# EDGAR Filing Document

**Accession Number:** 0002043954
**File Stem:** 0001999371-26-000809
**Filing Date:** 2026-1
**Character Count:** 400929
**Document Hash:** 7cd7179b5eb2c405d347747ddef194a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000809.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001999371-26-000809

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260113

**EFFECTIVENESS DATE**: 20260114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REX ETF Trust
- **CENTRAL INDEX KEY:** 0002043954

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24023
- **FILM NUMBER:** 26531314

**BUSINESS ADDRESS:**
- **STREET 1:** 1241 POST ROAD
- **CITY:** FAIRFIELD
- **STATE:** CT
- **ZIP:** 06824
- **BUSINESS PHONE:** 203-654-7008

**MAIL ADDRESS:**
- **STREET 1:** 1241 POST ROAD
- **CITY:** FAIRFIELD
- **STATE:** CT
- **ZIP:** 06824
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REX ETF Trust
- **CENTRAL INDEX KEY:** 0002043954

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283221
- **FILM NUMBER:** 26531313

**BUSINESS ADDRESS:**
- **STREET 1:** 1241 POST ROAD
- **CITY:** FAIRFIELD
- **STATE:** CT
- **ZIP:** 06824
- **BUSINESS PHONE:** 203-654-7008

**MAIL ADDRESS:**
- **STREET 1:** 1241 POST ROAD
- **CITY:** FAIRFIELD
- **STATE:** CT
- **ZIP:** 06824

## Series and Classes Contracts Data

### The Laddered T-Bill ETF (Series ID: S000100368)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000270192 | The Laddered T-Bill ETF | TLDR            |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on January 14, 2026

1933 Act Registration No. 333-283221

1940 Act Registration No. 811-24023

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

**Form N-1A**

Registration Statement Under the Securities Act of 1933 ☐ <br> Pre-Effective Amendment No. ☐ <br> Post-Effective Amendment No. 46 ☒

and/or

Registration Statement Under the Investment Company Act of 1940 ☐ <br> Amendment No. 50 ☒

**REX ETF Trust**

**777 Brickell Avenue, Suite 500**

**Miami, Florida 33131**

**(203) 654-7008**

(Registrant's Exact Name, Address and Telephone Number)

**Robert Rokose**

**Chief Financial Officer**

**REX Advisers, LLC**

**1241 Post Road**

**Fairfield, Connecticut 06824**

(Name and Address of Agent for Service)

Copy to:

**Morrison C. Warren, Esq.**

**Chapman and Cutler LLP**

**320 South Canal Street**

**Chicago, Illinois 60606**

**It is proposed that this filing will become effective (check appropriate box):**

☐ Immediately upon filing pursuant to paragraph (b) of Rule 485.

☒ On January 14, 2026 pursuant to paragraph (b) of Rule
485. ☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485.

☐ On (date) pursuant to paragraph (a) of Rule 485.

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485.

☐ On (date) pursuant to paragraph (a) of Rule 485.

**If appropriate, check the following box:**

☐&nbsp;&nbsp;&nbsp;&nbsp; This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Contents of Registration Statement

This Registration Statement comprises the following papers and contents:

The Facing Sheet

Part A – Prospectus for The Laddered T-Bill ETF

Part B – Statement of Additional Information for The Laddered T-Bill ETF

Part C – Other Information

Signatures

Index to Exhibits

Exhibits

**REX ETF TRUST**

PROSPECTUS

**The Laddered T-Bill ETF (TLDR)**

**January 14, 2026**

The fund set forth above (the "Fund") is a series of REX ETF Trust (the "Trust") and an exchange-traded fund ("ETF"). The Fund lists and principally trades its shares on Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange").

The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

**Table of Contents**

---

| | |
|:---|:---|
| [Summary Information – The Laddered T-Bill ETF](#rexladdered485bpos011426b001) | 1 |
| [Additional Information About the Fund's Principal Investment Strategies](#rexladdered485bpos011426b002) | 9 |
| [Additional Risks of Investing in the Fund](#rexladdered485bpos011426b003) | 9 |
| [Management of the Fund](#rexladdered485bpos011426b004) | 15 |
| [How to Buy and Sell Shares](#rexladdered485bpos011426b005) | 17 |
| [Frequent Purchases and Redemptions of Fund Shares](#rexladdered485bpos011426b006) | 19 |
| [Dividends, Distributions and Taxes](#rexladdered485bpos011426b007) | 19 |
| [Distributor](#rexladdered485bpos011426b008) | 22 |
| [Net Asset Value](#rexladdered485bpos011426b009) | 22 |
| [Fund Service Providers](#rexladdered485bpos011426b010) | 23 |
| [Continuous Offering](#rexladdered485bpos011426b011) | 23 |
| [Premium/Discount Information](#rexladdered485bpos011426b012) | 24 |
| [Investments by Other Investment Companies](#rexladdered485bpos011426b013) | 24 |
| [Financial Highlights](#rexladdered485bpos011426b014) | 24 |

---

 **The Laddered T-Bill ETF**

**Investment Objective**

The Fund seeks current income, consistent with preservation of capital and daily liquidity.

**Fees and Expenses of the Fund**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("Fund Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.20% |
| &nbsp;&nbsp;&nbsp;**Distribution and Service (12b-1) Fees** | 0.00% |
| &nbsp;&nbsp;&nbsp;**Other Expenses<sup>(1)</sup>** | 0.00% |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "Other Expenses" are estimates based on the expenses the Fund expects to incur
for the current fiscal year.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Fund Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** |
| $21 | $66 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to provide current income, consistent with preservation of capital and daily liquidity, by investing primarily in U.S. Treasury bills ("T-Bills"). The Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in T-Bills with remaining maturities of six months or less. The Fund may also invest in cash, cash equivalents, and money market instruments that utilize T-Bills as the underlying securities. REX Advisers, LLC (the "Adviser") serves as the investment adviser to the Fund. The Fund's investment sub-adviser is Tuttle Capital Management, LLC (the "Sub-Adviser").

The Sub-Adviser employs a laddered maturity structure whereby the Fund invests in T-Bills with different short-term maturity dates designed to maintain a target dollar-weighted average maturity ("WAM") of approximately 60 days. As the T-bills mature, the Fund reinvests the proceeds into new T-bills at current market interest rates, a practice referred to as "rolling." This continuous rolling process helps the Fund take advantage of changing interest rates and maintain liquidity as securities mature. The Sub-Adviser actively manages both the Fund's laddered positioning and reinvestment timing to optimize yield across the front end of the U.S. Treasury curve.

The Sub-Adviser may, in its discretion, extend the portfolio's WAM beyond the 60-day target if the Sub-Adviser identifies opportunities for higher returns by holding T-Bills with slightly longer maturities (such as when short-term interest rates are high compared to longer-term rates), when there are disruptions in short-term funding markets or when market expectations for future rate cuts cause slightly longer maturities economically advantageous. Conversely, the Sub-Adviser may reduce the portfolio's WAM to 30 days or less to preserve liquidity or reduce the risk from interest rate changes.

This Fund's laddered maturity and practice of rolling may result in high portfolio turnover for the Fund. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act").

**Principal Risks**

As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

**ACTIVE MANAGEMENT RISK.** The Fund is actively-managed and its performance reflects investment decisions that the Sub-Adviser makes for the Fund. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended or produce the desired result. Such judgments about the Fund's investments may prove to be incorrect. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

**AUTHORIZED PARTICIPANTS, MARKET MAKERS, AND LIQUIDITY PROVIDERS LIMITATION RISK.** The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**CASH TRANSACTIONS RISK.** The Fund currently expects to effect a significant portion of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause Fund Shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund's NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund's NAV.

**COSTS OF BUYING AND SELLING FUND SHARES.** Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments.

**Cyber security Risk** **.** The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**DEBT SECURITIES RISK.** Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

**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. Additionally, the 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.

**DISTRIBUTION TAX RISK.** The Fund currently expects to make distributions on a regular basis. While the Fund will normally pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

**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. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**INCOME RISK.** The Fund's income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.

**INFLATION RISK.** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline. This risk is more prevalent with respect to fixed income securities held by the Fund.

**INTEREST RATE RISK.** Interest rate risk is the risk that the value of the debt securities in the Fund's portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Duration is a reasonably accurate measure of a debt security's price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security's expected life on a present value basis, taking into account the debt security's yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration.

**market maker Risk** **.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares due to a limited number of market markers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund Share price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's NAV and the price at which the Fund Shares are trading on the Exchange, which could result in a decrease in value of Fund Shares. This reduced effectiveness could result in Fund Shares trading at a discount to NAV and also in greater than normal intraday bid-ask spreads for Fund Shares.

**Market Risk** **.** Market risk is the risk that a particular investment, or Fund Shares in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Fund Shares could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund Shares, the liquidity of an investment, and may result in increased market volatility. During any such events, Fund Shares may trade at increased premiums or discounts to their NAV, the bid/ask spread on Fund Shares may widen and the returns on investment may fluctuate.

**MONEY MARKET/SHORT-TERM SECURITIES RISK.** To the extent that the Fund invests in money market or short-term securities, the Fund may be subject to certain risks associated with such investments. An investment in a money market fund or short-term securities is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. It is possible for the Fund to lose money by investing in money market funds. A money market fund may not achieve its investment objective. Changes in government regulations may affect the value of an investment in a money market fund.

**NEW FUND RISK.** The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

**NON-DIVERSIFICATION RISK.** The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

**OPERATIONAL RISK.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**PREMIUM/DISCOUNT RISK.** As with all ETFs, Fund Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Fund Shares will approximate the Fund's NAV, there may be times when the market price of Fund Shares is more than the NAV intraday (premium) or less than the NAV intraday (discount) due to supply and demand of Fund Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund's portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Fund Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Fund Shares at a time when the market price is at a premium to the NAV of Fund Shares or sells at a time when the market price is at a discount to the NAV of Fund Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

**SIGNIFICANT EXPOSURE RISK.** To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

**TRADING ISSUES RISK.** Although Fund Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Fund Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Fund Shares.

**U.S. GOVERNMENT SECURITIES RISK.** U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.

**Performance**

As of the date of this prospectus, the Fund has not yet commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at https://www.rexshares.com/tldr and will provide some indication of the risks of investing in the Fund.

**Management**

*<u>Investment Adviser</u>*: REX Advisers, LLC (the "Adviser") is the investment adviser to the Fund.

*<u>Investment Sub-Adviser</u>*<u>:</u> Tuttle Capital Management, LLC (the "Sub-Adviser") is the sub-adviser to the Fund.

*<u>Portfolio Manager</u>*: The individual primarily responsible for the day-to-day management of the Fund is Matthew Tuttle. Mr. Tuttle has served as a portfolio manager since the Fund's inception in 2026.

**Purchase and Sale of Fund Shares**

The Fund will issue (or redeem) Fund Shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of Fund Shares known as "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities and/or cash.

Individual Fund Shares may only be purchased and sold on the Exchange, other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling Fund Shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Fund Shares (bid) and the lowest price a seller is willing to accept for Fund Shares (ask) (the "bid-ask spread"). Recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available at https://www.rexshares.com/tldr.

**Tax Information**

The Fund's distributions will be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account in which case withdrawals will be taxed.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund Shares through a broker-dealer or other financial intermediary (such as a bank), the Adviser, the Sub-Adviser and the Fund's distributor may pay the intermediary for the sale of Fund Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Additional Information About the Fund's Principal Investment Strategies**

The Fund is a series of the Trust and is regulated as an "investment company" under the 1940 Act. The Trust is organized as a Delaware statutory trust. The Fund is treated as a separate fund with its own investment objective and policies. The Fund is an actively managed ETF. The Fund seeks current income, consistent with preservation of capital and daily liquidity. The Fund will invest in T-Bills with remaining maturities of six months or less. The Fund may also invest in cash, cash equivalents, and money market instruments that utilize T-Bills as the underlying securities.

Each of the policies described herein, including the investment objective of the Fund, constitutes a non-fundamental policy that may be changed by the Board of Trustees of the Trust (the "Board") without shareholder approval upon 60 days' written notice to shareholders. Certain fundamental policies of the Fund are set forth in the Fund's Statement of Additional Information (the "SAI"). There can be no assurance that the Fund's objective will be achieved.

The Fund has adopted a non-fundamental investment policy pursuant to Rule 35d-1 under the 1940 Act (the "Name Policy"), whereby the Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in T-Bills with remaining maturities of six months or less. The Name Policy may be changed by the Board without shareholder approval upon 60 days' prior written notice.

The Fund's investments are subject to certain requirements imposed by law and regulation, as well as the Fund's investment strategy. These requirements are generally applied at the time the Fund invests its assets. If, subsequent to an investment by the Fund, this requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this requirement.

 **Additional Risks of Investing in the Fund** 

There can be no assurance that the Fund will meet its stated objective. Before you invest, you should consider the following supplemental disclosure pertaining to the Principal Risks set forth above as well as additional Non-Principal Risks set forth below in this prospectus. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

**<u>Principal Risks</u>**

**ACTIVE MANAGEMENT RISK.** The Fund is actively-managed and its performance reflects investment decisions that the Sub-Adviser makes for the Fund. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended or produce the desired result. Such judgments about the Fund's investments may prove to be incorrect. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

**AUTHORIZED PARTICIPANTS, MARKET MAKERS, AND LIQUIDITY PROVIDERS LIMITATION RISK.** The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

**CASH TRANSACTIONS RISK.** The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. The Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares entirely in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund's shares than for ETFs that distribute portfolio securities in-kind.

**COSTS OF BUYING AND SELLING FUND SHARES.** Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments.

**Cyber security Risk** **.** The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**DEBT SECURITIES RISK.** Investments in debt securities subject the holder to the credit risk of the issuer. Credit risk refers to the possibility that the issuer or other obligor of a security will not be able or willing to make payments of interest and principal when due. Generally, the value of debt securities will change inversely with changes in interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. During periods of falling interest rates, the income received by the Fund may decline. If the principal on a debt security is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. Debt securities generally do not trade on a securities exchange making them generally less liquid and more difficult to value than common stock.

**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. Additionally, the 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.

**DISTRIBUTION TAX RISK.** The Fund currently expects to make distributions on a regular basis. While the Fund will normally pay its income as distributions, the Fund's distributions may exceed the Fund's income and gains for the Fund's taxable year. The Fund may be required to reduce its distributions if it has insufficient income. Additionally, there may be times the Fund needs to sell securities when it would not otherwise do so and could cause the distributions from that sale to constitute return of capital. Distributions in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital. Return of capital distributions do not represent income or gains generated by the Fund's investment activities and should not be interpreted by shareholders as such. Distributions in excess of the Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to Fund shareholders and will not constitute nontaxable returns of capital. A return of capital distribution generally will not be taxable but will reduce the shareholder's cost basis and will result in a higher capital gain or lower capital loss when those Fund shares on which the distribution was received are sold. Once a Fund shareholder's cost basis is reduced to zero, further distributions will be treated as capital gain, if the Fund shareholder holds shares of the Fund as capital assets. Additionally, any capital returned through distributions will be distributed after payment of Fund fees and expenses. Because the Fund's distributions may consist of return of capital, the Fund may not be an appropriate investment for investors who do not want their principal investment in the Fund to decrease over time or who do not wish to receive return of capital in a given period. In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

**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. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**INCOME RISK.** The Fund's income may decline when interest rates fall. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities. In addition, the Fund's income could decline when the Fund experiences defaults on the debt securities it holds.

**INFLATION RISK.** Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's assets and distributions may decline. This risk is more prevalent with respect to debt securities held by the Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors.

**INTEREST RATE RISK.** The value of debt securities held by the Fund will fluctuate in value with changes in interest rates. In general, debt securities will increase in value when interest rates fall and decrease in value when interest rates rise. The Fund may be subject to a greater risk of rising interest rates than would normally be the case during periods of low interest rates. Interest rate risk is generally lower for shorter term investments and higher for longer term investments. Duration is a common measure of interest rate risk. Duration measures a debt security's expected life on a present value basis, taking into account the debt security's yield, interest payments and final maturity. Duration is a reasonably accurate measure of a debt security's price sensitivity to changes in interest rates. The longer the duration of a debt security, the greater the debt security's price sensitivity is to changes in interest rates. Rising interest rates also may lengthen the duration of debt securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases. An increase in interest rates could also cause principal payments on a debt security to be repaid at a slower rate than expected. This risk is particularly prevalent for a callable debt security where an increase in interest rates could cause the issuer of that security to not redeem the security as anticipated on the call date, effectively lengthening the security's expected maturity, in turn making that security more vulnerable to interest rate risk and reducing its market value. When interest rates fall, the Fund may be required to reinvest the proceeds from the sale, redemption or early prepayment of a debt security at a lower interest rate.

**market maker Risk** **.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares due to a limited number of market markers. Decisions by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio securities and the Fund Share price. The Fund may rely on a small number of third-party market makers to provide a market for the purchase and sale of Fund Shares. Any trading halt or other problem relating to the trading activity of these market makers could result in a dramatic change in the spread between the Fund's NAV and the price at which the Fund Shares are trading on the Exchange, which could result in a decrease in value of Fund Shares. This reduced effectiveness could result in Fund Shares trading at a discount to NAV and also in greater than normal intraday bid-ask spreads for Fund Shares.

**Market Risk** **.** Market risk is the risk that a particular investment, or Fund Shares in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Fund Shares could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund Shares, the liquidity of an investment, and may result in increased market volatility. During any such events, Fund Shares may trade at increased premiums or discounts to their NAV, the bid/ask spread on Fund Shares may widen and the returns on investment may fluctuate.

**MONEY MARKET/SHORT-TERM SECURITIES RISK.** To the extent that the Fund invests in money market or short-term securities, the Fund may be subject to certain risks associated with such investments. An investment in a money market fund or short-term securities is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. It is possible for the Fund to lose money by investing in money market funds. A money market fund may not achieve its investment objective. Changes in government regulations may affect the value of an investment in a money market fund.

**NEW FUND RISK.** The Fund is recently organized with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**NON-DIVERSIFICATION RISK.** The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

**OPERATIONAL RISK.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund rely on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**PREMIUM/DISCOUNT RISK.** As with all ETFs, Fund Shares may be bought and sold in the secondary market at market prices. The market price of Fund Shares will generally fluctuate in accordance with changes in the Fund's NAV as well as the relative supply of and demand for Fund Shares on the Exchange. The Adviser cannot predict whether Fund Shares will trade below, at or above their NAV because the Fund Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Fund Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Fund Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of shares should not be sustained. During stressed market conditions, the market for Fund Shares may become less liquid in response to deteriorating liquidity in the market for the Fund's underlying portfolio holdings, which could in turn lead to differences between the market price of Fund Shares and their NAV and the bid/ask spread on Fund Shares may widen. This risk is heightened in times of market volatility or periods of steep market declines.

**SIGNIFICANT EXPOSURE RISK.** To the extent that the Fund invests a significant percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development that affected a particular asset class, region or industry may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater volatility and market risk than a fund that is more broadly diversified.

**TRADING ISSUES RISK.** Although Fund Shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Fund Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Fund Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Fund Shares. Trading in Fund Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund Shares inadvisable. In addition, trading in Fund Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund is unable to proceed with creation and/or redemption orders.

**U.S. GOVERNMENT SECURITIES RISK.** The Fund may invest in U.S. government securities. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. No assurance can be given that the U.S. government will provide financial support to its government sponsored entities or any other agency if not obligated by law to do so.

**<u>Non-Principal Risks</u>**

**BORROWING AND LEVERAGE RISK.** If the Fund borrows money, it must pay interest and other fees, which may reduce the Fund's returns. Any such borrowings are intended to be temporary. However, under certain market conditions, including periods of decreased liquidity, such borrowings might be outstanding for longer periods of time. As prescribed by the 1940 Act, the Fund will be required to maintain specified asset coverage of at least 300% with respect to any bank borrowing immediately following such borrowing and at all times thereafter. The Fund may be required to dispose of assets on unfavorable terms if market fluctuations or other factors reduce the Fund's asset coverage to less than the prescribed amount.

**DEPENDENCE ON KEY PERSONNEL RISK.** The Sub-Adviser is dependent upon the experience and expertise of the Fund's portfolio manager in providing advisory services with respect to the Fund's investments. If the Sub-Adviser were to lose the services of its portfolio manager, its ability to service the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for the portfolio manager in the event of their death, resignation, retirement or inability to act on behalf of the Sub-Adviser.

**ISSUER SPECIFIC CHANGES RISK.** The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

**LEGISLATION/LITIGATION RISK.** From time to time, various legislative initiatives are proposed in the United States and abroad, which may have a negative impact on certain companies in which the Fund invests. In addition, litigation regarding any of the issuers of the securities owned by the Fund, or industries represented by these issuers, may negatively impact the value of the securities. Such legislation or litigation may cause the Fund to lose value or may result in higher portfolio turnover if the Sub-Adviser determines to sell such a holding.

**TAX RISK.** The Fund intends to elect and to qualify each year to be treated as RICs under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of options it holds is never 25% of the total value of Fund assets at the close of any quarter. If the Fund's investments in options were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**Management of the Fund**

The Board is responsible for the overall management and direction of the Trust. The Board elects the Trust's officers and approves all significant agreements, including those with the Adviser, the Sub-Adviser, distributor, custodian and fund administrator and fund accountant.

<u>Investment Adviser</u>

REX Advisers, LLC (the "Adviser"), 1241 Post Road, Second Floor, Fairfield, Connecticut 06824, is the investment adviser for the Fund. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2023.

Under the investment management agreement between the Adviser and the Trust, on behalf of the Fund (the "Investment Management Agreement"), the Adviser oversees the investment of the Fund's assets by the Sub-Adviser. The Adviser also: (i) furnishes the Fund with office space and certain administrative services; and (ii) provides guidance and policy direction in connection with its daily management of the Fund's assets, subject to the authority of the Board. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, as a percentage of the Fund's average daily net assets, at the rate specified in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Management Fee*** |
| &nbsp;&nbsp;*The Laddered T-Bill ETF* | &nbsp;&nbsp;*0.20%* |

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Under the Investment Management Agreement, the Adviser has agreed, at its own expense and without reimbursement from the Fund, to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Investment Management Agreement, interest expenses, taxes, acquired fund fees and expenses (if any), brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

<u>Investment Sub-Adviser</u>

The Adviser has retained Tuttle Capital Management, LLC (the "Sub-Adviser"), an investment adviser registered with the SEC, to provide sub-advisory services for the Fund. The Sub-Adviser is organized as an Delaware limited liability company, with its principal offices located at 155 Lockwood Road, Riverside, Connecticut 06878. The Sub-Adviser was formed in 2012 and provides investment advisory services to exchange-traded funds.

A discussion regarding the basis for the Board approving the Investment Management Agreement and sub-advisory agreement for the Fund will be available in the Fund's Form N-CSR once that report is produced.

<u>Portfolio Manager</u>

Matthew Tuttle serves as the Fund's portfolio manager and is primarily responsible for the day-to-day management of the Fund. Mr. Tuttle founded the Sub-Adviser in 2012 and serves as its Chief Executive Officer. Mr. Tuttle holds an MBA in Finance from Boston University.

The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership in the Fund.

<u>Manager of Managers Structure</u>

The Fund and the Adviser have received an exemptive order from the SEC to operate under a manager of managers structure that permits the Adviser, with the approval of the Board, to appoint and replace sub-advisers, enter into sub-advisory agreements, and materially amend and terminate sub-advisory agreements on behalf of the Fund without shareholder approval ("Manager of Managers Structure"). Under the Manager of Managers Structure, the Adviser has ultimate responsibility, subject to oversight by the Board, for overseeing the Fund's sub-advisers and recommending to the Board their hiring, termination, or replacement. The SEC order does not apply to any sub-adviser that is affiliated with the Fund or the Adviser.

The Manager of Managers Structure enables the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to any sub-adviser or the sub-advisory agreement. The Manager of Managers Structure does not permit an increase in the advisory fees payable by the Fund without shareholder approval. Shareholders will be notified of any changes made to any sub-adviser or a sub-advisory agreement within 90 days of the change.

<u>Portfolio Holdings</u>

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI. Complete holdings are published on the Fund's website on a daily basis. Please visit the Fund's website at www.rexshares.com. In addition, the Fund's complete holdings (as of the dates of such reports) are available in reports on Form N-PORT and Form N-CSR filed with the SEC.

 **How to Buy and Sell Shares** 

Most investors will buy and sell Fund through broker-dealers at market prices. Fund Shares are listed for trading on the Exchange and on the secondary market during the trading day and can be bought and sold throughout the trading day like other shares of publicly traded securities. Fund Shares may only be purchased and sold on the secondary market when the Exchange is open for trading.

When buying or selling shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The NAV of Fund Shares is calculated at the close of regular trading on the Exchange, generally 4:00 p.m. New York time, on each day the Exchange is open. The NAV of the Fund's Shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of Fund Shares outstanding of the Fund.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments.

Fair value pricing is used by the Fund when market quotations are not readily available or are deemed to be unreliable or inaccurate based on factors such as evidence of a thin market in the security or a significant event occurring after the close of the market but before the time as of which the Fund's NAV is calculated. When fair-value pricing is employed, the prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities.

APs may acquire Fund Shares directly from the Fund, and APs may tender their shares for redemption directly to the Fund, at NAV per share only in large blocks, or Creation Units, of at least 10,000 Fund Shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

Under normal circumstances, the Fund will pay out redemption proceeds to a redeeming AP within one (1) day after the AP's redemption request is received, in accordance with the process set forth in the SAI and in the agreement between the AP and the Fund's distributor. However, the Fund reserves the right, including under stressed market conditions, to take up to seven (7) days after the receipt of a redemption request to pay an AP, all as permitted by the 1940 Act.

The Fund may liquidate and terminate at any time without shareholder approval.

**Book Entry**

Fund Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Fund Shares and is recognized as the owner of all Fund Shares for all purposes.

Investors owning Fund Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Fund Shares, you are not entitled to receive physical delivery of stock certificates or to have Fund Shares registered in your name, and you are not considered a registered owner of Fund Shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**Frequent Purchases and Redemptions of Fund Shares**

Fund Shares can only be purchased and redeemed directly from the Fund in Creation Units by APs, and the vast majority of trading in shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, direct trading by APs is critical to ensuring that Fund Shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of Fund Shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of Fund Shares.

