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Start your 7-day free trial BATS · Active · options-income
NVII
REX NVDA Growth & Income ETF
REX Advisers, LLC (investment adviser); Vident Asset Management (sub-adviser)
Verdict
WATCH
Weighted score · 3.45 / 5
Fund Identity
What it is, who runs it, where it lives.
The Fund's primary investment objective is to pay weekly distributions.
NVII is an actively managed ETF that maintains between 105% and 150% notional leveraged exposure to Nvidia Corporation (NVDA) on a daily basis using options contracts (including FLEX Options), swap agreements, direct stock holdings, and/or leveraged ETFs. The Fund simultaneously employs a covered call writing strategy against its leveraged long exposure to generate weekly income distributions. At the close of each trading day, the Fund rebalances its portfolio to reset its notional exposure within the 105%-150% target range, with the exact leverage amount determined by the Adviser based on real-time technical analysis. Short-term U.S. government securities and money market funds are held as collateral and to generate additional income.
Ticker
NVII
Issuer
REX Advisers, LLC (investment adviser); Vident Asset Management (sub-adviser)
Exchange
BATS
Inception
2025-05-28 · 1.1 yrs
Mgmt style
Active
Replication
Derivatives (options/futures) and swaps with optional direct equity and leveraged ETF holdings; daily rebalanced synthetic leveraged exposure via exchange-traded and FLEX Options, total return swaps, and/or direct NVDA shares
Index-based
—
Leverage
1.05x-1.50x (daily target)
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Deep in-the-money long calls or synthetic long (long ATM calls + short ATM puts) for leveraged exposure; covered call writing (short OTM calls) against the leveraged long position to generate income distributions
generates income
Underlying
NVDA (Nvidia Corporation common stock)
income exposure
WEEKLY
53.7%
DIST. RATE
97% ROC
Ordinary Income
Ordinary Income
Underlying
NVDA (Nvidia Corporation common stock)
Strategy
Deep in-the-money long calls or synthetic long (long ATM calls + short ATM puts) for leveraged exposure; covered call writing (short OTM calls) against the leveraged long position to generate income distributions
Tax
Ordinary Income
The Fund uses standardized exchange-traded and FLEX Options on NVDA to achieve 105%-150% daily notional exposure. It simultaneously writes out-of-the-money covered calls against the leveraged long position to generate weekly premium income. Options are rolled as they expire or are exercised, which may result in high portfolio turnover.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
97%
ROC
Return of Capital — constructive97%
Net Investment Income3%
Frequency
Weekly
Dist. rate
53.67%
ROC %
97%
30-day SEC
not reported
Consistency
2 w/o cut
YOC · 1yr-ago buyer
50.1%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The June 3, 2026 distribution of $0.2564 per share is estimated to consist of 97.2% return of capital ($0.2492) and 2.8% net investment income ($0.0072), with no capital gains component. On a fiscal year-to-date basis, 97.5% of cumulative distributions ($5.3105 of $5.4466 per share) are estimated to be return of capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 2 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-16
Ex-dividend
2026-06-16
Pay date
—
Payback Period
1.9 yr
Dist. Since Incep.
$14.0
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
6
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$28.4$25.7$22.9$20.1
MAR '26JUN '26
Price $25.36
50-DMA $25.42
200-DMA $22.99
Bullish — 50-DMA above 200-DMA
Price $25.36 is above the 200-day SMA ($22.99); 50-day SMA $25.42. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
183K
Avg dollar volume
$4,456,796
Bid/ask spread
0.53%
Premium/discount
+0.12%
Turnover
0%
Estimated bid/ask spread ~0.58% (wide). Average daily dollar volume ~$4.5M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$89M
$106M$53M$1M
MAY '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
NVII · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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