Investment Strategy - REX AI EQUITY PREMIUM INCOME ETF

Sep. 30, 2026

PRINCIPAL INVESTMENT STRATEGIES

The Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities comprising the BITA AI Leaders Select Index (the “Index”). The Fund is an actively managed exchange-traded fund (“ETF”) that seeks capital appreciation and current income while maintaining the opportunity for exposure to the share price (i.e., the price returns) of the securities of the companies comprising the Index, subject to a potential reduction in returns in a rising market.

The Fund seeks to employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods. As further described below, the Fund intends to write covered call options on the securities in its portfolio to provide income, while maintaining exposure to the share price returns of the companies comprising the Index through its investments in the underlying securities. A covered call option written by the Fund is a call option with respect to which the Fund owns the underlying security. The Fund’s options contracts provide:


			●			exposure to the share price returns, and


			●			current income from the option premiums

The Fund’s net asset value (“NAV”) will likely not directly correlate on a day-to-day basis with the returns of the individual stocks comprising the Index. The Fund would expect to lose value in a declining market, although such losses would be offset to a certain extent by the premiums received on written call options on the underlying securities. In a rising market, the Fund would expect to lag the market because the written call options would be more likely to be exercised, reducing the Fund’s upside potential on the underlying security. In a flat market, the Fund would expect to exceed the return on the Index as a result of the receipt of premiums on options written on the underlying securities.

The Fund may invest in other exchange-traded funds for cash management purposes. Such exchange-traded funds may include The Laddered T-Bill ETF, which the Board of Trustees of the Fund has determined to be within the same group of investment companies as the Fund.

About the Index

The Index is a rules-based composite index that tracks the market performance of companies that are at the forefront of AI technologies. “AI” or “Artificial Intelligence” refers to computer systems and software designed to perform tasks that would normally require human intelligence, such as recognizing patterns in data or interpreting language. For the Index, AI is defined by a company's business exposure rather than by the sophistication of its technology.

The initial universe is composed of securities issued by companies with products, services, and activities classified within the following Artificial Intelligence areas:

•AI Hardware: The AI hardware subtheme compiles crucial components and equipment designed to perform AI-related tasks efficiently. This includes state-of-the-art microprocessors, GPUs and integrated circuits that offer faster processing and energy-saving capabilities necessary to execute AI algorithms and models effectively.

•AI Software: Companies that develop and maintain computer applications capable of intelligent behavior such as learning, reasoning, and problem-solving. These can range from commonly known applications, like chatbots and natural language processing algorithms, to applications around more complex types of AI such as self-aware AI and theory of mind AI.

•AI Enabling Infrastructure: Technologies, platforms, and systems that enable the development and deployment of demanding AI applications in a scalable, reliable, and performant manner.

•AI Services: Companies offering solutions to enable individuals and companies to experiment with AI for various purposes without a large initial investment and with lower risk.

Each company’s thematic alignment with AI is determined by the Index Provider using publicly available revenue data found in regulatory filings such as Annual Reports, 10-Ks, 10-Qs, 20-Fs, 8-Ks, quarterly earnings reports, company presentations and/or official earnings conference call transcripts, as well as news. A company’s total thematic exposure is equivalent to the revenue derived by the company from the Artificial Intelligence areas as a proportion of the company’s total revenue.

Based on their degree of thematic purity, securities are admitted into the eligible universe and assigned to one of two categories: (1) “Purity Leaders,” which are companies with thematic exposure greater than or equal to 50%; and (2) “Key Enablers,” which are companies that are key direct enablers of the business application of AI technology, even though their primary business activities may not be solely focused on AI products or services. Only ordinary shares and ADRs are eligible and companies must trade on the New York Stock Exchange or NASDAQ and have a minimum free float percentage of 20%. If a company has more than one share class that qualifies for inclusion in the Index, only the share class with the highest 3-month average daily traded value (ADTV) will be considered for inclusion. Securities in the Eligible Universe are ranked based on their 12-month ADTV and selected as follows within each category:

A. Purity Leaders: the top 5 securities that meet the Purity Leaders thematic exposure requirement are selected for inclusion. Securities within this category are weighted by 12-months ADTV.