**Dividends, Distributions and Taxes** 

Fund Shares are traded throughout the day in the secondary market on a national securities exchange on an intraday basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on the Fund's portfolio that could arise from frequent cash redemption transactions. The Fund expects to typically satisfy redemptions in-kind. However, if the Fund satisfies a redemption in cash this may result in the Fund selling portfolio securities to obtain cash to meet net fund redemptions which can have an adverse tax impact on taxable shareholders. These sales may generate taxable gains for the ongoing shareholders of the Fund, whereas the shares' in-kind redemption mechanism generally will not lead to a tax event for the Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid at least quarterly by the Fund. The Fund will distribute its net realized capital gains, if any, to shareholders at least annually. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements.

No dividend reinvestment service is provided by the Fund. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Fund Shares purchased in the secondary market.

Distributions in cash may be reinvested automatically in additional whole Fund Shares only if the broker through whom you purchased shares makes such option available.

**Taxes**

The Fund intends to qualify as a "regulated investment vehicle" (a "RIC") under the federal tax laws. If the Fund qualifies as a RIC and distributes its income as required by the tax law, the Fund will not pay federal income taxes.

As with any investment, you should consider how your investment in Fund Shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Fund Shares.

Unless your investment in Fund Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

● The Fund makes distributions,

● You sell your Fund Shares listed on the Exchange, and

● You purchase or redeem Creation Units.

Taxes on Distribution<u>s</u>. Distributions from the Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (*e.g.*, dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to U.S. federal income tax for U.S. non-corporate shareholders who satisfy those restrictions with respect to their shares at the rate for net capital gain. A part of the Fund's dividends also may be eligible for the dividends-received deduction allowed to U.S. corporations (the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations subject to U.S. federal income tax (excluding REITs) and excludes dividends from foreign corporations) subject to similar restrictions. However, dividends a U.S. corporate shareholder deducts pursuant to that deduction are subject indirectly to the U.S. federal alternative minimum tax. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses affect the Fund's performance.

In general, distributions received from the Fund are subject to U.S. federal income tax when they are paid, whether taken in cash or reinvested in the Fund (if that option is available). Distributions reinvested in additional Fund Shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional Fund Shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Fund Shares.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per Fund Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, the Fund is required to backup withhold twenty-four percent (24%) of your distributions and redemption proceeds if you have not provided the Fund with a correct Social Security number or other taxpayer identification number and in certain other situations.

Income from the Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to your net investment income if your adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

<u>Taxes on Exchange-Listed Fund Share Sales</u>. Any capital gain or loss realized upon a sale of Fund Shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one (1) year or less. The ability to deduct capital losses from sales of Fund Shares may be limited.

<u>Taxes on Purchase and Redemption of Creation Units.</u> An AP who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any cash it pays. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one (1) year and as short-term capital gain or loss if the Fund Shares have been held for one (1) year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many shares you purchased or sold and at what price. See the SAI for a description of the requirement regarding basis determination methods applicable to share redemptions and the Fund's obligation to report basis information to the IRS.

At the time that this prospectus is being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place or what the changes might entail.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws. See the SAI for more information.

**Distributor** 

Foreside Fund Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Fund Shares.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse the Distributor for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. The Distributor may also use this amount to compensate securities dealers or other persons that are APs for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services.

The Fund does not currently pay 12b-1 fees, and pursuant to a contractual arrangement, the Fund will not pay 12b-1 fees any time before January 14, 2026. However, in the event 12b-1 fees are charged in the future, because these fees are paid out of the Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

 **Net Asset Value** 

The NAV of the Fund normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern time) on each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service providers. The NAV of the Fund is calculated by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of outstanding Fund Shares, generally rounded to the nearest cent.

The Board has adopted valuation policies and procedures pursuant to which it has designated the Adviser to determine the fair value of the Fund's investments, subject to the Board's oversight, when market prices for those investments are not "readily available," including when they are determined by the Adviser to be unreliable. Such circumstances may arise when: (i) a security has been de-listed or its trading halted or suspended; (ii) a security's primary pricing source is unable or unwilling to provide a price; (iii) a security's primary trading market is closed during regular market hours; or (iv) a security's value has been materially affected by events occurring after the close of the security's primary trading market and before the Fund calculates its NAV. Generally, when determining the fair value of the Fund investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security. Fair value determinations are made in good faith and in accordance with the fair value methodologies established by the Adviser. Due to the subjective and variable nature of determining the fair value of a security or other investment, there can be no assurance that the Adviser's determined fair value will match or closely correlate to any market quotation that subsequently becomes available or the price quoted or published by other sources. In addition, the Fund may not be able to obtain the fair value assigned to an investment if the Fund were to sell such investment at or near the time its fair value is determined.

 **Fund Service Providers** 

U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services, serves as the administrator, transfer agent and fund accountant for the Trust.

U.S. Bank National Association serves as the custodian for the Trust.

Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, serves as legal counsel to the Trust.

Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**Continuous Offering**

The method by which Creation Units of Fund Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Fund Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Fund Shares and sells the Fund Shares directly to customers or if it chooses to couple the creation of a supply of new Fund Shares with an active selling effort involving solicitation of secondary market demand for Fund Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Fund Shares, whether or not participating in the distribution of Fund Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Dealers effecting transactions in Fund Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.

**Premium/Discount Information**

When available, information regarding how often the shares of the Fund traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Fund will be available at www.rexshares.com.

**Investments by Other Investment Companies** 

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including Fund Shares. The SEC has adopted Rule 12d1-4 under the 1940 Act. The Fund is required to comply with the conditions of Rule 12d1-4, which allows, subject to certain conditions, the Fund to invest in other registered investment companies and other registered investment companies to invest in the Fund beyond the limits contained in Section 12(d)(1) of the 1940 Act.

 **Financial Highlights** 

The Fund is new and has no performance history as of the date of this prospectus. Financial information is therefore not available.

**REX ETF TRUST** 

**The Laddered T-Bill ETF**

For more detailed information on the Fund, several additional sources of information are available to you. The Fund's SAI, incorporated by reference into this prospectus, contains detailed information on the Fund's policies and operation. Additional information about the Fund's investments is available in the annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual reports, you will find a discussion of the market conditions and investment strategies that significantly impacted the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund's most recent SAI, annual or semi-annual reports and certain other information are available free of charge by calling the Fund at 1-800-617-0004, on the Fund's website at www.rexshares.com or through your financial advisor. Shareholders may call the toll-free number above with any inquiries.

You may obtain this and other information regarding the Fund, including the SAI and Codes of Ethics adopted by the Adviser, the Sub-Adviser, Distributor and the Trust, directly from the SEC. Information on the SEC's website is free of charge. Visit the SEC's on-line EDGAR database at http://www.sec.gov. You may also request information regarding the Fund by sending a request (along with a duplication fee) to the SEC by sending an electronic request to publicinfo@sec.gov.

REX ETF Trust

777 Brickell Avenue, Suite 500

Miami, Florida 33131

1-800-617-0004

www.rexshares.com

SEC File No. 333-283221

811-24023

**REX ETF TRUST**

**Statement of Additional Information**

**The Laddered T-Bill ETF (TLDR)**

**January 14, 2026**

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the prospectus dated January 14, 2026, as it may be revised from time to time (the "Prospectus"), for the fund set forth above (the "Fund"), a series of the REX ETF Trust (the "Trust"). Capitalized terms used herein that are not defined have the same meanings as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by writing to the Trust at REX ETF Trust, 777 Brickell Avenue, Suite 500, Miami, Florida 33131, or by calling toll-free at 1-800-617-0004. You may also obtain a Prospectus by visiting the Fund's website at www.rexshares.com.

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

**Table of Contents**

---

| | |
|:---|:---|
| [General Description of the Trust and the Fund](#rexladdered485bpos011426a001) | 1 |
| [Exchange Listing and Trading](#rexladdered485bpos011426a002) | 2 |
| [Investment Objective and Policies](#rexladdered485bpos011426a003) | 2 |
| [Investment Strategies](#rexladdered485bpos011426a004) | 5 |
| [Investment Risks](#rexladdered485bpos011426a005) | 14 |
| [Management of the Fund](#rexladdered485bpos011426a006) | 18 |
| [Control Persons and Principal Holders of Securities](#rexladdered485bpos011426a007) | 24 |
| [Investment Adviser and Other Service Providers](#rexladdered485bpos011426a008) | 25 |
| [Brokerage Allocations](#rexladdered485bpos011426a009) | 30 |
| [Additional Information](#rexladdered485bpos011426a010) | 32 |
| [Proxy Voting Policies and Procedures](#rexladdered485bpos011426a011) | 34 |
| [Creation and Redemption of Creation Units](#rexladdered485bpos011426a012) | 34 |
| [Federal Tax Matters](#rexladdered485bpos011426a013) | 39 |
| [Determination of Net Asset Value](#rexladdered485bpos011426a014) | 44 |
| [Dividends and Distributions](#rexladdered485bpos011426a015) | 45 |
| [Miscellaneous Information](#rexladdered485bpos011426a016) | 46 |
| [Performance Information](#rexladdered485bpos011426a017) | 46 |
| [Financial Statements](#rexladdered485bpos011426a018) | 46 |
| [Exhibit A – Proxy Voting Policy and Procedures](#rexladdered485bpos011426a019) | A-1 |

---

**General Description of the Trust and the Fund**

The Trust was organized as a Delaware statutory trust on October 24, 2024, and is authorized to issue an unlimited number of shares in one or more series. The Trust is an open-end management investment company, registered under the 1940 Act. This SAI relates solely to the Fund, which is "non-diversified" as that term is defined in the 1940 Act. The Fund, as a series of the Trust, represents a beneficial interest in a separate portfolio of securities and other assets, with its own objective and policies.

REX Advisers, LLC serves as the Fund's investment adviser ("REX Advisers" or the "Adviser"). Tuttle Capital Management, LLC serves as the Fund's investment sub-adviser (the "Sub-Adviser"). Foreside Fund Services, LLC serves as the Fund's distributor (the "Distributor").

The Board of Trustees of the Trust (the "Board of Trustees" or the "Trustees") has the right to establish additional series in the future, to determine the preferences, voting powers, rights and privileges thereof and to modify such preferences, voting powers, rights and privileges without shareholder approval. Shares of any series may also be divided into one or more classes at the discretion of the Trustees. The Trust or any series or class thereof may be terminated at any time by the Board of Trustees upon written notice to the shareholders. Subject to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a shareholder of the Fund may bring a derivative action on behalf of the Trust only if the shareholder first makes a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such action is excused. A demand on the Board of Trustees shall only be excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a material personal financial interest in the action at issue. A Trustee shall not be deemed to have a material personal financial interest in an action or otherwise be disqualified from ruling on a shareholder demand by virtue of the fact that such Trustee receives remuneration from his or her service on the Board of Trustees or on the boards of one or more investment companies with the same or an affiliated investment adviser or underwriter.

The Fund's shares ("Fund Shares") list and principally trade on CBOE BZX Exchange, Inc. (the "Exchange"). Fund Shares trade on the Exchange at market prices that may be below, at or above the Fund's net asset value ("NAV"). ETFs, such as the Fund, do not sell or redeem individual Fund Shares. Instead, the Fund offers, issues and redeems Fund Shares at NAV only in aggregations of a specified number of Fund Shares (each a "Creation Unit"). Financial entities known as "authorized participants" (which are discussed in greater detail below) have contractual arrangements with the Fund or the Distributor to purchase and redeem the Fund's Shares directly with the Fund in Creation Units in exchange for the securities comprising the Fund and/or cash, or some combination thereof. Fund Shares are traded in the secondary market and elsewhere at market prices that may be at, above, or below the Fund's NAV. Fund Shares are only redeemable in Creation Units by authorized participants. An authorized participant that purchases a Creation Unit of Fund Shares deposits with the Fund a "basket" of securities and/or other assets identified by the Fund that day, and then receives the Creation Unit of Fund Shares in return for those assets. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of Fund Shares for a basket of securities and other assets. The basket is generally representative of the Fund's portfolio, and together with a cash balancing amount, it is equal to the NAV of the Fund Shares comprising the Creation Unit. Pursuant to Rule 6c-11 of the 1940 Act, the Fund may utilize baskets that are not representative of the Fund's portfolio. Such "custom baskets" are discussed in the section entitled "Creations and Redemptions of Creation Units." Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

**Exchange Listing and Trading**

Fund Shares are listed for trading, and trade throughout the day, on the Exchange and in other secondary markets. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Fund Shares will continue to be met. The Exchange may, but is not required to, remove Fund Shares from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund Shares, there are fewer than 50 record and/or beneficial owners of Fund Shares; (ii) the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the 1940 Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will also remove Fund Shares from listing and trading upon termination of the Fund.

As in the case of other stocks traded on the Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

The Trust reserves the right to adjust the price levels of Fund Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**Investment Objective and Policies**

The Prospectus describes the investment objective and certain policies of the Fund. The following supplements the information contained in the Prospectus concerning the investment objective and policies of the Fund.

The Fund is subject to the following fundamental policies, which may not be changed without approval of the holders of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Fund may not issue senior securities, except as permitted under the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Fund may not borrow money, except as permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Fund will not underwrite the securities of other issuers except to the extent the Fund
 may be considered an underwriter under the Securities Act of 1933 in connection with
 the purchase and sale of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Fund will not purchase or sell real estate or interests therein, unless acquired as a
 result of ownership of securities or other instruments (but this shall not prohibit the
 Fund from purchasing or selling securities or other instruments backed by real estate
 or of issuers engaged in real estate activities).

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Fund may not make loans, except as permitted under the 1940 Act and exemptive orders
 granted thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Fund may not purchase or sell physical commodities unless acquired as a result of ownership
 of securities or other instruments (but this shall not prevent the Fund from purchasing
 or selling options, futures contracts, forward contracts or other derivative instruments,
 or from investing in securities or other instruments backed by physical commodities).

&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 Fund may not invest 25% or more of the value of its total assets in securities of issuers
 in any one industry or group of industries. This restriction does not apply to obligations
 issued or guaranteed by the U.S. government, its agencies or instrumentalities.

For purposes of these limitations, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

For purposes of applying restriction (1) above, under the 1940 Act as currently in effect, the Fund is not permitted to issue senior securities, except that the Fund may borrow from any bank if immediately after such borrowing the value of the Fund's total assets is at least 300% of the principal amount of all of the Fund's borrowings (*i.e.*, the principal amount of the borrowings may not exceed 33 1/3% of the Fund's total assets). In the event that such asset coverage shall at any time fall below 300%, the Fund shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 300%. The fundamental investment limitations set forth above limit the Fund's ability to engage in certain investment practices and purchase securities or other instruments to the extent permitted by, or consistent with, applicable law. As such, these limitations will change as the statute, rules, regulations or orders (or, if applicable, interpretations) change, and no shareholder vote will be required or sought.

Except for restriction (2), if a percentage restriction is adhered to at the time of investment, a later increase in percentage resulting from a change in market value of the investment or the total assets will not constitute a violation of that restriction. With respect to restriction (2), if the limitations are exceeded as a result of a change in market value then the Fund will reduce the amount of borrowings within three days thereafter to the extent necessary to comply with the limitations (not including Sundays and holidays).

For purposes of applying restriction (5) above, the Fund may not make loans to other persons, except through (i) the purchase of debt securities permissible under the Fund's investment policies, (ii) repurchase agreements, or (iii) the lending of portfolio securities, provided that no such loan of portfolio securities may be made by the Fund if, as a result, the aggregate of such loans would exceed 33-1/3% of the value of the Fund's total assets.

With respect to the fundamental policies relating to concentration set forth in restriction (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in restriction (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign government will be considered to be a member of a separate industry. With respect to the Fund's industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Fund's management. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.

The foregoing fundamental policies of the Fund may not be changed without the affirmative vote of the majority of the outstanding voting securities of the Fund. The 1940 Act defines a majority vote as the vote of the lesser of (i) 67% or more of the voting securities represented at a meeting at which more than 50% of the outstanding securities are represented; or (ii) more than 50% of the outstanding voting securities. With respect to the submission of a change in an investment policy to the holders of outstanding voting securities of the Fund, such matter shall be deemed to have been effectively acted upon with respect to the Fund if a majority of the outstanding voting securities of the Fund vote for the approval of such matter, notwithstanding that such matter has not been approved by the holders of a majority of the outstanding voting securities of any other series of the Trust affected by such matter.

The Fund has adopted a non-fundamental investment policy pursuant to Rule 35d-1 under the 1940 Act (the "Name Policy"), whereby the Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Treasury Bills ("T-Bills") with remaining maturities of six months or less. The Name Policy may be changed by the Board without shareholder approval upon 60 days' prior written notice.

In addition to the foregoing fundamental policies, the Fund is also subject to strategies and policies discussed herein which, unless otherwise noted, are non-fundamental policies and may be changed by the Board of Trustees.

**Investment Strategies**

The following information supplements the discussion of the Fund's investment objective, policies and strategies that appear in the Prospectus.

The Fund seeks current income, consistent with preservation of capital and daily liquidity by investing in T-Bills with remaining maturities of six months or less. The Fund may also invest in cash, cash equivalents, and money market instruments that utilize T-Bills as the underlying securities.

Types of Investments

*Corporate Bonds.* Corporate bonds, also known as fixed-income securities, are debt obligations issued by corporations. Corporate bonds are generally used by corporations to borrow money from investors. Corporate bonds may be either secured or unsecured. Collateral used for secured debt includes, but is not limited to, real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a corporate bond is unsecured, it is known as a debenture. Holders of corporate bonds, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the issuer for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the securities may be zero coupon fixed-income securities which pay no interest. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the holder of the bonds. Corporate bonds contain elements of both interest rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with changes in interest rates and may also be affected by the credit rating of the issuer, the issuer's performance and perceptions of the issuer in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk.

*Delayed-Delivery Transactions.* The Fund may from time to time purchase securities on a "when-issued" or other delayed-delivery basis. The price of securities purchased in such transactions is fixed at the time the commitment to purchase is made, but delivery and payment for the securities take place at a later date. During the period between the purchase and settlement, the Fund does not remit payment to the issuer, no interest is accrued on debt securities and dividend income is not earned on equity securities. Delayed-delivery commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, which risk is in addition to the risk of a decline in value of the Fund's other assets. While securities purchased in delayed-delivery transactions may be sold prior to the settlement date, the Fund intends to purchase such securities with the purpose of actually acquiring them. At the time the Fund makes the commitment to purchase a security in a delayed-delivery transaction, it will record the transaction and reflect the value of the security in determining its net asset value.

*Fixed Income Investments and Cash Equivalents.* Normally, the Fund invests substantially all of its assets to meet its investment objectives and consequently may invest significantly in fixed income securities and cash equivalents; however, for temporary or defensive purposes, the Fund may also invest in other fixed income investments and cash equivalents in order to provide income, liquidity and preserve capital.

Fixed income investments and cash equivalents held by the Fund may include, without limitation, the types of investments set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Fund may invest in U.S. government securities, including bills, notes and bonds differing
 as to maturity and rates of interest, which are either issued or guaranteed by the U.S.
 Treasury or by U.S. government agencies or instrumentalities. U.S. government securities
 include securities that are issued or guaranteed by the U.S. Treasury, by various agencies
 of the U.S. government, or by various instrumentalities that have been established or
 sponsored by the U.S. government. U.S. Treasury securities are backed by the "full
 faith and credit" of the United States. Securities issued or guaranteed by federal
 agencies and U.S. government-sponsored instrumentalities may or may not be backed by
 the full faith and credit of the United States. Some of the U.S. government agencies
 that issue or guarantee securities include the Export-Import Bank of the United States,
 the Farmers Home Administration, the Federal Housing Administration, the Maritime Administration,
 the Small Business Administration and The Tennessee Valley Authority. An instrumentality
 of the U.S. government is a government agency organized under federal charter with government
 supervision. Instrumentalities issuing or guaranteeing securities include, among others,
 the Federal Home Loan Banks, the Federal Land Banks, the Central Bank for Cooperatives,
 Federal Intermediate Credit Banks and the FNMA. In the case of those U.S. government
 securities not backed by the full faith and credit of the United States, the investor
 must look principally to the agency or instrumentality issuing or guaranteeing the security
 for ultimate repayment and may not be able to assert a claim against the United States
 itself in the event that the agency or instrumentality does not meet its commitment.
 The U.S. government, its agencies and instrumentalities do not guarantee the market value
 of their securities; consequently, the value of such securities may fluctuate. In addition,
 the Fund may invest in sovereign debt obligations of non-U.S. countries. A sovereign
 debtor's willingness or ability to repay principal and interest in a timely manner
 may be affected by a number of factors, including its cash flow situation, the extent
 of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date
 a payment is due, the relative size of the debt service burden to the economy as a whole,
 the sovereign debtor's policy toward principal international lenders and the political
 constraints to which it may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Fund may invest in certificates of deposit issued against funds deposited in a bank or
 savings and loan association. Such certificates are for a definite period of time, earn
 a specified rate of return and are normally negotiable. If such certificates of deposit
 are non-negotiable, they will be considered illiquid investments and be subject to the
 Fund's 15% restriction on investments in illiquid investments. Pursuant to the certificate
 of deposit, the issuer agrees to pay the amount deposited plus interest to the bearer
 of the certificate on the date specified thereon. Under current FDIC regulations, the
 maximum insurance payable as to any one certificate of deposit is $250,000; therefore,
 certificates of deposit purchased by the Fund may not be fully insured. The Fund may
 only invest in certificates of deposit issued by U.S. banks with at least $1 billion
 in assets.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Fund may invest in bankers' acceptances, which are short-term credit instruments
 used to finance commercial transactions. Generally, an acceptance is a time draft drawn
 on a bank by an exporter or an importer to obtain a stated amount of funds to pay for
 specific merchandise. The draft is then "accepted" by a bank that, in effect,
 unconditionally guarantees to pay the face value of the instrument on its maturity date.
 The acceptance may then be held by the accepting bank as an asset or it may be sold in
 the secondary market at the going rate of interest for a specific maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Fund may invest in repurchase agreements, which involve purchases of debt securities
 with counterparties that are deemed by the Advisor to present acceptable credit risks.
 In such an action, at the time the Fund purchases the security, it simultaneously agrees
 to resell and redeliver the security to the seller, who also simultaneously agrees to
 buy back the security at a fixed price and time. This assures a predetermined yield for
 the Fund during its holding period since the resale price is always greater than the
 purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity
 for the Fund to invest temporarily available cash. The Fund may enter into repurchase
 agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities,
 certificates of deposit or bankers' acceptances in which the Fund may invest. Repurchase
 agreements may be considered loans to the seller, collateralized by the underlying securities.
 The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum
 on the repurchase date; in the event of default, the repurchase agreement provides that
 the Fund is entitled to sell the underlying collateral. If the value of the collateral
 declines after the agreement is entered into, however, and if the seller defaults under
 a repurchase agreement when the value of the underlying collateral is less than the repurchase
 price, the Fund could incur a loss of both principal and interest. The portfolio managers
 monitor the value of the collateral at the time the action is entered into and at all
 times during the term of the repurchase agreement. The portfolio managers do so in an
 effort to determine that the value of the collateral always equals or exceeds the agreed-upon
 repurchase price to be paid to the Fund. If the seller were to be subject to a federal
 bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed
 or impaired because of certain provisions of the bankruptcy laws.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Fund may invest in bank time deposits, which are monies kept on deposit with banks or
 savings and loan associations for a stated period of time at a fixed rate of interest.
 There may be penalties for the early withdrawal of such time deposits, in which case
 the yields of these investments will be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Fund may invest in commercial paper, which are short-term unsecured promissory notes,
 including variable rate master demand notes issued by corporations to finance their current
 operations. Master demand notes are direct lending arrangements between the Fund and
 a corporation. There is no secondary market for the notes. However, they are redeemable
 by the Fund at any time. The Fund's portfolio managers will consider the financial
 condition of the corporation (*e.g.*, earning power, cash flow and other liquidity
 ratios) and will regularly monitor the corporation's ability to meet all of its
 financial obligations, because the Fund's liquidity might be impaired if the corporation
 were unable to pay principal and interest on demand. The Fund may invest in commercial
 paper only if it has received the highest rating from at least one nationally recognized
 statistical rating organization or, if unrated, judged by the Adviser to be of comparable
 quality.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 Fund may invest in shares of money market funds, as consistent with its investment objective
 and policies. Shares of money market funds are subject to management fees and other expenses
 of those funds. Therefore, investments in money market funds will cause the Fund to bear
 proportionately the costs incurred by the money market funds' operations. At the
 same time, the Fund will continue to pay its own management fees and expenses with respect
 to all of its assets, including any portion invested in the shares of other investment
 companies. It is possible for the Fund to lose money by investing in money market funds.

*High Yield Securities.* The Fund may invest in securities that are rated below investment grade, commonly referred to as "junk" bonds, at the time of purchase. The ratings of a rating agency represent its opinion as to the quality of securities it undertakes to rate. Ratings are not absolute standards of quality; consequently, securities with the same maturity, duration, coupon and rating may have different yields. For purposes of determining whether a security is below investment grade, the lowest available rating will be considered. If a security owned by the Fund is subsequently downgraded, the Fund will not be required to dispose of such security. If a downgrade occurs, the Advisor will consider what action, including the sale of such security, is in the best interests of the Fund.

Because the risk of default is higher for below investment grade securities than for investment grade securities, the Advisor's research and credit analysis will be an especially important part of managing securities of this type. The Advisor will attempt to identify those issuers of below investment grade securities whose financial condition the Advisor believes are adequate to meet future obligations or who have improved or are expected to improve in the future. The Advisor's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects and the experience and managerial strength of the issuer.

*Illiquid Investments*. Pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments include repurchase agreements with a notice or demand period of more than seven days, certain stripped mortgage-backed securities, certain municipal leases, certain over-the-counter derivative instruments, securities and other financial instruments that are not readily marketable, and restricted securities unless, based upon a review of the relevant market, trading and investment-specific considerations, those investments are determined not to be illiquid. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees has approved the designation of the certain officers of the Trust to administer the Trust's liquidity risk management program and related procedures. In determining whether an investment is an illiquid investment, the designated officers of the Trust will take into account actual or estimated daily transaction volume of an investment, group of related investments or asset class and other relevant market, trading, and investment-specific considerations. In addition, in determining the liquidity of an investment, the designated officers of the Trust must determine whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that the Fund would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Fund must take this determination into account when classifying the liquidity of that investment or asset class.

