Strategy. The Fund is an actively managed exchange-traded fund ( ETF ) that seeks to pay weekly distributions to shareholders by employing a covered call strategy and maintain between 105% and 150% notional exposure to MSTR by entering into financial instruments on MSTR, including options contracts and/or swap agreements, as well as directly purchasing shares of MSTR. At the end of each trading day, the Fund will attempt to rebalance its portfolio such that the notional exposure to MSTR obtained through the combination of these instruments will be between 105% and 150% of the Funds NAV. The Fund will be managed to maintain between 105% and 150% notion exposure to MSTR for a single day. A single day is measured from … Show more… The Fund is an actively managed exchange-traded fund ( ETF ) that seeks to pay weekly distributions to shareholders by employing a covered call strategy and maintain between 105% and 150% notional exposure to MSTR by entering into financial instruments on MSTR, including options contracts and/or swap agreements, as well as directly purchasing shares of MSTR. At the end of each trading day, the Fund will attempt to rebalance its portfolio such that the notional exposure to MSTR obtained through the combination of these instruments will be between 105% and 150% of the Funds NAV. The Fund will be managed to maintain between 105% and 150% notion exposure to MSTR for a single day. A single day is measured from the time the Fund calculates its NAV to the time of the Funds next NAV calculation. The exact amount of notional exposure, and therefore the amount of leverage used by the Fund, will be determined by REX Advisers, LLC, the Funds investment adviser (the Adviser ), based on real-time risk sentiment through technical analysis (i.e., an evaluation that examines MSTR price behavior and chart patterns to determine an uptrend or downtrend). The Funds investment sub-adviser is Vident Asset Management (the Sub-Adviser ). There is no guarantee that the Fund will be successful in its attempt to provide leveraged exposure to MSTR or pay weekly distributions. The Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in shares of MSTR, investments that provide exposure to MSTR or income-producing investments tied to MSTR. For purposes of compliance with this investment policy, MSTR is considered a growth company because MSTR is included within a third-party growth index and exhibits growth characteristics based on earnings per share growth and/or revenue growth. Additionally, for purposes of compliance with this investment policy, derivative instruments ( i.e. , options contracts and/or swap agreements) will be valued at their notional value. The Funds portfolio will consist of the following elements: (1) leveraged long exposure to MSTR such that the notional exposure to MSTR will be between 105% and 150% of the Funds NAV through options contracts, swap agreements and/or direct holdings of MSTR; (2) covered call writing (where MSTR call options are sold against the leveraged long portion of the strategy), which allows the Fund to generate income; and (3) short-term U.S. government securities or money market funds, which are used for collateral for the options contracts and/or swap agreements and to generate additional income. At the close of regular trading on each trading day, if necessary, the Fund will attempt to rebalance its portfolio and reset its exposure such that the notional exposure to MSTR will be between 105% and 150% of the Funds NAV. The reset of the leverage factor may result in either a decrease or increase in notional exposure, depending on the performance of MSTR over the course of a given trading day. Therefore, the Fund will provide exposure to the daily total return of MSTR. Accordingly, the Fund is not an appropriate investment for investors who do not intend to actively monitor and manage their portfolios. The Fund will primarily seek to obtain its notional exposure to MSTR through options contracts on MSTR, including standardized exchange-traded and FLexible EXchange Options ( FLEX Options ). The Fund may also utilize total return swap agreements or purchase shares of MSTR directly. Options Contracts The Fund will utilize options contracts on MSTR in order to gain leveraged long exposure to MSTR. The Fund may purchase deep in-the-money call options contracts, or simultaneously purchase at-the-money call options contracts and sell at-the-money put options contracts. The Funds options will be a combination of standardized exchange-traded and/or FLEX Options that utilize MSTR as the reference asset. All options in which the Fund invests are exchange-traded and are guaranteed for settlement by the Options Clearing Corporation ( OCC ). In general, an options contract gives the purchaser of the options contract the right to purchase (for a call option) or sell (for a put option) the underlying asset ( i.e. , shares of MSTR) at a specified price (the strike price ). If exercised, an options contract obligates the seller to deliver shares (for a sold call option) or buy shares (for a sold put option) of the underlying asset at the strike price. Options contracts must be exercised or traded to close within a specified time frame or they expire. A deep in-the-money options contract refers to an options contract that has a strike price significantly lower than the current market price of the underlying asset. An at-the-money options contract refers to an options contract that has a strike price equal to the current market price of the underlying asset. Standardized exchange-traded options have standard terms, such as the type, reference asset, strike price and expiration date. FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. The Funds options contracts are based on the value of MSTR, which gives the Fund the right or obligation to receive or deliver shares of MSTR on the expiration date of the applicable options contract in exchange for the stated strike price, depending on whether the options contract is a call option or a put option, and whether the Fund purchases or sells the options contract. The Fund will pay a premium for each purchased call options contract and receive a premium for each sold put options contract. The Funds participation in potential changes in the price of MSTR is based on the price of MSTR at the time the Fund enters into the options contract, the strike price of the options contract and the price of MSTR at the time of the contracts expiration. The maturity of the Funds options contracts may vary from 1-day to 6-months. At the close of regular trading on each trading day, if necessary, the Fund will attempt to rebalance its portfolio and reset its exposure such that the delta of the deep in-the-money call options contract (or combination of the purchased and sold at-the-money call and put options contracts) produces a targeted leverage amount between 105% and 150% of the Funds NAV. Delta refers to the measure of the sensitivity of the price of the Funds options contract to changes in the price of MSTR. The use of options contracts provides flexibility in pursuing the Funds targeted leverage daily investment objective. In situations where swap agreement availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options contracts in response to changing market dynamics. However, the use of options contracts may be less efficient than the use of swap agreements and may result in the Fund not achieving its targeted leverage daily investment objective. Swap Agreements The Fund may also utilize