Autocallable Archives - REX Shares

Q: What are the three barriers on an autocallable contract?

The coupon barrier sits at 60 percent of the reference level at strike and governs whether the coupon is paid. The risk barrier sits at 50 percent and is assessed only at final maturity to determine principal treatment. The autocall barrier sits at 100 percent and triggers early closure of the contract after a one year non callable period.

Q: What coupon do the contracts pay?

Each contract's coupon is set at 10 percent plus the prevailing SOFR at the contract's start, accrued and observed monthly. SOFR is the Secured Overnight Financing Rate, a benchmark short-term interest rate. Coupon payments are not guaranteed.

REX Autocallable Income ETF (ATCL) August Commentary

Fri, 25 Sep 2026 14:51:40 +0000

Key Highlights

August at a glance

Income

13.64%Distribution Rate

2.80%30-Day SEC Yield

August Distribution: 1.14%

August Performance

1.07%ATCL

2.72%S&P 500 TR Index

Since Inception Performance

5.16%ATCL

12.38%S&P 500 TR Index

2/18 – 8/31/26

Since Inception Annualized Volatility

6.93%ATCL

13.85%S&P 500 TR Index

Since Inception Beta~0.4to S&P 500 TR Index

Since Inception Upside Capture39%of S&P 500 TR Index

Since Inception Downside Capture~38%of S&P 500 TR Index

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 8/31/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

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 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. 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, which can be located on the Fund’s website, regarding the composition of distributions, including return of capital. Final determination of a distribution’s tax character will be made on Form 1099 DIV.

Beta measures the sensitivity of a fund’s returns relative to a benchmark index.

Upside Capture measures how much of a benchmark’s positive returns a fund participates in during periods when the benchmark rises.

Downside Capture measures how much of a benchmark’s negative returns a fund participates in during periods when the benchmark declines.

Annualized volatility is calculated by taking the standard deviation of the fund’s weekly returns, a statistical measure of how widely those returns have varied around their average, and scaling it to an annual figure.

Commentary

What happened in August

Equity markets continued to grind higher in August, with the S&P 500 TR Index returning 2.72%. ATCL gained 1.07%, participating in the advance while maintaining its low volatility profile (6.93% annualized since inception, versus 13.85% for the S&P 500 TR).

ATCL’s defensive profile remained on display: across the 63 negative S&P 500 sessions since inception, ATCL captured just 38% of the market’s down-day losses, consistent with its ~0.4 beta.

Income generation remained fully intact: all 251 live positions sit above their coupon barriers (100% coupon eligible), no positions carry principal at risk, and the weighted average coupon stands at 13.89%.

ATCL paid a 1.14% distribution in August, bringing its annualized distribution rate to 13.64%, with a 30-Day SEC Yield of 2.80%. The portfolio continues to support the Fund’s primary objective of delivering high monthly income.

The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

Bloomberg US Large Cap VolMax Autocallable Index aims to reflect the performance of a systematic laddered portfolio of autocallable derivative positions referencing the Bloomberg US Large Cap VolMax Index.

Portfolio Highlights

Inside the portfolio

Live Autocallables	251
Weighted Avg. Coupon	13.89%
Weighted Avg. MTM Discount	97.94%
% Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Live Autocallables: shows how many autocallables are still outstanding and have not yet been called or matured.

Weighted Avg. Coupon: Shows the weighted average yearly coupon currently paid across all active autocallables. Distribution percentage shown is preliminary. The final distribution amount will be set by the fund manager.

Weighted Avg. MTM Discount: Shows the average current market price of live autocallables as a percentage of par (100%), weighted by position size.

% Above Coupon Barrier: Shows the percentage of live autocallables currently trading above their coupon barrier, the level that must hold for coupon eligibility.

Autocallables with Principal at Risk: Shows number of autocallables currently below maturity barriers and with one year or less until maturity.

Performance

Since Inception Cumulative Return

Data as of 8/31/26. Source: Bloomberg. Daily total returns. Inception: February 18, 2026. Past performance is not indicative of future results. SPXT refers to S&P 500 TR Index. The Fund’s gross expense ratio is 0.74%.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1-844-802-4004 or visit the Fund’s website at www.rexshares.com/atcl.

Explore ATCL

Visit the ATCL Fund Page

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.

This information must be preceded or accompanied by a prospectus. Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. Please read the prospectuses carefully before you invest. Investments involve risk. Principal loss is possible. For ATCL prospectus, click here.

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.

The post REX Autocallable Income ETF (ATCL) August Commentary appeared first on REX Shares.

REX Autocallable Income ETF (ATCL) July Commentary

Fri, 14 Aug 2026 19:28:04 +0000

Key Highlights

July Distribution	1.13%
Distribution Rate	13.59%
30-Day SEC Yield	2.88%
July Performance	ATCL: 0.37% \| S&P 500 TR Index: -0.06%
Since Inception Performance (2/18 to 7/31/26)	ATCL: 4.05% \| S&P 500 TR Index: 9.40%
Since Inception Beta to S&P 500 TR Index	~0.5
Since Inception Upside Capture	~41% of S&P 500 TR Index
Since Inception Downside Capture	~40% of S&P 500 TR Index
Since Inception Annualized Volatility	ATCL: 7.56% \| S&P 500 TR Index: 14.24%

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 7/31/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Beta measures the sensitivity of a fund’s returns relative to a benchmark index.

Upside Capture measures how much of a benchmark’s positive returns a fund participates in during periods when the benchmark rises.

Downside Capture measures how much of a benchmark’s negative returns a fund participates in during periods when the benchmark declines.

Commentary

Equity markets were roughly flat in July, with the S&P 500 TR Index slipping -0.06% as the market consolidated following the spring rally. ATCL gained 0.37%, marking another month of outperformance versus the broad market, illustrating how coupon accrual can help offset modest equity market weakness.

Over the trailing three months, ATCL showed substantially lower annualized volatility than S&P 500 TR (1.72% vs 10.92%).

The portfolio’s weighted average mark-to-market level ended July at 96.45%, up from 95.38% reflecting the pricing of notes relative to the approximately 7.17% gain in the Bloomberg U.S. Large Cap VolMax Index (BMAXUS).

Income generation remained fully intact: all 251 positions ended July above their coupon barriers, no positions carry principal at risk, and the weighted average coupon sits at 14.05%.

The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

Portfolio Highlights

Live Autocallables	251
Weighted Avg. Coupon	14.05%
Weighted Avg. MTM Discount	96.45%
% Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Live Autocallables: shows how many autocallables are still outstanding and have not yet been called or matured.

Weighted Avg. MTM Discount: Shows the average current market price of live autocallables as a percentage of par (100%), weighted by position size.

% Above Coupon Barrier: Shows the percentage of live autocallables currently trading above their coupon barrier, the level that must hold for coupon eligibility.

Autocallables with Principal at Risk: Shows number of autocallables currently below maturity barriers and with one year or less until maturity.

