REX Covered Call Report | April 2026

Market Backdrop

March was marked by broad equity market weakness and elevated volatility due to the war in Iran. This environment remained supportive for covered call strategies, as higher implied volatility enhanced premium generation while declining markets left many strike levels unchallenged following the 18 March roll. Across the suite, March roll positioning remained conservative, with strikes set meaningfully out-of-the-money. Following continued weakness into month-end, the funds entered April with meaningful upside room before strikes are challenged, while continuing to monetise volatility through monthly call writing. March highlighted the versatility of the REX Covered Call UCITS Suite, capturing elevated premium income across their respective sectors while maintaining meaningful upside into the next call period.

Fund activity last month

REX Tech Innovation Premium Income UCITS ETF (FEPI LN)

  • Elevated single-stock volatility supported +2.31% premium generation while allowing strikes to be written approximately 7.4% out-of-the-money on average.
  • The Fund distributed 2.24%, with excess premium retained and accretive to NAV.
  • March performance of -1.21% compared favourably to SPXT (-4.98%), reflecting the cushioning effect of option income in a declining market.
  • Post-roll constituent performance was mixed rather than broadly positive, which helped support premium capture without widespread strike challenges into month-end.[1]

REX Tech Innovation Income & Growth UCITS ETF (FEGI LN)

  • With a partial overwrite approach, FEGI LN generated +1.12% premium income, effectively matching the 1.12% distribution.
  • Average strikes were written ~6.8% out-of-the-money, while approximately half of the portfolio remained uncovered preserving greater upside participation alongside income generation.
  • Because FEGI LN shares the same underlying basket as FEPI LN, March performance differences were driven primarily by overwrite profile rather than underlying stock selection.
  • March performance of -2.28% reflected a more balanced participation profile while still benefiting from premium income.[2]

REX Crypto Equity Income & Growth UCITS ETF (CEGI LN)

  • Elevated volatility across digital asset equities supported +2.04% premium income, while allowing strikes to be written an average of ~11.2% OTM, the widest in the suite.
  • The Fund distributed 1.82%, with excess premium retained to NAV.
  • March performance of -5.74% reflected the higher beta nature of the underlying asset class, while premium income helped mitigate downside volatility.
  • The wider strike positioning heading into April left meaningful upside room before calls would begin to constrain participation.[3]

Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk

Tech Premium Income ETF Performance
As of 31/03/2026

Premium IncomeDistributionAvg. Roll OTMOTM Range
REX Tech Innovation Premium Income UCITS ETF2.31%2.24%~7.4%~4.8%-11.0%

Tech Income & Growth ETF Performance
As of 31/03/2026

Premium IncomeDistributionAvg. Roll OTMOTM Range
REX Tech Innovation Income & Growth UCITS ETF1.12%1.12%~6.8%~4.0%-11.0%

Crypto Equity Income & Growth ETF Performance
As of 31/03/2026

Premium IncomeDistributionAvg. Roll OTMOTM Range
REX Crypto Equity Income & Growth UCITS ETF2.04%1.82%~11.2%~6.6%-14.8%

As of 31/03/2026. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 844-802-4004. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. As of 31/12/25. The Distribution Rate is the annual yield an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return.

[1] Source: Rex Shares, Bloomberg. Data as of 31.03.2026

[2] Source: Rex Shares, Bloomberg. Data as of 31.03.2026

[3] Source: Rex Shares, Bloomberg. Data as of 31.03.2026

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