In addition to actual or estimated daily transaction volume of an investment, group of related investments or asset class and other relevant market, trading, and investment-specific considerations, the following factors, among others, will generally impact the classification of an investment as an "illiquid investment": (i) any investment that is placed on the Adviser's restricted trading list; and (ii) any investment that is delisted or for which there is a trading halt at the close of the trading day on the primary listing exchange at the time of classification (and in respect of which no active secondary market exists). Investments purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to these and other events and circumstances. If one or more investments in the Fund's portfolio become illiquid, the Fund may exceed the 15% limitation in illiquid investments. In the event that changes in the portfolio or other external events cause the Fund to exceed this limit, the Fund must take steps to bring its illiquid investments that are assets to or below 15% of its net assets within a reasonable period of time. This requirement would not force the Fund to liquidate any portfolio instrument where the Fund would suffer a loss on the sale of that instrument.

*Investment Companies and Other Pooled Investment Vehicles.* The Fund may invest in other pooled investment vehicles, including open-end or closed-end investment companies, other exchange-traded funds (*"ETFs"*) and business development companies that invest primarily in securities of the types in which the Fund may invest directly. An ETF is a fund that holds a portfolio of securities and trades on a securities exchange and its shares may, at times, trade at a premium or discount to its net asset value. As a shareholder in a pooled investment vehicle, the Fund will bear its ratable share of that vehicle's expenses, and would remain subject to payment of the Fund's management fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other pooled investment vehicles. In addition, the Fund will incur brokerage costs when purchasing and selling shares of ETFs and closed-end funds. Other pooled investment vehicles may be leveraged, and the net asset value and market value of their securities will therefore be more volatile and the yield to shareholders will tend to fluctuate more than the yield of unleveraged pooled investment vehicles.

*Loans*. The Fund may invest in fixed and floating rate loans (*"Loans"*). Loans may include senior floating rate loans (*"Senior Loans"*) and secured and unsecured loans, second lien or more junior loans and bridge loans (*"Junior Loans"*). Loans are typically arranged through private negotiations between borrowers in the United States or in foreign or emerging markets which are generally corporate issuers or issuers of sovereign debt obligations (*"Obligors"*) and one or more financial institutions and other lenders ("*Lenders*"). The Fund may invest in Loans by purchasing assignments of all or a portion of Loans ("*Assignments*") or Loan participations ("*Participations*") from third parties.

The Fund has direct rights against the Obligor on the Loan when it purchases an Assignment. Assignments are arranged through private negotiations between potential assignees and potential assignors. With respect to Participations, typically, the Fund will have a contractual relationship only with the Lender and not with the Obligor. The agreement governing Participations may limit the rights of the Fund to vote on certain changes which may be made to the Loan agreement, such as waiving a breach of a covenant. However, the holder of a Participation will generally have the right to vote on certain fundamental issues such as changes in principal amount, payment dates and interest rate. Participations may entail certain risks relating to the creditworthiness of the parties from which the participations are obtained.

A Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the *"Agent"*) for a group of Loan investors. The Agent typically administers and enforces the Loan on behalf of the other Loan investors in the syndicate. The Agent's duties may include responsibility for the collection of principal and interest payments from the Obligor and the apportionment of these payments to the credit of all Loan investors. The Agent is also typically responsible for monitoring compliance with the covenants contained in the Loan agreement based upon reports prepared by the Obligor. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Loan investors. In the event of a default by the Obligor, it is possible, though unlikely, that the Fund could receive a portion of the borrower's collateral. If the Fund receives collateral other than cash, any proceeds received from liquidation of such collateral will be available for investment as part of the Fund's portfolio.

In the process of buying, selling and holding Senior Loans, the Fund may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, commissions and prepayment penalty fees. When the Fund buys or sells a Loan it may pay a fee. In certain circumstances, the Fund may receive a prepayment penalty fee upon prepayment of a Loan.

There may be instances in which the Fund is required to vote upon amendments to certain of the Loans in which it invests. In these cases, the Fund will attempt to ensure that such amendments are voted consistently and solely in the best interests of the Fund.

*Money Market Funds.* The Fund may invest in shares of money market funds to the extent permitted by the 1940 Act.

*Mortgage-Backed Securities.* The Fund normally expects to invest in mortgage-backed securities tied to residential and commercial mortgages, including, among other things, RMBS and CMBS. Mortgage-backed securities represent an interest in a pool of mortgage loans made by banks and other financial institutions to finance purchases of homes, commercial buildings and other real estate. The individual mortgage loans are packaged or "pooled" together for sale to investors. As the underlying mortgage loans are paid off, investors receive principal and interest payments. Mortgage-backed securities may be fixed-rate or adjustable-rate mortgage-backed securities ("*ARMS*"). Certain mortgage-backed securities (including RMBS and CMBS), where mortgage payments are divided up between paying the loan's principal and paying the loan's interest, are referred to as stripped mortgage-backed securities ("*SMBS*"). Further, mortgage-backed securities can also be categorized as collateralized mortgage obligations ("*CMOs*") or real estate mortgage investment conduits ("*REMICs*") where they are divided into multiple classes with each class being entitled to a different share of the principal and/or interest payments received from the pool of underlying assets.

The mortgage-backed securities in which the Fund will invest may be, but are not required to be, issued or guaranteed by the U.S. government or its agencies or instrumentalities, such as Government National Mortgage Association (*"Ginnie Mae"*), and U.S. government-sponsored entities, such as that Federal National Mortgage Association (*"Fannie Mae"*), and the Federal Home Loan Mortgage Corporation (*"Freddie Mac"*). The Fund may invest in callable agency securities, which give the issuer (the U.S. government agency) the right to redeem the security prior to maturity. Government agency or instrumentality securities have different levels of credit support. For example, Ginnie Mae securities carry a guarantee as to the timely repayment of principal and interest that is backed by the full faith and credit of the U.S. government. However, the full faith and credit guarantee does not apply to the market prices and yields of the Ginnie Mae securities or to the net asset value, trading price or performance of the Fund, which will vary with changes in interest rates and other market conditions. Fannie Mae and Freddie Mac pass-through mortgage certificates are backed by the credit of the respective instrumentality and are not guaranteed by the U.S. government. Other securities issued by government agencies or instrumentalities, including government-sponsored entities, may only be backed by the creditworthiness of the issuing institution, not the U.S. government, or the issuers may have the right to borrow from the U.S. Treasury to meet their obligations. Many mortgage-backed securities are pass-through securities, which means they provide investors with monthly payments consisting of a pro rata share of both regular interest and principal payments as well as unscheduled prepayments on the underlying mortgage loans. Because prepayment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted accurately. Adjustable-rate mortgage-backed securities include ARMS and other mortgage-backed securities with interest rates that adjust periodically to reflect prevailing market rates.

*Municipal Bonds*. The two general classifications of municipal bonds are "*general obligation*" bonds and "*revenue*" bonds. General obligation bonds are secured by the governmental issuer's pledge of its faith, credit and taxing power for the payment of principal and interest upon a default by the issuer of its principal and interest payment obligations. They are usually paid from general revenues of the issuing governmental entity. Revenue bonds, on the other hand, are usually payable only out of a specific revenue source rather than from general revenues. Revenue bonds ordinarily are not backed by the faith, credit or general taxing power of the issuing governmental entity. The principal and interest on revenue bonds for private facilities are typically paid out of rents or other specified payments made to the issuing governmental entity by a private company which uses or operates the facilities. Examples of these types of obligations are industrial revenue bond and pollution control revenue bonds. Industrial revenue bonds are issued by governmental entities to provide financing aid to community facilities such as hospitals, hotels, business or residential complexes, convention halls and sport complexes. Pollution control revenue bonds are issued to finance air, water and solids pollution control systems for privately operated industrial or commercial facilities.

*Municipal Bonds and Other Municipal Obligations*. The Fund invests in municipal bonds and other municipal obligations. These bonds and other obligations are issued by the states and by their local and special-purpose political subdivisions. The term "municipal bond" includes short-term municipal notes issued by the states and their political subdivisions, including, but not limited to, tax anticipation notes (*"TANs"*), bond anticipation notes (*"BANs"*), revenue anticipation notes (*"RANs"*), construction loan notes, tax free commercial paper, and tax free participation certificates. In general, municipal obligations include debt obligations issued by states, cities and local authorities to obtain funds for various public purposes, including construction of a wide range of public facilities such as airports, bridges, highways, hospitals, housing, mass transportation, schools, streets and water and sewer works. Industrial development bonds and pollution control bonds that are issued by or on behalf of public authorities to finance various privately-rated facilities are included within the term municipal obligations if the interest paid thereon is exempt from federal income tax.

Obligations of issuers of municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. In addition, the obligations of such issuers may become subject to the laws enacted in the future by Congress, state legislatures or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon municipalities to levy taxes. There is also the possibility that, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal of and interest on its municipal obligations may be materially affected.

*Non-U.S. Investments.* Non-U.S. securities include securities issued or guaranteed by companies organized under the laws of countries other than the United States (including emerging markets), securities issued or guaranteed by foreign, national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities and debt obligations of supra-national governmental entities such as the World Bank or European Union. Non-U.S. securities may also include U.S. dollar denominated debt obligations, such as "Yankee Dollar" obligations, of foreign issuers and of supra-national government entities. Yankee Dollar obligations are U.S. dollar-denominated obligations issued in the U.S. capital markets by foreign corporations, banks and governments. Foreign securities also may be traded on foreign securities exchanges or in over-the-counter ("OTC") capital markets.

Certain of the Fund's investment in foreign securities may be denominated in currencies other than the U.S. dollar. To the extent the Fund invests in such instruments, the value of the assets of the Fund as measured in U.S. dollars will be affected by changes in exchange rates. Generally, the Fund's currency exchange transactions will be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the currency exchange market. The cost of the Fund's currency exchange transactions will generally be the difference between the bid and offer spot rate of the currency being purchased or sold. In order to protect against uncertainty in the level of future currency exchange rates, the Fund is authorized to enter into various currency exchange transactions.

*Other Loans.* The Fund may invest in secured loans that are not first lien and loans that are unsecured. These loans have the same characteristics as Senior Loans except that such loans are not first in priority of repayment and/or are not secured by collateral. Accordingly, the risks associated with these loans are higher than the risks for loans with first priority over the collateral. Because these loans are lower in priority and/or unsecured, they are subject to the additional risk that the cash flow of the borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the borrower. In the event of default on such a loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no value would remain for the holders of secured loans that are not first lien and loans that are unsecured and therefore result in a loss of investment to the Fund.

Secured loans that are not first lien and loans that are unsecured generally have greater price volatility than Senior Loans and may be less liquid. Secured loans that are not first lien and loans that are unsecured share the same risks as other below investment grade instruments.

*Additional Information Concerning Senior Loans.* Senior Loans typically hold the most senior position in the capital structure of the Obligor, are typically secured with specific collateral and have a claim on the assets and/or stock of the Obligor that is senior to that held by subordinated debtholders and shareholders of the Obligor. Collateral for Senior Loans may include (i) working capital assets, such as accounts receivable and inventory; (ii) tangible fixed assets, such as real property, buildings and equipment; (iii) intangible assets, such as trademarks and patent rights; and/or (iv) security interests in shares of stock of subsidiaries or affiliates.

*Additional Information Concerning Synthetic Letters of Credit.* Loans may include synthetic letters of credit. In a synthetic letter of credit transaction, the lender typically creates a special purpose entity or a credit-linked deposit account for the purpose of funding a letter of credit to the borrower. When the Fund invests in a synthetic letter of credit, the Fund is typically paid a rate based on the lender's borrowing costs and the terms of a synthetic letter of credit. Synthetic letters of credit are typically structured as assignments with the Fund acquiring direct rights against the Obligor.

*Additional Information Concerning Unfunded Commitments.* Unfunded commitments are contractual obligations pursuant to which the Fund agrees to invest in a loan at a future date. Typically, the Fund receives a commitment fee for entering into the unfunded commitment.

Portfolio Turnover

The Fund buys and sells portfolio securities in the normal course of its investment activities. The proportion of the Fund's investment portfolio that is bought and sold during a year is known as the Fund's portfolio turnover rate. A turnover rate of 100% would occur, for example, if the Fund bought and sold securities valued at 100% of its net assets within one year. A high portfolio turnover rate could result in the payment by the Fund of increased brokerage costs, expenses and taxes.

As of the date of this SAI, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

**Investment Risks**

Overview

An investment in the Fund should be made with an understanding of the risks that an investment in the Fund's Shares entails, including the risk that the financial condition of the issuers of the equity securities or the general condition of the securities market may worsen and the value of the securities and therefore the value of the Fund may decline. The Fund may not be an appropriate investment for those who are unable or unwilling to assume the risks involved generally with such an investment. The past market and earnings performance of any of the securities included in the Fund is not predictive of their future performance.

Agency Mortgage-Related Securities Risk

Agency mortgage-related securities are instruments that are guaranteed by the U.S. government through agencies such as Ginnie Mae, and are backed by the full faith and credit of the U.S. government. Other agency mortgage-related securities are guaranteed by government-related agencies, such as Fannie Mae, but are not backed by the full faith and credit of the U.S. government. On September 6, 2008, Fannie Mae and Freddie Mac were placed in conservatorship under the Federal Housing Finance Agency ("FHFA"). FHFA has all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and their assets. In addition, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with Fannie Mae and Freddie Mac. In connection with the Senior Preferred Stock Purchase Agreement, Fannie Mae and Freddie Mac are required to submit an annual risk management plan to the U.S. Treasury. Both Fannie Mae and Freddie Mac continue to operate under the conservatorship of FHFA and the funding from the Senior Preferred Stock Purchase Agreement to meet their obligations. As conservator, FHFA has the authority to, among other things, repudiate contracts and sell assets or liabilities of Fannie Mae and Freddie Mac without prior approval or consent. Parties holding Fannie Mae or Freddie Mac mortgage-backed securities would have to rely on the satisfaction of those loans and would be exposed to the counterparty's credit risk in the event FHFA repudiates such a contract or sells the assets or liabilities of such a contract.

Agent Risk

Selling lenders, Agents and other entities that may be positioned between the Fund and the Obligor will likely conduct their principal business activities in the banking, finance and financial services industries. Investments in loans may be more impacted by a single economic, political or regulatory occurrence affecting such industries than other types of investments. Entities engaged in such industries may be more susceptible to, among other things, fluctuations in interest rates, changes in the Federal Open Market Committee's monetary policy, government regulations concerning such industries and concerning capital raising activities generally and fluctuations in the financial markets generally. An Agent, lender or other entity positioned between the Fund and the Obligor may become insolvent or enter FDIC receivership or bankruptcy. The Fund might incur certain costs and delays in realizing payment on a loan or suffer a loss of principal and/or interest if assets or interests held by the Agent, lender or other party positioned between the Fund and the Obligor are determined to be subject to the claims of the Agent's, lender's or such other party's creditors.

Collateral, Subordination and Litigation Risk

With respect to loans that are secured, the Fund is subject to the risk that collateral securing the loan will decline in value or have no value or that the Fund's lien is or will become junior in payment to other liens. A decline in value, whether as a result of bankruptcy proceedings or otherwise, could cause the loan to be under-collateralized or unsecured. There may be no formal requirement for the Obligor to pledge additional collateral. In addition, collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy an Obligor's obligation on a loan.

If an Obligor becomes involved in bankruptcy proceedings, a court may invalidate the loan or the Fund's security interest in loan collateral or subordinate the Fund's rights under a Senior Loan or Junior Loan to the interest of the Obligor's other creditors, including unsecured creditors, or cause interest or principal previously paid to be refunded to the Obligor. If a court required interest or principal to be refunded, it could negatively affect Fund performance. Such action by a court could be based, for example, on a "fraudulent conveyance" claim to the effect that the Obligor did not receive fair consideration for granting the security interest in the loan collateral to the Fund. For Senior Loans made in connection with a highly leveraged transaction, consideration for granting a security interest may be deemed inadequate if the proceeds of the loan were not received or retained by the Obligor, but were instead paid to other persons (such as shareholders of the Obligor) in an amount which left the Obligor insolvent or without sufficient working capital. There are also other events, such as the failure to perfect a security interest due to faulty documentation or faulty official filings, which could lead to the invalidation of the Fund's security interest in loan collateral. If the Fund's security interest in loan collateral is invalidated or the Senior Loan is subordinated to other debt of an Obligor in bankruptcy or other proceedings, the Fund would have substantially lower recovery, and perhaps no recovery on the full amount of the principal and interest due on the loan, or the Fund could have to refund interest.

Lenders and investors in Loans can be sued by other creditors and shareholders of the Obligors. Losses can be greater than the original Loan amount and occur years after the principal and interest on the Loan have been repaid.

Credit Rating Agency Risk

Credit ratings are determined by credit rating agencies such as Standard & Poor's, Moody's Investors Service, Inc. and Fitch Ratings, and are only the opinions of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk or the liquidity of securities. The Adviser makes no warranty whatsoever regarding the ability of such ratings to accurately reflect the credit worthiness of an issuer. Any shortcomings, changes to or inefficiencies in credit rating agencies' processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or securities in which the Fund would otherwise invest and, as a result, may adversely affect those securities' perceived or actual credit risk, as well as the Fund's performance.

Cybersecurity Risk

The Fund is susceptible to potential operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cybersecurity breaches of the Fund's third party service providers, such as its administrator, transfer agent, custodian, or sub-adviser, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cybersecurity breaches. The Fund has established risk management systems designed to reduce the risks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cybersecurity systems of issuers or third party service providers.

*Debt Securities Risk*

The risks of investing in debt securities include (without limitation): (i) credit risk, *e.g.*, the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations; (ii) interest rate risk, *e.g.,* when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up; (iii) liquidity risk and valuation risk, *e.g.*, debt securities generally do not trade on a securities exchange, making them generally less liquid and more difficult to value than common stock; (iv) call risk and income risk, *e.g.*, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at lower interest rates; and (v) extension risk, *e.g.*, if interest rates rise, repayments of debt securities may occur more slowly than anticipated by the market, which may drive the prices of these securities down because their interest rates are lower than the current interest rate and the securities remain outstanding longer. Debt securities most frequently trade in institutional round lot size transactions. If the Fund purchases bonds in amounts less than the institutional round lot size, which are frequently referred to as "odd" lots, the odd lot size positions may have more price volatility than institutional round lot size positions.

*Information Risk*

There is typically less publicly available information concerning Loans than other types of fixed income investments. As a result, the Fund generally will be dependent on reports and other information provided by the Obligor, either directly or through an Agent, to evaluate the Obligor's creditworthiness or to determine the Obligor's compliance with the covenants and other terms of the Loan Agreement. Such reliance may make investments in Loans more susceptible to fraud than other types of investments. In addition, because the Advisor may wish to invest in the publicly traded securities of an Obligor, they may not have access to material non-public information regarding the Obligor to which other Loan investors have access.

*Liquidity Risk*

The Fund may have investments that they may not be able to dispose of or close out readily at a favorable time or price (or at all), or at a price approximating the Fund's valuation of the investment. For example, certain investments may be subject to restrictions on resale, may trade over-the-counter or in limited volume, or may not have an active trading market. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for the Fund to value illiquid securities accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. If the Fund needed to sell a large block of illiquid securities to meet shareholder redemption request or to raise cash, these sales could further reduce the securities' prices and adversely affect performance of the Fund. Disposal of illiquid securities may entail registration expenses and other transaction costs that are higher than those for liquid securities.

*Non-U.S. Securities Risk*

An investment in non-U.S. securities involves risks in addition to the usual risks inherent in domestic investments, including currency risk. The value of a non-U.S. security in U.S. dollars tends to decrease when the value of the U.S. dollar rises against the non-U.S. currency in which the security is denominated and tends to increase when the value of the U.S. dollar falls against such currency. Non-U.S. securities are affected by the fact that in many countries there is less publicly available information about issuers than is available in the reports and ratings published about companies in the United States and companies may not be subject to uniform accounting, auditing and financial reporting standards. Other risks inherent in non-U.S. investments may include expropriation; confiscatory taxation; withholding taxes on dividends and interest; less extensive regulation of non-U.S. brokers, securities markets and issuers; diplomatic developments; and political or social instability. Non-U.S. economies may differ favorably or unfavorably from the U.S. economy in various respects, and many non-U.S. securities are less liquid and their prices tend to be more volatile than comparable U.S. securities. From time to time, non-U.S. securities may be difficult to liquidate rapidly without adverse price effects.

*Regulatory Changes*

To the extent that legislation or state or federal regulators that regulate certain financial institutions impose additional requirements or restrictions with respect to the ability of such institutions to make loans, particularly in connection with highly leveraged transactions, the availability of loans for investment may be adversely affected. Furthermore, such legislation or regulation could depress the market value of loans held by the Fund.

*Risk Factors of Loan Assignments and Participations*

Loans are subject to the risks associated with debt obligations in general including interest rate risk, credit risk and market risk. When a loan is acquired from a lender, the risk includes the credit risk associated with the obligor of the underlying loan. The Fund may incur additional credit risk when the Fund acquires a participation in a loan from another lender because the Fund must assume the risk of insolvency or bankruptcy of the other lender from which the loan was acquired. To the extent that loans involve obligors in foreign or emerging markets, such loans are subject to the risks associated with foreign investments or investments in emerging markets in general.

**Management of the Fund**

Trustees and Officers

The general supervision of the duties performed for the Fund under the Investment Management Agreement (as defined below) is the responsibility of the Board of Trustees. There are four Trustees of the Trust, one of whom is an "interested person" (as the term is defined in the 1940 Act) (the "Interested Trustee") and three of whom are Trustees who are not officers or employees of REX Advisers or any of its affiliates (each an "Independent Trustee" and collectively the "Independent Trustees"). The Trustees serve for indefinite terms until their resignation, death or removal. The Trust has not established a lead Independent Trustee position. The Trustees set broad policies for the Fund, choose the Trust's officers and hired the Fund's investment adviser. Each Trustee, except for Greg King, is an Independent Trustee. Greg King is deemed an Interested Trustee of the Trust. The officers of the Trust manage its day-to-day operations, are responsible to the Board of Trustees and serve indefinite terms. The following is a list of the Trustees and executive officers of the Trust and a statement of their present positions and principal occupations during the past five years, the number of portfolios each Trustee oversees and the other directorships they have held during the past five years, if applicable.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with the Trust** | &nbsp;&nbsp;**Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee or Officer** | &nbsp;&nbsp;**Other Directorships Held by Trustee or Officer in the Past Five Years** |
| &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** | &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** | &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** | &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** | &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** | &nbsp;&nbsp;***Interested Trustee<sup>(1)</sup>*** |
| &nbsp;&nbsp;Greg King<br> Year of Birth: 1974 | &nbsp;&nbsp;Interested Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Executive Officer, REX Shares, LLC (2015-present); Chief Executive Officer, REX Financial LLC (2015-present); Chief Executive Officer, Osprey Funds, LLC (2019-present) | &nbsp;&nbsp;42 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp;Jason Lu<br> Year of Birth: 1987 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Operating Officer, Ransky Capital LLC (2023-present); Chief Investment Officer, Komodo Bay Capital Management Inc. (2020-present); Trader, 4170 Trading (2018-2020) | &nbsp;&nbsp;42 | &nbsp;&nbsp;Director, Athena Bitcoin Global (2020-2023, 2024-present); Director, GlobalStake, LLC (2022-present); Director, AK Hospitality Group, LLC (2023-2024); Director, Vaultminer Technology Corp. (2021-2024); |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with the Trust** | &nbsp;&nbsp;**Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee or Officer** | &nbsp;&nbsp;**Other Directorships Held by Trustee or Officer in the Past Five Years** |
| &nbsp;&nbsp;Ian Merrill<br> Year of Birth: 1970 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Revenue Officer, MerQube, Inc. (2024-present); Senior Business Advisor, PEO Partners, LLC (2023-present); President, SCG Asset Management LLC (2022-2024); Global Head of Equities Structuring and Managing Director, Barclays Corporate & Investment Bank (2006-2023) | &nbsp;&nbsp;42 | &nbsp;&nbsp;Director, Simon Investments LLC (2019-2022) |
| &nbsp;&nbsp;Richard Shorten<br> Year of Birth: 1967 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Founder and Managing Member, Silvermine Capital Advisors, LLC (2020-present); Chief Executive Officer and Manager, GlobalStake, LLC (2020-present); Managing Member, Lucky Friday Labs, LLC (2020-present) | &nbsp;&nbsp;42 | &nbsp;&nbsp;Director, ePublishing, LLC (2020-present); Director, BeaconLive, LLC (2020-present) |
| &nbsp;&nbsp;***Officers*** | &nbsp;&nbsp;***Officers*** | &nbsp;&nbsp;***Officers*** | &nbsp;&nbsp;***Officers*** | &nbsp;&nbsp;***Officers*** | &nbsp;&nbsp;***Officers*** |
| &nbsp;&nbsp;Greg King<br> Year of Birth: 1974 | &nbsp;&nbsp;Chief Executive Officer;<br>President<br>| &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Executive Officer, REX Shares, LLC (2015-present); Chief Executive Officer, REX Financial LLC (2015-present); Chief Executive Officer, Osprey Funds, LLC (2019-present) | &nbsp;&nbsp;42 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Robert Rokose<br> Year of Birth: 1970 | &nbsp;&nbsp;Chief Financial Officer; <br> Chief Accounting Officer;<br>Treasurer<br>| &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Financial Officer, Osprey Funds, LLC (2020-present); Chief Financial Officer, REX Shares, LLC (2020-present) | &nbsp;&nbsp;42 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Greg Collett<br> Year of Birth: 1971 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;General Counsel, REX Financial LLC (2024-present); General Counsel, SwapGlobal (2022-2024); President, BlockFi (2021-2022); Head of Investment Products, BlockFi (2021); Director, World Gold Council (2014-2020) | &nbsp;&nbsp;42 | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Soth Chin<br> Year of Birth: 1966 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Managing Member, Fit Compliance, LLC (financial services compliance and consulting firm) (2016-present) | &nbsp;&nbsp;42 | &nbsp;&nbsp;None. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Greg
 King is deemed an "interested person" of the Trust, as defined by the 1940
 Act, due to his position at REX Financial, Inc., the parent company of the Adviser.

Unitary Board Leadership Structure

It is anticipated that each Trustee will serve as a trustee of all funds in the REX Fund Complex (as defined below), which is known as a "unitary" board leadership structure. Each Trustee currently serves as a trustee of the Fund and is anticipated to serve as a trustee for future funds issued by the Trust (each, a "REX Fund" and collectively, the "REX Fund Complex"). None of the Trustees who are not "interested persons" of the Trust, nor any of their immediate family members, have ever been a director, officer or employee of, or consultant to, REX Advisers or any of its affiliates. Greg King, an Interested Trustee, serves as the Chairman of the Board of Trustees for each fund in the REX Fund Complex.

