At a glance
LEXI charges 1.02% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $191.5M in assets, the 8th largest of that group; it paid 0.84% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +22.1% a year. Its ten largest positions make up 51.0% of the fund, out of 49 in all.
The short version
Alexis Practical Tactical ETF (LEXI) is an actively managed fund of funds. It mostly buys other ETFs and spreads money across US and foreign stocks, bonds, real estate investment trusts (REITs) and cash. Its long-run target is 70% stocks and 30% bonds. The manager shifts that mix as markets change and sometimes sells options to earn income. That flexibility costs 1.02% a year, which is high for a fund made up mostly of index ETFs.
Price history
The interactive chart needs JavaScript.
LEXI +14.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LEXI official prospectus, to Dec 31, 2025 | — | +19.13% | — | — | — | +9.49% |
| LEXI price data to Oct 27, 2026 | +13.1% | +14.4% | +22.1% | — | — | +11.8% |
- Over the year to Oct 27, 2026, LEXI returned +14.4%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+16.5%); its best was 2025 (+19.3%).
- The deepest fall in its price history was 19.1% (Mar 29, 2022 to Sep 30, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.1% | — |
| 2025 | +19.3% | +19.13% |
| 2024 | +16.5% | +16.48% |
| 2023 | +16.6% | +16.62% |
| 2022 | — | -14.38% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Feb 25, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3400 | -47.7% |
| 2024 | $0.6500 | +85.7% |
| 2023 | $0.3500 |
What's inside
As of Aug 31, 2026, the fund held 49 securities; the ten largest made up 51.04% of assets.
| Fund held | Weight | |
|---|---|---|
| Invesco S&P 500 Equal Weight ETF | 5.50% | |
| iShares Russell 1000 Value ETF | 5.49% | |
| State Street SPDR Dow Jones REIT ETF | 5.21% | |
| iShares Flexible Income Active ETF | 5.14% | |
| PIMCO Multisector Bond Active ETF | 5.14% | |
| Vanguard Dividend Appreciation ETF | 5.03% | |
| JPMorgan Ultra-Short Income ETF | 5.00% | |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 4.97% | |
| State Street SPDR S&P MidCap 400 ETF Trust | 4.81% | |
| Vanguard Morningstar Mega Cap Growth ETF | 4.75% | |
| iShares MSCI International Momentum Factor ETF | 4.23% | |
| iShares MSCI USA Momentum Factor ETF | 4.22% | |
| Xtrackers MSCI EAFE Hedged Equity ETF | 4.19% | |
| iShares MSCI Emerging Markets ETF | 2.88% | |
| Invesco QQQ Trust Series 1 | 2.54% |
By country
United States 99.06%By asset type
Stocks 97.5%Bonds and notes 1.56%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $9.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.50%, -1.57%, +1.70%.
How it works
LEXI does not track an index. It is actively managed: its adviser, Alexis Investment Partners, decides what to own. It can hold stocks, bonds, commodities, real estate and cash worldwide, including emerging markets. Its long-run target is 70% stocks and 30% bonds, but it may stray far from that mix. The adviser shifts the mix using indicators such as market valuations, interest-rate trends, inflation and investor sentiment, plus its own judgment.
Most exposure comes through other ETFs, making LEXI a fund of funds: holders also bear a share of those funds' fees. As of August 31, 2026, other funds made up about 79% of assets. The largest were Invesco S&P 500 Equal Weight ETF (RSP), iShares Russell 1000 Value ETF (IWD) and State Street SPDR Dow Jones REIT ETF (RWR), each just over 5%. The adviser picks funds with quantitative screens and rebalances as needed, not on a fixed schedule.
The fund may also sell covered calls: it collects a cash payment, called a premium, but gives up gains above a set price on a stock or ETF it owns. It may also buy S&P 500 options to hedge against market drops. As of August 31, 2026, its options positions were few: seven in total, including calls written on NVIDIA and Walmart.
