ULTI · Streamfolio

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XNAS · Active · options-income

ULTI

REX IncomeMax Option Strategy ETF

REX Advisers, LLC

Verdict

AVOID

Weighted score · 2.10 / 5

AUM

$15M

assets under mgmt

Avg Volume

95K

shares · daily

Distribution

53.9%

Weekly · 100% ROC

Expense Ratio

1.25%

1.25% gross

1Y Return

—

vs underlying

Sharpe

-0.16

Max DD -39.3%

Fund Identity

What it is, who runs it, where it lives.

The Fund seeks to provide weekly income in the form of cash distributions..

The Fund is actively managed and seeks to provide weekly income through three sources: (1) dividends received from direct investments in underlying equity securities (Equity Strategy); (2) premium income from an Options Strategy involving the sale of call options; and (3) income from investing in short-term U.S. Treasuries. The Fund may also invest in cash, cash equivalents, securities with maturities of less than one year, or affiliated ETFs during periods of high cash flows or unfavorable market conditions.

Ticker

ULTI

Issuer

REX Advisers, LLC

Exchange

XNAS

Inception

2025-11-04 · 0.6 yrs

Mgmt style

Active

Replication

Derivatives (options/futures) combined with direct equity holdings and short-term U.S. Treasuries

Index-based

—

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Covered Calls (written/sold call options on underlying equity securities); FLEX Options also referenced

generates income

Underlying

Underlying equity securities (specific names not disclosed in this excerpt)

income exposure

WEEKLY

53.9%

DIST. RATE

100% ROC
Ordinary Income

Underlying

Underlying equity securities (specific names not disclosed in this excerpt)

Strategy

Covered Calls (written/sold call options on underlying equity securities); FLEX Options also referenced

Tax

Ordinary Income

The Fund sells call options on underlying equity securities to generate premium income distributed as weekly cash distributions. The sale of call options limits upside price participation above the strike price while retaining full downside exposure to the underlying securities. The Fund also uses FLEX Options and rolls options contracts as they are exercised or expire.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · OCT '25 – JUN '26

OCT '25JUN '26

Max DD

-39.3%

Volatility

62.0%

Sharpe

-0.16

Sortino

-0.22

Calmar

—

Beta

—

Flat-NAV reinvestment hurdle

156.1%

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

29.3%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

100%

ROC

Return of Capital — destructive100%

Net Investment Income0%

Frequency

Weekly

Dist. rate

53.95%

ROC %

100%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

26.7%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

100% Return of Capital

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 5, 2026 distribution of $0.2050 per share is estimated to consist entirely of Return of Capital (100%), with no net investment income or capital gains components. On a fiscal year-to-date basis, cumulative distributions of $4.4450 per share are also classified 100% as Return of Capital. These figures are estimates and actual tax characterization may differ.

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

2026-06-17

Ex-dividend

2026-06-17

Pay date

—

Payback Period

1.9 yr

Dist. Since Incep.

$6.9

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $12.79

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

95K

Avg dollar volume

$1,319,578

Bid/ask spread

0.68%

Premium/discount

-0.10%

Turnover

—

Estimated bid/ask spread ~1.36% (wide). Average daily dollar volume ~$1.3M (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 ($)

$15M

$39M$23M$6M

NOV '25JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

ULTI · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.