The same four persons serve as Trustees on the Board of Trustees and are anticipated to serve on the Board of Trustees of all other funds in the REX Fund Complex. The unitary board structure was adopted for the REX Fund Complex because of the efficiencies it achieves with respect to the governance and oversight of the REX Funds. Each REX Fund is subject to the rules and regulations of the 1940 Act (and other applicable securities laws), which means that many of the REX Funds face similar issues with respect to certain of their fundamental activities, including risk management, portfolio liquidity, portfolio valuation and financial reporting. Because of the similar and often overlapping issues facing the REX Funds, including among any such exchange-traded funds, the Board of Trustees of the REX Funds believes that maintaining a unitary board structure promotes efficiency and consistency in the governance and oversight of all REX Funds and reduces the costs, administrative burdens and possible conflicts that may result from having multiple boards. In adopting a unitary board structure, the Trustees seek to provide effective governance through establishing a board the overall composition of which, as a body, possesses the appropriate skills, diversity, independence and experience to oversee the Fund's business.

Annually, the Board of Trustees will review its governance structure and the committee structures, its performance and functions and any processes that would enhance board governance over the business of the REX Funds. The Board of Trustees has determined that its leadership structure, including the unitary board and committee structure, is appropriate based on the characteristics of the funds it serves and the characteristics of the REX Fund Complex as a whole.

The Board of Trustees has established two standing committees (as described below) and has delegated certain of its responsibilities to those committees. The Board of Trustees and its committees meet frequently throughout the year to oversee the activities of the Fund, review contractual arrangements with and the performance of service providers, oversee compliance with regulatory requirements and review the Fund's performance. Generally, the Board of Trustees acts by majority vote of the Trustees present at a meeting, assuming a quorum is present, unless otherwise required by applicable law.

The two standing committees of the Board of Trustees are the Nominating Committee and the Audit Committee.

The Nominating Committee is responsible for appointing and nominating non-interested persons to the Board of Trustees. Jason Lu, Ian Merrill and Richard Shorten are members of the Nominating Committee. If there is no vacancy on the Board of Trustees, the Board of Trustees will not actively seek recommendations from other parties, including shareholders. When a vacancy on the Board of Trustees occurs and nominations are sought to fill such vacancy, the Nominating Committee may seek nominations from those sources it deems appropriate in its discretion, including shareholders of the Fund. To submit a recommendation for nomination as a candidate for a position on the Board of Trustees, shareholders of the Fund should mail such recommendation to REX ETF Trust, 777 Brickell Avenue, Suite 500, Miami, Florida 33131. Such recommendation shall include the following information: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person or persons to be nominated; (B) the class or series and number of all Fund Shares owned of record or beneficially by each such person or persons, as reported to such shareholder by such nominee(s); (C) any other information regarding each such person required by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Exchange Act of 1934 (the "1934 Act"); (D) any other information regarding the person or persons to be nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation of proxies for election of trustees or directors pursuant to Section 14 of the 1934 Act and the rules and regulations promulgated thereunder; and (E) whether such shareholder believes any nominee is or will be an "interested person" of the Fund (as defined in the 1940 Act) and, if not an "interested person," information regarding each nominee that will be sufficient for the Fund to make such determination; and (ii) the written and signed consent of any person to be nominated to be named as a nominee and to serve as a trustee if elected. In addition, the Trustees may require any proposed nominee to furnish such other information as they may reasonably require or deem necessary to determine the eligibility of such proposed nominee to serve as a Trustee.

The Audit Committee is responsible for overseeing the Fund's accounting and financial reporting process, the system of internal controls and audit process and for evaluating and appointing independent auditors (subject also to approval of the Board of Trustees). Jason Lu, Ian Merrill and Richard Shorten serve on the Audit Committee.

Risk Oversight

As part of the general oversight of the Fund, the Board of Trustees is involved in the risk oversight of the Fund. The Board of Trustees has adopted and periodically reviews policies and procedures designed to address the Fund's risks. Oversight of investment and compliance risk, including, if applicable, oversight of any sub-adviser, if applicable, is performed primarily at the Board of Trustees level in conjunction with the Trust's Chief Compliance Officer ("CCO") and Anti-Money Laundering Officer.

The Board of Trustees has appointed a CCO who oversees the implementation and evaluation of the Fund's compliance program. Soth Chin of Fit Compliance, LLC serves as CCO and Anti-Money Laundering Officer of the Trust. In a joint effort between the Trust and Fit Compliance, LLC to ensure the Trust complies with Rule 38a-1 under the 1940 Act, Fit Compliance, LLC has agreed to render services to the Trust by entering into a Chief Compliance Officer Support Agreement (the "CCO Support Agreement") with the Trust. Pursuant to the CCO Support Agreement, Fit Compliance, LLC designates, subject to the Trust's approval, one of its own employees to serve as CCO of the Trust within the meaning of Rule 38a-1. Soth Chin currently serves in such capacity under the terms of the CCO Support Agreement.

Oversight of other risks also occurs at the committee level. The Adviser's investment oversight group reports to the Board of Trustees at quarterly meetings regarding, among other things, Fund performance and the various drivers of such performance as well as information related to the Adviser and its operations and processes. The Board of Trustees reviews reports on the Fund's and the service providers' compliance policies and procedures at each quarterly Board of Trustees meeting and receives an annual report from the CCO regarding the operations of the Fund's and the service providers' compliance programs. In addition, the Independent Trustees meet privately each quarter with the CCO. The Audit Committee reviews with the Adviser the Fund's major financial risk exposures and the steps the Adviser has taken to monitor and control these exposures, including the Fund's risk assessment and risk management policies and guidelines. The Audit Committee also, as appropriate, reviews in a general manner the processes other Board committees have in place with respect to risk assessment and risk management. The Nominating Committee monitors all matters related to the corporate governance of the Trust.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Fund or the Adviser or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations.

Board Diversification and Trustee Qualifications

As described above, the Nominating Committee of the Board of Trustees oversees matters related to the nomination of Trustees. The Nominating Committee seeks to establish an effective Board of Trustees with an appropriate range of skills and diversity, including, as appropriate, differences in background, professional experience, education, vocations, and other individual characteristics and traits in the aggregate. Each Trustee must meet certain basic requirements, including relevant skills and experience, time availability and, if qualifying as an Independent Trustee, independence from the Adviser, underwriters or other service providers, including any affiliates of these entities.

Listed below for each current Trustee are the experiences, qualifications and attributes that led to the conclusion, as of the date of this SAI, that each current Trustee should serve as a Trustee in light of the Trust's business and structure.

*Interested Trustee.*

Mr. King is the founder and Chief Executive Officer of REX Financial LLC. Mr. King is also the Chief Executive Officer of REX Shares, LLC and Osprey Funds, LLC, and was previously the Chief Executive Officer and co-founder of VelocityShares. As the creator of several industry innovations, including filing a patent for the first exchange-traded note in 2006 for Barclays, Mr. King has created and launched over 100 exchange-traded funds and exchange-traded notes for Barclays, Credit Suisse, Global X Funds. He has an M.B.A. from University of California, Davis and is a CFA Charterholder.

*Independent Trustees.*

Mr. Lu has several years of experience in trading and investing in various asset classes, including crypto, commodities, and fixed income. He is currently the Chief Investment Officer of Komodo Bay Capital Management Inc., a private investment advisory firm based in Miami, and the Chief Operating Officer and Partner of Ransky Capital LLC, a proprietary trading firm with locations in Chicago, Miami, and Spain. He is also a board member of GlobalStake, LLC, a blockchain technology company, and Athena Bitcoin Global, a crypto ATM network. He previously served on the board of directors of Vaultminer Technology Corp, a crypto mining company, and AK Hospitality Group, LLC, a restaurant and hotel operator. He was formerly a trader at 4170 Trading, a crypto and traditional financial products trading firm, Old Mission Capital, LLC and Old Mission Markets LLC, a broker dealer and market maker, and MSR Investments, a commodity trading advisor. He graduated from the University of Illinois Urbana-Champaign in 2008 with a dual degree in Electrical Engineering and Economics.

Mr. Merrill is the Chief Revenue Officer of MerQube, Inc., a FinTech company that provides data and analytics solutions for the financial services industry. He is also a Senior Business Advisor to PEO Partners, LLC, a professional employer organization that offers human resources and payroll services to small and medium-sized businesses. From February 2022 to September 2024, he was the President of SCG Asset Management LLC, a registered investment adviser that specialized in alternative investments and private equity. Prior to that, he spent over 16 years at Barclays New York, where he held various senior roles in the markets division, including managing director and head of the U.S. structured products group. He also served as a member of the board of directors of Simon Investments LLC, a digital platform for alternative investments, until its sale to iCapital in August 2022. Mr. Merrill is a lawyer in good standing in the State of New York since April 2001 and has experience in corporate and derivatives law. He is also a registered representative with FINRA and holds Series 7, 63 and 24 licenses. Mr. Merrill earned a J.D. from Harvard Law School and a B.A. in Economics from Yale University.

Mr. Shorten has over 25 years of experience in the fields of investment management, blockchain technology, digital media and corporate law. He is the founder and managing member of Silvermine Capital Advisors, LLC, which manages several private funds and accounts focused on blockchain and digital assets. He is also the Chief Executive Officer and manager of GlobalStake, LLC, a blockchain and AI infrastructure provider, and the managing member of Lucky Friday Labs, LLC, a blockchain development company. In addition, he is a co-owner and director of ePublishing, LLC, a digital publishing enablement company, and a director of BeaconLive, LLC, a continuing legal education and webinar services company. Prior to founding Silvermine Capital Advisors in 2017, he served on the board of directors of five public companies. He began his career as a corporate finance and mergers and acquisitions attorney at Cravath Swaine and Moore, where he worked from 1992 to 1996. He holds a J.D. from Rutgers Law School and a B.A. in Economics and French from Colgate University.

Each Independent Trustee is paid a fixed annual retainer of $12,000. These fees will be allocated equally among each fund in the REX Fund Complex. Trustees are also reimbursed for travel and out-of-pocket expenses incurred in connection with all meetings.

The following table sets forth the estimated compensation to be earned by each Independent Trustee (including reimbursement for travel and out-of-pocket expenses) for services to the Fund and the estimated aggregate compensation to be paid to them for services to the REX Fund Complex for the fiscal year ended December 31, 2026. The Trust has no retirement or pension plans. The officers and Trustees who are "interested persons" as designated above serve without any compensation from the Trust. The Trust has no employees. Its officers are compensated by REX Advisers.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;<br> **Estimated**<br> **Compensation from The Fund** | &nbsp;&nbsp;**Estimated Total Compensation from the REX Fund Complex** |
| &nbsp;&nbsp;Jason Lu | &nbsp;&nbsp;$286 | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Ian Merrill | &nbsp;&nbsp;$286 | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Richard Shorten | &nbsp;&nbsp;$286 | &nbsp;&nbsp;$12000 |

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The following table sets forth the dollar range of equity securities beneficially owned by the Interested and Independent Trustees in the Fund and all funds overseen by the Trustees in the REX Fund Complex as of January 14, 2026:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;**Dollar Range of**<br> **Equity Securities**<br> **in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in the REX Fund Complex** |
| &nbsp;&nbsp;*<u>Interested Trustee</u>* |  |  |
| &nbsp;&nbsp;Greg King | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;*<u>Independent Trustees</u>* |  |  |
| &nbsp;&nbsp;Jason Lu | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Ian Merrill | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Richard Shorten | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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Greg King, the Chief Executive Officer of REX Shares, LLC and REX Financial LLC, both of which are entities under common control with the Adviser, served as a board member to GlobalStake, LLC from August 2022 to his resignation in May 2025. Richard Shorten, an Independent Trustee of the Trust, serves as the Chief Executive Officer and Manager of GlobalStake, LLC.

As of January 14, 2026, the Independent Trustees of the Trust and immediate family members did not own beneficially or of record any class of securities of an investment adviser or principal underwriter of the Fund or any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Fund.

As of January 14, 2026, the officers of the Trust and Trustees, in the aggregate, owned less than 1% of the shares of the Fund.

**Control Persons and Principal Holders of Securities**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control.

**Investment Adviser and Other Service Providers**

***Investment Adviser*.** REX Advisers, LLC ("REX Advisers" or the "Adviser"), 1241 Post Road, Second Floor, Fairfield, Connecticut 06824, is the investment adviser for the Fund. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2023.

Pursuant to an investment management agreement between the Adviser and the Trust, on behalf of the Fund (the "Investment Management Agreement"), the Adviser oversees the investment of the Fund's assets by the Sub-Adviser and is responsible for paying all expenses of the Fund, excluding the fee payments under the Investment Management Agreement, interest charges on any borrowings (including net interest expenses incurred in connection with an investment in reverse repurchase agreements or futures contracts), dividends and other expenses on securities sold short, taxes (of any kind or nature, including, but not limited to, income, excise, transfer and withholding taxes), brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments (including any net account or similar fees charged by futures commission merchants) or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions), acquired fund fees and expenses, accrued deferred tax liability, fees and expenses payable related to the provision of securities lending services, legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Fund has agreed to pay the Adviser an annual management fee equal to a percentage of its daily net assets, as detailed in the below table.

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Management Fee*** |
| &nbsp;&nbsp;The Laddered T-Bill ETF | &nbsp;&nbsp;0.20% |

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Under the Investment Management Agreement, the Adviser shall not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether or not such purchase, sale or retention shall have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation shall have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith, or gross negligence on the part of the Adviser in the performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties. The Investment Management Agreement is in place for the original initial two-year term, and thereafter only if approved annually by the Board of Trustees, including a majority of the Independent Trustees. The Investment Management Agreement terminates automatically upon assignment and is terminable at any time without penalty as to the Fund by the Board of Trustees, including a majority of the Independent Trustees, or by vote of the holders of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Adviser, or by the Adviser on 60 days' written notice to the Fund.

The Adviser and the Trust have received an exemptive order from the SEC which exempts the Adviser and the Trust from certain of the shareholder approval requirements of Section 15(a) of the 1940 Act and allowed the Board, subject to certain conditions, to appoint a new, unaffiliated sub-adviser and approve a new investment sub-advisory agreement on behalf of the Trust without shareholder approval.

***Investment Sub-Adviser.*** The Adviser has retained Tuttle Capital Management, LLC (the "Sub-Adviser"), an investment adviser registered with the SEC, to provide sub-advisory services for the Fund. The Sub-Adviser is organized as an Delaware limited liability company, with its principal offices located at 155 Lockwood Road, Riverside, Connecticut 06878. The Sub-Adviser was formed in 2012 and provides investment advisory services to exchange-traded funds.

Pursuant to the Sub-Advisory Agreement, the Adviser has agreed to pay for the services provided by the Sub-Adviser through sub-advisory fees. The Adviser is responsible for paying the entire amount of the Sub-Adviser's fee for the Fund. The Fund does not directly pay the Sub-Adviser.

*Portfolio Manager.* Matthew Tuttle serves as the Fund's portfolio manager and is primarily responsible for the day-to-day management of the Fund. Mr. Tuttle founded the Sub-Adviser in 2012 and serves as its Chief Executive Officer. Mr. Tuttle holds an MBA in Finance from Boston University.

*Portfolio Manager Compensation.* The portfolio manager is compensated by the Sub-Adviser. The portfolio manager receives a fixed base salary and discretionary bonus that is not tied to the performance of the Fund.

*Portfolio Manager Ownership of the Fund's Shares.* As of January 14, 2026, the portfolio manager does not beneficially own the Fund's Shares.

*Other Accounts Managed by the Portfolio Manager.* In addition to the Fund, the portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below. None of the accounts managed by the portfolio manager listed below are subject to performance based advisory fees. The information below is provided as of January 12, 2026.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Other Registered Investment Company Accounts** | &nbsp;&nbsp;**Assets Managed** <br> **($ billions)** | &nbsp;&nbsp;**Other Pooled Investment Vehicle Accounts** | &nbsp;&nbsp;**Assets Managed** <br> **($ billions)** | &nbsp;&nbsp;**Other Accounts** | &nbsp;&nbsp;**Assets Managed** <br> **($ billions)** |
| &nbsp;&nbsp;Matthew Tuttle | &nbsp;&nbsp;63 | &nbsp;&nbsp;$4.4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$4.4 |

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*Conflicts of Interest.* The portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. Another potential conflict could include the portfolio manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, the Adviser and the Sub-Adviser have established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

***Transfer Agent, Administrator and Fund Accountant.*** U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services ("USBGFS" or the "Transfer Agent"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's transfer agent, administrator and fund accountant.

Pursuant to a fund administration servicing agreement, transfer agent servicing agreement and fund accounting servicing agreement between the Trust and USBGFS, USBGFS provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services, and furnishing financial reports. In this capacity, USBGFS does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of the Fund's Shares. As compensation for the administration, accounting and management services, the Adviser pays USBGFS a fee based on the Fund's average daily net assets, subject to a minimum annual fee. USBGFS also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

***Custodian*.** Pursuant to a custody agreement between the Trust and U.S. Bank National Association ("U.S. Bank" or the "Custodian") (the "Custody Agreement"), U.S. Bank, located at 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian of the Fund's assets. U.S. Bank holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, U.S. Bank receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. U.S. Bank also is entitled to certain out-of-pocket expenses.

The net proceeds that the Fund receives pursuant to its short sale of options contracts (if any) may be retained by the Fund's prime broker(s) (or by the Fund's custodian in a special custody account), to the extent necessary to meet margin requirements, until the short position is closed out.

***Distributor.*** The Trust and Foreside Fund Services, LLC (the "Distributor") are parties to a distribution agreement (the "Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Trust and distributes the Fund's Shares. Fund Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Fund Shares in amounts less than a Creation Unit and does not maintain a secondary market in Fund Shares. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, Maine 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor also may enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Fund Shares. Such Soliciting Dealers also may be Authorized Participants (as discussed in the section entitled "Creation and Redemption of Creation Units") or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Fund Shares or by a vote of a majority of its Board of Trustees (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

Since the inception of the Fund, there has been no underwriting commissions with respect to the sale of Fund Shares, and the Distributor did not receive compensation on redemptions for the Fund for that period.

*Intermediary Compensation*. The Adviser, the Sub-Adviser, or their affiliates, out of their own resources and not out of Fund assets (*i.e.*, without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased the Fund's expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of the Fund's Shares or the amount received by a shareholder as proceeds from the redemption of the Fund's Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars and printed communications). The Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional, if any, also may be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund rather than other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professional if he or she receives similar payments from his or her Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments his or her Intermediary firm may receive. Any payments made by the Adviser, the Sub-Adviser, or their affiliates, to an Intermediary may create the incentive for an Intermediary to encourage customers to buy the Fund's Shares.

*Distribution and Service Plan*. The Board of Trustees has adopted a Distribution and Service Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board of Trustees.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Fund Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

The Plan provides that the Fund pays the Distributor an annual fee of up to a maximum of 0.25% of the average daily net assets of Fund Shares. Under the Plan, the Distributor may make payments pursuant to written agreements to financial institutions and intermediaries such as banks, savings and loan associations and insurance companies including, without limit, investment counselors, broker-dealers and the Distributor's affiliates and subsidiaries (collectively, "Agents") as compensation for services and reimbursement of expenses incurred in connection with distribution assistance. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. The Trust intends to operate the Plan in accordance with its terms and with FINRA's rules concerning sales charges.

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing or arranging for others to provide shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (ii) marketing and promotional services, including advertising; (iii) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (iv) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (v) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (vi) facilitating communications with beneficial owners of Fund Shares, including the cost of providing (or paying others to provide) services to beneficial owners of Fund Shares, including, but not limited to, assistance in answering inquiries related to shareholder accounts; and (vii) such other services and obligations as are set forth in the Distribution Agreement.

*Aggregations.* Fund Shares in amounts less than Creation Units are not distributed by the Distributor. The Distributor will deliver the Prospectus and, upon request, this SAI to Authorized Participants purchasing Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the 1934 Act and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distribution Agreement provides that it may be terminated at any time, without the payment of any penalty, on at least 60 days' written notice by the Trust to the Distributor (i) by vote of a majority of the Independent Trustees; or (ii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

The Distributor may also enter into agreements with participants that utilize the facilities of the Depository Trust Company (the "DTC Participants"), which have international, operational, capabilities and place orders for Creation Units of the Fund's Shares. Participating Parties (as defined in "Procedures for Creation of Creation Units" below) shall be DTC Participants (as defined in "DTC Acts as Securities Depository for Fund Shares" below).

**Brokerage Allocations**

The Sub-Adviser is responsible for decisions to buy and sell securities for the Fund and for the placement of the Fund's securities business, the negotiation of the commissions to be paid on brokered transactions, the prices for principal trades in securities, and the allocation of portfolio brokerage and principal business.

The Sub-Adviser owes a fiduciary duty to its clients (including the Fund) to seek to provide best execution on trades effected. In selecting a broker/dealer for each specific transaction, the Sub-Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to: liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/dealers. The Sub-Adviser also will use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash creation unit order or an order including "cash-in-lieu," so long as such selection is in keeping with the foregoing policies. The Fund may determine to not charge a variable fee on certain orders when the Sub-Adviser has determined that doing so is in the best interests of the Fund's shareholders, e.g., for creation orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Sub-Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Sub-Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Sub-Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Sub-Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services and computer software and access charges which are directly related to investment research. Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Sub-Adviser, but only if the Sub-Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to: (i) cause clients to pay a higher commission than the firm might otherwise be able to negotiate; (ii) cause clients to engage in more securities transactions than would otherwise be optimal; and (iii) only recommend brokers that provide soft dollar benefits.

The Sub-Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Sub-Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Sub-Adviser's expenses to the extent that the Sub-Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Sub-Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Sub-Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Sub-Adviser, effectively cross subsidizing the other accounts managed by the Sub-Adviser that benefit directly from the product. The Sub-Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Sub-Adviser are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Sub-Adviser. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

**Additional Information**

*Book Entry Only System.* The following information supplements and should be read in conjunction with the Prospectus.

*DTC Acts as Securities Depository for Fund Shares.* Fund Shares are represented by securities registered in the name of The Depository Trust Company ("DTC") or its nominee, Cede & Co., and deposited with, or on behalf of, DTC.

DTC, a limited-purpose trust company, was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities, certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange (the "NYSE") and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Fund Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Fund Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of Fund Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to a letter agreement between DTC and the Trust, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of Fund Shares held by each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participants a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Fund distributions shall be made to DTC or its nominee, as the registered holder of all of Fund Shares. DTC or its nominee, upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the Fund's Shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Fund Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in the Fund Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

*Policy Regarding Disclosure of Portfolio Holdings.* The Trust has adopted a policy regarding the disclosure of information about the Fund's portfolio holdings. The Board of Trustees must approve all material amendments to this policy. The Fund's portfolio holdings are publicly disseminated each day the Fund is open for business through financial reporting and news services, including publicly accessible Internet websites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for the Fund's Shares, together with estimates and actual cash components, is publicly disseminated each day the NYSE is open for trading via the National Securities Clearing Corporation ("NSCC"). The basket represents one Creation Unit of the Fund. The Fund's portfolio holdings are also available on its website at www.rexshares.com. The Trust, the Adviser, the Sub-Adviser and the Distributor will not disseminate non-public information concerning the Trust.

*Quarterly Portfolio Schedule.* The Trust is required to disclose, on a quarterly basis, the complete schedule of the Fund's portfolio holdings with the SEC on Form N-PORT. The Trust discloses the complete schedule of the Fund's portfolio holdings on Form N-CSR after its second and fourth quarters. Form N-PORT and Form N-CSR for the Trust is available on the SEC's website at https://www.sec.gov. The Fund's Form N-PORT and Form N-CSR may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's Form N-PORT and Form N-CSR are available without charge, upon request, by calling 1-800-617-0004 or by writing to REX ETF Trust, 777 Brickell Avenue, Suite 500, Miami, Florida 33131.

*Codes of Ethics.* In order to mitigate the possibility that the Fund will be adversely affected by personal trading, the Trust, the Adviser, the Sub-Adviser and the Distributor have adopted Codes of Ethics under Rule 17j-1 of the 1940 Act. These Codes of Ethics contain policies restricting securities trading in personal accounts access persons, Trustees and others who normally come into possession of information on portfolio transactions. Personnel subject to the Codes of Ethics may invest in securities that may be purchased or held by the Fund; however, the Codes of Ethics require that each transaction in such securities be reviewed by the Compliance Department. These Codes of Ethics are on public file with, and are available from, the SEC.

**Proxy Voting Policies and Procedures**

The Board of Trustees has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser and has directed the Adviser to vote proxies consistent with the Funds' best interests. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Exhibit A to this SAI. The Board of Trustees will periodically review the Fund's proxy voting record.

Information regarding how the Fund voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request and without charge on its website at www.rexshares.com, by calling 1-800-617-0004 or by accessing the SEC's website at https://www.sec.gov.

**Creation and Redemption of Creation Units**

*General*. ETFs, such as the Fund, generally issue and redeem their shares in primary market transactions through a creation and redemption mechanism and do not sell or redeem individual shares. Instead, financial entities, known as "Authorized Participants," have contractual arrangements with an ETF or one of the ETF's service providers to purchase and redeem ETF shares directly with the ETF in large blocks of shares known as "Creation Units." Prior to start of trading on each business day, an ETF publishes through the NSCC the "basket" of securities, cash or other assets that it will accept in exchange for a Creation Unit of the ETF's shares. An Authorized Participant that wishes to effectuate a creation of an ETF's shares deposits with the ETF the "basket" of securities, cash or other assets identified by the ETF that day, and then receives the Creation Unit of the ETF's shares in return for those assets. After purchasing a Creation Unit, the Authorized Participant may continue to hold the ETF's shares or sell them in the secondary market. The redemption process is the reverse of the purchase process: the authorized participant redeems a Creation Unit of ETF shares for a basket of securities, cash or other assets. The combination of the creation and redemption process with secondary market trading in ETF shares and underlying securities provides arbitrage opportunities that are designed to help keep the market price of ETF shares at or close to the NAV per share of the ETF.