B. Key Enablers: the top 20 remaining securities are selected for inclusion. Securities within this category are equally weighted.

The final Index is calculated by aggregating the “Purity Leaders” and “Key Enablers” categories and weighting them in a fixed proportion of 40% and 60% respectively. All constituents are subject to a 10% cap.

IPOs with high thematic exposure, as well as existing companies that pivot to the activities described in the Artificial Intelligence areas described above and demonstrate a proven thematic exposure exceeding 50%, are eligible for inclusion in the Index between ordinary rebalance dates provided they satisfy all the applicable universe eligibility requirements. For IPOs entering the Index via this method, the ADTV requirement is waived and additions are effective two trading days (t+2) after the IPO date (first date of trading at a regulated stock exchange) at the earliest, in order to ensure sufficient price discovery and trading liquidity before inclusion. For weight determination purposes, such IPOs are considered to be part of the Key Enablers bucket and existing constituents are reduced on a pro-rata basis.

As of August 31, 2026, the Index included 25 companies and had a market capitalization range of approximately $15 billion to $5.3 trillion.

About the Fund’s Strategy

The Fund seeks to provide exposure to companies that are at the forefront of AI technologies and seeks to generate income by selling call options on the stocks of these companies.

The Fund intends to create long exposure to the Index by purchasing and holding each of the stocks included in the Index with the weight of each stock substantially corresponding to the weight of such stock in the Index. The Fund may hold fewer than all of the stocks comprising the Index, or hold stocks of companies that are not components of the Index that are, in the opinion of the Adviser, at the forefront of AI technologies. The Fund’s stock holdings would typically differ from the Index components when the Adviser believes that there is not sufficient liquidity in the market for the options that would be written on the particular stock to effectively implement the Fund’s covered call strategy.

The Fund generates current income from option premiums by writing (i.e., selling) covered call options on the Fund’s portfolio securities. The Fund intends to write call options on approximately 100% of its holdings of each portfolio security, and will not write call options on securities that the Fund does not hold. The writing of a call option generates income in the form of a premium paid by the option buyer. The Fund’s investment strategy is to write call options that are slightly out of the money, which will allow for some capital appreciation, as well as income generation - the degree to which the Fund’s written call options will be out of the money when written will depend on market conditions at the time. “Out of the money” call options are those with a strike price that is above the current market price of the underlying security. “In the money” call options are those with a strike price that is below the current market price of the underlying security. “At the money” call options are those with a strike price that is equal to the current market price of the underlying security. In general, an option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right (but not the obligation) to purchase or sell the underlying asset at a specified price (the “strike price”) within a specified time period (the “expiration date”). The Fund typically will write call options with a

term of 30 days or less. A call option gives the purchaser of the option the right to buy, and obligates the seller (i.e., the Fund) to sell, the underlying security at the exercise price before the expiration date. In exchange for writing the option, the Fund receives income, in the form of a premium, from the option buyer. Writing call options generally is a profitable strategy if prices of the underlying securities remain stable or decrease. Since the Fund receives a premium from the purchaser of the option, the Fund partially offsets the effect of a price decline in the underlying security. At the same time, because the Fund must be prepared to deliver the underlying security in return for the strike price, even if its current value is greater, the Fund gives up some ability to participate in the underlying security price increases. As a result, the covered call strategy limits the upside potential on the underlying security but the Fund is fully exposed to the downside if the security decreases in value.

The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”), which means that it may invest more of its assets in a smaller number of issuers than “diversified” funds.

The Fund’s Use Of Option Contracts

The Fund may purchase and sell a combination of standardized exchange-traded and FLexible EXchange® Options (“FLEX Options”) call option contracts that are based on the value of the price returns of the underlying instrument.

Standardized exchange-traded options include standardized terms. FLEX Options are also exchange-traded, but they allow for customizable terms (e.g., the strike price can be negotiated). For more information on FLEX Options, see “Exchange Traded Options Portfolio”.

Rule 35d-1 Eighty Percent Investment Policy [Text Block]