ETF Evaluator:
FundX Conservative ETF (XRLX)
Follow This ETF
(as of Jul 31)
Best Performing in Tactical Allocation Over the Last Year
| 33.6% | STF Tactical Growth ETF (TUG) |
| 33.4% | RH Tactical Rotation ETF (RHRX) |
| 31.9% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 30.1% | STF Tactical Growth & Income ETF (TUGN) |
| 28.3% | Q3 All-Season Active Rotation ETF (QVOY) |
Risk
Index
Risk
Index
ETF Details
FundX Conservative ETF Overview
FundX Conservative ETF (XRLX) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Fund X launched the ETF in 2002.
The investment seeks to obtain capital appreciation over the long term while at times providing a low level of current income to reduce portfolio volatility.
The ETF is an ETF-of-ETFs and as such invests primarily in ETFs (“underlying ETFs”). The underlying ETFs, in turn, invest primarily in individual securities such as common stocks and corporate or government bonds. Under normal market conditions, the ETF may invest in Core Equity underlying ETFs, which generally invest in diversified portfolios of equity securities of well-established U.S. and foreign companies with a wide range of market capitalizations.
About FundX Conservative ETF (XRLX)
There are 4 members of the management team with an average tenure of 6.71 years: Steven Cowley (2025), Lance Messervy (2025), Sean McKeon (2002) and Jeffrey Smith (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Morningstar Gbl LM NR USD index with a weighting of 100%. FundX Conservative ETF has 21 securities in its portfolio. The top 10 holdings constitute 63.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FundX Conservative ETF is part of the Allocation global asset class and is within the Allocation ETF group. FundX Conservative ETF has 16.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 56.9% There is 4.4% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 36.1% (24.2% domestic bond, 11.8% foreign bond and 0.0% convertible bond). FundX Conservative ETF has 2.4% of the portfolio in cash.
Assets Under Management
The fund has $49 million in total assets, which is below the $142 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
XRLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FundX Conservative ETF expense ratio is high compared to funds in the Tactical Allocation category. FundX Conservative ETF has an expense ratio of 1.20%, which is 24% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FundX Conservative ETF has a portfolio turnover rate of 84%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 260% for the Tactical Allocation category.
Recently, in the month of June 2026, FundX Conservative ETF returned -0.2%, which earned it a grade of C, as the Tactical Allocation category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FundX Conservative ETF has a trailing yield of 2.58%, which is above the 2.13% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
FundX Conservative ETF Grades
Year to date, the ETF has returned 7.7%, 1.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.7% over the past year (grade of D), 13.0% over the past three years (grade of B) and 5.9% per year over the past five years (grade of C) and 7.9% per year over the past 10 years (grade of C).
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XRLX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| XRLX Return (NAV) | -0.2% | 10.6% | 14.7% | 13.0% | 5.9% | 7.9% |
| XRLX Return (Price) | -0.9% | 11.9% | 13.9% | 12.7% | 5.7% | 7.8% |
| NAV +/- Price Return | 0.738% | -1.350% | 0.810% | 0.295% | 0.166% | 0.085% |
| Tactical Allocation Avg | -0.5% | 9.0% | 18.4% | 12.1% | 5.7% | 7.9% |
| XRLX Grade (NAV) | C | B | D | B | C | C |
| +/- Category (NAV) | 0.3% | 1.6% | -3.7% | 1.0% | 0.2% | -0.1% |
| XRLX Tax-Cost Ratio | na | na | 1.1% | 0.8% | 2.0% | 1.6% |
XRLX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| XRLX Return (NAV) | 7.7% | 7.7% | 17.7% | 8.9% | -12.5% | 9.9% | 11.6% | 19.0% | -3.1% | 11.0% | 6.6% |
| XRLX Return (Price) | 6.7% | 4.9% | 20.9% | 8.9% | -12.5% | 9.9% | 11.6% | 19.0% | -3.1% | 11.0% | 6.6% |
| NAV +/- Price Ret | -0.120% | -0.359% | 0.180% | -0.001% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Tactical Allocation Avg | 9.0% | 12.5% | 11.6% | 10.7% | -13.3% | 16.4% | 7.5% | 14.0% | -6.3% | 19.2% | 7.1% |
| XRLX Grade (NAV) | C | D | B | C | C | F | B | B | B | F | B |
| +/- Category | -1.3% | -4.8% | 6.1% | -1.7% | 0.7% | -6.5% | 4.2% | 5.0% | 3.2% | -8.3% | -0.6% |
| Risk Measures | |
| Beta: | 0.83 |
| R-Squared: | 72% |
| Standard Deviation: | 9.1% |
| Category Risk Index: | 0.80 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.75 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.6% |
| Total Assets: | $ 49 Mil |
| Share Class Assets: | $ 49 Mil |
| Turnover: | 84.0% |
| Expense Ratio: | 1.20% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 24.0 years | |||
| Average Tenure: 6.7 years | |||
| Managers (Year): McKeon Sean (2002), Smith Jeffrey (2025), Cowley Steven (2025), Messervy Lance (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 63.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.3% |
Portfolio Allocation |
|
| Domestic Stock: | 56.9% |
| Foreign Stock: | 4.4% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 24.2% |
| Foreign Bond: | 11.8% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 2.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fund X |
| Phone Number: | 866-455-3863 |
| Website: | www.upgraderfunds.com |
| Inception Date: | July 1, 2002 |
Expenses and Fees
| Expense Ratio (%): | 1.20% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
