0001771146 2026-01-01 2026-06-30 0001771146 ck0001771146:C000253244Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:LiabilitiesInExcessOfOtherAssetsMember ck0001771146:C000253244Member 2026-06-30 0001771146 ck0001771146:C000264194Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:LiabilitiesInExcessOfOtherAssetsMember ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000264194Member 2026-06-30 0001771146 ck0001771146:C000253235Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:OtherAssetsNetOfLiabilitiesMember ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000253235Member 2026-06-30 0001771146 ck0001771146:C000264187Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:LiabilitiesInExcessOfOtherAssetsMember ck0001771146:C000264187Member 2026-06-30 0001771146 ck0001771146:C000253241Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:LiabilitiesInExcessOfOtherAssetsMember ck0001771146:C000253241Member 2026-06-30 0001771146 ck0001771146:C000264196Member 2026-01-01 2026-06-30 0001771146 ck0001771146:C000264196Member 2026-06-30 0001771146 ck0001771146:TotalReturnSwapContractsMember ck0001771146:C000264196Member 2026-06-30 0001771146 ck0001771146:Cash1Member ck0001771146:C000264196Member 2026-06-30 0001771146 ck0001771146:MoneyMarketFundMember ck0001771146:C000264196Member 2026-06-30 0001771146 ck0001771146:OtherAssetsNetOfLiabilitiesMember ck0001771146:C000264196Member 2026-06-30 0001771146 ck0001771146:DerivativesMember ck0001771146:C000264196Member 2026-06-30 iso4217:USD pure ETF Opportunities Trust 2026-06-30 T-REX 2X Long CRWV Daily Target ETF T-REX 2X Long CRWV Daily Target ETF CRWU CboeBZX This semi-annual shareholder report contains important information about the T-REX 2X Long CRWV Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/crwu/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/crwu/ (833) 759-6110 <span class="Bold" style="font-style:normal;font-weight:bold;font-size:8pt;">This report describes changes to the Fund that occurred during the reporting period.</span> <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-8" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">T-REX 2X Long </span><span class="CharOverride-10" style="color:#504f4f;font-variant:normal;text-transform:uppercase;">CRWV </span><span class="CharOverride-8" style="color:#504f4f;">Daily Target </span><span class="CharOverride-10" style="color:#504f4f;font-variant:normal;text-transform:uppercase;">Etf</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$82</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-8" style="color:#504f4f;">1.50%¹</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-8" style="color:#504f4f;">¹ Annualized.</span></p> 82 0.015 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:13pt;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-8" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$36,666,304</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$192,913</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 36666304 2 192913 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:18pt;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-8" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">92.24%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">24.65%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">1.91%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Liabilities in Excess of Other Assets</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-18.80%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 2 0.9224 0.2465 0.0191 -0.188 <table class="Basic-Table TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="Basic-Table _idGenTableRowColumn-14"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:6pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-15" style="font-size:10pt;font-style:normal;font-weight:bold;">Material Changes</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:6pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#504f4f;font-size:9pt;">Stock Split</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:3pt;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-17" style="color:#231f20;font-size:9pt;">On July 31, 2026, the Board of Trustees approved a 1-for-10 reverse stock split for the Fund. The reverse stock split was effectuated after the close of trading on August 21, 2026, and shares of the Fund began trading on a split-adjusted basis on August 24, 2026. The Creation Unit size remained at 10,000 shares per unit.</span></p> </td> </tr> </table> 2026-07-31 www.rexshares.com/crwu/ T-REX 2X INVERSE CRWV DAILY TARGET ETF T-REX 2X INVERSE CRWV DAILY TARGET ETF CORD CboeBZX <span class="CharOverride-5" style="font-size:8pt;font-style:italic;font-weight:normal;">This semi-annual shareholder report contains important information about the T-REX 2X Inverse </span><span class="CharOverride-6" style="font-size:8pt;font-style:italic;font-variant:normal;font-weight:normal;text-transform:uppercase;">CRWV</span> Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/cord/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/cord/ (833) 759-6110 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-9" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="CharOverride-10" style="color:#231f20;font-style:normal;font-weight:bold;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">T-REX 2X Inverse CRWV Daily Target ETF</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">$42</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-9" style="color:#504f4f;">1.50%¹</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-9" style="color:#504f4f;">¹ Annualized.