Performance Summary

July: 7/1 – 7/31/26 • Since Inception: 2/18 – 7/31/26 • Fund total returns shown at NAV

Ticker	Fund Name	July	Since Inception
ATCL	REX Autocallable Income ETF (NAV)	0.37%	4.05%
SPXT	S&P 500 Total Return Index	-0.06%	9.40%

For current standardized performance, click here.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent Standardized Performance and month-end performance, please call 1-844-802-4004.

The Fund’s gross expense ratio is 0.74%.

Since Inception Cumulative Return (NAV Total Return)

Since inception (2/18/26 to 7/31/26) cumulative NAV total return: ATCL 4.05%, S&P 500 Total Return Index 9.40%. Enable JavaScript to view the interactive chart.

Data as of 7/31/26. Source: Bloomberg. Daily NAV total returns. Inception: February 18, 2026. Past performance is not indicative of future results. SPXT refers to S&P 500 TR Index.

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.

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.

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.

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

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.

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

The post REX Autocallable Income ETF (ATCL) July Commentary appeared first on REX Shares.

REX Expands Autocallable Lineup with Defensive Autocallable Income ETF

Thu, 13 Aug 2026 01:00:43 +0000

DACL seeks to deliver a consistent, outcome-oriented income experience with a defensive, buffered downside profile through a transparent ETF structure. RBC Capital Markets will serve as swap provider for DACL

August 12, 2026 — REX Shares (“REX”), a leading innovator in alternative exchange-traded funds (ETFs), today announced the launch of the REX Defensive Autocallable Income ETF (Ticker: DACL). The ETF and other REX ETFs are supported by CAIS, the leading alternative investment platform for independent financial advisors, which will serve as a platform and marketing partner and Bloomberg Index Services Limited (“Bloomberg Indices”), which supplies the underlying index. RBC Capital Markets, a global financial services company, will serve as swap provider for the ETF.

Demand for outcome-oriented income strategies continues to rise, particularly among investors who want an income profile with more defensive downside characteristics. DACL is designed to provide rules-based, income-focused exposure that does not rely on traditional credit exposure or extended duration. The fund utilizes the Bloomberg US Large Cap VolMax Defensive Autocallable Total Return Index, seeking to reflect the performance of a systematic laddered portfolio of autocallable derivative positions. DACL seeks to deliver consistent income while providing buffered downside protection and maintaining exposure to broad equities.

DACL seeks to target a distribution of approximately SOFR plus 3% and is engineered with a defensive downside profile. Where a traditional barrier structure can impair principal in line with the full index decline once a barrier is breached, DACL uses a 50% Risk Buffer with a 200% Gearing Factor that applies only to declines beyond the buffer, observed at each position’s final maturity if it has not previously autocalled. Distributions are a target, are not guaranteed, and may vary or be zero.

“With DACL, we are extending our autocallable income platform to investors who want a more defensive posture,” said Greg King, CEO and Founder of REX Shares. “The strategy pairs a systematic, daily laddered autocallable portfolio with a buffered downside profile, pursuing consistent income within a well-defined risk framework.”

DACL offers daily liquidity, transparency, and operational efficiency for income-focused portfolios. REX manages the strategy, bringing its outcome-oriented design expertise, while CAIS serves as a core partner supporting advisor education and access.

To learn more about DACL, please visit: www.rexshares.com/dacl. To learn more about ETFs on CAIS, visit: www.caisgroup.com/investment-solutions/etfs

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About REX

REX Shares offers a suite of exchange-traded products built for both active traders and long-term investors, spanning income, crypto, thematic, and leveraged strategies. Whether making short-term trades, generating income from volatility, or investing in digital assets and emerging themes like drones, REX empowers investors to act on strong market views.

For More information, please visit rexshares.com

RBC is acting solely as the counterparty to the swaps for the ETF, providing exposure to the Bloomberg US Large Cap VolMax Defensive Autocallable Total Return Index. RBC is not a sponsor, advisor, or promoter of or for, or in any way affiliated with the ETF and has no responsibility for the ETF’s performance, marketing, or trading, or any responsibility regarding the suitability of the ETF as an investment.

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About CAIS

CAIS is the leading alternative investment platform for independent financial advisors. The CAIS platform powers the pre-trade, trade, and post-trade lifecycle of alternative investments and capital market strategies providing financial advisors and alternative asset managers with a single operating system for scale and efficiency.

CAIS serves over 2,000 wealth management firms that support more than 62,000 financial advisors who oversee approximately $7.5 trillion in end-client assets. Founded in 2009, CAIS is headquartered in New York City with offices in Austin, TX; London; and Red Bank, NJ.

CAIS continues to be recognized for its innovation and leadership including awards for Alternative Investment Firm of the Year by Wealth Solutions Report, WealthTech100 List by Fintech Global, Great Places to Work by Fortune, Best RIA Platform by SPi, Best Alternative Investments Solution by Finovate,

For more information about CAIS, please visit www.caisgroup.com.

Securities offered through CAIS Capital LLC, member FINRA, SIPC.

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Contacts

For Rex Shares
Gregory FCA
rexfin@gregoryfca.com

For CAIS
Prosek Partners
pro-CAISPR@Prosek.com

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Important Information

“Bloomberg®” and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Index (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to REX ADVISERS LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third-party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.

Investors should consider the investment objectives, risk, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the REX Defensive Autocallable Income ETF please call 1-844-802-4004 or visit rexshares.com. Read the prospectus and summary prospectus carefully before investing.

The REX Defensive Autocallable Income ETF (the “Fund”) is a series of REX ETF Trust and is an exchange traded fund. Shares of the Fund are bought and sold at market price (not net asset value) and are not individually redeemed from the Fund. Brokerage commissions and bid-ask spreads will reduce returns.

Investing involves risk, including the possible loss of principal. The Fund seeks to generate income and provide a buffered downside profile through exposure to a rules-based index of synthetic autocallable yield notes (the “Autocallable Index”) obtained primarily through total return swap agreements. The Fund does not invest directly in the Autocallable Index and does not provide principal protection. The Fund is subject to risks associated with the Autocallable Index methodology, buffer, gearing, and coupon features, equity market volatility, derivatives and counterparty exposure, U.S. Treasury and other debt securities, liquidity, and the Fund’s non-diversified status, among other risks described in the Prospectus. There is no guarantee the Fund will achieve its investment objective or that distributions will be maintained.

The Fund, its investment adviser REX Advisers, LLC, and its distributor do not provide tax, legal, or investment advice. Investors should consult a financial professional regarding an investment in the Fund and should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. The Prospectus and Summary Prospectus contain this and other important information and may be obtained by visiting rexshares.com/dacl or calling 1-844-802-4004. Read the Prospectus and Summary Prospectus carefully before investing.

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

Definitions. Duration is a measure of the sensitivity of a debt security, or a portfolio of debt securities, to changes in interest rates, expressed in years. A longer duration generally indicates greater price sensitivity to interest rate movements. Gearing Factor refers to the multiplier applied to any decline in the underlying reference index beyond the Risk Buffer, measured at a position’s final maturity if the position has not previously autocalled. For example, a 200% Gearing Factor means that each 1% of decline beyond the 50% Risk Buffer reduces principal on that position by 2%, such that a decline of 100% in the underlying reference index would result in a total loss of principal on that position 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.

