REX Autocallable Income ETF (ATCL) March 2026 Commentary

Key Highlights

March Distribution: 13.81% annualized (91.1% estimated Return of Capital)

Performance (3/1 – 3/31/26): ATCL: -3.15%  |  SPXT: -4.98%

Since Inception (2/18 – 3/31/26): ATCL: -2.89%  |  SPXT: -4.98%

Since Inception Beta to S&P 500 TR: ~0.80

Up Capture (March): 85.6% of S&P 500 TR Index

Down Capture (March): 76.1% of S&P 500 TR Index

Commentary

Structured product issuance remained elevated in Q1 2026, with equity-linked issuance reaching approximately $59B vs. $45B in Q1 2025 (+14% YoY). Autocallables remained the most widely used payoff structure, representing ~60% of issuance.

Equity markets experienced broad-based weakness in March, with increased volatility driven by geopolitical tensions, rate uncertainty, and growth concerns. The S&P 500 TR Index declined -4.98% during the month.

ATCL returned -3.15% in March, outperforming the S&P 500 TR Index and capturing approximately 63% of the market downside. This relative performance was primarily driven by the portfolio’s current positioning, with a weighted average mark-to-market level of 92.89%, contributing to lower equity sensitivity during the period, along with the ongoing accrual of coupon income within the portfolio.

Portfolio positioning remains constructive, with all positions currently above their coupon barriers, supporting full coupon eligibility across the portfolio.

ATCL paid its first distribution in March, with an annualized distribution rate of 13.81%, of which 91.1% was estimated as Return of Capital.

Portfolio Highlights

Performance Summary

March: 3/1 – 3/31/26  •  Since Inception: 2/18 – 3/31/26

Data as of 3/31/26. Source: Bloomberg. Daily total returns. Inception: February 18, 2026. Past performance is not indicative of future results.

Important Information

The Fund enters into swap agreements with RBC to obtain exposure to the Bloomberg US Large Cap VolMax Autocallable Total Return Index. RBC is not an advisor, promoter, in any way affiliated with the Fund and has no responsibility for the Fund’s performance, marketing, or trading, or any responsibility regarding the suitability of the Fund as an investment.

Investing in the Fund 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 in the Fund.

An investor should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The Fund’s prospectus and summary prospectus contain this and other information about REX Shares. To obtain the Fund’s prospectus and summary prospectus call 1-844-802-4004. The Fund’s prospectus and summary prospectus should be read carefully before investing.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH THE BLOOMBERG US LARGE CAP VOLMAX AUTOCALLABLE TOTAL RETURN INDEX, THE BLOOMBERG US LARGE CAP VOLMAX INDEX, THE BLOOMBERG US LARGE CAP TOTAL RETURN INDEX, OR BLOOMBERG LP.

Autocallable Structure Risk. The Fund’s returns are linked to a structured autocallable index, which may limit upside participation and expose investors to complex payoff patterns that differ from direct investments in the underlying securities.

Barrier Risk. If the underlying reference index breaches specified barrier levels, principal and income protections may be reduced or lost, potentially resulting in significant losses of invested capital.

Coupon/Contingent Income Risk. Coupon payments are contingent on barrier conditions being met and are not guaranteed; in unfavorable market environments, investors may receive little or no income.

Early Redemption Risk. Autocallable features can cause positions to be redeemed early in rising markets, forcing reinvestment at potentially lower yields and limiting participation in continued market gains.

Market Risk. The value of the Fund will fluctuate with overall market conditions and the performance of the underlying reference index, and investors could lose money, including principal.

Volatility Target Index Risk. The volatility-targeted reference index may underperform traditional equity indices because of its leverage caps, volatility adjustment mechanism, and embedded financing or cost overlays.

Active Management Risk. The Fund’s performance depends on the investment decisions and risk management techniques of the adviser, which may not achieve the intended results and could cause the Fund to underperform.

Liquidity Risk. Certain instruments, including derivatives referencing structured notes or indices, may become difficult or costly to trade, which can impact pricing, portfolio management, and the ability to meet redemptions.

Derivatives Risk. The Fund’s use of derivatives may magnify gains and losses, introduce leverage, and create exposure to valuation, correlation, and operational risks that can adversely affect performance.

Options Contracts Risk. Options can expire worthless, are sensitive to changes in volatility, time decay, and the price of the underlying asset, and may be less liquid than other securities.

New Fund Risk. Because the Fund is newly formed, it has a limited operating history and there can be no assurance that it will be successful in implementing its investment strategy.

Underlying Reference Index and Volatility Targeting Risk. Performance depends on the Bloomberg US Large Cap VolMax Index (or any successor index), which applies volatility targeting, financing charges and other adjustments that may cause it to underperform the underlying equity index.

Equity Market Risk. The value of the Fund may fluctuate in response to stock market moves, and equity markets can decline rapidly and unpredictably.

Debt Securities and U.S. Treasury Risk. Investments in U.S. Treasuries and other debt used as collateral are subject to interest-rate, credit, prepayment and liquidity risk, which can negatively impact the Fund.

Non-Diversification Risk. As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers or strategies, increasing the impact of any single position or market event on performance.

Concentration Risk. To the extent the Fund concentrates its investments in specific sectors, asset classes, or strategies, it is more vulnerable to conditions and events that adversely affect those areas.

Counterparty Risk. The Fund is exposed to the creditworthiness of swap, options, and other transaction counterparties, and could incur losses if a counterparty fails to meet its obligations.

Cyber Security Risk. The Fund and its service providers may be adversely affected by cyber-attacks or other information security events that could result in financial loss, business disruption, or unauthorized access to confidential information.

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