What it really costs
- LEXI charges 1.02% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $104 in the first year and $1,248 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LEXI | $104 | $325 | $563 | $1,248 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It is built as a one-fund mix of stocks, bonds, REITs and cash around a long-run 70/30 target, although its record is short and its costs are high.
LEXI could serve as a one-fund blend of stocks and bonds, but it has little history. It launched in mid-2021, so it never went through the 2008 financial crisis or the 2020 COVID crash. In 2022 it lost 14.38%, its worst calendar year. Its deepest drop was 19.1%, from March 29 to September 30, 2022. It got back to that earlier peak on December 13, 2023, about 14 months after the low. Anyone who sold shares for living expenses in late 2022 would have sold at a loss.
Income is small. The trailing 12-month yield was 0.84% as of October 27, 2026, and the fund pays once a year. In the SEC's standard example, $10,000 would cost $104 in the first year and $1,248 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund that combines stock, bond, REIT and international ETFs around a long-run 70% stock, 30% bond target.
- People comfortable letting a manager shift the mix based on valuations, inflation, yield curves and sentiment, with modest 15% portfolio turnover.
- Those who can live through losses like 2022's 14.38% drop in return for gains like the 16% to 19% posted from 2023 through 2025.
Look elsewhere if
- Cost-focused investors: the 1.02% expense ratio comes to $1,248 over 10 years on $10,000 in the SEC's standard example.
- Retirees needing regular income: the yield was 0.84% as of October 27, 2026, and the fund pays only once a year.
- Anyone wanting preset downside protection: LEXI isn't a buffer fund, and its tactical shifts didn't prevent a 19.1% drop in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| LEXI this fund | 1.02% | $191.5M | +14.4% | +22.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does LEXI ETF invest in?
LEXI mainly owns other ETFs, which made up 78.75% of assets as of August 31, 2026. It also holds some individual stocks, Treasuries and cash. The largest holdings were Invesco S&P 500 Equal Weight ETF (5.5%), iShares Russell 1000 Value ETF (5.5%), State Street SPDR Dow Jones REIT ETF (5.2%), iShares Flexible Income Active ETF (5.1%) and PIMCO Multisector Bond Active ETF (5.1%). It also held the short-term bond funds JPST and MINT and foreign stock funds such as EEM and DBEF.
What is LEXI's expense ratio?
LEXI's expense ratio is 1.02% a year, according to its prospectus filed September 24, 2026. That includes a 0.85% management fee. In the SEC's standard example, $10,000 earning 5% a year would cost $104 after one year, $325 after three, $563 after five and $1,248 after ten. Seven large buffer ETFs used for comparison averaged 0.86%. LEXI's fee ranked highest of the group, although those funds follow a different strategy.
Does LEXI pay dividends?
Yes, but only once a year, and the payout is small. LEXI paid $0.34 per share over the 12 months to October 27, 2026, a yield of 0.84%. Most of its return has come from price gains. The fund can sell covered call and put options for premiums. That income is usually taxed as ordinary income, not as qualified dividends. As of August 31, 2026, its option positions were a very small part of the portfolio.
How has LEXI performed since launch?
According to its prospectus, LEXI returned 9.49% a year from its 2021 launch through December 31, 2025. By calendar year, it returned -14.38% in 2022, 16.62% in 2023, 16.48% in 2024 and 19.13% in 2025. Based on market price, it gained 14.4% over the year to October 27, 2026, and 13.1% year to date. Its one-year beta was 0.84, meaning it moved about 84% as much as the overall market.
Is LEXI a buffer ETF like BUFR?
No. LEXI is a tactical multi-asset fund, not a buffer (defined-outcome) fund, so it has no preset loss limit or cap on gains. Buffer funds such as FT Vest Laddered Buffer ETF (BUFR) use options to limit losses over set periods and cap gains in exchange. BUFR charges 0.95% a year, compared with LEXI's 1.02%. Over the year to October 27, 2026, LEXI returned 14.4% and BUFR 11.6%, but the strategies differ, so the comparison is only rough.