Buffered Downside and Gearing Risk. The Fund’s downside profile relies on a Risk Buffer and a Gearing Factor at each position’s final maturity. If the underlying reference index finishes below the Risk Buffer, principal on that position is reduced by the decline beyond the buffer multiplied by the Gearing Factor, which magnifies losses in that range and can result in significant loss of invested capital.

Barrier and Coupon Risk. If the underlying reference index breaches the coupon barrier or falls below the Risk Buffer, income and principal protections may be reduced or lost.

Swap Agreements Risk. The Fund may utilize swap agreements to derive its exposure to shares of the underlying reference asset. Swap agreements may involve greater risks than direct investment in securities as they may be leveraged and are subject to credit risk, counterparty risk and valuation risk.

Distribution Risk. As part of the Fund’s investment objectives, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution at any given time. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

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.

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.

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

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.

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

The post REX Expands Autocallable Lineup with Defensive Autocallable Income ETF appeared first on REX Shares.

REX Autocallable Income ETF (ATCL) June Commentary

Wed, 15 Jul 2026 14:48:27 +0000

Key Highlights

June Distribution	1.14%
Distribution Rate	13.65%
30-Day SEC Yield	2.83%
June Performance	ATCL: 0.19% \| SPXT: -0.95%
Since Inception Performance (2/18 to 6/30/26)	ATCL: 3.67% \| SPXT: 9.47%
Since Inception Beta to S&P 500 TR	~0.5
Since Inception Upside Capture	~42% of S&P 500 TR Index
Since Inception Downside Capture	~45% of S&P 500 TR Index
Since Inception Annualized Volatility	ATCL: 8.3% \| SPXT: 15.2%

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 6/30/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Beta measures the sensitivity of a fund’s returns relative to a benchmark index.

Upside Capture measures how much of a benchmark’s positive returns a fund participates in during periods when the benchmark rises.

Downside Capture measures how much of a benchmark’s negative returns a fund participates in during periods when the benchmark declines.

Commentary

Structured product issuance remained elevated in June, with equity-linked issuance totaling $18.1B, up 51% year-over-year.

Equity markets paused in June after two months of strong gains, with the S&P 500 TR slipping -0.95% as the post-April rally slowed. ATCL gained 0.19% making it the second month of outperformance versus the broad market since inception, illustrating how coupon accrual can help offset modest equity market weakness.

Over the trailing three months, ATCL showed substantially lower realized volatility than the S&P 500 TR (5.4% vs. 13.9%).

The portfolio’s weighted average mark-to-market level ended June at 95.38%, down from 96.47% reflecting the pricing of notes relative to approximately 7% decline in the Bloomberg U.S. Large Cap VolMax Index (BMAXUS).

Income generation remained fully intact: all 254 positions ended June above their coupon barriers, no positions carry principal at risk, and the weighted average coupon sits at 14.23%.

The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

Portfolio Highlights

Live Autocallables	254
Weighted Avg. Coupon	14.23%
Weighted Avg. MTM Discount	95.38%
% Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Live Autocallables: shows how many autocallables are still outstanding and have not yet been called or matured.

Weighted Avg. Coupon: Shows the weighted average yearly coupon currently paid across all active autocallables. Distribution percentage shown is preliminary. The final distribution amount will be set by the fund manager.

Weighted Avg. MTM Discount: Shows the average current market price of live autocallables as a percentage of par (100%), weighted by position size.

% Above Coupon Barrier: Shows the percentage of live autocallables currently trading above their coupon barrier, the level that must hold for coupon eligibility.

Autocallables with Principal at Risk: Shows number of autocallables currently below maturity barriers and with one year or less until maturity.

Performance Summary

June: 6/1 to 6/30/26 | Since Inception: 2/18 to 6/30/26

Ticker	Fund Name	June	Since Inception
ATCL	REX Autocallable Income ETF (NAV Total Return)	0.19%	3.67%
SPXT	S&P 500 Total Return Index	-0.95%	9.47%

For current standardized performance, click here.

The Fund’s gross expense ratio is 0.74%.

Since Inception Cumulative Return (NAV Total Return)

Since inception (2/18/26 to 6/30/26) cumulative NAV total return: ATCL 3.67%, S&P 500 Total Return Index 9.47%. Enable JavaScript to view the interactive chart.

Data as of 6/30/26. Source: Bloomberg. Daily NAV total returns. Inception: February 18, 2026. Past performance is not indicative of future results.

Important Information

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.

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.

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.

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

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.

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

The post REX Autocallable Income ETF (ATCL) June Commentary appeared first on REX Shares.

REX Autocallable Income ETF (ATCL) May Commentary

Tue, 23 Jun 2026 15:52:04 +0000

REX Autocallable Income ETF (ATCL)

May Recap: Autocalls Reset the Ladder, Coupons Hold

Key Highlights

May Distribution: 1.13%
Distribution Rate: 13.57%
30-Day SEC Yield: 2.81%
May Performance: ATCL: 1.23% | SPXT: 5.26%
Since Inception Performance (2/18 – 5/29/26): ATCL: 3.47% | SPXT: 10.52%
Since Inception Beta to S&P 500 TR: ~0.6
Since Inception Upside Capture: ~48% of S&P 500 TR Index
Since Inception Downside Capture: ~66% of S&P 500 TR Index
Since Inception Annualized Volatility: ATCL: 9.7% | SPXT: 15.8%

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 5/31/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Beta measures the sensitivity of a fund’s returns relative to a benchmark index.

Upside Capture measures how much of a benchmark’s positive returns a fund participates in during periods when the benchmark rises.

Downside Capture measures how much of a benchmark’s negative returns a fund participates in during periods when the benchmark declines.

Commentary

Structured product issuance remained elevated in May, with equity-linked issuance totaling $18.9B, up 67% year-over-year.
Equity markets extended their recovery in May, with the S&P 500 TR Index returning 5.26% as post-ceasefire momentum continued and volatility normalized from April’s elevated levels.
ATCL returned +1.23% in May. With the portfolio’s weighted average mark-to-market level holding near par (96.47%), upside participation naturally moderates — notes trading close to their par value have limited room for further price appreciation, and returns are increasingly driven by coupon accrual rather than mark-to-market gains.
ATCL’s defensive profile remained evident: since-inception annualized volatility was 9.7%, well below the S&P 500 TR Index’s 15.8%, reflecting the strategy’s lower beta and structured payoff.
The rally triggered meaningful autocall activity: live autocallables declined from 287 to 256, with roughly 30 notes redeemed early at par. In the synthetic portfolio, proceeds were reinvested into new notes struck at current index levels, refreshing the portfolio’s coupon barriers and resetting income generation — the laddered structure working as designed.
Portfolio positioning remains constructive, with all positions above their coupon barriers, supporting full coupon eligibility across the portfolio. The weighted average coupon held steady at 14.24%.
ATCL paid its third distribution in May, with an annualized distribution rate of 13.57%, of which 81.3% was estimated as Return of Capital.

