We are excited to launch Income+ Max, a multi-asset income strategy with target payouts of 8%-10% p.a., powered by J.P. Morgan Asset Management and two other leading ETF managers, and designed to address the biggest challenges for investors today: record-low dividend yields and extreme equity concentration, compounded by intense volatility.
Built as a multi-asset strategy with extensive use of options on equities and gold, Income+ Max complements our existing Income+ range – Income+ Preserve and Income+ Enhance – which are more conservative and powered by bond income.
Summary:
- Why Income+ Max, why now: the balanced portfolio in a new world
- Inside the strategy: what’s in it, and how it turns volatility into income
- Is this for me? The trade-off, track record, and where it sits in Syfe’s range
Why Income+ Max? Confronting the Challenge of Our Times
For years, the balanced 60/40 (60% stocks, 40% bonds) portfolio holding equities and bonds has served income investors who wanted a bit of growth on top. Bond coupons gave steady payouts, supplemented by dividends; and when one fell, the other typically held. It was simple, it paid, and it needed little attention.
That avenue is no longer available. Equities have outrun bonds by so much that a 60/40 portfolio set up at the end of 2022 would have “drifted” to 73% equities and 27% bonds by August 2026.1 The investor who chose a balanced portfolio may be exposed to risks and volatility they never signed up to. These are challenges that Income+ Max is built to address:
- Record low dividends: The flip side of a rallying stock market is the dominance of “growth” companies that have little incentive to entice investors with dividends. For every $100 in the S&P 500, dividends now return about $1.06 a year – below its 20-year average of $2.1 and less than a six-month Singapore T-bill. 2 3
- Equity concentration: The ongoing bull market has caused extreme concentration in the stock market. The 10 largest companies now make up around 40% of the S&P 500, against 27% at the dot-com peak, and just 10 companies were responsible for 77% of the earnings growth expected in the second quarter of 2026.4 5 Investors are increasingly reliant on the same few stocks to beat exceptionally high expectations in earnings, quarter after quarter.
- Volatility: When the margins of error are this thin, the risk of volatility is elevated. Volatility spikes were three times as frequent in 2014-2024 as in the decade before, and reversed twice as fast.6 In August 2024 the VIX recorded its largest one-day jump on record; in April 2025 the S&P 500 fell 10.5% in two days and rose 9.5% in a single session.7 8
Inside Income+ Max: A New Formula for Income and Growth
What’s in it. Income+ Max holds 55% equities, 35% fixed income and 10% gold. The equity sleeve focuses on high-quality companies with strong fundamentals and lower volatility than the broader market. The bond sleeve is managed with a short to medium duration profile, so it is less sensitive to interest rate moves, with credit and emerging market selection underwritten by J.P. Morgan’s research.
Stocks and bonds still tend to offset one another on a longer-term horizon.9 But the experience of 2022 – when interest rates ramped up rapidly – illustrated the cost for investors in the few instances when they don’t. Gold is introduced in the portfolio to meet that challenge: a structural diversifier whose long-term appeal as a store of value remains undented. Even after a challenging first half of 2026 for bullion, central banks continue to accumulate.
How it earns. The strategy captures yield from four distinct sources: (i) equity option premiums, (ii) equity dividends, (iii) bond coupons, and (iv) gold option premiums. What makes it distinct is the use of options by the underlying ETFs. The ETFs are paid an upfront cash fee (“premium”) by another investor who is betting on a sizable, near-term rally in the shares, and keep 100% of that premium if the stocks appreciate mildly or stay flat. Gold, which has no cash flow of its own, is put to work the same way. You can learn more about options here.
The options income is significant. Roughly four-fifths of the portfolio’s income is option premium; the remaining fifth is bond coupons.10
| Sleeve | Weight | Share of distributions |
|---|---|---|
| Equity option-income | 55% | 64% |
| Gold option-income | 10% | 18% |
| Bonds | 35% | 18% |
Illustration: How Income+ Max Generates Income
Bond Coupons
2% – 3%
Premium Income
5.5% – 7.5%
Participation
Upside
Contribution
Total Return
Note: The above is for illustrative purposes only and based on historical observations. Stock dividends, bond coupons and options premium income payouts are not guaranteed and are subject to market movements. It may be higher or lower. A positive payout or distribution yield does not imply a positive return.
