BATS · Active · options-income

REX TSLA Covered Call ETF

REX Advisers, LLC

Weighted score · 3.40 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Weekly · — ROC

Expense Ratio

1.52% gross

1Y Return

vs underlying

Sharpe

Max DD -29.0%

The Fund's primary investment objective is to pay weekly distributions.

The Fund is an actively managed ETF that maintains between 105% and 150% notional leveraged long exposure to Tesla, Inc. (TSLA) through options contracts, swap agreements, direct stock holdings, and/or Leveraged ETFs, rebalancing daily. Simultaneously, the Fund employs a covered call strategy—writing out-of-the-money call options against the leveraged long portion—to generate weekly income distributions. Short-term U.S. government securities and money market funds are held as collateral and for additional income. The exact leverage level within the 105%–150% range is determined daily by the Adviser using technical analysis of TSLA price behavior.

The Fund uses exchange-traded and FLEX Options on TSLA to obtain 105%–150% leveraged long exposure, rebalancing daily based on options delta. A covered call overlay writes out-of-the-money calls against the leveraged long portion to generate weekly distribution income, capping upside participation beyond the strike price. Options maturities range from 1 day to 6 months and are rolled as they expire or are exercised.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.

Composition · Recent Distribution

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 Fund targets weekly distributions funded primarily by covered call premiums and income from collateral holdings. Distributions may consist of return of capital (ROC) to the extent they exceed current and accumulated earnings and profits, which would reduce NAV over time. Distribution amounts are variable week-to-week based on TSLA's recent total return and implied volatility.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bearish — 50-DMA below 200-DMA

Price $17.38 is below the 200-day SMA ($18.19); 50-day SMA $17.42. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.73% (wide). Average daily dollar volume ~$1.0M (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.

AUM ($)