Each Authorized Participant is a member or participant of a clearing agency registered with the SEC that has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase or redemption of Creation Units (a "Participant Agreement"). Orders to purchase Creation Units must be delivered through an Authorized Participant that has executed a Participant Agreement and must comply with the applicable provisions of such Participant Agreement. Investors wishing to purchase or sell shares generally do so on an exchange. Institutional investors other than Authorized Participants are responsible for making arrangements for a redemption request to be made through an Authorized Participant.

A "Business Day" is generally any day on which the NYSE, the Exchange and the Trust are open for business. The Business Day on which an order to purchase or redeem Creation Units is received in proper form is referred to as the "Transmittal Date."

*Basket Composition and Custom Baskets*. Rule 6c-11(c)(3) under of the 1940 Act requires an ETF relying on the exemptions offered by Rule 6c-11 to adopt and implement written policies and procedures governing the construction of baskets and the process that the ETF will use for the acceptance of baskets. In general, in connection with the construction and acceptance of baskets, the Adviser may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a basket are consistent with the ETF's investment objective(s), policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the ETF and/or Authorized Participant(s), as applicable; (3) whether to utilize cash, either in lieu of securities or other instruments or as a cash balancing amount; and (4) in the case of an ETF that tracks an index, whether the securities, assets and other positions aid index tracking.

The Fund may utilize a pro-rata basket or a custom basket in reliance on Rule 6c-11. A "pro-rata basket" is a basket that is a pro rata representation of the ETF's portfolio holdings, except for minor deviations when it is not operationally feasible to include a particular instrument within the basket, except to the extent that the Fund utilized different baskets in transactions on the same Business Day.

Rule 6c-11 defines "custom baskets" to include two categories of baskets. First, a basket containing a non-representative selection of the ETF's portfolio holdings would constitute a custom basket. These types of custom baskets include, but are not limited to, baskets that do not reflect: (i) a pro rata representation of the Fund's portfolio holdings; (ii) a representative sampling of an ETF's portfolio holdings; or (iii) changes due to a rebalancing or reconstitution of an ETF's securities market index, if applicable. Second, if different baskets are used in transactions on the same Business Day, each basket after the initial basket would constitute a custom basket. For example, if an ETF exchanges a basket with either the same or another Authorized Participant that reflects a representative sampling that differs from the initial basket, that basket (and any such subsequent baskets) would be a custom basket. Similarly, if an ETF substitutes cash in lieu of a portion of basket assets for a single Authorized Participant, that basket would be a custom basket.

Under a variety of circumstances, an ETF and its shareholders may benefit from the flexibility afforded by custom baskets. In general terms, the use of custom baskets may reduce costs, increase efficiency and improve trading. Because utilizing custom baskets provides a way for an ETF to add, remove and re-weight portfolio securities without transacting in the market, it may help the ETF to avoid transaction costs and adverse tax consequences. Rule 6c-11 provides an ETF with flexibility to use "custom baskets" if the ETF has adopted written policies and procedures that: (1) set forth detailed parameters for the construction and acceptance of custom baskets that are in the best interests of the ETF and its shareholders, including the process for any revisions to, or deviations from, those parameters; and (2) specify the titles or roles of employees of the ETF's investment adviser who are required to review each custom basket for compliance with those parameters.

The use of baskets that do not correspond to pro rata to an ETF's portfolio holdings has historically created concern that an Authorized Participant could take advantage of its relationship with an ETF and pressure the ETF to construct a basket that favors an Authorized Participant to the detriment of the ETF's shareholders. For example, because ETFs rely on Authorized Participants to maintain the secondary market by promoting an effective arbitrage mechanism, an Authorized Participant holding less liquid or less desirable securities potentially could pressure an ETF into accepting those securities in its basket in exchange for liquid ETF shares (*i.e.*, dumping). An Authorized Participant also could pressure the ETF into including in its basket certain desirable securities in exchange for ETF shares tendered for redemption (*i.e.*, cherry-picking). In either case, the ETF's other investors would be disadvantaged and would be left holding shares of an ETF with a less liquid or less desirable portfolio of securities. The Adviser has adopted policies and procedures designed to mitigate these concerns but there is ultimately no guarantee that such policies and procedures will be effective.

*Basket Dissemination*. Basket files are published for consumption through the NSCC, a subsidiary of Depository Trust & Clearing Corporation, and can be utilized for pricing, creations, redemptions, rebalancing and custom scenarios. In most instances, pro rata baskets are calculated and supplied by the ETF's custodial bank based on ETF holdings, whereas non-pro-rata, custom and forward-looking pro rata baskets are calculated by the Adviser and disseminated by the ETF's custodial bank through the NSCC process.

*Placement of Creation or Redemption Orders*. All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than 2:00 p.m., Eastern Time, on each day the NYSE is open for business (the "Closing Time") in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of the Fund as next determined on such date after receipt of the order in proper form. The Closing Time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. At its discretion, the Fund may also require an Authorized Participant to submit orders to purchase or redeem Creation Units be placed earlier in the day (such as instances where an applicable market for a security comprising a creation or redemption basket closes earlier than usual).

*Delivery of Redemption Proceeds*. Deliveries of securities to Authorized Participants in connection with redemption orders are generally expected to be made within one Business Day. Due to the schedule of holidays in certain countries, however, the delivery of in-kind redemption proceeds for the Fund may take longer than one Business Day after the day on which the redemption request is received in proper form. Section 22(e) of the 1940 Act generally prohibits a registered open-end management investment company from postponing the date of satisfaction of redemption requests for more than seven days after the tender of a security for redemption. This prohibition can cause operational difficulties for ETFs that hold foreign investments and exchange in-kind baskets for Creation Units. For example, local market delivery cycles for transferring foreign investments to redeeming investors, together with local market holiday schedules, can sometimes require a delivery process in excess of seven days. However, Rule 6c-11 grants relief from Section 22(e) to permit an ETF to delay satisfaction of a redemption request for more than seven days if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants, or the combination thereof prevents timely delivery of the foreign investment included in the ETF's basket. Under this exemption, an ETF must deliver foreign investments as soon as practicable, but in no event later than 15 days after the tender to the ETF. The exemption therefore will permit a delay only to the extent that additional time for settlement is actually required, when a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming authorized participants prevents timely delivery of the foreign investment included in the ETF's basket. If a foreign investment settles in less than 15 days, Rule 6c-11 requires an ETF to deliver it pursuant to the standard settlement time of the local market where the investment trades. Rule 6c-11 defines "foreign investment" as any security, asset or other position of the ETF issued by a foreign issuer (as defined by Rule 3b-4 under the 1934 Act), and that is traded on a trading market outside of the United States. This definition is not limited to "foreign securities," but also includes other investments that may not be considered securities. Although these other investments may not be securities, they may present the same challenges for timely settlement as foreign securities if they are transferred in kind.

*Creation Transaction Fees*. The Fund imposes fees in connection with the purchase of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, plus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the creation basket.

*Redemption Transaction Fees*. The Fund also imposes fees in connection with the redemption of Creation Units. These fees may vary based upon various facts-based circumstances, including, but not limited to, the composition of the securities included in the Creation Unit or the countries in which the transactions are settled. The price received for each Creation Unit will equal the daily NAV per share of the Fund times the number of shares in a Creation Unit, minus the fees described above and, if applicable, any operational processing and brokerage costs, transfer fees, stamp taxes and part or all of the spread between the expected bid and offer side of the market related to the securities comprising the redemption basket. Investors who use the services of a broker or other such intermediary in addition to an Authorized Participant to effect a redemption of a Creation Unit may also be assessed an amount to cover the cost of such services. The redemption fee charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits redemption fees to no more than 2% of the value of the shares redeemed.

*Suspension of Creations*. The SEC has stated its position that an ETF generally may suspend the issuance of Creation Units only for a limited time and only due to extraordinary circumstances, such as when the markets on which the ETF's portfolio holdings are traded are closed for a limited period of time. The SEC has also stated that an ETF could not set transaction fees so high as to effectively suspend the issuance of Creation Units. Circumstances in which the Fund may suspend creations include, but are not limited to: (i) the order is not in proper form; (ii) the purchaser or group of related purchasers, upon obtaining the Creation Units of the Fund's Shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the required consideration is not delivered; (iv) the acceptance of the basket would, in the opinion of the Fund, be unlawful; or (v) there exist circumstances outside the control of the Fund that make it impossible to process purchases of Creation Units for all practical purposes. Examples of such circumstances include: acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Fund, the Adviser, the Distributor, DTC, NSCC, the transfer agent, the custodian, any sub-custodian or any other participant in the purchase process; and similar extraordinary events. The Fund reserves the right to reject a creation order transmitted to it provided that such action does not result in a suspension of sales of creation units in contravention of 6c-11 and the SEC's positions thereunder. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of such prospective creator of the rejection of the order of such person. The Trust, the Fund, the transfer agent, the custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of baskets, nor shall any of them incur any liability for the failure to give any such notification.

*Suspension of Redemptions*. An ETF may suspend the redemption of Creation Units only in accordance with Section 22(e) of the 1940 Act. Section 22(e) stipulates that no registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender of such security to the company or its agent designated for that purpose for redemption, except (1) for any period (A) during which the NYSE is closed other than customary week-end and holiday closings or (B) during which trading on the NYSE is restricted; (2) for any period during which an emergency exists as a result of which (A) disposal by the investment company of securities owned by it is not reasonably practicable or (B) it is not reasonably practicable for such company fairly to determine the value of its net assets; or (3) for such other periods as the SEC may by order permit for the protection of security holders of the investment company.

*Exceptions to Use of Creation Units*. Under Rule 6c-11 of the 1940 Act, ETFs are permitted to sell or redeem individual shares on the day of consummation of a reorganization, merger, conversion, or liquidation. In these limited circumstances, an ETF may need to issue or redeem individual shares and may need to transact without utilizing Authorized Participants.

**Federal Tax Matters**

This section summarizes some of the main U.S. federal income tax consequences of owning Fund Shares. This section is current as of the date of this SAI. Tax laws and interpretations change frequently, and these summaries do not describe all of the tax consequences to all taxpayers. For example, these summaries generally do not describe your situation if you are a corporation, a non-U.S. person, a broker-dealer, or other investor with special circumstances. In addition, this section does not describe your state, local or foreign tax consequences.

This federal income tax summary is based in part on the advice of counsel to the Fund. The Internal Revenue Service could disagree with any conclusions set forth in this section. In addition, our counsel may not have been asked to review, and may not have reached a conclusion with respect to the federal income tax treatment of the assets to be deposited in the Fund. This may not be sufficient for prospective investors to use for the purpose of avoiding penalties under federal tax law.

As with any investment, prospective investors should seek advice based on their individual circumstances from their own tax advisor.

The Fund intends to qualify annually and to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

To qualify for the favorable U.S. federal income tax treatment generally accorded to regulated investment companies, the Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stock, securities or foreign currencies or other income derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests in certain publicly traded partnerships; (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the market value of the Fund's assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer generally limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer, or two or more issuers which the Fund controls which are engaged in the same, similar or related trades or businesses, or the securities of one or more of certain publicly traded partnerships; and (iii) distribute at least 90% of its investment company taxable income (which includes, among other items, dividends, interest and net short-term capital gains in excess of net long-term capital losses) and at least 90% of its net tax-exempt interest income each taxable year. There are certain exceptions for failure to qualify if the failure is for reasonable cause or is *de minimis*, and certain corrective action is taken and certain tax payments are made by the Fund.

As a regulated investment company, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes to shareholders. The Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain. If the Fund retains any net capital gain or investment company taxable income, it will generally be subject to federal income tax at regular corporate rates on the amount retained. In addition, amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax unless, generally, the Fund distributes during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that were not distributed during those years. In order to prevent application of the excise tax, the Fund intends to make its distributions in accordance with the calendar year distribution requirement. A distribution will be treated as paid on December 31 of the current calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Subject to certain reasonable cause and *de minimis* exceptions, if the Fund fails to qualify as a regulated investment company or fails to satisfy the 90% distribution requirement in any taxable year, the Fund would be taxed as an ordinary corporation on its taxable income (even if such income were distributed to its shareholders) and all distributions out of earnings and profits would be taxed to shareholders as ordinary income.

*Distributions*. Dividends paid out of the Fund's investment company taxable income are generally taxable to a shareholder as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares. However, certain ordinary income distributions received from the Fund may be taxed at capital gains tax rates. In particular, ordinary income dividends received by an individual shareholder from a regulated investment company such as the Fund are generally taxed at the same rates that apply to net capital gain, provided that certain holding period requirements are satisfied and provided the dividends are attributable to qualifying dividends received by the Fund itself.

The Fund will provide notice to its shareholders of the amount of any distributions that may be taken into account as a dividend, which is eligible for the capital gains tax rates. The Fund cannot make any guarantees as to the amount of any distribution which will be regarded as a qualifying dividend.

Income from the Fund may also be subject to a 3.8% "Medicare tax." This tax generally applies to net investment income if the taxpayer's adjusted gross income exceeds certain threshold amounts, which are $250,000 in the case of married couples filing joint returns and $200,000 in the case of single individuals.

A corporation that owns Fund Shares generally will not be entitled to the dividends received deduction with respect to many dividends received from the Fund because the dividends received deduction is generally not available for distributions from regulated investment companies. However, certain ordinary income dividends on shares that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be reported by the Fund as being eligible for the dividends received deduction.

Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, properly reported as capital gain dividends are taxable to a shareholder as long-term capital gains, regardless of how long the shareholder has held Fund Shares. An election may be available to you to defer recognition of the gain attributable to a capital gain dividend if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements. Shareholders receiving distributions in the form of additional the Fund's Shares, rather than cash, generally will have a tax basis in each the Fund Share equal to the value of a share of the Fund on the reinvestment date. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's basis in his or her Fund Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Fund Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Fund Shares.

Shareholders will be notified annually as to the U.S. federal income tax status of distributions, and shareholders receiving distributions in the form of additional Fund's Shares will receive a report as to the value of those Fund's Shares.

*Sale or Exchange of Fund Shares*. Upon the sale or other disposition of Fund Shares, which a shareholder holds as a capital asset, such a shareholder may realize a capital gain or loss, which will be long-term or short-term, depending upon the shareholder's holding period for Fund Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if Fund Shares have been held for more than one year. An election may be available to you to defer recognition of capital gain if you make certain qualifying investments within a limited time. You should talk to your tax advisor about the availability of this deferral election and its requirements.

Any loss realized on a sale or exchange will be disallowed to the extent that shares disposed of are replaced (including through reinvestment of dividends) within a period of 61 days beginning 30 days before and ending 30 days after disposition of shares or to the extent that the shareholder, during such period, acquires or enters into an option or contract to acquire, substantially identical stock or securities. In such a case, the basis of the Fund Shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of Fund Shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of long-term capital gain received by the shareholder with respect to the Fund Shares.

*Taxes on Purchase and Redemption of Creation Units*. If a shareholder exchanges securities for Creation Units the shareholder will generally recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the shareholder's aggregate basis in the securities surrendered and the Cash Component paid. If a shareholder exchanges Creation Units for securities, then the shareholder will generally recognize a gain or loss equal to the difference between the shareholder's basis in the Creation Units and the aggregate market value of the securities received and the Cash Redemption Amount. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units or Creation Units for securities cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position.

*Nature of Fund Investments.* Certain of the Fund's investment practices are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur; and (vi) adversely alter the characterization of certain complex financial transactions.

*Backup Withholding*. The Fund may be required to withhold U.S. federal income tax from all taxable distributions and sale proceeds payable to shareholders who fail to provide the Fund with their correct taxpayer identification number or fail to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. This withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability.

*Non-U.S. Shareholders.* U.S. taxation of a shareholder who, as to the United States, is a nonresident alien individual, a non-U.S. trust or estate, a non-U.S. corporation or non-U.S. partnership (*"non-U.S. shareholder"*) depends on whether the income of the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

In addition to the rules described in this section concerning the potential imposition of withholding on distributions to non-U.S. persons, distributions to non-U.S. persons that are "financial institutions" may be subject to a withholding tax of 30% unless an agreement is in place between the financial institution and the U.S. Treasury to collect and disclose information about accounts, equity investments, or debt interests in the financial institution held by one or more U.S. persons or the institution is resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury. For these purposes, a "financial institution" means any entity that (i) accepts deposits in the ordinary course of a banking or similar business; (ii) holds financial assets for the account of others as a substantial portion of its business; or (iii) is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting or trading in securities, partnership interests, commodities or any interest (including a futures contract or option) in such securities, partnership interests or commodities. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

Distributions to non-financial non-U.S. entities (other than publicly traded non-U.S. entities, entities owned by residents of U.S. possessions, non-U.S. governments, international organizations, or non-U.S. central banks), will also be subject to a withholding tax of 30% if the entity does not certify that the entity does not have any substantial U.S. owners or provide the name, address and TIN of each substantial U.S. owner. This withholding tax is also currently scheduled to apply to the gross proceeds from the disposition of securities that produce U.S. source interest or dividends. However, proposed regulations may eliminate the requirement to withhold on payments of gross proceeds from dispositions.

*Income Not Effectively Connected.* If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions.

Distributions of capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax at the rate of 30% (or lower treaty rate) unless the non-U.S. shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% U.S. tax. In the case of a non-U.S. shareholder who is a nonresident alien individual, the Fund may be required to withhold U.S. income tax from distributions of net capital gain unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption. If a non-U.S. shareholder is a nonresident alien individual, any gain such shareholder realizes upon the sale or exchange of such shareholder's shares in the Fund in the United States will ordinarily be exempt from U.S. tax unless the gain is U.S. source income and such shareholder is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

Distributions from the Fund that are properly reported by the Fund as an interest-related dividend attributable to certain interest income received by the Fund or as a short-term capital gain dividend attributable to certain net short-term capital gain income received by the Fund may not be subject to U.S. federal income taxes, including withholding taxes when received by certain non-U.S. shareholders, provided that the Fund makes certain elections and certain other conditions are met. For tax years after December 31, 2022, amounts paid to or recognized by a non-U.S. affiliate that are excluded from tax under the portfolio interest, capital gain dividends, short-term capital gains or tax-exempt interest dividend exceptions or applicable treaties, may be taken into consideration in determining whether a corporation is an "applicable corporation" subject to a 15% minimum tax on adjusted financial statement income.

In addition, capital gain distributions attributable to gains from U.S. real property interests (including certain U.S. real property holding corporations) will generally be subject to United States withholding tax and will give rise to an obligation on the part of the non-U.S. shareholder to file a United States tax return.

*Income Effectively Connected.* If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains and any gains realized upon the sale or exchange of the Fund's Shares will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code. The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Non-U.S. shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

*Capital Loss Carryforward*. Net capital gains of the Fund that are available for distribution to shareholders will be computed by taking into account any applicable capital loss carryforward.

*Other Taxation*. Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Determination of Net Asset Value**

The NAV per share of the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of the Fund's Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Fund Share, the Fund's investments are generally valued using market prices to the extent such market quotations are readily available. If market quotations are not readily available, including if market quotations are deemed to be unreliable by the Adviser, the Fund will fair value such investments and use the fair value to calculate the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser to perform the fair value determinations for the Fund's portfolio holdings subject to the Board of Trustee's oversight. The Adviser's fair value determinations will be carried out in compliance with Rule 2a-5 and based on fair value methodologies established and applied by the Adviser and periodically tested to ensure such methodologies are appropriate and accurate with respect to the Fund's portfolio holdings. The Adviser's fair value methodologies may involve obtaining inputs and prices from third-party pricing services.

**Dividends and Distributions**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions and Taxes."

*General Policies.* Dividends from net investment income of the Fund, if any, are declared and paid at least annually. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income.

Dividends and other distributions of the Fund's Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Fund.

*Dividend Reinvestment Service.* No reinvestment service is provided by the Trust. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund for reinvestment of their dividend distributions. Beneficial Owners should contact their brokers in order to determine the availability and costs of the service and the details of participation therein. Brokers may require Beneficial Owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

**Miscellaneous Information**

*Legal Counsel.* Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606, is legal counsel to the Trust.

*Independent Registered Public Accounting Firm.* Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as the Fund's independent registered public accounting firm. Cohen & Company, Ltd. audits the Fund's financial statements and performs other related audit services.

**Performance Information**

To obtain the Fund's most current performance information, please call 1-800-617-0004 or visit the Fund's website at www.rexshares.com. From time to time, the Fund's performance information, such as yield or total return, may be quoted in advertisements or in communications to present or prospective shareholders. Performance quotations represent the Fund's past performance and should not be considered as representative of future results. The Fund will calculate its performance in accordance with the requirements of the rules and regulations under the 1940 Act, as they may be revised from time to time.

**Financial Statements**

The Fund has not yet commenced investment operations; therefore, financial information is not available at this time.

**Exhibit A**

**PROXY VOTING POLICY AND PROCEDURES**

**REX ADVISERS, LLC**

**PROXY VOTING**

*Background*

Proxy voting is an important right of investors and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. SEC-registered investment advisers that exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Investment Advisers Act of 1940 (*"Advisers Act"*) to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

*Policy*

REX Advisers, LLC (*"REX"* or the *"Advisor"*), as a matter of policy and as a fiduciary obligation to our clients, maintains the responsibility for voting proxies for portfolio securities held by accounts in which it has discretionary authority. REX's proxy voting policy must be approved by the Trust's Board of Trustees in connection with registered investment companies (including REX Shares ETFs) it manages.

REX has delegated proxy voting matters to its Investment Committee where obligated to exercise proxy voting it the best interests of its clients (including ETFs and UCITS ETFs). REX maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our proxy policies and practices.

*Procedures*

As a fundamental practice, REX shall determine how to vote proxies based on our reasonable judgment of that vote insofar as what is most likely to produce favorable financial results for the clients or shareholders. In furtherance of this practice, REX has engaged Broadridge Investor Communication Solutions, Inc. (*"Broadridge"*) to obtain research and administrative support for its proxy voting obligations. Broadridge furnishes Proxy Policies & Insights Service modules (the *"PPI Services"*) that include access to access to its ProxyEdge<sup>®</sup> platform (which facilitates data flow and automated voting of proxy issues) and corporate governance voting instructions that are based on a data selection facilitated by REX. Broadridge, moreover, furnishes REX with website access to e-ballot and meeting information via proxyedge.com. Broadridge is not a proxy advisor and will not be making any recommendation as to the manner in which the Advisor should vote or the factors to consider when voting, on any matter, issue, candidate or ballot proposition.

Insofar as voting guidelines are concerned, REX will typically cast proxy votes in favor of proposals that maintain or strengthen the shared interests of shareholders and management, increase shareholder value, maintain or increase shareholder influence over the issuer's board of directors and management, and maintain or increase the rights of shareholders. Conversely, proxy votes will be cast against proposals having the opposite effect or in circumstances where (i) the cost of voting such proxy exceeds the expected benefit to the client; (ii) if the proxy authorizes a re-registration process imposing trading and transfer restrictions on the shares, commonly, referred to as "blocking."

From time to time, it is possible that REX will decide (i) to vote shares held in client accounts differently from the vote of another client account holding the same security. Such actions may result from situations where clients are permitted to place reasonable restrictions on REX's voting authority in the same manner that they may place such restrictions on the actual selection of account securities; or (ii) to abstain from voting on behalf of client account(s) for good reason. For example, in the absence of specific voting guidelines from the client, REX will generally not vote proxies. If, however, REX elects to vote in these instances, REX's policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. REX may determine to abstain from voting a proxy if, in doing so, is not in the best interest of the client.

REX, in exercising its proxy voting obligations, will identify any conflicts that exist between the interests of the Adviser and the client by reviewing the relationship of REX with the issuer of each security to determine if REX or any of its Supervised Persons has any financial, business or personal relationship with the issuer. If a material conflict of interest exists, the Investment Committee will request that the Advisor's Chief Compliance Officer (*"CCO"*) or General Counsel to advise whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means, such as, voting in a manner consistent with a predetermined voting guidelines (see above) or receiving an independent third party voting recommendation.

*Recordkeeping*

REX shall retain the following proxy voting records in a format and retention period as set forth in the Recordkeeping guidelines set forth in this Manual:

● Each proxy statement (which shall be maintained on the Advisor's website or alternatively the Advisor's website shall include instructions for investors to obtain the proxy voting records)

● Proxy Analysis Report, if applicable;

● Record of each vote cast or abstention (or *"Ballot"*) in a manner prescribed by the Proxy Voting Form.

● Documentation, if any, created that was material to making a decision how to vote proxies, or that memorializes that decision including periodic reports to the CCO, if applicable.

● Clerical or administrative records generated on behalf of the Advisor by the Proxy Support Vendor.

● Form N-PX.

This policy and related procedures shall be reviewed at least annually and revised accordingly to maintain alignment with SEC rules and REX's practices.

REX ETF Trust

Part C – Other Information

Item 28. Exhibits

Exhibit No. Description

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust](http://www.sec.gov/Archives/edgar/data/2043954/000121390024098210/ea022054502_ex99-a1.htm) , incorporated by reference to the Registrant's Registration Statement
 on Form N-1A (File No. 333-283221) filed on November 14, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Agreement and Declaration of Trust of the Registrant](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-a2.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws of the Registrant](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-b.htm) , incorporated by reference to the Registrant's Registration
 Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) [Investment Management Agreement between the Registrant and REX Advisers, LLC](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-d1.htm) , incorporated by
 reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221)
 filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Amended Schedule A to Investment Management Agreement between the Registrant and REX Advisers, LLC (1).](ex99-d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Investment Sub-Advisory Agreement between the Registrant and Tuttle Capital Management, LLC (1)](ex99-d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Distribution Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-e.htm) , incorporated by
 reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221)
 filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Amended Exhibit A to Distribution Agreement between the Registrant and Foreside Fund Services, LLC (1)](ex99-e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [ETF Custody Agreement between the Registrant and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-g.htm) , incorporated
 by reference to the Registrant's Registration Statement on Form N-1A (File No.
 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Amended Exhibit A to ETF Custody Agreement between the Registrant and U.S. Bank National Association (1)](ex99-g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-h1.htm) , incorporated by reference to the Registrant's
 Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Amended Exhibit A to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (1)](ex99-h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-h2.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) Amended Exhibit A to ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (1)](ex99-h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-h3.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(6) Amended Exhibit A to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services (1)](ex99-h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Form of Subscription Agreement](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-h4.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Form of Authorized Participant Agreement](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-h5.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion of Legal Counsel (1)](ex99-i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) [Rule 12b-1 Distribution Plan](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-m.htm) , incorporated by reference to the Registrant's Registration
 Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Amended Schedule A to Rule 12b-1 Distribution Plan (1)](ex99-m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Code of Ethics of Registrant](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-p1.htm) , incorporated by reference to the Registrant's Registration
 Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of REX Advisers, LLC](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-p2.htm), incorporated by reference to the Registrant's Registration Statement on Form N-1A (File No. 333-283221) filed on May 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of Tuttle Capital Management, LLC](ex99-p3.htm) (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Code of Ethics of Distributor, not applicable per Rule 17j-1(c)(3)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-q.htm) , incorporated by reference to the Registrant's Registration Statement
 on Form N-1A (File No. 333-283221) filed on May 14, 2025.