The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

Portfolio Highlights

Live Autocallables	256
Weighted Avg. Coupon	14.24%
Weighted Avg. MTM Discount	96.47%
% Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Live Autocallables: shows how many autocallables are still outstanding and have not yet been called or matured.

Weighted Avg. MTM Discount: Shows the average current market price of live autocallables as a percentage of par (100%), weighted by position size.

% Above Coupon Barrier: Shows the percentage of live autocallables currently trading above their coupon barrier, the level that must hold for coupon eligibility.

Autocallables with Principal at Risk: Shows number of autocallables currently below maturity barriers and with one year or less until maturity.

Performance Summary

May: 5/1 – 5/29/26 • Since Inception: 2/18 – 5/29/26 (ATCL inception: 2/18/26)

Ticker	Fund Name	May	Since Inception
ATCL	REX Autocallable Income ETF (NAV)	1.23%	3.47%
SPXT	S&P 500 Total Return Index	5.26%	10.52%

For current standardized performance, click here.

The Fund’s gross expense ratio is 0.74%.

Since Inception Cumulative Return

Data as of 5/29/26. Source: Bloomberg. Daily total returns. Inception: February 18, 2026. Past performance is not indicative of future results.

Important Information

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.

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.

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.

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

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.

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

The post REX Autocallable Income ETF (ATCL) May Commentary appeared first on REX Shares.

REX Autocallable Income ETF (ATCL) April 2026 Commentary

Thu, 14 May 2026 17:53:47 +0000

REX Autocallable Income ETF (ATCL)

April Recap: Half the Market’s Volatility, Coupons Intact

Key Highlights

April Distribution: 1.13%
Distribution Rate: 13.60%
30-Day SEC Yield: 2.71%
April Performance: ATCL: 5.26% | SPXT: 10.49%
Since Inception Performance (2/18 – 4/30/26): ATCL: 2.22% | SPXT: 4.99%
Since Inception Beta to S&P 500 TR: ~0.7
Since Inception Upside Capture: ~60% of S&P 500 TR Index
Since Inception Downside Capture: ~65% of S&P 500 TR Index

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 4/30/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Beta measures the sensitivity of a fund’s returns relative to a benchmark index.

Upside Capture measures how much of a benchmark’s positive returns a fund participates in during periods when the benchmark rises.

Downside Capture measures how much of a benchmark’s negative returns a fund participates in during periods when the benchmark declines.

Commentary

Structured product issuance remained elevated in April, with equity-linked issuance totaling $18B, up 25% year-over-year.
Equity markets rallied sharply in April, with the S&P 500 TR Index returning 10.49%, as the April 8 US-Iran ceasefire agreement triggered a broad relief rally. Markets appear to be pricing in an eventual normalization of Strait of Hormuz shipping traffic.
ATCL returned +5.26% in April, delivering strong absolute performance with annualized volatility of just 6.01% — roughly half that of the S&P 500 TR Index (11.72%). The portfolio’s weighted average mark-to-market level rose to 96% from 93% in March, supported by the rally in equity markets. Coupon accrual across the portfolio continues to contribute to total returns.
Portfolio positioning remains constructive, with all positions currently above their coupon barriers, supporting full coupon eligibility across the portfolio.
ATCL paid its second distribution in April, with an annualized distribution rate of 13.60%, of which 87.1% was estimated as Return of Capital.

The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

Portfolio Highlights

Live Autocallables	287
Weighted Avg. Coupon	14.26%
Weighted Avg. MTM Discount	96.42%
% Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Live Autocallables: shows how many autocallables are still outstanding and have not yet been called or matured.

Weighted Avg. MTM Discount: Shows the average current market price of live autocallables as a percentage of par (100%), weighted by position size.

Autocallables with Principal at Risk: Shows number of autocallables currently below maturity barriers and with one year or less until maturity.

Performance Summary

April: 4/1 – 4/30/26 • Since Inception: 2/18 – 4/30/26 (ATCL inception: 2/18/26)

Ticker	Fund Name	April	Since Inception
ATCL	REX Autocallable Income ETF (NAV)	5.26%	2.22%
SPXT	S&P 500 Total Return Index	10.49%	4.99%

For current standardized performance, click here.

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.

The Fund’s gross expense ratio is 0.74%.

Since Inception Cumulative Return

Data as of 4/30/26. Source: Bloomberg. Daily total returns. Inception: February 18, 2026. Past performance is not indicative of future results.

Important Information

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.

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.

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.

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

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.

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

The post REX Autocallable Income ETF (ATCL) April 2026 Commentary appeared first on REX Shares.

Autocallables in an ETF: A Look at How ATCL Seeks to Generate Monthly Income

Wed, 13 May 2026 14:07:25 +0000

An autocallable ETF is an exchange-traded fund that seeks income from equity-linked contracts whose coupons depend on where a reference index sits relative to predefined barriers, rather than on credit spreads. Autocallable contracts have long been a tool for income-oriented portfolios, but they have typically reached investors as individually issued structured notes, which often carry high minimums and issuer-by-issuer terms. The REX Autocallable Income ETF (ATCL) takes the autocallable approach and delivers it inside an exchange-traded fund.

This post walks through what an autocallable is, how ATCL builds exposure to them, and how the ETF format compares to the traditional structured-note route.

Key Takeaways

An autocallable pays a coupon contingent on a reference index staying above a barrier, not on credit spreads.
Three thresholds define each contract: a 60% coupon barrier, a 50% risk barrier assessed only at maturity, and a 100% autocall barrier.
ATCL seeks exposure through unfunded total return swaps to a synthetic index of autocallable contracts, not by buying notes directly.
The index is a daily ladder holding between 252 and 1,260 live contracts, with no contract above 2.5% of the index.
The ETF format changes access, liquidity, tax reporting, and maturity relative to a note. It is not principal protected.

What Is an Autocallable?

An autocallable is an equity-linked contract that seeks to generate income by referencing the performance of an equity index against a set of predefined barriers. Rather than paying a coupon tied to credit spreads, an autocallable pays a coupon contingent on where the reference index sits relative to those barriers on each observation date.

ATCL’s exposure references a synthetic index of autocallable contracts built on the Bloomberg US Large Cap VolMax Index, a volatility-targeted version of a U.S. large-cap equity benchmark. Each contract in the index carries three thresholds, all set at the start of the contract.

Threshold	Level at strike	When assessed	What happens
Coupon Barrier	60%	Each observation period	The contract pays its coupon as long as the reference index stays at or above 60% of its level at the contract’s start. If the index falls below that barrier, the coupon for that period is paused; it can resume if the index recovers.
Risk Barrier	50%	Once, at final maturity	If the index closes at or above 50% of its starting level at maturity, principal is returned. If it closes below, principal is reduced one-for-one with the index decline.
Autocall Barrier	100%	Each observation date after year one	After a one-year non-callable period, if the index meets or exceeds its starting level on an observation date, the contract is called: the coupon for that period is paid and the contract closes early.