Why now. This strategy is designed to thrive on volatility. Because options are essentially bets on uncertainty – the buyer’s protection against outsized swings in the underlying asset – option premiums paid to Income+ Max (and ultimately to its investors) become more valuable in volatile markets. Market shocks, which typically hurt long-only equity income funds, should be a source of strength for Income+ Max.
Who builds it. Income+ Max is managed by Syfe’s investment team and constructed with active ETF building blocks from J.P. Morgan Asset Management (JPMAM), the world’s largest active ETF provider, and ETF solutions experts REX Advisors LLC and First Trust Advisors L.P. JPMAM’s active ETFs make up 81% of the strategy; the remainder – the gold layer and the technology layer – comes from the other two.
| ETF | Weight |
|---|---|
| JPMorgan Global Equity Premium Income Active UCITS ETF (JEPG) | 35.4% |
| JPMorgan Income ETF (JPIE) | 19.7% |
| JPMorgan USD Emerging Markets Sovereign Bond UCITS ETF (JPMB) | 14.6% |
| JPMorgan Nasdaq Equity Premium Income Active UCITS ETF (JEPQ) | 10.6% |
| Rex Tech Innovation Premium Income UCITS ETF (FEPI) | 10.2% |
| FT Vest Gold Strategy Target Income ETF (IGLD) | 9.6% |
As of 31 August 2026.
Is Income+ Max for me?
What it is not. While it captures some growth, Income+ Max is not a growth strategy. It exchanges a slice of uncertain future upside for cash paid now. If a holding rallies sharply, the option is exercised and the portfolio forgoes the gains above the strike price. Investors who want full participation in a bull market should look to Core Equity100 and Equity Alpha instead.
Compressing costs. Using actively managed ETFs as building blocks gives access to institutional-grade security selection at an average management fee of 0.44% p.a. Traditional actively managed funds typically charge 1%-1.5%.11
Performance. Past performance is not an indicator of future performance, and the figures below are backtested. Had the strategy been live from 31 December 2024 to 31 August 2026, with its current allocation held constant, it would have delivered the following results. Over the same 20 months it would have paid out every month, at an annualised rate of between 7.9% and 12.9% – an average of 9.5% p.a.
| Metric | Income+ Max |
|---|---|
| 2025 return | 15.7% |
| 2026 return (to Aug) | 4.3% |
| Annualised return since 31 Dec 2024 | 11.9% |
| Annualised volatility | 5.7% |
| Sharpe ratio | 1.8 |
| Maximum drawdown | −4.5% (Mar 2026) |
| Medial Tail Loss | 11.2% |
| Positive months | 17 of 20 |
Backtested figures in USD, before Syfe fees, as at 31 August 2026. Methodology: the 31 August 2026 ETF allocation applied to the historical returns and distributions of the constituent ETFs (market proxies used where ETF history is shorter), assuming no rebalancing, withdrawals, transaction costs or taxes. Backtested results are prepared with hindsight, do not reflect actual trading, and cover a single 20-month period. Actual results may differ materially.
Where it sits. Income+ Max sits at the top of Syfe’s cash-income continuum, where each step up the range trades a longer holding period and more risk for potential higher payout. It is designed to be held over a full market cycle as a component of a portfolio rather than the whole of it.
Comprehensive Range of Income and Yield Solutions
Syfe’s Suite of Products
GuaranteedSGD
FlexiSGD
EnhancedSGD*
PreserveSGD
EnhanceSGD
MaxUSD
All figures in Singapore dollars except Income+ Max, which is in US dollars; shown on a yield basis and correct as of 30 September 2026. SG T-bill is the 6-month auction cut-off yield of 1.70% (10 September 2026), shown for reference. Cash+ Guaranteed is the 6-month guaranteed rate of 1.25% p.a.; 1-month and 3-month terms pay 1.05% and 1.15%. Cash+ Flexi is the projected return of 1.6% p.a. shown on its product page. Cash+ Enhanced is a projected yield, net of all fees. Income+ figures are the midpoints of target payout ranges; Income+ Max targets 8% – 10% p.a. *Cash+ Enhanced is quoted on an unhedged basis, in line with industry convention. The funds hold both Singapore dollar and foreign currency bonds; the foreign holdings are hedged back to Singapore dollars, at a cost that reflects the gap between Singapore and foreign interest rates and will change as those rates change. Cash+ Guaranteed and Cash+ Flexi hold Singapore dollar instruments, so no equivalent adjustment applies to them. For Cash+ Enhanced, Income+ and REITs, the value of your investment moves as well, so what you receive may be higher or lower. Projections and target payouts are not guaranteed. Past performance is not indicative of future results.