__________________________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Filed
 herewith.

Item 29. Persons Controlled By or Under Common Control with Registrant

Not Applicable.

Item 30. Indemnification

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Article VII, Section 2 of the Declaration of Trust sets forth the following with regard to indemnification of the Trust's "Agents" which includes any Person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or other agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by Trust.* The Trust shall indemnify, out of Trust Property, to the fullest extent permitted under applicable law, any Person who was or is a party or is threatened to be made a party to any Proceeding by reason of the fact that such Person is or was an Agent of the Trust, against Expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such Proceeding if such Person acted in good faith or in the case of a criminal proceeding, had no reasonable cause to believe the conduct of such Person was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not of itself create a presumption that the Person did not act in good faith or that the Person had reasonable cause to believe that the Person's conduct was unlawful.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA Section 3817 permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of the Investment Adviser

Certain information pertaining to the business and other connections of REX Advisers, LLC, the investment adviser to the Fund, is hereby incorporated by reference from the Prospectus and Statement of Additional Information contained herein. The information required by this Item with respect to any director, officer or partner of REX Advisers, LLC is incorporated by reference to the Form ADV filed by REX Advisers, LLC with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File No. 801-128357).

Certain information pertaining to the business and other connections of Tuttle Capital Management, LLC, the investment sub-adviser to the Fund, is hereby incorporated by reference from the Prospectus and Statement of Additional Information contained herein. The information required by this Item with respect to any director, officer or partner of Tuttle Capital Management, LLC is incorporated by reference to the Form ADV filed by Tuttle Capital Management, LLC with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File No. 801-76982).

Item 32. Principal Underwriter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. AB
 Active ETFs, Inc.

2. ABS
 Long/Short Strategies Fund

3. ActivePassive
 Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive
 Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive
 International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive
 U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares
 Trust

8. AFA
 Private Credit Fund

9. AGF
 Investments Trust

10. AIM
 ETF Products Trust

11. Alexis
 Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric
 Prime Meridian Income Fund

13. American
 Century ETF Trust

14. Amplify
 ETF Trust

15. Applied
 Finance Dividend Fund, Series of World Funds Trust

16. Applied
 Finance Explorer Fund, Series of World Funds Trust

17. Applied
 Finance Select Fund, Series of World Funds Trust

18. ARK
 ETF Trust

19. ARK
 Venture Fund

20. Bitwise
 Funds Trust

21. BondBloxx
 ETF Trust

22. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

23. Bridgeway
 Funds, Inc.

24. Brinker
 Capital Destinations Trust

25. Brookfield
 Real Assets Income Fund Inc.

26. Build
 Funds Trust

27. Calamos
 Convertible and High Income Fund

28. Calamos
 Convertible Opportunities and Income Fund

29. Calamos
 Dynamic Convertible and Income Fund

30. Calamos
 Global Dynamic Income Fund

31. Calamos
 Global Total Return Fund

32. Calamos
 Strategic Total Return Fund

33. Carlyle
 Tactical Private Credit Fund

34. Cascade
 Private Capital Fund

35. Catalyst
 Strategic Income Opportunities Fund

36. CBRE
 Global Real Estate Income Fund

37. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

38. Clifford
 Capital Partners Fund, Series of World Funds Trust

39. Cliffwater
 Corporate Lending Fund

40. Cliffwater
 Enhanced Lending Fund

41. Cohen
 & Steers ETF Trust

42. Cohen
 & Steers Infrastructure Fund, Inc.

43. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

44. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

45. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

46. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

47. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

48. CYBER
 HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

49. Davis
 Fundamental ETF Trust

50. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

51. Defiance
 Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

52. Defiance
 Next Gen H2 ETF, Series of ETF Series Solutions

53. Defiance
 Quantum ETF, Series of ETF Series Solutions

54. Denali
 Structured Return Strategy Fund

55. Dividend
 Performers ETF, Series of Listed Funds Trust

56. Dodge
 & Cox Funds

57. DoubleLine
 ETF Trust

58. DoubleLine
 Income Solutions Fund

59. DoubleLine
 Opportunistic Credit Fund

60. DoubleLine
 Yield Opportunities Fund

61. DriveWealth
 ETF Trust

62. EIP
 Investment Trust

63. Ellington
 Income Opportunities Fund

64. ETF
 Opportunities Trust

65. Evanston
 Alternative Opportunities Fund

66. Exchange
 Listed Funds Trust

67. Exchange
 Place Advisors Trust

68. FlexShares
 Trust

69. Forum
 Funds

70. Forum
 Funds II

71. Forum
 Real Estate Income Fund

72. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

73. Grayscale
 Future of Finance ETF, Series of ETF Series Solutions

74. Guinness
 Atkinson Funds

75. Harbor
 ETF Trust

76. Harris
 Oakmark ETF Trust

77. Hawaiian
 Tax-Free Trust

78. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

79. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

80. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

81. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

82. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

83. IDX
 Funds

84. Innovator
 ETFs Trust

85. Ironwood
 Institutional Multi-Strategy Fund LLC

86. Ironwood
 Multi-Strategy Fund LLC

87. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

88. John
 Hancock Exchange-Traded Fund Trust

89. Kurv
 ETF Trust

90. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

91. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

92. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

93. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

94. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

95. Manor
 Investment Funds

96. Milliman
 Variable Insurance Trust

97. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

98. Morgan
 Stanley ETF Trust

99. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

100. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

101. Morningstar
 Funds Trust

102. Mutual
 of America Investment Corporation

103. NEOS
 ETF Trust

104. Niagara
 Income Opportunities Fund

105. NXG
 Cushing® Midstream Energy Fund

106. NXG
 NextGen Infrastructure Income Fund

107. Opal
 Dividend Income ETF, Series of Listed Funds Trust

108. OTG
 Latin American Fund, Series of World Funds Trust

109. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

110. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

111. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

112. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

113. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

114. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

115. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

116. Palmer
 Square Funds Trust

117. Palmer
 Square Opportunistic Income Fund

118. Partners
 Group Private Income Opportunities, LLC

119. Performance
 Trust Mutual Funds, Series of Trust for Professional Managers

120. Performance
 Trust Short Term Bond ETF, Series of Trust for Professional Managers

121. Perkins
 Discovery Fund, Series of World Funds Trust

122. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

123. Plan
 Investment Fund, Inc.

124. Point
 Bridge America First ETF, Series of ETF Series Solutions

125. Precidian
 ETFs Trust

126. Preferred-Plus
 ETF, Series of Listed Funds Trust

127. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment
 Series Trust

128. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

129. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

130. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

131. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

132. Renaissance
 Capital Greenwich Funds

133. Reynolds
 Funds, Inc.

134. RiverNorth
 Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

135. RiverNorth
 Patriot ETF, Series of Listed Funds Trust

136. RMB
 Investors Trust

137. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

138. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

139. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

140. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

141. Roundhill
 ETF Trust

142. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

143. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

144. Roundhill
 Video Games ETF, Series of Listed Funds Trust

145. Rule
 One Fund, Series of World Funds Trust

146. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

147. Six
 Circles Trust

148. Sound
 Shore Fund, Inc.

149. SP
 Funds Trust

150. Sparrow
 Funds

151. Spear
 Alpha ETF, Series of Listed Funds Trust

152. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

153. STF
 Tactical Growth ETF, Series of Listed Funds Trust

154. Strategic
 Trust

155. Strategy
 Shares

156. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

157. Tekla
 World Healthcare Fund

158. Tema
 ETF Trust

159. The
 2023 ETF Series Trust

160. The
 2023 ETF Series Trust II

161. The
 Cook & Bynum Fund, Series of World Funds Trust

162. The
 Community Development Fund

163. The
 Finite Solar Finance Fund

164. The
 Private Shares Fund

165. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third
 Avenue Trust

167. Third
 Avenue Variable Series Trust

168. Tidal
 ETF Trust

169. Tidal
 Trust II

170. Tidal
 Trust III

171. TIFF
 Investment Program

172. Timothy
 Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

173. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy
 Plan International ETF, Series of The Timothy Plan

175. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy
 Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

178. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

179. Total
 Fund Solution

180. Touchstone
 ETF Trust

181. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex
 2x Long Ether Daily Target ETF

185. TrueShares
 Active Yield ETF, Series of Listed Funds Trust

186. TrueShares
 Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

187. TrueShares
 Structured Outcome (April) ETF, Series of Listed Funds Trust

188. TrueShares
 Structured Outcome (August) ETF, Series of Listed Funds Trust

189. TrueShares
 Structured Outcome (December) ETF, Series of Listed Funds Trust

190. TrueShares
 Structured Outcome (February) ETF, Series of Listed Funds Trust

191. TrueShares
 Structured Outcome (January) ETF, Series of Listed Funds Trust

192. TrueShares
 Structured Outcome (July) ETF, Series of Listed Funds Trust

193. TrueShares
 Structured Outcome (June) ETF, Series of Listed Funds Trust

194. TrueShares
 Structured Outcome (March) ETF, Series of Listed Funds Trust

195. TrueShares
 Structured Outcome (May) ETF, Listed Funds Trust

196. TrueShares
 Structured Outcome (November) ETF, Series of Listed Funds Trust

197. TrueShares
 Structured Outcome (October) ETF, Series of Listed Funds Trust

198. TrueShares
 Structured Outcome (September) ETF, Series of Listed Funds Trust

199. TrueShares
 Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

200. U.S.
 Global Investors Funds

201. Union
 Street Partners Value Fund, Series of World Funds Trust

202. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

203. Vest
 S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

204. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

205. Vest
 US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

206. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

207. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

208. VictoryShares
 Core Intermediate Bond ETF, Series of Victory Portfolios II

209. VictoryShares
 Core Plus Intermediate Bond ETF, Series of Victory Portfolios II

210. VictoryShares
 Corporate Bond ETF, Series of Victory Portfolios II

211. VictoryShares
 Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

212. VictoryShares
 Dividend Accelerator ETF, Series of Victory Portfolios II

213. VictoryShares
 Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

214. VictoryShares
 Free Cash Flow ETF, Series of Victory Portfolios II

215. VictoryShares
 Free Cash Flow Growth ETF, Series of Victory Portfolios II

216. VictoryShares
 Hedged Equity Income ETF, Series of Victory Portfolios II

217. VictoryShares
 International High Div Volatility Wtd ETF, Series of Victory Portfolios II

218. VictoryShares
 International Value Momentum ETF, Series of Victory Portfolios II

219. VictoryShares
 International Volatility Wtd ETF, Series of Victory Portfolios II

220. VictoryShares
 NASDAQ Next 50 ETF, Series of Victory Portfolios II

221. VictoryShares
 Short-Term Bond ETF, Series of Victory Portfolios II

222. VictoryShares
 THB Mid Cap ESG ETF, Series of Victory Portfolios II

223. VictoryShares
 US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

224. VictoryShares
 US 500 Volatility Wtd ETF, Series of Victory Portfolios II

225. VictoryShares
 US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

226. VictoryShares
 US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

227. VictoryShares
 US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

228. VictoryShares
 US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

229. VictoryShares
 US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

230. VictoryShares
 US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

231. VictoryShares
 US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

232. VictoryShares
 US Value Momentum ETF, Series of Victory Portfolios II

233. VictoryShares
 WestEnd Economic Cycle Bond ETF, Series of Victory Portfolios II

234. VictoryShares
 WestEnd Global Equity ETF, Series of Victory Portfolios II

235. VictoryShares
 WestEnd US Sector ETF, Series of Victory Portfolios II

236. Virtus
 Stone Harbor Emerging Markets Income Fund

237. Volatility
 Shares Trust

238. WEBs
 ETF Trust

239. Wellington
 Global Multi-Strategy Fund

240. West
 Loop Realty Fund, Series of Investment Managers Series Trust

241. Wilshire
 Mutual Funds, Inc.

242. Wilshire
 Variable Insurance Trust

243. WisdomTree
 Digital Trust

244. WisdomTree
 Trust

245. XAI
 Octagon Floating Rate & Alternative Income Term Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant<br>|
| Teresa Cowan | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza <br>Kate Macchia  | Three Canal Plaza, Suite 100,<br> Portland, ME 04101<br>Three Canal Plaza, Suite 100,<br> Portland, ME 04101  | Vice President <br>Vice President  |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone<br>Susan L. LaFond<br>| Three Canal Plaza, Suite 100,<br> Portland, ME 04101<br>Three Canal Plaza, Suite 100,<br> Portland, ME 04101<br>| Secretary<br>Treasurer<br>|  |
| Weston Sommers | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 Applicable.

Item 33. Location of Accounts and Records

All accounts, books and other documents required to be maintained by Section 31(a) of 15 U.S.C. 80a-3-(a) and rules under that section, are maintained by the Tuttle Capital Management, LLC, 155 Lockwood Road, Riverside, Connecticut 06878, with the exception of those maintained by the Registrant's investment advisor, REX Advisers, LLC, 1241 Post Road, Fairfield, Connecticut 06824.

Item 34. Management Services

Not Applicable.

Item 35. Undertakings

Not Applicable.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized in the City of Miami, and State of Florida, on the 14th day of January, 2026.

---

| | |
|:---|:---|
| REX ETF Trust | REX ETF Trust |
| By: | /s/ Gregory D. King |
|  | Gregory D. King, President, Chief Executive Officer and Trustee |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Date** | **Date** |
| /s/ Gregory D. King | January 14, 2026 | January 14, 2026 |
| Gregory D. King |  |  |
| /s/ Robert Rokose | January 14, 2026 | January 14, 2026 |
| Robert Rokose |  |  |
| Ian G. Merrill\* | By: | /s/ Gregory Collett |
|  |  | Gregory Collett |
| Richard Shorten\* |  | Attorney-In-Fact |
|  |  | January 14, 2026 |
| Huaxing (Jason) Lu\* |  |  |

---

\* An original powers of attorney authorizing Gregory Collett and Robert Rokose to execute the Registrant's Registration Statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this Registration Statement is filed, were previously executed, filed as an exhibit and are [incorporated by reference](http://www.sec.gov/Archives/edgar/data/2043954/000121390025043420/ea024210601_ex99-q.htm) herein.

**Index to Exhibits**

(d)(2) [Amended Schedule A to Investment Management Agreement between the Registrant and REX Advisers, LLC](ex99-d2.htm)

(d)(3) [Investment Sub-Advisory Agreement between the Registrant and Tuttle Capital Management, LLC](ex99-d3.htm)

(e)(2) [Amended Exhibit A to Distribution Agreement between the Registrant and Foreside Fund Services, LLC](ex99-e2.htm)

(g)(2) [Amended Exhibit A to ETF Custody Agreement between the Registrant and U.S. Bank National Association](ex99-g2.htm)

(h)(2) [Amended Exhibit A to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](ex99-h2.htm)

(h)(4) [Amended Exhibit A to ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](ex99-h4.htm)

(h)(6) [Amended Exhibit A to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bank Global Fund Services](ex99-h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion of Legal Counsel](ex99-i.htm)

(m)(2) [Amended Schedule A to Rule 12b-1 Distribution Plan](ex99-m2.htm)

(p)(3) [Code of Ethics of Tuttle Capital Management, LLC](ex99-p3.htm)

## Ex-99.(D)(2)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(d)(2)**

**Schedule A**

**As of January** **14, 2026**

**Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Series  | &nbsp;&nbsp;Annual<br> Rate<br> of <br> Average<br> Daily Net<br> Assets  | &nbsp;&nbsp;Initial <br> Board <br> Approval <br> Date | &nbsp;&nbsp;Shareholder<br> Approval Date | &nbsp;&nbsp;Initial <br> Effective <br> Date | &nbsp;&nbsp;Termination <br> Date<br>|
| &nbsp;&nbsp;REX COIN Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;4/21/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/21/2027 |
| &nbsp;&nbsp;REX MSTR Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;4/21/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/21/2027 |
| &nbsp;&nbsp;REX NVDA Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;4/21/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/21/2027 |
| &nbsp;&nbsp;REX TSLA Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;4/21/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/24/2025 | &nbsp;&nbsp;4/21/2027 |
| &nbsp;&nbsp;REX SSK Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX AAPL Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX AMD Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX AMZN Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX ASML Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX AVGO Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX BABA Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX BKNG Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX BRK.B Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX CEPT Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX CRWD Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX CRWV Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX DKNG Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX GME Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX GOOGL Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX HOOD Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IBIT Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IONQ Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX JPM Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX LLY Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX MARA Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REX META Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX MSFT Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX NFLX Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX NOW Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX O Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX PLTR Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX RGTI Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX SMCI Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX SMR Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX SNOW Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX TEM Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX TLT Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX TSM Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX UNH Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX WMT Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax Option Strategy ETF | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax TSLA ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax NVDA ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax MSTR ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax HOOD ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax COIN ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax PLTR ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax GOOG ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax AAPL ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax CRCL ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX IncomeMax Bitcoin ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/9/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX Drone ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;9/22/2025 | &nbsp;&nbsp;10/17/2025 | &nbsp;&nbsp;9/22/2027 |
| &nbsp;&nbsp;REX XRPR Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX DOJE Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX Autocallable Income ETF | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX BMNR Growth & Income ETF | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX IncomeMax BMNR ETF | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX APAC Equity Premium Income ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX Defense Equity Premium Income ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;REX Fintech Equity Premium Income ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX Quantum Equity Premium Income ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;The Laddered T-Bill ETF | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |
| &nbsp;&nbsp;REX Growth & Income Universe ETF | &nbsp;&nbsp;0.24% | &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;11/25/2027 |

---

## Ex-99.(D)(3)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(d)(3)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

This Investment Sub-Advisory Agreement (the "Agreement") is made as of this 13 day of January by and among REX Advisers, LLC, a Delaware limited liability company with its principal place of business at 1241 Post Road, 2nd Floor, Fairfield, Connecticut 06824 (the "Adviser"), REX ETF Trust (the "Trust"), and Tuttle Capital Management, LLC, a Delaware limited liability company with its principal place of business located at 155 Lockwood Road, Riverside, Connecticut 06878 (the "Sub-Adviser").

**W I T N E S S E T H**

WHEREAS, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"); and

WHEREAS, the Adviser has entered into an Investment Management Agreement with respect to certain series, with the Trust; and

WHEREAS, pursuant to the Investment Management Agreement, a Fund will pay the Adviser an investment management fee equal to an annual rate of such Fund's average daily net assets as set forth in the Investment Management Agreement with respect to such Fund (the "Investment Management Fee"); and

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Investment Management Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund listed in <u>Schedule A</u> to this Agreement (each a "Fund" and, collectively, the "Funds"), as such schedule may be amended from time to time upon mutual agreement of the parties.

**A G R E E M E N T**

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

**1.** **Duties of the Sub-Adviser.** Subject to supervision and oversight of the Adviser and the Board of
Trustees (the "Board"), and in accordance with the terms and conditions of the Agreement, the Sub-Adviser shall manage all
of the securities and other assets of the Funds entrusted to it hereunder (the "Assets"),
including the purchase, retention and disposition of the Assets, in accordance with the Funds' respective investment objectives,
guidelines, policies and restrictions as stated in each Fund's prospectus and statement of additional information, as currently
in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to
the following:

(a) The Sub-Adviser shall, subject to subparagraph (b), determine from time to time what Assets will be purchased,
retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Adviser and of the Board,
the terms and conditions of exemptive and no-action relief granted to the Trust as amended from time to time and provided to the Sub-Adviser
and the Trust's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the
1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all
other applicable federal and state laws and regulations, as each is amended from time to time.

(c) The Sub-Adviser shall determine the Assets to be purchased or sold by the Funds as provided in subparagraph
(a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth
in the Funds' Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all federal
securities laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on
behalf of each Fund the best execution and overall terms available. In assessing the best overall terms available for any transaction,
the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the
security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any,
both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer
to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are
defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established
by the Board and Section 28(e) of the Exchange Act, as amended, the Sub-Adviser is authorized to pay to a broker or dealer who provides
such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of
commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good
faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer
viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients,
including the Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers
(including brokers and dealers that are affiliated with the Adviser,
Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission
are comparable to what they would be with other qualified firms. In no instance, however, will the Assets be purchased from or sold to
the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of the Trust, Adviser, the Sub-Adviser or
the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange
Commission ("SEC") and the 1940 Act.

(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets
required by subparagraphs (b)(1), (5), (6), (7), (8), (9) and (10) and paragraph (f) of Rule 31a-1 under the
1940 Act. The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this
Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed
by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act, as requested by the Adviser.
The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender
promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such
records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under
the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any
successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

(e) The Sub-Adviser shall provide the Fund's custodian on each business day with information relating
to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise
cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign
custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust.

(f) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other
clients in addition to the Funds and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations,
the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the
timing or nature of action taken for a particular Fund.

(g) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably
likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

(h) The Sub-Adviser shall not be responsible for reviewing proxy solicitation materials and voting and handling
proxies. The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the Funds or the
Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities
comprising the Assets or any other matter. Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets
or any other matter and will not notify the Adviser, the Funds or the Trust's custodian of class action settlements or bankruptcies
relating to the Assets.

(i) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with
any other sub-adviser to the Funds or a sub-adviser to a portfolio that is under common control with the Funds concerning the Assets,
except as permitted by the policies and procedures of the Funds. The Sub-Adviser shall not provide investment advice to any assets of
the Funds other than the Assets which it sub-advises.

(j) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest
of the Funds as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations,
aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold,
as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with
its fiduciary obligations to the Fund and to such other clients under the circumstances.

(k) The Sub-Adviser shall maintain books and records with respect to the Funds' securities transactions
and keep the Board and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts
concerning the Sub-Adviser and its key investment personnel providing services with respect to the Funds and the investment and the reinvestment
of the Assets of the Funds. The Sub-Adviser shall furnish to the Adviser or the Board such reasonably requested regular, periodic and
special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board
may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to discuss
the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the
Assets that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the
rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

(l) The fair valuation of securities in a Fund may be required when the Adviser becomes aware of significant
events that may affect the pricing of all or a portion of a Fund's portfolio. The Sub-Adviser will provide assistance in determining
the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange
for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily
available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.

**2.** **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be
provided to the Funds pursuant to the Investment Management Agreement and shall oversee and review the Sub-Adviser's performance
of its duties under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed
to relieve the Sub-Adviser of responsibility for compliance with the Prospectus, the Statement of Additional Information, the written
instructions and directions of the Board, the requirements of the 1940 Act, the Code, and all other applicable federal laws and regulations,
as each is amended from time to time.

**3.** **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following
documents:

(a) The Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust, as in effect
on the date of this Agreement and as amended from time to time, herein called the "Declaration of Trust");

(b) Amended and Restated By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as
amended from time to time, are herein called the "By-Laws");

(c) Prospectus and Statement of Additional Information of the Funds, as amended from time to time;

(d) Resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser to the Funds;

(e) Resolutions, policies and procedures adopted by the Board with respect to the Assets to the extent such resolutions,
policies and procedures may affect the duties of the Sub-Adviser hereunder;

(f) A list of the Trust's principal underwriter and each affiliated person of the Adviser, the Trust or
the principal underwriter; and

(g) The terms and conditions of exemptive and no-action relief granted to the Trust, as amended from time to
time.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the Funds to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

**4.** **Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to
this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefore, a sub-advisory
fee (the "Sub-Advisory Fee") equal to the percentage of the Investment
Management Fee set forth in <u>Schedule A</u> which is attached hereto and made part of this Agreement; provided, however, such Sub-Advisory
Fee payment shall be reduced by the amount of Sub-Adviser's Expenses owed by the Sub-Adviser pursuant to Section 5 below. The Sub-Advisory
Fee net of Sub-Adviser's Expenses shall be payable monthly in arrears. If the Sub-Adviser's Expenses owed by the Sub-Adviser
are greater than the Sub-Advisory Fee, the Sub-Adviser shall pay the Adviser the difference by the date the Sub-Advisory Fee would have
been due. For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the
basis of the number of days that the Agreement is in effect during the month and year, respectively. At the request of the Sub-Adviser,
the Adviser shall provide the Sub-Adviser with an accounting reasonably satisfactory to the Sub-Adviser of the calculation of the Sub-Advisory
Fee. The Adviser shall provide prompt advance notice to the Sub-Adviser of any change to the Adviser's compensation agreements with
respect to the Fund, which change may require approval by the Board of Trustees. Except as may otherwise be prohibited by law or regulation
(including any then current SEC staff interpretations), the Sub-Adviser may, in its sole discretion and from time to time, waive a portion
of its fee.

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect.

**5.** **Expenses.** The Sub-Adviser will pay one-half of all expenses of the Fund (including but not limited
to the cost of transfer agency, custody, fund administration, legal, audit and other services and license fees, if any) but excluding
the fee payment under this Agreement, the Investment Management Fee, interest, taxes, brokerage commissions, and other expenses connected
with the execution of portfolio transactions (such as dividend and distribution expenses from securities sold short and/or other investment
related costs), distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses (collectively,
the *"Fund Expenses"*) in the manner set forth in Section 4 above.

The Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including personnel compensation, expenses and fees required for the Sub-Adviser to perform its duties under this Agreement; administrative facilities, including operations and bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser may enter into an agreement with the Funds to limit the operating expenses of the Fund.

**6.** **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser, the Trust, all
affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described
in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including
reasonable attorney's fees and other related expenses) however arising from or in connection with the performance of the Sub-Adviser's
obligations under this Agreement to the extent resulting from or relating to Sub-Adviser's own willful misfeasance, fraud, bad faith
or gross negligence, or to the reckless disregard of its duties under this Agreement; provided, however, that the Sub-Adviser's
obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced
by the Adviser, the Trust, all affiliated persons thereof and all controlling persons thereof, is caused by or is otherwise directly related
to the Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under
this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with this Agreement (including, without limitation, any claims of infringement or misappropriation of the intellectual property rights of a third party against the Sub-Adviser or any affiliated person relating to any index or index data provided to Sub-Adviser by the Adviser or Adviser's agent and used by the Sub-Adviser in connection with performing its duties under this Agreement); provided, however, that the Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

Notwithstanding anything to the contrary contained herein, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, but not limited to, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

The provisions of this Section shall survive the termination of this Agreement.

