ETF Evaluator:
REX IncomeMax Option Strategy ETF ()
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(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
REX IncomeMax Option Strategy ETF Overview
REX IncomeMax Option Strategy ETF (ULTI) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Rex launched the ETF in 2025.
The investment seeks current income; to seek exposure to the share price of select U.S.-listed securities, subject to a limit on potential investment gains is secondary consideration.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks current income and exposure to the share price of select U.S.-listed securities, subject to a limit on potential investment gains. Under normal circumstances, the fund will invest in Underlying Securities directly. The fund is non-diversified.
About REX IncomeMax Option Strategy ETF (ULTI)
There are 2 members of the management team with an average tenure of 0.75 years: Matthew Pelletier (2025) and Matthew Holcomb (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
REX IncomeMax Option Strategy ETF has 77 securities in its portfolio. The top 10 holdings constitute 79.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
REX IncomeMax Option Strategy ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. REX IncomeMax Option Strategy ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 65.8% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). REX IncomeMax Option Strategy ETF has 43.6% of the portfolio in cash.
Assets Under Management
The fund has $24 million in total assets, which is below the $727 million average for the Derivative Income 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.
ULTI 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 REX IncomeMax Option Strategy ETF expense ratio is high compared to funds in the Derivative Income category. REX IncomeMax Option Strategy ETF has an expense ratio of 1.32%, which is 59% higher than its category average, making the fund expense ratio grade a F. 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. REX IncomeMax Option Strategy ETF has a portfolio turnover rate of 1253%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, REX IncomeMax Option Strategy ETF returned -31.6%, which earned it a grade of F, as the Derivative Income category had an average return of -1.5%. 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.
REX IncomeMax Option Strategy ETF has a trailing yield of 0.00%, which is below the 19.96% category average.
The fund normally distributes its income weekly 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.
REX IncomeMax Option Strategy ETF Grades
Year to date, the ETF has returned -19.5%, 22.1 percentage points worse than the category, which translates into a grade of F.
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ULTI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ULTI Return (NAV) | -31.6% | -34.3% | na | na | na | na |
| ULTI Return (Price) | -31.6% | -34.2% | na | na | na | na |
| NAV +/- Price Return | 0.054% | -0.127% | na | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| ULTI Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -30.0% | -34.9% | na | na | na | na |
| ULTI Tax-Cost Ratio | na | na | na | na | na | na |
ULTI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ULTI Return (NAV) | -19.5% | na | na | na | na | na | na | na | na | na | na |
| ULTI Return (Price) | -19.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | na | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| ULTI Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -22.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 24 Mil |
| Share Class Assets: | $ 24 Mil |
| Turnover: | 1253.0% |
| Expense Ratio: | 1.32% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Weekly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Pelletier Matthew (2025), Holcomb Matthew (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 77 |
| % in Top 10 Holdings: | 79.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 65.8% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -9.4% |
| Cash: | 43.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Rex |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | October 30, 2025 |
Expenses and Fees
| Expense Ratio (%): | 1.32% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