</span></p> 42 0.015 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-9" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.69%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.31%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">$16,873,145</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.69%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.31%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">4</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.69%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.31%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">$126,253</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.69%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.31%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 16873145 4 126253 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="CharOverride-13" style="color:#231f20;font-size:18pt;font-style:normal;font-weight:bold;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-9" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;">Total Return Swap Contracts: <span class="nobreak"><span style="-sec-ix-hidden: hidden-fact-1">-200</span></span>.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-11" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">106.93%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-12" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-13" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">4.87%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-12" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Liabilities in Excess of Other Assets</span></p> </td> <td class="NOGUTTER CellOverride-13" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">-4.39%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-12" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:500;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-13" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-9" style="color:#504f4f;">-7.41%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;">Total Return Swap Contracts: <span class="nobreak"><span style="-sec-ix-hidden: hidden-fact-1">-200</span></span>.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 1.0693 0.0487 -0.0439 -0.0741 www.rexshares.com/cord/ T-REX 2X Long CRCL Daily Target ETF T-REX 2X Long CRCL Daily Target ETF CCUP CboeBZX This semi-annual shareholder report contains important information about the T-REX 2X Long CRCL Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/ccup/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/ccup/ (833) 759-6110 <span class="Bold" style="font-style:normal;font-weight:bold;font-size:8pt;">This report describes changes to the Fund that occurred during the reporting period.</span> <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-8" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">T-REX 2X Long CRCL Daily Target ETF </span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$50</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-8" style="color:#504f4f;">1.50%</span><span class="CharOverride-10" style="color:#504f4f;font-size:58%;vertical-align:super;">1</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-8" style="color:#504f4f;">¹ Annualized.</span></p> 50 0.015 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:13pt;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-8" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$32,429,123</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$228,618</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 32429123 2 228618 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:18pt;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-8" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">111.17%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Other Assets Net of Liabilities</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">21.51%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2.40%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-35.08%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 2 1.1117 0.2151 0.024 -0.3508 <table class="Basic-Table" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="Basic-Table _idGenTableRowColumn-14"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:6pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-15" style="font-size:10pt;font-style:normal;font-weight:bold;">Material Changes</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:6pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#504f4f;font-size:9pt;">Stock Split</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:3pt;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-17" style="color:#231f20;font-size:9pt;">On July 31, 2026, the Board of Trustees approved a 1-for-10 reverse stock split for the Fund. The reverse stock split was effectuated after the close of trading on August 21, 2026, and shares of the Fund began trading on a split-adjusted basis on August 24, 2026. The Creation Unit size remained at 10,000 shares per unit.</span></p> </td> </tr> </table> 2026-07-31 www.rexshares.com/ccup/ T-REX 2X Inverse CRCL DAILY TARGET ETF T-REX 2X Inverse CRCL DAILY TARGET ETF CRCD CboeBZX This semi-annual shareholder report contains important information about the T-REX 2X Inverse CRCL Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/crcd/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/crcd/ (833) 759-6110 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-8" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">T-REX 2X Inverse CRCL Daily Target ETF </span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$45</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-8" style="color:#504f4f;">1.50%</span><span class="CharOverride-10" style="color:#504f4f;font-size:58%;vertical-align:super;">1</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-8" style="color:#504f4f;">¹ Annualized.</span></p> 45 0.015 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:13pt;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-8" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$8,897,936</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">3</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$77,299</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 8897936 3 77299 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:18pt;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-8" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: <span class="nobreak"><span style="-sec-ix-hidden: hidden-fact-2">-200</span></span>.