1
QUARTERLY REPORT
T-REX 2X LONG MSTR DAILY TARGET ETF
Schedule of InvestmentsMay 31, 2026 (unaudited)
|
|
|
Shares |
|
Value |
|
EXCHANGE TRADED FUNDS - 0.00%(A) |
|
|
|
|
|
The Laddered T-Bill ETF (B) |
|
100 |
|
$2,502 |
|
(Cost: $2,502) |
|
|
|
|
|
TOTAL INVESTMENTS - 0.00%(A) |
|
2,502 |
||
|
(Cost: $2,502) |
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Net of Liabilities - 100.00%(C) |
|
525,371,360 |
||
|
TOTAL NET ASSETS - 100.00% |
|
$525,373,862 |
||
SWAP CONTRACTS
TOTAL RETURN SWAP CONTRACTS
|
Counterparty |
|
Reference |
|
Pay/ |
|
Financing |
|
Pay/ |
|
Termination |
|
Notional |
|
Unrealized |
|
|
|
BMO Capital Markets |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1500bps |
|
Monthly |
|
8/3/26 |
$ |
50,661,256 |
|
$ |
(2,870,206 |
) |
|
CF Secured, |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1000bps |
|
Monthly |
|
11/18/26 |
|
244,620,920 |
|
|
(24,079,964 |
) |
|
National Bank |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1000bps |
|
Monthly |
|
12/28/26 |
|
75,967,066 |
|
|
3,475,265 |
|
|
Jane Street Capital |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1000bps |
|
Monthly |
|
3/9/27 |
|
119,039,570 |
|
|
2,681,223 |
|
|
Natixis Investment Managers |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1000bps |
|
Monthly |
|
6/30/27 |
|
177,351,305 |
|
|
29,846,110 |
|
|
Marex Derivative Products |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +750bps |
|
Monthly |
|
11/3/27 |
|
168,753,445 |
|
|
(6,904,325 |
) |
|
Clear Street Derivatives, LLC. |
|
Strategy, Inc. |
|
Receive |
|
OBFR01(D) +1000bps |
|
Monthly |
|
4/26/28 |
|
214,302,662 |
|
|
(39,529,204 |
) |
|
TOTAL RETURN SWAP CONTRACTS |
$ |
1,050,696,224 |
|
$ |
(37,381,101 |
) |
||||||||||
(A) Less than 0.005%.
(B) Affiliated company - The Fund’s Advisor is also the Advisor of The Laddered T-Bill ETF.
(C) Includes cash which is being held as collateral for total return swap contracts.
(D) OBFR01 - Overnight Bank Funding Rate, 3.62% as of May 31, 2026.
2
QUARTERLY REPORT
T-REX 2X LONG MSTR DAILY TARGET ETF
Schedule of Investments - continuedMay 31, 2026 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP establishes a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of May 31, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Exchange Traded Funds |
|
$2,502 |
|
$— |
|
$— |
|
$2,502 |
|
|
|
|||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Net Unrealized Depreciation of Total Return Swap Contracts |
|
$— |
|
$(37,381,101 |
) |
$— |
|
$(37,381,101 |
) |
|
|
|
$— |
|
$(37,381,101 |
) |
$— |
|
$(37,381,101 |
) |