Each contract’s coupon is set at 10% plus the prevailing SOFR (the Secured Overnight Financing Rate, a benchmark short-term interest rate) at the contract’s start, accrued and observed monthly.

One point matters when reading those barriers: the reference index targets a 40% volatility level and may employ leverage, so it can rise and fall substantially more than the broad U.S. equity market. A 40% or 50% decline in the volatility-targeted reference index is not equivalent to the same decline in the broad market. The barriers mitigate downside exposure; they do not eliminate it, and ATCL is not principal protected.

How ATCL Builds Its Exposure

ATCL does not buy autocallable notes directly, and it does not attempt to track the autocallable index. The Fund seeks exposure, through unfunded total return swap agreements, to a synthetic index of autocallable contracts referencing the volatility-targeted U.S. large-cap index described above. The Fund’s portfolio is principally those swap agreements, short-dated U.S. Treasuries, and cash-equivalent collateral.

The Daily Ladder

The synthetic index is structured as a daily ladder. A new autocallable contract is added each trading day, so at any given time the index holds between 252 and 1,260 live contracts, with no single contract permitted to exceed 2.5% of the index. That daily-laddered design spreads entry timing across hundreds of points rather than concentrating it at one issuance date, which is a structural difference from holding a single note.

The Fund’s Objective

The Fund’s investment objective, stated in its prospectus, is to “generate high monthly income while providing reduced downside risk through exposure to the Bloomberg US Large Cap VolMax Autocallable Index.” Coupons collected within the index are reinvested pro rata, and the Fund seeks to distribute income to shareholders monthly. There is no assurance the Fund will achieve its objective, and coupon payments and distributions are not guaranteed.

The ETF Format vs. Individually Issued Notes

Investors have historically accessed autocallable exposure through structured notes issued one at a time by a bank. The ETF format changes several practical dimensions of that access. The table below sets out material differences between the two; the comparison is to the note format, not to any specific competing product.

Dimension	Individually issued structured notes	ATCL (ETF)
Access	Often carry high minimums	No investment minimum beyond one share
Diversification	Exposure concentrated at a single issuance date	Exposure spread across 252 to 1,260 live contracts in the index
Liquidity	Determined by the issuer and secondary market	Intraday exchange liquidity; shares trade at market prices that may differ from NAV
Tax reporting	Varies by structure and issuer	Form 1099 reporting; no K-1s
Maturity	Defined maturity with par repayment terms if held to maturity	No maturity date; share value fluctuates daily
Costs	Fees and structuring costs are embedded in the note	0.65% net expense ratio (0.74% gross, with a contractual fee waiver through February 12, 2027); swap costs are an indirect expense not reflected in the expense ratio
Credit / counterparty exposure	An unsecured obligation of the issuing bank, subject to that issuer’s credit risk	Carries swap counterparty risk concentrated in a single counterparty, plus market risk

Each format carries its own trade-offs. A note offers customized terms and a defined maturity with par repayment if held to maturity and not impaired; the ETF offers diversified, intraday-liquid exposure without a maturity date. Material differences include, but may not be limited to, those listed above.

Tax Treatment and Return of Capital

A portion of ATCL’s distributions has been classified as return of capital (ROC). ATCL’s March 18, 2026 distribution of $0.2798 per share was an estimated 91.1% ($0.2548) return of capital and 8.9% ($0.0250) net investment income. ROC is a tax classification, not a measure of investment return, and the classification is an estimate that is subject to change.

When a distribution is classified as ROC, it is generally not taxed as income in the year received. Instead, it reduces the investor’s cost basis in the Fund, deferring the tax event until shares are sold. If shares are held more than a year, the deferred gain may be taxed at long-term capital gains rates, and a step-up in basis at death may further reduce the deferred liability. ROC also reduces the Fund’s NAV (net asset value) over time.

This is general information, not tax advice. The character of any distribution is finalized on Form 1099-DIV, and investors should consult a qualified tax professional about their specific circumstances.

What This Means for Income Allocators

ATCL packages autocallable exposure, historically delivered through individually issued notes, inside a 1099-reporting, intraday-liquid ETF with no investment minimum. Income is sought from a daily-laddered index of contracts that reference a volatility-targeted U.S. large-cap index, with coupons contingent on predefined barriers rather than on credit spreads. The current annualized Distribution Rate is 13.65%* (as of 06/15/2026) and the 30-Day SEC Yield is 2.81%** (as of 05/31/2026). ATCL’s cumulative total return since inception was −2.73% (NAV) and −3.02% (market price), as of 3/31/2026.

The structure carries meaningful risks, including the autocallable structure itself, swap counterparty exposure, and the absence of principal protection. For allocators evaluating income-oriented equity exposure, full fund details and disclosure documents are available at REXShares.com/ATCL.

Frequently Asked Questions About Autocallable ETFs

Short answers to the questions that come up most often about autocallable contracts, ATCL’s structure, and how the ETF format differs from a note.

What is an autocallable?

An autocallable is an equity-linked contract that seeks to generate income by referencing the performance of an equity index against a set of predefined barriers. Instead of paying a coupon tied to credit spreads, it pays a coupon contingent on where the reference index sits relative to those barriers on each observation date.

How does ATCL get its autocallable exposure?

ATCL does not buy autocallable notes directly and does not attempt to track the autocallable index. The Fund seeks exposure through unfunded total return swap agreements to a synthetic index of autocallable contracts. The portfolio is principally those swap agreements, short-dated U.S. Treasuries, and cash-equivalent collateral.

What are the three barriers on an autocallable contract?

The coupon barrier sits at 60% of the reference level at strike and governs whether the coupon is paid. The risk barrier sits at 50% and is assessed only at final maturity to determine principal treatment. The autocall barrier sits at 100% and closes the contract early after a one-year non-callable period.

What coupon do the contracts pay?

Each contract’s coupon is set at 10% plus the prevailing SOFR at the contract’s start, accrued and observed monthly. SOFR is the Secured Overnight Financing Rate, a benchmark short-term interest rate. Coupon payments are not guaranteed.

How is an autocallable ETF different from a structured note?

A note is an unsecured obligation of the issuing bank with a defined maturity, customized terms, and often a high minimum. The ETF has no investment minimum beyond one share, spreads exposure across hundreds of live contracts in the index, trades intraday, reports on Form 1099, and has no maturity date. Each format carries its own trade-offs.

Does ATCL have a maturity date?

No. Unlike an individually issued note, the ETF has no maturity date and no par repayment terms. Share value fluctuates daily, and shares trade at market prices that may differ from net asset value.

Why is part of ATCL's distribution classified as return of capital?

Return of capital is a tax classification, not a measure of investment return. A distribution classified this way is generally not taxed as income in the year received; it reduces the investor’s cost basis and defers the tax event until shares are sold. It also reduces the Fund’s NAV over time. The classification is an estimate and is finalized on Form 1099-DIV.