**7.** **Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to the Adviser
and the Trust as follows:

a. The Sub-Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser
under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

b. The Sub-Adviser will promptly notify the Adviser of the occurrence of any event that would
 substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser
 from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also
 promptly notify the Trust and the Adviser if it, a member of its executive management or portfolio manager for the Assets is served
 or otherwise receives notice of any action, suit, proceeding
or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body,
involving the affairs of the Funds or relating to the investment advisory services of the Sub-Adviser provided pursuant to this Agreement
(other than any routine regulatory examinations);

c. The Sub-Adviser will notify the Adviser promptly upon detection of (a) any material failure to manage
the Fund(s) in accordance with the Fund(s)' stated investment objectives, guidelines and policies or any applicable law or regulation;
or (b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the
Funds.

d. The Sub-Adviser is fully authorized under all applicable law and regulation to enter into this Agreement
and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

e. The Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the
state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

f. The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's
powers and have been duly authorized by all necessary action on the part of its corporate members or board, and no action by or in respect
of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and
performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do
not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing
instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

g. This Agreement is a valid and binding agreement of the Sub-Adviser;

h. The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the
form filed with the SEC and the information contained therein is accurate, current and complete in all material respects as of its filing
date, and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under
which they were made, not misleading;

i. The Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer
in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other
registered investment company.

j. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage as determined by the Sub-Adviser.

k. The Sub-Adviser will provide information , as necessary and reasonably requested by the Adviser or its
agent, with respect to any component of the liquidity risk management program adopted by the Fund(s) in accordance with SEC Rule 22e-4.

**8.** **Duration and Termination.** The effectiveness and termination dates of this Agreement shall be determined
separately for each Fund as described below.

a. <u>Duration</u>. This Agreement shall become effective with respect to a Fund upon the latest of (i) the
approval by a vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such
party, cast in person at a meeting called for the purpose of voting on such approval; (ii) the approval of a majority of the Fund's
outstanding voting securities, if required by the 1940 Act; and (iii) the commencement of the Sub-Adviser's management of the Fund.
With respect to the Fund, this Agreement shall continue in effect for a period of two years from the effective date described in this
sub-paragraph, subject thereafter to being continued in force and effect from year to year if specifically approved each year by the Board
or by the vote of a majority of the Fund's outstanding voting securities. In addition to the foregoing, each renewal of this Agreement
must be approved by the vote of a majority of the Board who are not parties to this Agreement or interested persons of any such party,
cast in person at a meeting called for the purpose of voting on such approval. Prior to voting on the renewal of this Agreement, the Board
may request and evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate
the terms of this Agreement.

b. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may
be terminated at any time with respect to a Fund, without payment of any penalty:

i. By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the
Funds, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

ii. By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 7
and Section 9 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written (including
notice delivered electronically) notice of such breach;

iii. By the Adviser immediately upon written (including notice delivered electronically) notice to the Sub-Adviser
if the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement; or

iv. By the Sub-Adviser upon sixty (60) days' written (including notice delivered electronically) notice
to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Investment Management Agreement with the Trust upon notice to the Sub-Adviser. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

**9.** **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants
that:

a. in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and
will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

b. the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are
reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the
1940 Act) by the Funds and the Sub-Adviser applicable to the Sub-Adviser's services provided under this Agreement (the policies
and procedures referred to in this <u>Section 9(b)</u>, along with the policies and procedures referred to in <u>Section 9(a)</u>, are
referred to herein as the Sub-Adviser's "Compliance Program").

**10.** **Confidentiality**. Subject to the duty of the Adviser or Sub-Adviser to comply with applicable law
and regulation, including any demand or request of any regulatory, governmental or tax authority having jurisdiction, the parties hereto
shall treat as confidential all non-public information pertaining to the Funds and the actions of the Sub-Adviser and the Funds in respect
thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its
obligations hereunder is to be regarded as confidential and for use only by the Adviser, the Funds, the Board, or such persons as the
Adviser may reasonably designate in connection with the Funds. It is also understood that any information supplied to the Sub-Adviser
in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser,
its affiliates and agents in connection with its obligation to provide investment advice and other services to the Funds and to assist
or enable the effective management of the Adviser's and the Funds' overall relationship with the Sub-Adviser and its affiliates.
The parties acknowledge and agree that all nonpublic personal information with regard to shareholders in the Funds shall be deemed proprietary
and confidential information of the Adviser, and that the Sub-Adviser shall use that information solely in the performance of its duties
and obligations under this Agreement and shall take reasonable steps to safeguard the confidentiality of that information. Further, the
Sub-Adviser shall maintain and enforce adequate security and oversight procedures with respect to all materials, records, documents and
data relating to any of its responsibilities pursuant to this Agreement including all means for the effecting of investment transactions.

11. **Reporting of Compliance Matters.** 

a. The Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO")
the following:

(i) a report of any material violations of the Sub-Adviser's Compliance Program or any "material
compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's
Compliance Program;

(ii) on a quarterly basis, a report of any material changes to the policies and procedures that compose the
Sub-Adviser's Compliance Program;

(iii) a copy of the summary of the Sub-Adviser's chief compliance officer's report (or similar document(s)
which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance
Program, as required by Rule 206(4)-7 under the Advisers Act; and

(iv) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding
the Sub-Adviser's compliance with <u>Section 7</u> and Section <u>9</u> of this Agreement.

b. The Sub-Adviser shall also provide the Trust's CCO with reasonable access, during normal business
hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings
with personnel of the Sub-Adviser.

**11.** **The Name "** REX Advisers, LLC **."** The Adviser
grants to the Sub-Adviser a sub-license to use the name "REX Advisers, LLC" (the "Name"). The foregoing authorization
by the Adviser to the Sub-Adviser to use the Name is not exclusive of the right of the Adviser itself to use, or to authorize others
to use, the Name; the Sub-Adviser acknowledges and agrees that, as between the Sub-Adviser and the Adviser, the Adviser has the right
to use, or authorize others to use, the Name. The Sub-Adviser shall only use the Name in a manner consistent with uses approved by the
Adviser. Notwithstanding the foregoing, neither the Sub-Adviser nor any affiliate or agent of it shall make reference to or use the Name
or any of Adviser's respective affiliates or clients names without the prior approval of Adviser, which approval shall not be unreasonably
withheld or delayed; provided that the Sub-Adviser is authorized to disclose the Name and the Adviser's and the Funds identities
as clients of the Sub-Adviser in any representative client list prepared by the Sub-Adviser for use in marketing materials. The Sub-Adviser
hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Sub-Adviser to satisfy the foregoing obligation in
connection with any services such affiliates or agents provide to the Sub-Adviser or the Funds under this Agreement.

**12.** **Index Data.** The Adviser has obtained all licenses and permissions
necessary for the Sub-Adviser to use any index data provided to it by the Adviser or Adviser's agent under this Agreement and the
Sub-Adviser is not required to obtain any such licenses or permissions itself.

**13.** **Governing Law.** This Agreement shall be governed by the
laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed
as being inconsistent with the 1940 Act.

**14.** **Severability.** Should any part of this Agreement be held
invalid by a court decision, statute, regulation, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**15.** **Notice.** Any notice, advice, document, report or other client
communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight
mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the
other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect
of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by
email or other electronic means.

To the Adviser at: REX Advisers, LLC

1241 Post Rd, 2nd Floor Fairfield

Connecticut, 06824

To the Trust at: REX ETF Trust

777 Brickell Avenue, Suite 500

Miami, Florida 33131

To the Sub-Adviser at: Tuttle Capital Management, LLC

155 Lockwood Road

Riverside, Connecticut 06878

**16.** **Non-Hire/Non-Solicitation.** The parties hereby agree that,
during the term of this Agreement, and for a period of twelve (12) months following the effective date of this Agreement's termination,
neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, knowingly cause any person employed
by the other party or who is otherwise engaged by such party to be serving in a consultant or independent contractor role (each, a "Restricted
Person") to leave such employment and/or engagement, and become an employee or representative of the other party (including any
of its affiliated companies or any key vendor or service provider of that party, regardless of whether such Restricted Person is a full-time
employee or whether or not any Restricted Person's employment or engagement is pursuant to a written agreement or is at-will. The
parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be entitled
to pursue all appropriate remedies in law or equity, including but not limited to liquidated damages equal to the compensation paid by
the non-violating party to the applicable employee during the prior twelve (12) months and any other available remedies, as well as any
other damages which the non-violating party might have incurred related to the violation of this Section.

**17.** **Amendment of Agreement.** This Agreement may be amended only
by written agreement of the Adviser, the Sub-Adviser and the Trust, and only in accordance with the provisions of the 1940 Act and the
rules and regulations promulgated thereunder.

**18.** **Representations and Warranties of the Adviser.** 

a. Each Fund is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity
Exchange Act (the "CEA") and U.S. Commodity Futures Trading Commission ("CFTC") Rule 1.3(m) thereunder and a "qualified
eligible person" as defined in Rule 4.7 of the CFTC. The Adviser consents to each Fund being treated as an exempt account under
Rule 4.7 of the CFTC;

b. The Adviser is not registered with the National Futures Association as a commodity pool operator or commodity
trading adviser because it does not engage in any activities requiring such registration;

c. The execution, delivery and performance by the Adviser and the Funds of this Agreement have been duly
authorized by all necessary action on the part of the Adviser and the Board (including full authority to bind the
Funds to the terms of this Agreement); and

d. The Adviser will promptly notify the Sub-Adviser if any of the above representations in this Section are
no longer true and accurate.

**19.** **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.

**20.** **Interpretation.** Any question of interpretation of any term or provision of this Agreement having
a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision
of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of
any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote
of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated
persons," as used herein will have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect
of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether
of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

**21.** **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference
only and will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of <u>Section 8</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

**22.** **Miscellaneous.** 

a. A copy of the Certificate of Trust is on file with the Secretary of State of Delaware, and notice is hereby
given that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Fund or the Trust.

b. Where the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of this Agreement
is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision
shall be deemed to incorporate the effect of such rule, regulation or order.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

[*Signature page follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

REX ADVISERS, LLC

---

| | |
|:---|:---|
| By: | /s/ Robert Rokose |

---

Name: Robert Rokose

Title: President and Chief Financial Officer

TUTTLE CAPITAL MANAGEMENT, LLC

---

| | |
|:---|:---|
| By: | /s/ Matthew Tuttle |

---

Name: Matthew Tuttle

Title: CEO

On Behalf of the REX ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Gregory Collett |

---

Name: Gregory Collett

Title: Secretary

## Ex-99.(E)(2)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(e)(2)**

**EXHIBIT A**

REX COIN Growth & Income ETF

REX MSTR Growth & Income ETF

REX NVDA Growth & Income ETF

REX TSLA Growth & Income ETF

REX AAPL Growth & Income ETF

REX AMD Growth & Income ETF

REX AMZN Growth & Income ETF

REX ASML Growth & Income ETF

REX AVGO Growth & Income ETF

REX BABA Growth & Income ETF

REX BKNG Growth & Income ETF

REX BRK.B Growth & Income ETF

REX CEPT Growth & Income ETF

REX CRWD Growth & Income ETF

REX CRWV Growth & Income ETF

REX DKNG Growth & Income ETF

REX GME Growth & Income ETF

REX GOOGL Growth & Income ETF

REX HOOD Growth & Income ETF

REX IBIT Growth & Income ETF

REX IONQ Growth & Income ETF

REX JPM Growth & Income ETF

REX LLY Growth & Income ETF

REX MARA Growth & Income ETF

REX META Growth & Income ETF

REX MSFT Growth & Income ETF

REX NFLX Growth & Income ETF

REX NOW Growth & Income ETF

REX O Growth & Income ETF

REX PLTR Growth & Income ETF

REX RGTI Growth & Income ETF

REX SMCI Growth & Income ETF

REX SMR Growth & Income ETF

REX SNOW Growth & Income ETF

REX TEM Growth & Income ETF

REX TLT Growth & Income ETF

REX TSM Growth & Income ETF

REX UNH Growth & Income ETF

REX WMT Growth & Income ETF

REX Drone ETF

REX IncomeMax Option Strategy ETF

The Laddered T-Bill ETF

## Ex-99.(G)(2)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(g)(2)**

**<u>EXHIBIT A</u>**

**Custody Agreement**

Separate Series of REX ETF Trust

<u>Name of Series</u>

REX COIN Growth & Income ETF

REX MSTR Growth & Income ETF

REX NVDA Growth & Income ETF

REX TSLA Growth & Income ETF

REX AAPL Growth & Income ETF

REX AMD Growth & Income ETF

REX AMZN Growth & Income ETF

REX ASML Growth & Income ETF

REX AVGO Growth & Income ETF

REX BABA Growth & Income ETF

REX BKNG Growth & Income ETF

REX BRK.B Growth & Income ETF

REX CEPT Growth & Income ETF

REX CRWD Growth & Income ETF

REX CRWV Growth & Income ETF

REX DKNG Growth & Income ETF

REX GME Growth & Income ETF

REX GOOGL Growth & Income ETF

REX HOOD Growth & Income ETF

REX IBIT Growth & Income ETF

REX IONQ Growth & Income ETF

REX JPM Growth & Income ETF

REX LLY Growth & Income ETF

REX MARA Growth & Income ETF

REX META Growth & Income ETF

REX MSFT Growth & Income ETF

REX NFLX Growth & Income ETF

REX NOW Growth & Income ETF

REX O Growth & Income ETF

REX PLTR Growth & Income ETF

REX RGTI Growth & Income ETF

REX SMCI Growth & Income ETF

REX SMR Growth & Income ETF

REX SNOW Growth & Income ETF

REX TEM Growth & Income ETF

REX TLT Growth & Income ETF

REX TSM Growth & Income ETF

REX UNH Growth & Income ETF

REX WMT Growth & Income ETF

REX Drone ETF

REX IncomeMax Option Strategy ETF

The Laddered T-Bill ETF

## Ex-99.(H)(2)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(h)(2)**

**<u>EXHIBIT A</u>**

**Fund Administration Servicing Agreement**

Separate Series of REX ETF Trust

<u>Name of Series</u>

REX COIN Growth & Income ETF

REX MSTR Growth & Income ETF

REX NVDA Growth & Income ETF

REX TSLA Growth & Income ETF

REX AAPL Growth & Income ETF

REX AMD Growth & Income ETF

REX AMZN Growth & Income ETF

REX ASML Growth & Income ETF

REX AVGO Growth & Income ETF

REX BABA Growth & Income ETF

REX BKNG Growth & Income ETF

REX BRK.B Growth & Income ETF

REX CEPT Growth & Income ETF

REX CRWD Growth & Income ETF

REX CRWV Growth & Income ETF

REX DKNG Growth & Income ETF

REX GME Growth & Income ETF

REX GOOGL Growth & Income ETF

REX HOOD Growth & Income ETF

REX IBIT Growth & Income ETF

REX IONQ Growth & Income ETF

REX JPM Growth & Income ETF

REX LLY Growth & Income ETF

REX MARA Growth & Income ETF

REX META Growth & Income ETF

REX MSFT Growth & Income ETF

REX NFLX Growth & Income ETF

REX NOW Growth & Income ETF

REX O Growth & Income ETF

REX PLTR Growth & Income ETF

REX RGTI Growth & Income ETF

REX SMCI Growth & Income ETF

REX SMR Growth & Income ETF

REX SNOW Growth & Income ETF

REX TEM Growth & Income ETF

REX TLT Growth & Income ETF

REX TSM Growth & Income ETF

REX UNH Growth & Income ETF

REX WMT Growth & Income ETF

REX Drone ETF

REX IncomeMax Option Strategy ETF

The Laddered T-Bill ETF

## Ex-99.(H)(4)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(h)(4)**

**<u>EXHIBIT A</u>**

**Fund Accounting Servicing Agreement**

Separate Series of REX ETF Trust

<u>Name of Series</u>

REX COIN Growth & Income ETF

REX MSTR Growth & Income ETF

REX NVDA Growth & Income ETF

REX TSLA Growth & Income ETF

REX AAPL Growth & Income ETF

REX AMD Growth & Income ETF

REX AMZN Growth & Income ETF

REX ASML Growth & Income ETF

REX AVGO Growth & Income ETF

REX BABA Growth & Income ETF

REX BKNG Growth & Income ETF

REX BRK.B Growth & Income ETF

REX CEPT Growth & Income ETF

REX CRWD Growth & Income ETF

REX CRWV Growth & Income ETF

REX DKNG Growth & Income ETF

REX GME Growth & Income ETF

REX GOOGL Growth & Income ETF

REX HOOD Growth & Income ETF

REX IBIT Growth & Income ETF

REX IONQ Growth & Income ETF

REX JPM Growth & Income ETF

REX LLY Growth & Income ETF

REX MARA Growth & Income ETF

REX META Growth & Income ETF

REX MSFT Growth & Income ETF

REX NFLX Growth & Income ETF

REX NOW Growth & Income ETF

REX O Growth & Income ETF

REX PLTR Growth & Income ETF

REX RGTI Growth & Income ETF

REX SMCI Growth & Income ETF

REX SMR Growth & Income ETF

REX SNOW Growth & Income ETF

REX TEM Growth & Income ETF

REX TLT Growth & Income ETF

REX TSM Growth & Income ETF

REX UNH Growth & Income ETF

REX WMT Growth & Income ETF

REX Drone ETF

REX IncomeMax Option Strategy ETF

The Laddered T-Bill ETF

## Ex-99.(H)(6)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(h)(6)**

**<u>EXHIBIT A</u>**

**Transfer Agent Servicing Agreement**

Separate Series of REX ETF Trust

<u>Name of Series</u>

REX COIN Growth & Income ETF

REX MSTR Growth & Income ETF

REX NVDA Growth & Income ETF

REX TSLA Growth & Income ETF

REX AAPL Growth & Income ETF

REX AMD Growth & Income ETF

REX AMZN Growth & Income ETF

REX ASML Growth & Income ETF

REX AVGO Growth & Income ETF

REX BABA Growth & Income ETF

REX BKNG Growth & Income ETF

REX BRK.B Growth & Income ETF

REX CEPT Growth & Income ETF

REX CRWD Growth & Income ETF

REX CRWV Growth & Income ETF

REX DKNG Growth & Income ETF

REX GME Growth & Income ETF

REX GOOGL Growth & Income ETF

REX HOOD Growth & Income ETF

REX IBIT Growth & Income ETF

REX IONQ Growth & Income ETF

REX JPM Growth & Income ETF

REX LLY Growth & Income ETF

REX MARA Growth & Income ETF

REX META Growth & Income ETF

REX MSFT Growth & Income ETF

REX NFLX Growth & Income ETF

REX NOW Growth & Income ETF

REX O Growth & Income ETF

REX PLTR Growth & Income ETF

REX RGTI Growth & Income ETF

REX SMCI Growth & Income ETF

REX SMR Growth & Income ETF

REX SNOW Growth & Income ETF

REX TEM Growth & Income ETF

REX TLT Growth & Income ETF

REX TSM Growth & Income ETF

REX UNH Growth & Income ETF

REX WMT Growth & Income ETF

REX Drone ETF

REX IncomeMax Option Strategy ETF

The Laddered T-Bill ETF

## Ex-99.(I)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(i)**

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| | |
|:---|:---|
| ![](ex99i001.jpg) | **Chapman and Cutler llp** <br> 320 South Canal Street, 27th Floor <br> Chicago, Illinois 60606<br>T 312.845.3000 <br> F 312.701.2361 <br> www.chapman.com<br>|

---

January 14, 2026

REX ETF Trust

777 Brickell Avenue, Suite 500

Miami, Florida 33131

Re: <u>REX ETF Trust</u>

Ladies and Gentlemen:

We have acted as counsel for REX ETF Trust, a Delaware statutory trust (the "Trust"), in connection with the Trust's filing on January 14, 2026, with the Securities and Exchange Commission (the "Commission") of its Post-Effective Amendments No. 46 under the Securities Act of 1933 (the "1933 Act") (File No. 333-283221) and its Amendment No. 50 under the Investment Company Act of 1940 (File No. 811-24023), respectively, to its Registration Statement on Form N-1A (as amended, the "Registration Statement") relating to the issuance and sale by the Trust of an unlimited number shares (the *"Shares"*) of beneficial interest The Laddered T-Bill ETF, a series of the Trust (the *"Fund"*).

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such instruments, documents and records as we have deemed relevant and necessary to examine for the purpose of this opinion, including (a) the Registration Statement, (b) the Trust's Declaration of Trust, (c) the Trust's By-laws, (d) resolutions of the Board of Trustees of the Trust related to the Shares and the Fund; and (e) such other instruments, documents, statements and records of the Trust and others as we have deemed relevant and necessary to examine and rely upon for the purpose of this opinion.

In connection with this opinion, we have assumed the legal capacity of all natural persons, the accuracy and completeness of all documents and records that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies.

Based upon the foregoing, we are of the opinion that the Shares proposed to be offered and sold pursuant to the Registration Statement, when Post-Effective Amendment No. 46 and Amendment No. 50 becomes effective pursuant to the rules and regulations of the Commission, will have been validly authorized and, when sold in accordance with the terms of the Registration Statement and the requirements of applicable federal and state law and delivered by the Trust against receipt of the net asset value of the Shares, as described in the Registration Statement, will have been legally and validly issued and will be fully paid and non-assessable by the Trust.

January 14, 2026

This opinion is given as of the date hereof and we assume no obligation to advise you of changes that may hereafter be brought to our attention. This opinion is limited to the Delaware statutory trust laws governing matters such as the authorization and issuance of the Shares, and we do not express any opinion concerning any other laws.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Commission, and to the use of our name in the Registration Statement and in any revised or amended versions thereof. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act, as amended, and the rules and regulations thereunder.

Respectfully submitted,<br>/s/ Chapman and Cutler LLP<br> Chapman and Cutler LLP <br>

## Ex-99.(M)(2)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(m)(2)**

**<u>SCHEDULE A</u>**

Effective as of January 14, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Fee Rate** |
| &nbsp;&nbsp;REX COIN Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX MSTR Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX NVDA Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX TSLA Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX AAPL Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX AMD Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX AMZN Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX ASML Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX AVGO Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX BABA Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX BKNG Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX BRK.B Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX CEPT Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX CRWD Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX CRWV Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX DKNG Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX GME Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX GOOGL Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX HOOD Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX IBIT Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX IONQ Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX JPM Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX LLY Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX MARA Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX META Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX MSFT Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX NFLX Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX NOW Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX O Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX PLTR Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX RGTI Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX SMCI Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX SMR Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX SNOW Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX TEM Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX TLT Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX TSM Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX UNH Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX WMT Growth & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX Drone ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;REX IncomeMax Option Strategy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;The Laddered T-Bill ETF | &nbsp;&nbsp;0.25% |

---

## Ex-99.(P)(3)

[REX ETF Trust 485BPOS](rexladdered_485bpos-011426.htm)

**Exhibit 99.(p)(3)**

III. Code of Ethics

**Background**

In July 2004, the SEC adopted Rule 204A-1 of the Advisers Act requiring SEC-RIAs to adopt and implement a Code of Ethics. The rule was designed to prevent fraud by reinforcing fiduciary principles that govern the conduct of advisory firms and their personnel. The Code of Ethics, in keeping with Rule 204A-1, requires SEC-registered investment advisers to perform the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Setting a high ethical standard of business conduct reflecting adviser's fiduciary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• Access persons to periodically report personal securities transactions and holdings, with limited exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;• Prior approval by the CEO for covered securities (as TCM uses a Discretionary Code of Ethics primarily
for personal securities transactions) except for CCO prior authorization for any Initial Public Offering ("IPO"), private
placement investments, reportable funds (meaning registered investment companies in which TCM is adviser or sub-adviser) or other securities
transactions as determined to be necessary by Access Persons (and Access Persons-related covered accounts);

&nbsp;&nbsp;&nbsp;&nbsp;• Reporting of violations;

&nbsp;&nbsp;&nbsp;&nbsp;• Delivery and acknowledgement of the Code of Ethics by each supervised person;

&nbsp;&nbsp;&nbsp;&nbsp;• Reviews and sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;• Recordkeeping; and

&nbsp;&nbsp;&nbsp;&nbsp;• Summary Form ADV disclosure.

**Policy**

An investment adviser's Code of Ethics and related policies and procedures represent a strong internal control with supervisory reviews to detect and prevent possible insider trading, conflicts of interest and potential regulatory violations. Accordingly, TCM has adopted and implemented a strict Code of Ethics to govern the activities of Supervised Persons (including Access Persons) of the Adviser and to help ensure TCM maintains a strong culture of compliance inclusive of meetings its fiduciary obligation to its clients and mitigating potential and actual conflicts of risks. TCM, in carrying out its Code of Ethics obligations maintains the discretion to engage a third-party service provider to assist in the automation of Code Reporting requirements. Alternatively, TCM retains the authority to replace the third-party service provider or direct its Access Persons to achieve compliance with Code requirements through an alternative process, such as, email.

TCM's Code of Ethics governs practices covering personal securities transactions, outside business activities, gifts and gratuities/entertainment, and political contributions. Although not covered by the Advisers Act or subject to administration by the Adviser's CCO, the Trust and specifically the Trust CCO will initiate Code of Ethics and other Trust-related certifications or attestation for which the Adviser, in its capacity as adviser or sub-advisers to ETFs (or other registered investment companies) on the Trust, is mandated to complete under its applicable agreement. The Trust CCO shall maintain full authority and responsibility to oversee Trust-related attestations or certifications. Within TCM, the CEO will be responsible for ensuring that those certifications and/or attestations, including those related to the Adviser's sponsored ETFs activities and personal securities transactions, are completed thoroughly and promptly. In doing so, the Adviser's CEO may collaborate on their completion with the Adviser's CCO but shall remain ultimately responsible for satisfying the attendant requirements compelled by the Trust CCO and the Trust's Board.

In keeping with Rule 204A-1 of the Advisers Act, TCM has adopted a formal Code of Ethics that classifies all Adviser employees (a/k/a Supervised Persons) as "Access Persons". Accordingly, these Access Persons are subject to the TCM Code of Ethics ("Code") and its provisions. In regard to TCM, the CCO shall administer the attestations or certifications and shall perform reviews to detect any issues or concerns that must be addressed, documented, and/or reported (including "Material Compliance Matters").