total return swap agreements in order to gain leveraged long exposure to MSTR. The Fund may enter into one or more total return swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange or swap the return (or differentials in rates of return) earned or realized on MSTR. The gross return to be exchanged between the parties is calculated with respect to a notional amount (i.e., the return on or change in value of a particular dollar amount representing MSTR). Total return refers to the payment (or receipt) of the total return on MSTR, which is then exchanged for the receipt (or payment) of a set rate. At the close of regular trading on each trading day, if necessary, the Fund will attempt to rebalance its portfolio and reset its exposure such that the notional exposure to MSTR will be between 105% and 150% of the Funds NAV. The Fund will also invest in the following instruments to serve as collateral in connection with the Funds swap agreements and to generate additional income to the Fund: U.S. government securities, such as bills, notes and bonds issued by the U.S. Treasury; and money market funds. Covered Call Strategy In addition to maintaining between 105% and 150% notional exposure to MSTR for a single day, the Fund will seek to pay weekly distributions to shareholders by employing a covered call strategy. As part of the Funds covered call strategy, the Fund may invest directly in shares of MSTR or purchase and sell a combination of standardized exchange-traded and/or FLEX call and put options contracts. The Fund may utilize both a traditional covered call strategy and/or a synthetic covered call strategy. A traditional covered call strategy is an investment strategy where an investor (i.e., the Fund) sells a call option on an underlying security it owns (i.e., MSTR). A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor (i.e., the Fund) sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (i.e., the Fund) does not own the underlying security (i.e., MSTR), but rather seeks to synthetically replicate the price movements of the underlying security through the use of purchased and sold call and put options. As part of its covered call writing strategy, the Fund will generate income in the form of a premium by simultaneously writing (selling) call options contracts on its portion of the portfolio that provides leveraged long exposure to MSTR. A premium, in this context, refers to the price the option buyer pays to the option seller (the Fund) for the rights granted by the option. Due to the Funds covered call strategy, the sale of call options to generate income may limit the Funds ability to participate in increases in value of MSTRs share price beyond a certain point. These options are said to be sold out-of-the-money because the strike price is higher than the then-current share price of MSTR at the time of purchase. Thus, if MSTRs share price appreciates beyond the strike price of one or more of the sold call options contracts, the Fund will lose money on those sold call positions, and the losses will, in turn, limit the upside return of the Funds leveraged long exposure. As a result, the Funds overall strategy ( i.e. , the combination of the leveraged long exposure to MSTR and the sold MSTR call positions) will limit the Funds participation in gains in the price performance of MSTR. The Fund intends to continuously maintain exposure to MSTR through the use of options contracts. As the options contracts it holds are exercised or expire, the Fund will enter into new options contracts, a practice referred to as rolling. This practice of rolling options may result in high portfolio turnover for the Fund. The amount of each weeks distribution is based upon a formula that incorporates a number of dynamic market-based inputs, including the recent total return of MSTR and the implied volatility of MSTR. Accordingly, the Funds weekly distribution should be expected to change from week to week. The Fund will employ its investment strategy as it relates to MSTR regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods. The Funds performance will differ from that of MSTRs share price and that the performance differences will depend on, among other things, the price of MSTR, changes in the value of the MSTR options contracts the Fund holds, and changes in the value of the U.S. government securities and/or money market funds the Fund holds. The Fund will be concentrated in the industry or group of industries to which MSTR is assigned ( i.e. , hold 25% or more of its total assets in investments that provide exposure to the industry or group of industries to which MSTR is assigned). As of May 14, 2025 , MSTR is assigned to the Software industry, although this may change from time to time. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act ). Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from between 105% and 150% of the return of MSTR over the same period. The Fund will lose money if MSTRs performance is flat over time, and as a result of daily rebalancing, volatility and the effects of compounding, it is even possible that the Fund will lose money over time while MSTRs performance increases over a period longer than a single day. There is no guarantee that the Funds investment strategy will be properly implemented, and an investor may lose some or all of its investment if MSTR decreases in value. Additionally, there is no guarantee that the Fund will be successful in its objective of providing investors with weekly distribution payments. Investing in the Fund is not equivalent to investing in MSTR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to MSTR. MicroStrategy Incorporated MicroStrategy Incorporated develops enterprise analytics software solutions. It is also an operating company committed to the continued development of the bitcoin network through its activities in the financial markets, advocacy and technology innovation. Shares of MicroStrategy Incorporated are listed on Nasdaq. The aggregate market value of the voting and non-voting common equity held by non-affiliates of MicroStrategy Incorporated (based on the last reported sale price of MicroStrategy Incorporateds class A common stock on June 28, 2024 on the Nasdaq Global Select Market) was approximately $23.499 billion. MicroStrategy Incorporated is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the SEC by MicroStrategy Incorporated pursuant to the Exchange Act can be located by reference to the SEC file number 000-24435 through the SECs website at www.sec.gov. In addition, information regarding MicroStrategy Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to MSTR or other securities of MicroStrategy Incorporated. The Fund has derived all disclosures contained in this document regarding MicroStrategy Incorporated from the publicly available documents. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MicroStrategy Incorporated. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MicroStrategy Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MicroStrategy Incorporated (and therefore the price of MicroStrategy Incorporated at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MicroStrategy Incorporated could affect the value received with respect to the securities and therefore the value of the securities. None of the Fund, the Trust, the Adviser, the Sub-Adviser, or their respective affiliates makes any representation to you as to the performance of MSTR. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH MicroStrategy Incorporated . Show less