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">66.77%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">33.00%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2.80%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Liabilities in Excess of Other Assets</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-2.57%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-13" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: <span class="nobreak"><span style="-sec-ix-hidden: hidden-fact-2">-200</span></span>.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-14" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 0.6677 0.33 0.028 -0.0257 www.rexshares.com/crcd/ T-REX 2X LONG SMR DAILY TARGET ETF T-REX 2X LONG SMR DAILY TARGET ETF SMUP CboeBZX This semi-annual shareholder report contains important information about the T-REX 2X Long SMR Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/smup/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/smup/ (833) 759-6110 <span class="Bold" style="font-style:normal;font-weight:bold;font-size:8pt;">This report describes changes to the Fund that occurred during the reporting period.</span> <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-8" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">T-REX 2X Long SMR Daily Target ETF </span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$51</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-8" style="color:#504f4f;">1.59%</span><span class="CharOverride-10" style="color:#504f4f;font-size:58%;vertical-align:super;">1,2</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-8" style="color:#504f4f;">¹ Annualized.</span></p>​<span class="superscript" style="vertical-align:super;color:#504f4f;font-size:58%;">2  </span>Ratio of expenses, excluding excise tax expense, would have been 1.50% 51 0.0159 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:13pt;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-8" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$13,441,934</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$97,458</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 13441934 2 97458 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:18pt;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-8" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-14" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-15" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-14" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">121.78%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">2.22%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-4.21%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Liabilities in Excess of Other Assets</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-19.79%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-14" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-15" style="font-size:8pt;">“Market Exposure” includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 2 1.2178 0.0222 -0.0421 -0.1979 <table class="Basic-Table TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="Basic-Table _idGenTableRowColumn-14"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:6pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-17" style="font-size:10pt;font-style:normal;font-weight:bold;">Material Changes</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:6pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#504f4f;font-size:9pt;">Stock Split</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:3pt;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-19" style="color:#231f20;font-size:9pt;">On March 23, 2026, the Board of Trustees approved a 1-for-25 reverse stock split for the Fund. The reverse stock split was effectuated after the close of trading on April 7, 2026, and shares of the Fund began trading on a split-adjusted basis on April 8, 2026. The Creation Unit size remained at 5,000 shares per unit.</span></p> </td> </tr> </table> 2026-03-23 www.rexshares.com/smup/ T-REX 2X Long BMNR Daily Target ETF T-REX 2X Long BMNR Daily Target ETF BMNU CboeBZX This semi-annual shareholder report contains important information about the T-REX 2X Long BMNR Daily Target ETF for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.rexshares.com/bmnu/. You can also request this information by contacting us at (833) 759-6110. www.rexshares.com/bmnu/ (833) 759-6110 <span class="Bold" style="font-style:normal;font-weight:bold;font-size:8pt;">This report describes changes to the Fund that occurred during the reporting period.</span> <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:11pt;">What were the Fund costs for the past six months?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:2pt;margin-top:1.8pt;"><span class="CharOverride-8" style="color:#504f4f;">(based on a hypothetical $10,000 investment)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 3pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-7"> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH_left" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Fund Name</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs of a $10,000 investment</span></p> </td> <td class="NOGUTTER CellOverride-4" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-style:none;border-top-width:0pt;padding-bottom:4pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="TCH" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;">Costs paid as a percentage of a $10,000 investment</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-8"> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">T-REX 2X Long BMNR Daily Target ETF</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_centeralign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-right:5pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$42</span></p> </td> <td class="NOGUTTER CellOverride-5" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-right:0pt;padding-top:2pt;vertical-align:middle;width: 33.33%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="middle"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-top:3pt;text-align:center;"><span class="CharOverride-8" style="color:#504f4f;">1.50%¹</span></p> </td> </tr> </table><p class="Tablefootnote_m" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:8pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:11pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:7pt;margin-top:7pt;"><span class="CharOverride-8" style="color:#504f4f;">¹ Annualized.