Is ATCL principal protected?

No. The barriers mitigate downside exposure but do not eliminate it. If the reference index closes below the 50% risk barrier at a contract’s maturity, principal is reduced one-for-one with the decline. The reference index also targets a 40% volatility level and may employ leverage, so it can rise and fall substantially more than the broad U.S. equity market.

This material must be preceded or accompanied by a prospectus. For the ATCL prospectus, please visit REXShares.com/ATCL. Read the prospectus carefully before investing.

Fund Objective, ATCL: “The Fund seeks to generate high monthly income while providing reduced downside risk through exposure to the Bloomberg US Large Cap VolMax Autocallable Index (the ‘Autocallable Index’).”

*Distribution Rate as of 06/15/2026: The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution 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. 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, located on the Fund’s website, regarding the composition of distributions, including return of capital. Final determination of a distribution’s tax character will be made on Form 1099-DIV.

**30-Day SEC Yield: The 30-Day Yield represents net investment income earned by the Fund over the 30-day period ended 05/31/2026, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. The figure shown is the 30-Day unsubsidized SEC Yield, which does not reflect any fee waivers, reimbursements, or limits in effect. The Fund has a gross expense ratio of 0.74% and a net expense ratio of 0.65%; the fee waiver is contractual through February 12, 2027. Distributions are not guaranteed.

There is no guarantee that the Fund will be successful in its attempt to provide monthly distributions.

The information presented herein is not intended to be tax advice. Return of Capital classification is an estimate and subject to change. Investors should consult with a qualified tax professional to understand the implications specific to their individual circumstances.

Important Risk Information: Investing in the Fund involves a high degree of risk. You could lose all or a portion of your investment. There can be no assurance that the Fund will achieve its investment objective, and coupon payments are not guaranteed.

Barrier Risk. The Fund’s coupon and principal outcomes depend on the reference index’s level relative to predefined barriers. The Fund is not principal protected; if the reference index falls below the risk barrier at a contract’s maturity, principal is reduced one-for-one with the decline.

Volatility Target Index Risk. The reference index targets a 40% volatility level and may employ leverage, and as a result can rise and fall substantially more than the broad U.S. equity market.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The 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.

Swap Agreements Risk. The Fund utilizes swap agreements to derive its exposure to the Autocallable Index. Swap agreements may involve greater risks than direct investment in securities, as they may be leveraged and are subject to credit risk, counterparty risk, and valuation risk. The Fund’s swap counterparty exposure is concentrated in a single counterparty.

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

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions, and there can be no assurance that the Fund will grow to or maintain an economically viable size.

The Fund’s swap counterparty is RBC. RBC is not an adviser to or promoter of the Fund and is not affiliated with the Fund, the Trust, or the Adviser.

The Fund is distributed by Foreside Fund Services, LLC (member FINRA), which is not affiliated with REX Advisers, LLC.

The post Autocallables in an ETF: A Look at How ATCL Seeks to Generate Monthly Income appeared first on REX Shares.

REX Autocallable Income ETF (ATCL) March 2026 Commentary

Wed, 15 Apr 2026 20:20:52 +0000

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.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent Standardized Performance and month-end performance, please call 1-844-802-4004.

Portfolio Highlights

Live Autocallables	288
Weighted Avg. Coupon	14.27%
Weighted Avg. MTM Discount	92.89%
Autocallables Above Coupon Barrier	100%
Autocallables with Principal at Risk	0

Performance Summary

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

Ticker	Fund Name	March	Since Inception
ATCL	REX Autocallable Income ETF	-3.15%	-2.89%
SPXT	S&P 500 Total Return Index	-4.98%	-4.98%

For current standardized performance, click here.

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.

The post REX Autocallable Income ETF (ATCL) March 2026 Commentary appeared first on REX Shares.

A Beginner’s Guide to Autocallable ETFs: Earning Income from the Stock Market

Thu, 19 Mar 2026 19:41:18 +0000

An autocallable note is a structured, market-linked debt instrument that pays a regular coupon as long as a reference index stays above a predefined level, and redeems early at full principal if that index recovers to its starting point. Income is contingent rather than guaranteed, and principal is protected only down to a defined barrier.

Income investing has always involved a trade-off between yield and risk. Bonds offer stability but modest returns. Dividend stocks offer income but full equity exposure. Autocallable notes sit in a different part of that spectrum: higher income potential than most fixed-income options, with a clearly defined set of equity-linked risks.

Until recently, autocallable notes were only available to institutional investors and high-net-worth clients through private banks. That is changing. A new generation of autocallable ETFs is bringing this strategy to a much broader audience, and changing what income investing can look like in a diversified portfolio.

Key Takeaways

Autocallable notes pay a contingent coupon tied to where a reference index sits on scheduled observation dates.
Four terms define the structure: the coupon barrier, the autocall barrier, the non-call period, and the maturity barrier.
Coupons are higher than most investment-grade bonds because investors are accepting equity-linked downside risk, not just credit or duration risk.
Upside is capped at the coupons received, and principal can be reduced if the index finishes below the maturity barrier.
The ETF wrapper removes the large minimums, the illiquidity, the tax complexity, and the single-date timing risk of holding one note.

What Are Autocallable Notes?

An autocallable note is a structured, market-linked debt instrument that pays a regular coupon, typically monthly, as long as a reference index stays above a predefined level. If the index performs strongly enough, the note redeems early and returns principal ahead of its scheduled maturity date. If the index falls sharply and stays down, income can be interrupted and principal can be at risk.

The reference index is usually a broad equity benchmark such as the S&P 500 or the Nasdaq-100. In the case of ATCL, it is the Bloomberg US Large Cap VolMax Index, a volatility-targeted version of the 500 largest U.S. companies. The performance of that index relative to a set of predefined thresholds determines everything: whether a coupon gets paid, whether the note gets called early, and whether principal is returned in full at maturity.

The appeal is straightforward: autocallable coupons are typically well above what investment-grade bonds offer, because investors are compensating for equity-linked downside risk rather than just credit or duration risk. The income is higher because the trade-off is different, not better or worse, just different.

How Autocallable Notes Work: The Four Structural Terms

Every autocallable is defined by a small set of parameters. Understanding these is essential to understanding what you own. The table below shows how each term is set in ATCL.

Term	ATCL Level	What It Controls
Coupon barrier	60% of initial index level	Whether the monthly coupon is paid. The index would need to fall more than 40% before income is interrupted.
Autocall barrier	100% of initial index level	Whether the note redeems early. Checked monthly after the non-call period.
Non-call period	1 year	How long the note must stay outstanding before early redemption is possible.
Maturity barrier	50% of initial index level	How principal is treated at final maturity if the note is never called.

The Coupon Barrier

The index level below which monthly income stops. In ATCL, this is set at 60% of the initial index level, meaning the market would need to fall more than 40% before coupons are interrupted. If the index closes above this barrier on a monthly observation date, the coupon is paid. If it closes below, that month’s payment is skipped and cannot be made up later. Autocallable income is contingent, not guaranteed.

