ULTI ETF — Holdings & Analysis

The REX IncomeMax Option Strategy ETF (ULTI) is a US Equity ETF with $0.01 billion in assets under management and an expense ratio of 1.25%.

ULTI distinguishes itself through a strategy that combines equity exposure with active options trading to generate weekly cash distributions. The fund's approach involves writing covered calls and selling put options, potentially capping upside gains while aiming for consistent income, and it holds a portfolio of over 1500 US-listed stocks or synthetic equivalents.

REX IncomeMax Option Strategy ETF (ULTI) ETF — Price, Holdings & Analysis

The REX IncomeMax Option Strategy ETF (ULTI) is a US Equity ETF with $0.01 billion in assets under management and an expense ratio of 1.25%. ULTI distinguishes itself through a strategy that combines equity exposure with active options trading to generate weekly cash distributions. The fund's approach involves writing covered calls and selling put options, potentially capping upside gains while aiming for consistent income, and it holds a portfolio of over 1500 US-listed stocks or synthetic equivalents.

ETF Overview

ULTI aims to provide weekly cash distributions by combining equity exposure, options trading, and short-term US Treasuries. The fund holds a portfolio of 1530 US-listed stocks or equivalent synthetic positions created through options. Security selection is based on a quantitative process that targets names with high implied volatility and strong liquidity to enhance option premium income and dividend yield. Income is primarily generated from options strategies, which include writing covered calls, selling put options, and using call spreads to collect premiums. Note that while this approach offers consistent income, it also caps upside potential if stock prices rise significantly. To manage risk, each written option is offset by a lower-delta purchased option to limit potential losses during market downturns. Up to 10% of assets may be held in short-term U.S. Treasuries or cash, providing collateral and earning interest income.

ULTI aims to provide investors with weekly cash distributions by employing a combination of equity exposure, options strategies, and short-term U.S. Treasuries. The fund constructs a portfolio of approximately 1530 US-listed stocks or equivalent synthetic positions achieved through options. Security selection is driven by a quantitative process focusing on companies with high implied volatility and strong liquidity, which are intended to enhance option premium income and dividend yield. Income generation primarily relies on options strategies, including writing covered calls, selling put options, and utilizing call spreads to collect premiums. To mitigate risk, each written option is offset by a lower-delta purchased option, which aims to limit potential losses during market downturns. The fund may allocate up to 10% of its assets to short-term U.S. Treasuries or cash, providing collateral and interest income. Top holdings include First American Government Obligs X (FGXXX) at 8.44%, Lumentum Holdings Inc (LITE) at 5.80%, and Coeur Mining Inc (CDE) at 5.65%.

Risk Metrics

ULTI carries several risks inherent in its investment strategy. The fund's focus on generating income through options strategies may limit its participation in significant market rallies, capping potential upside. With an expense ratio of 1.25%, ULTI is relatively expensive, which can create a drag on overall performance, especially when compared to passively managed equity ETFs. The fund's concentration in specific holdings, such as First American Government Obligs X (8.44%) and Lumentum Holdings Inc (5.80%), exposes it to idiosyncratic risks associated with these individual securities. Furthermore, the fund's options-based strategy can be complex and may not perform as expected in all market conditions. With a beta of 0.00, ULTI has not demonstrated significant correlation to the broader market over the past three years, which may be a reflection of its unique options-based strategy.

Expense Ratio

1.25%

What does ULTI hold?

Holding	Weight
First American Government Obligs X (FGXXX)	8.44%
Lumentum Holdings Inc (LITE)	5.80%
Coeur Mining Inc (CDE)	5.65%
TeraWulf Inc (WULF)	5.56%
Bloom Energy Corp Class A (BE)	5.45%
Riot Platforms Inc (RIOT)	5.31%
SanDisk Corp Ordinary Shares (SNDK)	5.26%
Planet Labs PBC Class A (PL)	5.12%
Ondas Inc (ONDS)	5.09%
Core Scientific Inc Ordinary Shares - New (CORZ)	5.05%

How Is the Fund Allocated?

Country	Weight
Other	100.0%

Dividend Yield

0.00%

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) — 0.50% expense ratio
WisdomTree U.S. Total Dividend Fund (DTD) — 0.28% expense ratio
WisdomTree U.S. High Dividend Fund (DHS) — 0.38% expense ratio
Dimensional - US Small Cap Value ETF (DFSV) — 0.30% expense ratio
VictoryShares Dividend Accelerator ETF (VSDA) — 0.40% expense ratio
WisdomTree U.S. AI Enhanced Value Fund (AIVL) — 0.38% expense ratio
Dimensional - US Large Cap Value ETF (DFLV) — 0.21% expense ratio
JPMorgan Fundamental Data Science Large Core ETF (LCDS) — 0.30% expense ratio

T-REX 2X Long MSTR Daily Target ETF (MSTU) (US Equity) — 1.05% expense ratio
REX Drone ETF (DRNZ) (US Equity) — 0.65% expense ratio
REX TSLA Growth & Income ETF (TSII) (US Equity) — 0.99% expense ratio
The Laddered T-Bill ETF (TLDR) (US Equity) — 0.20% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is ULTI and what does it track?

The REX IncomeMax Option Strategy ETF (ULTI) is designed to provide weekly cash distributions by combining equity exposure with active options trading strategies. ULTI tracks a portfolio of approximately 1530 US-listed stocks or synthetic equivalents created through options.

What is the expense ratio for ULTI?

The expense ratio for ULTI is 1.25%. This means that for every $10,000 invested in the fund, $125 is used to cover operating expenses annually.

Compared to the average expense ratio for US Equity ETFs, which hovers around 0.44%, ULTI's expense ratio is significantly higher. Investors should consider this higher cost when evaluating the fund's potential returns, as it can erode overall performance, especially over longer time horizons.

What are the top holdings in ULTI?

As of 2026-03-15, the top holdings in ULTI are: First American Government Obligs X (FGXXX) at 8.44%, Lumentum Holdings Inc (LITE) at 5.80%, Coeur Mining Inc (CDE) at 5.65%, TeraWulf Inc (WULF) at 5.56%, and Bloom Energy Corp Class A…

(BE) at 5.45%. These holdings represent a significant portion of the fund's assets and can influence its overall performance.

Is ULTI a good long-term investment?

Evaluating ULTI as a long-term investment requires careful consideration of its strategy and associated risks. The fund's focus on generating income through options may limit its participation in significant market rallies, potentially capping long-term growth.

With an expense ratio of 1.25%, the fund's higher cost can erode overall returns over extended periods.

How does ULTI compare to similar ETFs?

ULTI distinguishes itself from many US Equity ETFs through its active options strategy aimed at generating weekly income. Many similar ETFs focus on passive exposure to broad market indexes or specific sectors.

ULTI's expense ratio of 1.25% is significantly higher than passively managed equity ETFs.

Does ULTI pay dividends?

As of 2026-03-15, ULTI has a dividend yield of 0.00%. While the fund aims to provide weekly cash distributions through its options strategy, these distributions are not classified as traditional dividends.

The fund's primary focus is on generating income through option premiums rather than relying on dividend payouts from underlying equity holdings. Investors seeking dividend income may find other ETFs with higher dividend yields more suitable.