</span></p> 42 0.015 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:4pt;margin-top:4pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:13pt;">Key Fund Statistics</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:1pt;margin-top:1pt;"><span class="CharOverride-8" style="color:#504f4f;">(as of June 30, 2026)</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-6" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Fund Net Assets</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$165,444,514</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Number of Holdings</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">6</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Total Net Advisory Fee</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">$2,400,741</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-8" style="border-bottom-color:#000000;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#000000;border-top-style:solid;border-top-width:1pt;padding-left:0pt;padding-top:2pt;width: 89.47%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Portfolio Turnover Rate</span></p> </td> <td class="NOGUTTER CellOverride-7" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-right:0pt;padding-top:2pt;width: 10.53%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:0;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">0.00%</span></p> </td> </tr> </table> 165444514 6 2400741 0 <p class="H1" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Bold, sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;page-break-after:auto;margin-top:12pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#231f20;font-size:18pt;">What did the Fund invest in?</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:10pt;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-8" style="color:#504f4f;">(% of Net Assets as of June 30, 2026)</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-13" style="font-size:8pt;">“Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:4pt;margin-top:4pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Portfolio Composition</span></p><table class="NOGUTTER" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Cash</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">100.82%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Money Market Fund</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">5.19%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Other Assets Net of Liabilities</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">1.48%</span></p> </td> </tr> <tr class="NOGUTTER _idGenTableRowColumn-11"> <td class="NOGUTTER CellOverride-9" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-left:0pt;padding-top:3pt;width: 79.21%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Medium, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-left:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">Derivatives</span></p> </td> <td class="NOGUTTER CellOverride-10" style="border-bottom-color:#504f4f;border-bottom-style:solid;border-bottom-width:1pt;border-left-style:none;border-left-width:0pt;border-right-style:none;border-right-width:0pt;border-top-color:#504f4f;border-top-style:solid;border-top-width:1pt;padding-bottom:3pt;padding-right:0pt;padding-top:3pt;width: 20.79%; padding: 0in 0in 3px 0in;border-width: 0pt;border-top: windowtext 1pt none; border-top-style: solid;border-bottom: windowtext 1pt none; border-bottom-style: solid;" valign="top"> <p class="Tbody_rightalign-bracket-" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:3pt;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:right;text-indent:0;widows:1;margin-right:1pt;margin-top:3pt;"><span class="CharOverride-8" style="color:#504f4f;">-7.49%</span></p> </td> </tr> </table> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:5pt;orphans:1;widows:1;margin-top:5pt;"><span class="CharOverride-12" style="color:#231f20;font-size:13pt;font-style:normal;font-weight:bold;">Market Exposure</span></p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:8pt;">Total Return Swap Contracts: 200.00%</p><p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;text-align:left;margin-top:8pt;"><span class="CharOverride-13" style="font-size:8pt;">“Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.</span></p> 2 1.0082 0.0519 0.0148 -0.0749 <table class="Basic-Table TableOverride-1" style="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;"> <tr class="Basic-Table _idGenTableRowColumn-14"> <td class="TB" style="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;border-bottom-width:0pt;border-top-width:0pt;padding-bottom:6pt;padding-left:0pt;padding-right:0pt;padding-top:6pt;width: 100.00%; padding: 0in 0in 3px 0in;border-width: 0pt;" valign="bottom"> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-14" style="font-size:10pt;font-style:normal;font-weight:bold;">Material Changes</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-left:3pt;margin-right:3pt;margin-top:6pt;"><span class="Bold" style="font-style:normal;font-weight:bold;color:#504f4f;font-size:9pt;">Stock Split</span></p> <p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Gotham Narrow Light, sans-serif;font-size:9pt;font-style:normal;font-variant:normal;font-weight:300;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-bottom:3pt;margin-left:3pt;margin-right:3pt;margin-top:7pt;"><span class="CharOverride-16" style="color:#231f20;font-size:9pt;">On June 18, 2026, the Board of Trustees approved a 1-for-10 reverse stock split for the Fund. The reverse stock split was effectuated after the close of trading on July 10, 2026, and shares of the Fund began trading on a split-adjusted basis on July 13, 2026. The Creation Unit size remained at 10,000 shares per unit.</span></p> </td> </tr> </table> 2026-06-18 www.rexshares.com/bmnu/ N-CSRS -2.0000 -2.0000 N-1A 0001771146 false Annualized. Annualized. Annualized. Annualized. Annualized. Ratio of expenses, excluding excise tax expense, would have been 1.50%. Annualized.