The Autocall Barrier

The level at which the note redeems early. In ATCL, set at 100% of the initial index level and checked monthly after a one-year non-call period. If the index is at or above its starting value, the note is automatically called. Investors receive full principal plus that month’s coupon, and the note ends.

The Non-Call Period

An initial window, one year in ATCL, during which early redemption cannot happen even if the index is above the autocall barrier. This gives the strategy time to generate income before potentially being called away in a rising market.

The Maturity Barrier

If a note is never called, it runs to final maturity, typically five years. The maturity barrier determines principal treatment. In ATCL, this is set at 50% of the initial index level. If the index finishes above that level, investors receive full principal. If below, principal is reduced 1-to-1 with the index’s loss from its starting level. For example, a 55% index decline on a note with a 50% maturity barrier would return 45 cents on the dollar.

The Three Outcome Scenarios

Regardless of what happens in between, autocallable notes resolve into one of three broad outcomes depending on where the index finishes on its observation dates.

Possible Outcomes

Illustrative Autocallable Structure

Move the slider to set the reference index level, then see what happens to principal, income, and early redemption.

Reference index level at maturity

30%50%60%100%130%

Outcome 1: the good outcome

Principal at maturity

100%

Monthly coupon

Paid

Early redemption

Note is called

The index is at or above its starting level on an observation date, so after the one-year non-call period the note is automatically called. Investors receive full principal plus that month's coupon and the position ends.

For illustrative purposes only. Assumes a representative autocallable with a 60% coupon barrier, a 100% autocall barrier, a 50% maturity barrier, a 1-year non-call period, and monthly observation periods. Actual terms vary by note. The tool shows the outcome at a single observation date and does not reflect fees, expenses, or the path an index takes between observation dates. Not a projection, and not indicative of the performance of any fund.

Scenario 1: The Good Outcome

Index rises, stays flat, or declines less than 40%

The note is called early or runs to maturity with coupons paid throughout. Full principal is returned. This is the intended outcome the strategy is built around.

Scenario 2: The Okay Outcome

Index declines between 40% and 50%

Income is paused below the 60% coupon barrier, but the index finishes above the 50% maturity barrier. Full principal is returned at maturity. Income is uneven but capital is intact.

Scenario 3: The Worst Case

Index declines more than 50%

Income is paused and principal is impaired 1:1 with the index’s full decline from its starting level at maturity. A meaningful capital loss.

Autocallable Notes vs. Bonds vs. Dividend Stocks

The clearest way to place autocallables in a portfolio is to compare what drives income and what drives risk in each of the three most common income sources.

	Autocallable Notes	Investment-Grade Bonds	Dividend Stocks
What income depends on	Index level vs. the coupon barrier on each observation date	Issuer solvency and the stated coupon	Company earnings and board dividend policy
Primary risk driver	Large equity drawdowns, plus counterparty risk	Interest rate moves and credit risk	Full equity market and single-company risk
Upside participation	Capped at the coupons received	Capped at the coupon and any price recovery	Uncapped
Downside profile	Principal intact above the maturity barrier, then 1:1 with the index decline	Price declines when rates rise, par at maturity absent default	Full participation in declines

For illustrative and educational purposes only. Structural comparison of income sources, not a comparison of returns, and not a recommendation of any security or strategy.

Who Autocallable Notes Are Designed For

Autocallable notes are designed for investors who want higher income than traditional fixed income offers and are willing to accept equity-linked downside risk, but want that risk to be clearly defined rather than open-ended. They are not a bond substitute and they are not a way to participate in equity upside. Upside is capped at the coupons received. For income-focused investors who understand that trade-off, autocallables can serve as a meaningful portfolio component, particularly as a source of yield that is not correlated to interest rate movements the way bond income is.

Why Invest in Autocallable Notes Through an ETF?

The ETF structure solves nearly every practical problem that has historically kept individual investors out of this asset class.

Access. Direct autocallable notes have traditionally required minimums of $250,000 or more per note. An autocallable ETF has no formal minimum beyond the price of a single share.

Liquidity. Individual notes have a limited secondary market. ETF shares trade on exchange throughout the day at live market prices with no minimum hold period.

Tax simplicity. Autocallable ETFs issue standard 1099 reporting. No K-1s, no tracking coupons and redemptions across multiple notes and dealers.

Automatic reinvestment. When a note is called or matures inside an ETF, proceeds are automatically reinvested into new positions. No action required from the investor.

Laddering, the most important advantage. A single autocallable note creates concentrated exposure to one specific moment in time. If that note’s observation dates coincide with a period of market stress, the outcome suffers regardless of what the market did before or after. This is timing point risk. An autocallable ETF addresses this by continuously adding new notes with different start dates, so the portfolio holds positions tied to many different market levels and observation date schedules.

ATCL takes this further than most. Rather than laddering weekly, which typically produces around 52 notes, ATCL adds a new autocallable position every single trading day, maintaining between 252 and 1,262 individual positions at any time. As of March 17, 2026, the fund held 287 live autocallables with 100% above the coupon barrier and a weighted average coupon of 14.28%. Portfolio characteristics change daily and are not indicative of future results.

What to Know Before You Invest

Income is not guaranteed. Monthly distributions depend on the reference index staying above the coupon barrier on each observation date. In a significant market decline, distributions can stop and will not be made up when markets recover.

Principal can be at risk. In a severe, sustained downturn where the index finishes below the maturity barrier at the end of the five-year term, investors can lose a significant portion of their original investment.

Upside is capped. In a strong bull market, notes will be called early and proceeds reinvested, but investors will not participate in continued market gains beyond the coupon income.

The underlying mechanics are complex. ATCL gains exposure through total return swaps with RBC referencing the Bloomberg US Large Cap VolMax Autocallable Total Return Index. There is counterparty risk, derivatives risk, and structure-specific risk involved. Investors should consult a financial professional before investing.

The Bottom Line

Autocallable notes offer something different from other income investments: high monthly income tied to equity market behavior, with a clearly defined structure that determines exactly what happens to principal in different market scenarios. The ETF structure removes the barriers that have historically kept this strategy out of reach, including the high minimums, the illiquidity, the operational complexity, and the concentrated timing risk of holding a single note. Daily laddering across hundreds of positions turns a concentrated structured product into a diversified, systematic income strategy.

For income-focused investors willing to do the work of understanding what they own, autocallable ETFs are worth a serious look. Learn more about ATCL, the REX Daily Autocallable ETF, or browse the full REX ETF lineup.

Frequently Asked Questions About Autocallable Notes

What is an autocallable note?

An autocallable note is a structured, market-linked debt instrument that pays a regular coupon as long as a reference index stays above a predefined level. If the index performs strongly enough on an observation date, the note redeems early and returns principal ahead of scheduled maturity. If the index falls sharply and stays down, income can stop and principal can be reduced.

How do autocallable notes pay income?

Income is contingent, not guaranteed. On each observation date the reference index is compared to the coupon barrier. If the index closes above the barrier, the coupon is paid. If it closes below, that period’s payment is skipped and cannot be made up later, even if the index recovers.

