

PAYR —No data

• ULTI 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

PAYR —No data

• ULTI 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.

Full PAYR profile⁠

Full ULTI profile⁠