What is the Distribution Rate?

The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by 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.

What is 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.

What is 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.

What is 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.

What is 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.

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.

What is 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.

What is 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.

What is 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.

What is 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.

What is 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.

What is 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.

What is Equity Market Risk?

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

What is 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.

What is 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.

What is 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.

What is 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.

What is 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.

REX Autocallable Income ETF (ATCL) May Commentary

Posted June 23, 2026

In Commentary

REX Autocallable Income ETF (ATCL)

May Recap: Autocalls Reset the Ladder, Coupons Hold

The REX Autocallable Income ETF (ATCL) reported a May Distribution of 1.13%, an annualized Distribution Rate of 13.57%, and a 30-Day SEC Yield of 2.81%. For May, ATCL's performance was 1.23%, compared to SPXT's 5.26%. Since inception (2/18 – 5/29/26), ATCL has achieved 3.47% performance, with a Beta to S&P 500 TR of ~0.6, Upside Capture of ~48%, Downside Capture of ~66%, and Annualized Volatility of 9.7% (vs. SPXT's 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 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. 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.

In May, structured product issuance remained elevated, totaling $18.9B (up 67% YoY), while equity markets, led by the S&P 500 TR Index (5.26% return), continued their recovery. The REX Autocallable Income ETF (ATCL) returned +1.23% in May, with returns increasingly driven by coupon accrual as its weighted average mark-to-market level held near par (96.47%). ATCL maintained its defensive profile with since-inception annualized volatility at 9.7% (vs. S&P 500 TR Index's 15.8%). The market rally led to significant autocall activity, with 30 notes redeemed early and proceeds reinvested into new notes, refreshing coupon barriers. Portfolio positioning remains constructive, with 100% of positions above coupon barriers and a weighted average coupon of 14.24%. ATCL paid its third distribution in May, an annualized 13.57%, with 81.3% estimated as Return of Capital. The coupon is the annualized percentage of the notional amount allocated to an Autocallable Contract at the Observation Dates.

What are the Key Portfolio Highlights for the REX Autocallable Income ETF (ATCL)?

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. 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

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 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

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

The REX Autocallable Income ETF (ATCL) involves a high degree of risk, and investors could lose all or a portion of their investment. Key risks include Autocallable Structure Risk, Barrier Risk, Coupon/Contingent Income Risk, Early Redemption Risk, and Market Risk, among others. This information must be preceded or accompanied by a prospectus, which details the Fund’s investment objectives, risks, charges, and expenses. The Fund enters into swap agreements with RBC for exposure to the Bloomberg US Large Cap VolMax Autocallable Total Return Index, but RBC is not affiliated with the Fund. The Fund, Trust, and Adviser are also not affiliated with Bloomberg LP or its indices. Other risks include Volatility Target Index Risk, Active Management Risk, Liquidity Risk, Derivatives Risk, Options Contracts Risk, New Fund Risk, Underlying Reference Index and Volatility Targeting Risk, Equity Market Risk, Debt Securities and U.S. Treasury Risk, Non-Diversification Risk, Concentration Risk, Counterparty Risk, and Cyber Security Risk. Funds are distributed by Foreside Fund Services, LLC, not affiliated with Rex Shares, LLC.

Income