What is a coupon barrier?

The coupon barrier is the index level below which income stops. ATCL uses a 60% coupon barrier, meaning the reference index would have to fall more than 40% from its starting level on an observation date before that period’s coupon is skipped.

What does it mean when an autocallable note is called?

Called means the note redeemed early. If the index is at or above the autocall barrier on an observation date after the non-call period, the note automatically terminates. Investors receive full principal plus that period’s coupon, and the position ends. Upside beyond the coupons received is not captured.

Can you lose money in an autocallable note?

Yes. If a note is never called and the reference index finishes below the maturity barrier at the end of its term, principal is reduced 1-to-1 with the index decline from its starting level. For a note with a 50% maturity barrier, a 55% index decline would return 45 cents on the dollar.

How is an autocallable ETF different from buying a single autocallable note?

A single note ties the outcome to one set of observation dates, which concentrates timing point risk. An autocallable ETF ladders many notes with different start dates and different reference levels. It also removes the typical $250,000 minimum, trades intraday on exchange, reinvests called proceeds automatically, and reports on a standard 1099.

Are autocallable notes a bond substitute?

No. Autocallable coupons compensate investors for equity-linked downside risk rather than credit or duration risk, so the profile differs from investment-grade bonds. They are also not an equity substitute, because upside is capped at the coupons received.

What index does ATCL reference?

ATCL seeks exposure to the Bloomberg US Large Cap VolMax Autocallable Total Return Index through total return swaps with RBC. The underlying reference is a volatility-targeted version of the 500 largest U.S. companies.

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. 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. Key risks include Autocallable Structure Risk, Barrier Risk, Coupon/Contingent Income Risk, Early Redemption Risk, Market Risk, Volatility Target Index Risk, Active Management Risk, Liquidity Risk, Derivatives Risk, Counterparty Risk, New Fund Risk, and others. Please read the full prospectus for a complete description of all risks. 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, or in any way affiliated with the Fund. Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with Rex Shares, LLC or its affiliates.

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REX Partners with CAIS, RBC Capital Markets, and Bloomberg Indices to Launch Autocallable Income ETF

Wed, 18 Feb 2026 05:02:26 +0000

ATCL seeks to deliver a consistent, outcome-oriented income experience through a transparent ETF structure

February 18, 2026 — REX Shares (“REX”), a leading innovator in alternative exchange-traded funds (ETFs), today announced the launch of the REX Autocallable Income ETF (Ticker: ATCL). The ETF is supported by CAIS, the leading alternative investment platform for independent financial advisors, which will serve as a core platform and marketing partner, RBC Capital Markets, a global financial services company providing institutional structuring and hedge support, and Bloomberg Index Services Limited (“Bloomberg Indices”), which supplies the underlying index.

Demand for outcome-oriented income strategies continues to rise. ATCL is designed to provide exposure to a rules-based, income-focused exposure that does not rely on traditional credit exposure or extended duration. The fund utilizes the Bloomberg US Large Cap VolMax Autocallable Total Return Index, aiming to reflect the performance of a systematic laddered portfolio of autocallable derivative positions. The ETF seeks to deliver consistent income while mitigating relative downside risk and maintaining exposure to broad equities.

“Our collaboration allows us to deliver a thoughtfully engineered outcome-oriented strategy in a single autocallable ETF,” said Greg King, CEO and Founder of REX Shares. “This approach emphasizes broader diversification and disciplined ETF construction, pursuing a synthetic autocallable strategy to generate consistent income within a well-defined risk framework.”

ATCL offers daily liquidity, transparency, and operational efficiency for income-focused portfolios. REX manages the strategy, bringing its outcome-oriented design expertise, while CAIS serves as a core partner supporting advisor education and access. This solution will be part of CAIS Capital Markets, which supports advisor engagement across trading, structured notes, and other specialized strategies including hedging and monetization.

“As advisors look for different ways to evaluate income and access the suite of outcome-driven investments, the ETF structure may represent a complementary vehicle within certain client portfolios,” said Marc Premselaar, Partner and Head of Capital Markets at CAIS. “At CAIS, our focus is on supporting advisor education and connectivity across the wealth ecosystem. Our partnership with REX aligns with that focus by helping advisors better understand differentiated investment strategies, including their potential benefits and associated risks.”

To learn more about ATCL, please visit: rexshares.com/atcl. To learn more about ETFs on CAIS, visit: https://www.caisgroup.com/investment-solutions/etfs

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About REX

For More information, please visit rexshares.com

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About CAIS

CAIS continues to be recognized for its innovation and leadership including awards for Alternative Investment Firm of the Year by Wealth Solutions Report, WealthTech100 List by Fintech Global, Great Places to Work by Fortune, Best RIA Platform by SPi, Best Alternative Investments Solution by Finovate, and many others.

For more information about CAIS, please visit www.caisgroup.com.

Securities offered through CAIS Capital LLC, member FINRA, SIPC.

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Contacts

For Rex Shares
Gregory FCA
rexfin@gregoryfca.com

For CAIS
Prosek Partners
pro-CAISPR@Prosek.com

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Important Information

“Bloomberg®” and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Index (collectively, “Bloomberg”) and/or one or more third-party providers (each such provider, a “Third-Party Provider,”) and have been licensed for use for certain purposes to REX ADVISERS LLC (the “Licensee”). To the extent a Third-Party Provider contributes intellectual property in connection with the Index, such third- party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the “Financial Products”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.

Investors should consider the investment objectives, risk, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Laddered TBill ETF please call 18448024004 or visit rexshares.com. Read the prospectus and summary prospectus carefully before investing.

The REX Autocallable Income ETF (the “Fund”) is a series of REX ETF Trust and is an exchange traded fund. Shares of the Fund are bought and sold at market price (not net asset value) and are not individually redeemed from the Fund. Brokerage commissions and bidask spreads will reduce returns.

Investing involves risk, including the possible loss of principal. The Fund seeks to generate income and provide reduced downside risk through exposure to a rules based index of synthetic autocallable yield notes (the “Autocallable Index”) obtained primarily through total return swap agreements. The Fund does not invest directly in the Autocallable Index and does not provide principal protection. The Fund is subject to risks associated with the Autocallable Index methodology, barrier and coupon features, equity market volatility, derivatives and counterparty exposure, U.S. Treasury and other debt securities, liquidity, and the Fund’s non-diversified status, among other risks described in the Prospectus. There is no guarantee the Fund will achieve its investment objective or that distributions will be maintained.

The Fund, its investment adviser REX Advisers, LLC, and its distributor do not provide tax, legal, or investment advice. Investors should consult a financial professional regarding an investment in the Fund and should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. The Prospectus and Summary Prospectus contain this and other important information and may be obtained by visiting rexshares.com/atcl or calling 1-844-802-4004. Read the Prospectus and Summary Prospectus carefully before investing.

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

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.

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.

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.

NonDiversification Risk. As a nondiversified 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.

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 cyberattacks 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.

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