Important Information

Investing in the Funds involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment. Before investing, carefully consider each Fund’s investment objectives, risks, charges, and expenses as described in the prospectus. This and other information is in the prospectus. Please read the prospectus carefully before you invest. For prospectuses and standardized performance, visit rexshares.com or call 1-844-802-4004. FEPI and AIPI gross expense ratio: 0.65%. CEPI gross expense ratio: 0.85%. DRNZ gross expense ratio: 0.65%.

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 1-844-802-4004. Short-term performance, in particular, is not a good indication of a fund’s future performance, and an investment should not be made based solely on returns. Index performance does not represent a fund’s performance. It is not possible to invest directly in an index.

Distribution Rate: The Distribution Rate is the annual rate 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 annualizing an ETF’s most recent Distribution per Share 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. The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, and has the potential to change during any given tax year. Please refer to the 19a-1 Notice on each Fund’s website regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099-DIV.

Distribution Risk. There is no assurance that a Fund will make a distribution in any given period. If a Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Distributions may consist of returns of capital, which would decrease a Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. Return of Capital distributions return the investor’s original investment; by returning principal, a fund will have less money to invest, which may lower its overall return.

Covered Call Strategy Risk (FEPI, AIPI, CEPI). The path dependency of a Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference securities and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods. Repeated distributions may erode NAV over time. The Funds are non-diversified and concentrated in the technology sector, where applicable.

Autocallable Structure Risk (ATCL, DACL). Returns are linked to structured autocallable indexes, which may limit upside participation and expose investors to complex payoff patterns that differ from direct investments in the underlying securities. Returns depend on reference index performance relative to predefined barriers. Coupons are not guaranteed. SOFR + 10% (ATCL) and SOFR + 3% (DACL) are targets, not guarantees.

Risk Buffer and Gearing Risk (DACL). The Risk Buffer reduces but does not eliminate downside risk. Losses beyond the Risk Buffer are magnified by the Gearing Factor.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets. A Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Growth & Income Strategy Risk (NVII, TSII, WMTI). Each Fund is non-diversified and concentrated in a single underlying stock. The use of approximately 1.25x leverage on a portion of the portfolio magnifies both gains and losses relative to an unleveraged position. Writing calls on a portion of the portfolio limits upside participation on that portion in exchange for premium income. Distributions are not guaranteed and may include return of capital.

Concentration Risk (DRNZ). The Fund will be concentrated in an industry or a group of industries to the extent that its Index is so concentrated. The value of the Fund, which focuses on underlying securities in the industrials sector, may be more volatile than a more diversified pooled investment or the market as a whole. Drone and UAV companies are subject to geopolitical and regulatory risks, and thematic investing may underperform the broader market.

Liquidity Risk. Some securities held by the Funds, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Funds are non-diversified, they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds.

ETFs referenced in the comparison: The JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), expense ratio 0.35, seeks to provide the majority of the returns associated with the Nasdaq 100 Index while exposing investors to less risk through lower volatility and still offering incremental income. The NEOS Nasdaq-100 High Income ETF (QQQI), expense ratio 0.68, seeks to generate high monthly income in a tax-efficient manner with the potential for equity appreciation. The Global X Nasdaq 100 Covered Call ETF (QYLD), expense ratio 0.60, seeks investment results that closely correspond to the CBOE NASDAQ-100 BuyWrite V2 Index. The Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ), expense ratio 0.35, seeks current income while maintaining prospects for capital appreciation. The JPMorgan Equity Premium Income ETF (JEPI), expense ratio 0.35, seeks to provide current income while maintaining prospects for capital appreciation by delivering the majority of the returns of the S&P 500 with lower volatility. The NEOS S&P 500 High Income ETF (SPYI), expense ratio 0.68, seeks to generate high monthly income in a tax-efficient manner with the potential for equity appreciation in rising markets. The Global X S&P 500 Covered Call ETF (XYLD), expense ratio 0.60, seeks investment results that, before fees and expenses, generally correspond to the performance of the Cboe S&P 500 BuyWrite Index. The Goldman Sachs S&P 500 Premium Income ETF (GPIX), expense ratio 0.35, seeks current income while maintaining prospects for capital appreciation. Investment objective and expense ratio sourced from Bloomberg L.P. Investing in ETFs involves a high degree of risk; this and other information is in each respective prospectus. Please read the prospectuses carefully before you invest.

SOFR: (Secured Overnight Financing Rate) is a benchmark interest rate reflecting the cost of borrowing cash overnight using U.S. Treasury securities as collateral.

THE FUNDS, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH THE FUNDS’ UNDERLYING SECURITIES.

Funds distributed by: Foreside Fund Services, LLC, not affiliated with Rex Shares, LLC, or its affiliates.