*Personal Securities Transactions*: The Code covers the personal securities transactions of covered accounts for which they or their household members have discretion. In addition, the Code covers the political contributions, outside business activities, gifts and entertainment for business purposes for all Access Persons. TCM policy in connection to the Code will, as a general principle, follow the parameters outlined in this section of the Manual. Access persons shall have the same meaning as set forth in the Advisers Act and shall be supervised persons designated by the CCO based upon their job duties and/or access to investment recommendations concerning TCM Fund Clients and Non-Fund Clients (or together "Clients"). The Firm shall maintain a list of Clients on file as part of its books and records requirements. Access persons are not required to obtain pre-authorization from the CCO or CCO designee to open a securities account as further defined in this section.

**Procedures**

The Code of Ethics, as described in further detail below, is provided in the Compliance Manual which is distributed to each Supervised Person annually. Each Access Person shall complete an attestation asserting that he/she has received, read, understands, and will abide by its contents. In addition, the Code of Ethics' specific requirements set forth below will subject to certifications done at the time of hire (i.e., Initial Certification) and thereafter after quarterly as well as annual holding reports certifications to be executed by each Access Person.

*Outside Business Activities*: The Code permits Access Persons to engage in Outside Business Activities (OBAs) subject to (i) pre-approval by the CCO and CEO and (ii) so long as the OBA does not present any material conflict of interest to TCM or otherwise impact TCM clients adversely.

*Political Contributions*: The Code permits Access Persons including the CEO (which is the sole owner of the Firm) to make political contributions subject to conditions described below and informs Access Persons to verify independently if the contribution limits are consistent with the thresholds, if any, permitted by the laws of the federal government, state or local jurisdictional law.

*Gifts and Gratuities/Entertainment*: The Code permits Access Persons to give or receive gifts, gratuities, or entertainment subject to the conditions set forth in the Code of Ethics. Loans are also covered under the "Gifts and Gratuities/Entertainment" provisions articulated in this section of the Manual. Preclearance by the CCO is required for gifts (given or received) of $300 or more whereas quarterly certification reporting for gifts under that limit is required. The Code of Ethics does allow for exceptions to gift limits where there is an established personal relationship and for specific lift events.

*Loans*. TCM or its Supervised Persons are prohibited from giving or receiving loans to other employees or representatives of clients of the Firm without prior approval by the CEO or in the case of the CEO, the CCO.

To distinguish the difference between Gifts from Gratuities/Entertainment, here is a common scenario:

&nbsp;&nbsp;&nbsp;&nbsp;• Example A: Access Person invites a prospective client to a sporting event. The Access Person attends the
event with the prospective client. This is an example of Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;• Example B: Access Person gives a prospective client to two tickets to a sporting event. The Access Persons
does not attend the event with the prospective client. This is an example of a Gift.

*Conflicts of Interest:* The Code, in keeping with TCM's fiduciary obligations, mandates that Access Persons, at all times, place the interests of TCM's clients ahead of both TCM and their own interests. TCM Access Persons are compelled to act in a professional matter when conducting business for the Adviser and, in accord with that standard, shall disclose any material conflicts of interests when conducting their duties on behalf of TCM to the CEO and CCO promptly.

**Responsibility**

CCO

**Personal Securities Transactions**

**Background**

As required by Rule 204A-1, the Code of Ethics must govern certain activities conducted by Access Persons to ensure that an RIA is operating in a manner consistent with its fiduciary obligations.

**Policy**

As a fundamental principle, TCM requires that all personal securities transactions will be conducted in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. For purposes of this Policy, "Personal securities transactions" shall mean any purchase or sale of a Covered Security by an Access Person in a Covered Account; provided, however, that the CCO (or in the case of accounts involving the CCO, the CEO) may, on a case by case basis, exclude certain accounts from the below restrictions if such accounts qualify as Covered Accounts solely as a result of part (2) of the definition of such term. Moreover, each Supervised shall: (i) comply with all applicable securities laws and (ii) report any violations concerning personal securities transactions promptly to the CCO.

The Code does permit Access Persons to maintain personal securities accounts. Personal investing by an Access Person in any account in which the access person has a beneficial interest, including accounts for any immediate family or household members, must be consistent with our fiduciary duty to our clients and regulatory requirements. Each Access Person must identify within 10 days of becoming an Access Person, and subsequently on both a quarterly and again annually, any personal investment account information to the CCO initially and on an ongoing basis. Appropriate investment opportunities must be offered to clients first before the Adviser or any employee may act on them.

**<u>Definitions: The Code of Ethics shall use the following terms and related definitions:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means any Supervised Person of TCM (1) who has access to nonpublic information regarding any clients' purchase or sale of securities or (2) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Supervised Person" means any member, officer, director (or other person occupying a similar status or performing similar functions), or employee of TCM (which may include independent contractors), or other person who does not provide investment advice on behalf of TCM or has access to client recommendations (which is precluded through physical and technology barriers) and is subject to the supervision and control of TCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Beneficial Ownership", for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers Act, means any securities or private investments held in accounts over which the Access Person has direct or indirect influence or control including themselves or members of their household. Excluded from this definition are securities held in accounts over which the access person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Covered Security" means, for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers, means any interest or instrument commonly known as a security. Further, the term "Security" shall by synonymous with the definition under the Investment Advisers Act of 1940 ("Advisers Act"). Under the Advisers Act, the term "Security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Additionally, the term covers the preceding parameters attendant to "securities" and other securities in which the adviser's clients may invest or as to which the adviser may make recommendations (sometimes also referred to as "related securities") including private securities. Moreover, for purposes of this Compliance Manual, the term" Security" shall cover "crypto assets" that may be a security (including stocks, mutual funds, and exchange-traded funds that derive value from crypto assets), a commodity (e.g., digital assets) or other asset type (e.g. property) under applicable law. As a general standard, the definition of "crypto assets" is any asset that's issued or transferred using distributed ledger technology (DLT) or blockchain technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Exempt Security" is not encompassed under "Covered Security" as such securities are excluded from being covered under the Code. Exempt Security means (among others) any direct obligations of the United States, bankers' acceptances, certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Covered Accounts" shall mean (i) securities accounts, wallets or keys for which TCM is a beneficial owner and maintain discretion, except for investment partnerships or other funds of which the adviser or any affiliated entity is the general partner, investment adviser or investment manager or from which the adviser or such affiliated entity receives fees based on capital gains, and/or (ii) or an Access Person (including household members of the Access Person) maintains a beneficial ownership interest and investment discretionary authority. "Covered Accounts", more specifically and for background purposes, encompass (1) "securities accounts" that hold financial assets such as "securities" as defined under "Covered Security", above, on behalf of an investor with a bank, broker or custodian; (2) "wallets" (whether "hot" or "cold"), which are hardware, software or even paper that let the investor store, access and manage crypto assets; and (3) "keys" (e.g., public keys, private keys), which are used in connection with the validation of ownership of an investor's crypto assets. (Note: The keys—for which a public key and a private key exists—work in tandem and enable the investor to access their crypto assets. The public key identifies the "location" of the investor's wallet, and the individual uses it to receive or send crypto from or to another wallet address. While anyone can send transactions to your public key, you need the matching private key (or secret long alphanumeric code) to "unlock" them.)

**Procedure**

Personal Securities Transactions. TCM has adopted procedures to implement our policy on personal securities transactions and reviews to monitor and ensure our policy is observed, implemented properly, and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons are required to provide TCM electronic access to current covered accounts and
 reportable securities holdings for both the Access Persons and (covered accounts of Access Persons' household members) within
 10 days of becoming an Access person (i.e. Initial Portfolio Holdings Report) and annually (i.e. Annual Portfolio Holdings Report),
 for the term of their employment. Initial Portfolio Holding Reports and Annual Portfolio Holding Reports include the reporting of
 covered accounts and holdings in publicly traded securities, private securities, and crypto holdings whereas Quarterly Transaction
 Reports (as further described below) do not.

&nbsp;&nbsp;&nbsp;&nbsp;• Access persons (including for Access persons' household member covered accounts) must provide quarterly
reporting of covered securities transactions for each preceding calendar quarter to the CCO (or CCO designee) within 30 days of the end
of the calendar quarter's end (or "Quarterly Transaction Reporting"); however, such Quarterly Transaction Reporting
is not required to include transactions in covered securities other than publicly traded securities. Therefore, Quarterly Transaction
Reporting provided by the Access Person does not extend to private securities (which are still subject to pre-clearance authorization,
as applicable, and Initial/Annual Portfolio Holdings Reporting) nor crypto assets (which are subject to Initial/Annual Portfolio Holdings
Reporting only). Brokerage account statements may be accepted in lieu of transaction and holdings reports so long as the statements contain
all required information and as long as the information is current within 45 days of reporting for holdings reports and such statements
are received within 30 days of the end of each calendar quarter for personal securities transactions subject to the aforementioned requirements
for Quarterly Transaction Reporting and/or Initial/Annual Portfolio Holdings Reports, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions in covered securities that are to be executed in covered accounts
are subject to applicable reporting under the Code of Ethics except transactions in which the Access Person or household member does not
have discretionary authority (such as where a brokerage Adviser or financial advisor makes all investment decisions for the Access Person
or household member), accounts that do not permit purchase or sale of covered securities (e.g., 529 Plans), and/or direct obligations
of the Government of the United States or its agencies, bankers acceptances, bank certificates of deposit, commercial paper and high quality
short-term debt instruments, or shares issued by registered affiliated or unaffiliated open-end investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons are required to provide TCM electronic access to current covered accounts and reportable
securities holdings for both the Access Persons and the Access Persons' household members within 10 days of becoming an Access person
and on an ongoing basis, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• Covered account statements may be accepted in lieu of transaction and holdings reports so long as the
confirmations and statements contain all required information and as long as the information is current within 45 days of reporting for
holdings reports and such statements are received within 30 days of the end of each calendar quarter for personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-Clearance Authorization. For additional information, refer to the provisions outlined in the section
below.

**Pre-Clearance Authorization**

TCM, in addition to the aforementioned procedures, has also adopted these provisions attendant to personal securities transactions as part of its Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;• CCO Pre-Clearance: Access Persons must always seek and obtain pre-clearance from the CCO or CCO
 Designee through the process established by TCM for these transaction requests for covered accounts which shall be facilitated
 through the designated automated code reporting platform to evidence
CCO reviews in this regard:

&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance of an Access Person's participation in an initial public offering ("IPO"),
which means the first sale of stock issued by a company to the public;

&nbsp;&nbsp;&nbsp;&nbsp;o Obtain prior approval of any acquisition of securities in a limited offering (e.g., 144A, or interest
in a private limited partnership, or similar type of investments); and

&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance of an Access Person's purchase or sale of a registered investment company in which TCM
is the Adviser or Sub-Adviser (each a "Reportable Fund" or together "Reportable Funds"). The name and ticker for
these registered investment companies will be disseminated to all Access Persons by the CEO or CEO designee.

&nbsp;&nbsp;&nbsp;&nbsp;• CEO Pre-Clearance: Access Persons must seek prior authorization from the CEO before purchasing or selling
common stocks, exchange traded securities (other than Reportable Funds which are pre-cleared through the CCO independently), and/or individual
fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;o Transactions in the securities for CEO Pre-Clearance is required and therefore applicable requests may
be approved or rejected at the discretion of the CEO. Such requests, including those of the CEO, shall be entered into the automated code
reporting platform (for which TCM uses for code of ethics reporting and disclosures) for tracking purposes and to evidence the approval
or rejection of the request by the CEO.

Note: TCM has the discretion to automate any and/or all components of its Code of Ethics ("Code") provisions. In such instances, TCM shall coordinate its Code requirements with the third party service provider and maintain electronic files (in lieu of hard copy files) as required under the Advisers Act. The Trust CCO, as noted, shall be responsible for retention of Code of Ethics provisions required under the Company Act.

**Responsibility**

CCO

**Paid Industry Experts**

**Background**

The SEC, pursuant to Section 10(b) of the Securities Exchange Act of 1934, closely monitors the use of expert networks by RIAs. Expert networks are groups of Subject Matter Experts (SMEs) who are hired by firms in need of high-level expertise that their in-house employees are unable, or unqualified, to provide.

**Policy**

TCM, at present, does not use or otherwise rely on expert networks; however, should the CEO determine that the Firm needs to obtain the services of expert networks, the Adviser and its personnel involved shall, per policy, shall comply with the established procedures described herein.

**Procedures**

TCM, upon instituting approval for the use of an expert network service, shall adopt and implement this policy and procedure so that the Adviser may follow established controls and provide compliance oversight on all activity.

**Procedure**

The CEO will notify the CCO should CCO will chaperone a selected sampling of expert network consultations, either announced or unannounced, on a periodic basis. The following restrictions apply to the use of paid industry experts:

&nbsp;&nbsp;&nbsp;&nbsp;• Employees are not permitted to speak with an industry expert who is an employee or former employee of
a company (who has worked with the company in the previous 2 years) about which the analyst is communicating, regardless of whether the
Firm currently owns the security, unless approved by the CCO or CEO. The CEO shall maintain a log of the expert networks used by TCM and
retain in accordance with the Recordkeeping Policies herein.

&nbsp;&nbsp;&nbsp;&nbsp;• Consultations with industry experts who are current or former (left in the last 6 months) public company
employees must be reviewed and approved by the CCO or CEO.

&nbsp;&nbsp;&nbsp;&nbsp;• Consultations with industry experts who serve or have served (left in the last 6 months) on the Board
of Directors of a public company must be reviewed and approved by the CCO or CEO.

In addition, experts are required to affirm certain language that they will not (and did not) disclose any information that they have an obligation to treat as confidential, including material, non-public information ("MNPI").

**Responsibility**

CEO/CCO

**Conflicts of Interest**

**Background**

As an RIA, TCM and its Supervised Persons must act, at all times, in a professional matter consistent with its fiduciary obligation to the adviser's clients. As part of this obligation, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the Firm.

**Policy**

TCM had implemented a policy concerning Conflicts of Interests that make it a violation of the duty of loyalty to the Adviser to act in the following manner without the prior written consent of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;• Rebate, directly or indirectly, to any person, Adviser or corporation any part of the compensation received
from the Adviser as an employee;

&nbsp;&nbsp;&nbsp;&nbsp;• Accept, directly or indirectly, from any person, firm, corporation or association, other than the Firm,
compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of
the Company or a client account; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Own any stock or have, directly or indirectly, any financial interest in any other organization engaged
in any securities, financial or related business, except for a minority stock ownership or other financial interest in any business which
is publicly owned.

&nbsp;&nbsp;&nbsp;&nbsp;• Inclusion of ETFs (or other proprietary offerings or clients in which TCM performs advisory/sub-advisory
services) into SMAs managed by the Firm, where applicable.

**Procedures**

In general, TCM has identified certain conflicts of interest that the CEO, in coordination with the CCO, shall be responsible for overseeing that the Adviser properly discloses them to clients in disclosure documents and marketing communications, where applicable, and instituting controls to mitigate their impact to TCM and its clients. In addition, the CEO shall also promptly inform the CCO of unreported conflicts of interests so that both the CEO and CCO can determine appropriate risk mitigation including operational or policy controls and insertion into the Firm's disclosure documents. The CEO shall have sole responsibility to discuss relevant matters including conflicts of interests with sub-advisers. As identified as fundamental standards, the following conflicts have been identified and disclosed in disclosure documents of the Firm

&nbsp;&nbsp;&nbsp;&nbsp;• Securities Transactions. TCM may execute transaction for certain clients (i.e., registered investment
companies) that may adversely impact the value of securities held by other clients

&nbsp;&nbsp;&nbsp;&nbsp;• Personal Securities Transactions. TCM has instituted a Code of Ethics to regulate the personal securities
transactions of its employees and, in doing so, preventing any personal trades in issuers or securities that may affect TCM client account
portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;• Marketing and Distribution. TCM may be contractually obligated to assist in the sale of certain investment
offerings, such as, ETFs' shares. Because the PM's compensation is indirectly linked to the sale of shares, the Adviser may
have an incentive to devote time to marketing efforts designed to increase sales that would otherwise be allocated to other client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• Expert Networks. Should TCM engage in the use of Expert Network(s), or a type of business that connects
companies with expert resources or subject-matter experts, such as academics, C-levels, founders, and high-level officials to provide
valuable information, data, or assistance, then the Adviser shall follow the Paid Industry Experts policy and procedure herein this Manual.

**Responsibility**

CEO

**Outside Business Activities**

**Background**

Outside business interests or investment activities (collectively hereafter "Outside Business Activities") may interfere with Supervised Person's duties with the Firm. Accordingly, RIAs must adopt and implement policies and procedures to monitor the Outside Business Activities ("OBAs") of its Supervised Persons including placing restrictions or prohibiting such activities.

**Policy**

Access Persons, prior to engaging in any OBA (including directorships of private companies, consulting engagements, or public/charitable positions) and/or accepting compensation from firms or individuals outside of TCM, must submit a request to the CCO who, in coordination with the CEO (where necessary) shall approve or disapprove the activity request. The request, among other things, must be submitted through the system approved by the Adviser and include the nature of the activity; how much time will be devoted; and when the activity will occur (business hours or other). conflict of interest may arise if a Supervised Person engages in an outside activity or investment that may be inconsistent with the Adviser's business interests.

**Procedures**

Access Persons must report any pre-existing OBA upon joining TCM and annually thereafter so the CCO can review and, where necessary, implement restrictions or determine that the OBA presents a material conflict to the Adviser and therefore must be disapproved or alert the Supervised Person to refrain from further such activity. The CCO may require further information concerning any outside activity for which approval is requested, including the number of hours involved and the compensation to be received. In particular, Supervised Persons should analyze their current engagements with a particular emphasis on activities which involve:

&nbsp;&nbsp;&nbsp;&nbsp;• a time commitment which would prevent such Supervised Person from performing his or her duties for the
Firm;

&nbsp;&nbsp;&nbsp;&nbsp;• an activity that gives the impression that the services performed are an extension of TCM's business
when in fact the contrary is true;

&nbsp;&nbsp;&nbsp;&nbsp;• active participation in any business in the financial services industry or otherwise in competition with
the Firm, such as, teaching assignments, lectures, public speaking, publication of articles, or radio or television appearances,

&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an employee, officer or director of any private business, charitable organization or non-profit
organization;

&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons may not serve on the board of any company whose securities are publicly traded, or
of any company that the Company or any client account owns securities.

All Access Persons must avoid establishing financial interests or outside affiliations that may create a conflict, or appear to create a conflict, between the Access Person's personal interests and the interests of the Adviser or its clients. A potential conflict of interest exists whenever a Supervised Person has a direct financial or other personal interest in any transaction or proposed transaction involving TCM or its clients. A conflict of interest may also exist where the Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Access Person has a friendship or other personal relationship. In such situations, Access Persons must disclose the conflict to the CCO and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between the Adviser or any of its clients and the client involved. Access Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

**Responsibility**

CCO

**Political Contributions**

**Background**

Rule 206(4)-5 of the Advisers Act, commonly referred to as "Pay-to-play", refers to the practice whereby an adviser or its employees make political contributions or gifts for the purpose of obtaining or retaining advisory contracts with government entities. General fiduciary principles under the Advisers Act require an adviser to take reasonable steps to ensure that any political contributions made by it or its employees are not intended to obtain or retain advisory business. In addition, the SEC adopted provisions that substantially restrict contribution and solicitation practices of investment advisers and certain of their related persons, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• It prohibits an investment adviser from providing advisory services for compensation – either directly
or through a pooled investment vehicle – for two years, if the adviser or certain of its executives or employees make a political
contribution to an elected official who is in a position to influence the selection of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• It prohibits an advisory Adviser and certain executives and employees from soliciting or coordinating
campaign contributions from others – a practice referred to as "bundling" – for an elected official who is in
a position to influence the selection of the adviser. It also prohibits solicitation and coordination of payments to political parties
in the state or locality where the adviser is seeking business; and

&nbsp;&nbsp;&nbsp;&nbsp;• It prohibits an adviser from paying a third party, such as a solicitor or placement agent, to solicit
a government client on behalf of the investment adviser, unless that third party is an SEC-RIA or broker-dealer subject to similar pay
to play restrictions.

**Policy**

TCM, a SEC-registered investment adviser, has adopted and implemented the following policy and procedures on connection to Rule 206(4)-5. For purposes of this Manual, the following pertinent terms shall be defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• "Covered Associate" means: (i) any Supervised Person; and (ii) any political action committee
or similar organization controlled by the Adviser or by any Covered Person. From time to time, the Adviser or its Covered Associates may
be asked to make a political contribution. In addition, Covered Associates, by their own volition, may seek to make individual political
contributions. Though the Adviser does not actively solicit government entity business, as an investment manager, the Adviser is eligible
and may be asked to manage money on behalf of a state or municipality in the future. To avoid any real or perceived conflict of interests,
the Adviser requires that individual political contributions be subject to preclearance as further detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;• "Political Contributions" include direct payments of money to a campaign organization, volunteer
work, or fund-raising work done on behalf of, or to benefit, a political campaign, organization or candidate.

**Procedures**

The Adviser's procedures are divided into two sections purposefully to cover TCM, in its capacity as an investment adviser, and TCM Supervised Persons.

*Adviser Contributions.* TCM, as an RIA does not intend to make political contributions.

*Individual Contributions.* Political activity must occur strictly in an individual and private capacity and not on behalf of TCM (or "Adviser"). The Adviser's resources, financial or otherwise, may not be used to support political parties, candidates or causes, unless approved in advance by the CCO, and therefore:

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will not reimburse any Covered Person (i.e., Supervised Person) for individual political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit cards issued to Covered Persons cannot be used to make contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;• Covered Associates are not permitted to use the Adviser's name in connection with any political campaign
other than to state that they are affiliated with or employed by the Adviser.

TCM Supervised Persons who are also "Covered Associates" may make political contributions to elected officials at the Federal, State County and local level provided such contributions subject to the applicable de minimis thresholds outlined here:

&nbsp;&nbsp;&nbsp;&nbsp;• Receive pre-clearance from the CCO through the system that TCM has implemented; and

&nbsp;&nbsp;&nbsp;&nbsp;• In total, are not in excess of $350 or foreign currency equivalent to each official, per election for whom
they may vote, and $150 to other candidates or political action campaigns.

**Responsibility**

CCO

**Gifts and Gratuities/Entertainment**

**Background**

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or may raise a potential conflict of interest and. To remain in adherence to its fiduciary obligations under the Advisers Act, TCM has implemented the following policies set forth below to guide employees in this area.

**Policy**

Generally, Supervised Persons should not, directly or indirectly, accept or provide any gifts or favors that might influence decisions regarding business transactions involving the Adviser, or that others might reasonably believe would influence such decisions. For our purposes, the following definitions shall apply in relationship to this policy:

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Gift</u>: A "gift" is defined as anything of monetary value including non-cash compensation.
Payment for entertainment or meals where the Covered Person is not accompanied by the person purchasing the entertainment or meals is
considered a gift.

&nbsp;&nbsp;&nbsp;&nbsp;• <u>Entertainment (or Gratuities)</u>: Acceptance of meals and entertainment where the host is present
is considered "entertainment."

Supervised Persons (including Access Persons) are restricted from accepting inappropriate gifts, favors, entertainment, special accommodations, or other things, of material value that could or give the appearance of influencing their decision-making or make feel obligated to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of material value that could be deemed overly generous or aimed at influencing decision-making or making a client feel obligated to the Adviser or the supervised or access person. TCM's Gift Policy also maintains these specific considerations for all Supervised Persons to abide:

&nbsp;&nbsp;&nbsp;&nbsp;• *Cash/Non-Cash Compensation.* No Supervised Person may give or accept cash gifts or cash equivalents
(such as non-cash compensation, including, fee discounts applicable to Firm advisory services) to or from a client, prospective client,
or any entity that does business with or on behalf of the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• *Loans.* No Supervised Person may give or accept a loan from a client of TCM without written pre-approval
from the CEO and notification to the CCO or in the case of the CEO, approval of the CCO.

**Procedures**

The CCO will ensure that all Access Persons understand the restrictions on giving and receiving gifts and/or compensation of any nature. Supervised or access persons will not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence, or give the appearance of influencing, their decision-making or make them feel beholden to a person or firm. Similarly, supervised or access persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the Adviser or the supervised or access person. Generally, it is expected that the value of such gifts do not exceed $300. Gifts received from vendors will be logged onto a Gifts and Gratuities Log or other comparable document (electronic or written) and retained. The log will include an estimated value of each gift received. TCM's CCO, will maintain, in an electronic format, a Gifts and Gratuities (Entertainment) log and enter the date, vendor name and fair value of any vendor gift.

**Responsibility**

CCO

**Insider Trading Policy**

**Background**

Various federal and state securities laws and the Advisers Act require every investment adviser to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information in violation of the Advisers Act or other securities laws by the investment adviser of any Access Person associated with the investment adviser.

**Policy**

TCM's Insider Trading Policy (see below) prohibits any Access Person from acting upon, misusing, or disclosing any material non-public information, also known as "inside information." Any instances or questions regarding possible inside information must be immediately brought to the attention of the CEO and CCO, and any violations of the Adviser's policy in this regard shall result in disciplinary action up to termination.

**Procedures**

TCM has adopted and implemented specific procedures to help ensure adherence to the Adviser's Insider Trading Policy including a review of its contents on an annual basis. Additionally, the Adviser has instituted these other specific procedures:

&nbsp;&nbsp;&nbsp;&nbsp;• The Insider Trading Policy is distributed to all Access Persons, and newly hired Access Persons within
10 days of hire. In such instances, Access Persons shall attest that the received the Insider Trading Policy including upon first receipt
of the policy and annually thereafter. The attestation, too, requires the Access Person to certify he or she received the policy, read
the policy, and will abide by the provisions in the policy;

&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must report to the CEO or CCO all business, financial or personal relationships that may
result in access to material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;• The CCO reviews all transactional activity for Access Persons and Access Person-related or household accounts
(which is inclusive of any account subject to the Code of Ethics). As noted in the Code of Ethics, initial and holding reports from Access
Persons and Access Person-related or household accounts must be submitted to the CCO and perform quarterly reviews of brokerage account
statements for such covered accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• The CCO, in coordination with the CEO, shall provide guidance to Access Persons on any potential insider
trading situation or related questions; and

&nbsp;&nbsp;&nbsp;&nbsp;• Where necessary, the CCO shall prepare a written report to the CEO (and/or Outside Counsel) of any potential
violation of the Adviser's Insider Trading Policy including recommendations of corrective actions and/or disciplinary sanctions.

**Responsibility**

CCO