Summary: Reliable Income, Reasonably Priced
Income+ Max is the portfolio rebuilt for the world we now live in: a balanced foundation, a third leg in gold, and an income engine that no longer depends on dividends. By embracing market volatility as a source of yield, the strategy balances the need for defence in uncertain times while capturing the opportunities in a broadening market.
By compressing costs, more of the income from Income+ Max stays in your account, compounding your wealth more effectively over time.
Risk Disclosures
Income+ Max targets a payout of 8%-10% p.a., distributed monthly. Income+ portfolios are built with an objective to achieve a target monthly payout range in the current market environment. The target monthly payout is not guaranteed, and is subject to market movements. Past distributions are not necessarily indicative of future trends, which may be lower. A positive monthly payout or distribution yield does not imply a positive return. Investment involves risks.
In some cases, monthly payouts may be made from the income or capital of the funds in your portfolio, which is decided by the constituent fund managers. The funds may also charge some of their management fees to the capital, which can increase the available income for dividends. This could lead to paying dividends out of capital and may result in an immediate reduction of the fund’s net asset value.
Investment involves risk including possible loss of the principal amount invested. The portfolio and/or the constituent funds in the portfolio may not achieve their investment objectives. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.
This article is for general information only. It does not constitute an offer or solicitation to buy or sell, or a recommendation in respect of, any securities, units in collective investment schemes or other capital markets products, and does not take into account the investment objectives, financial situation or particular needs of any person.
The information and opinions contained in this publication has been obtained from sources believed to be reliable at the time of writing, but Syfe makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. Opinions and estimates are subject to change without notice. Syfe does not provide legal, tax or accounting advice.
1 Total returns based on Bloomberg US Aggregate and S&P 500. Assumes no fees, no withdrawals, or rebalancing. From 31 Dec 2022 to 31 August 2026.
2 J.P. Morgan Asset Management, Guide to the Markets – U.S., 3Q 2026, data as of 30 June 2026, “S&P 500 valuation measures”: dividend yield 1.4% vs 20-year average 2.0%.
3 MAS, 6-month T-bill auction, 10 Sep 2026.
4 J.P. Morgan Asset Management, “How extreme is market concentration?”, 20 May 2026 – top 10 at 40.8% of the S&P 500; dot-com peak 26.6%. https://am.jpmorgan.com/us/en/asset-management/liq/insights/market-insights/market-updates/on-the-minds-of-investors/how-extreme-is-market-concentration/
5 J.P. Morgan Asset Management, “2Q26 Earnings Bulletin”, 31 Jul 2026. https://am.jpmorgan.com/us/en/asset-management/per/insights/market-insights/market-updates/bulletins/2q26-earnings-bulletin/
6 Haim Mozes, “Volatility Spikes and Momentum”, Journal of Beta Investment Strategies, Spring 2026 – 22 VIX spikes in 2014 – 2024 vs 7 in 2004 – 2013; average reversal 28 vs 54 trading days. As summarised by Interactive Brokers, republished from Alpha Architect, 8 May 2026. https://www.interactivebrokers.com/campus/ibkr-quant-news/why-momentum-investing-has-been-struggling-and-what-volatility-has-to-do-with-it/
7 Cboe, “VIX Index Attribution of Notable Tail Events”, 8 Sep 2025; BIS Bulletin 95, 29 Oct 2024. https://www.cboe.com/insights/posts/vix-index-attribution-of-notable-tail-events/ ; https://www.bis.org/publ/bisbull95.htm
8 S&P Dow Jones Indices, “The Market Measure: April 2025”, 10 Apr 2025; Cboe Index Insights, April 2025. https://www.indexologyblog.com/2025/04/10/the-market-measure-april-2025/
9 PIMCO, “Welcome Back, Balanced Portfolio”, 9 August 2026, https://www.pimco.com/sg/en/insights/welcome-back-balanced-portfolio
10 Syfe calculation: 31 Aug 2026 ETF weights × latest distribution yields.
11 Morningstar Global Investor Experience Study: Fees and Expenses.
