Rule 497(k)

File No. 333-283221

REX ETF TRUST

SUMMARY PROSPECTUS

REX Peptide ETF (PEPT)

October 13, 2026

The fund set forth above (the “Fund”) is a series of REX ETF Trust (the “Trust”) and an exchange-traded fund (“ETF”). The Fund lists and principally trades its shares on The Nasdaq Sotck Market LLC (“Nasdaq” or the “Exchange”).

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s statutory prospectus and other information about the Fund, including the statement of additional information and most recent reports to shareholders, online at https://www.rexshares.com/pept. You can also get this information at no cost by calling 1-800-617-0004 or by sending an e-mail request to info@rexfin.com. The Fund’s prospectus dated October 10, 2026, and statement of additional information dated October 10, 2026, are all incorporated by reference into this Summary Prospectus.

REX Peptide ETF

Investment Objective

The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of an index comprised of companies in the peptides industry.

Fees and Expenses of the Fund

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

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

(1) “Other Expenses” are estimates based on the expenses the Fund expects to incur for the current fiscal year.

Example

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

Portfolio Turnover

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

Principal Investment Strategies

The Fund seeks to track the investment results, before fees and expenses, of the VettaFi Peptide Index℠ (the “Index”), which is designed to track the performance of equity securities of companies that are strategically positioned to advance the development, manufacturing, and commercial adoption of peptide-based products—including therapeutics, supplements, cosmetics, and medical devices—along with the enabling technologies essential for peptides. Peptides are short chains of amino acids (the building blocks of proteins) linked together in a specific sequence and are used in a range of products, including medicines, dietary supplements, and skincare. Under normal circumstances, the Fund will generally employ a full replication strategy, meaning that it will normally invest all or substantially all of its assets in all of the securities comprising the Index in approximate proportion to their weightings in the Index. However, the Fund may invest in a representative sample of the Index if the Adviser believes replicating the Index would be detrimental or disadvantageous to shareholders, when a security in the Index becomes illiquid or unavailable, or because of legal restrictions that apply to the Fund but not the Index. The Index is developed, maintained and sponsored by VettaFi LLC (the “Index Provider”). REX Advisers, LLC (the “Adviser”) serves as the investment adviser to the Fund. The Index Provider is not affiliated with the Fund, the Adviser, or the Fund’s distributor.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund will be concentrated (i.e., invests more than 25% of Fund assets) in an industry or a group of industries to the extent that the Index is so concentrated. As of October 10, 2026, the Index was concentrated in the healthcare sector, and, in particular, the pharmaceuticals, biotechnology & life sciences industry, although this may change from time to time. The Fund’s investments will change as the Index’s components change over time, including as a result of the Index’s periodic rebalancing and/or reconstitution and the application of the Index’s eligibility criteria. Therefore, the Fund may have significant investments in investment sectors that it may not have had as of October 10, 2026. To the extent the Fund invests a significant portion of its assets in a given investment sector, the Fund may be exposed to the risks associated with that investment sector.

The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Index

As of October 10, 2026, the Index was comprised of 36 constituents. To be eligible for inclusion in the Index, a company must be listed on a major recognized developed market exchange or a South Korean market exchange and be domiciled in a select list of countries as determined by the Index Provider and set forth in the Index methodology. Developed markets are those jurisdictions classified as “developed” under the VettaFi Country Classification System. South Korea, which is classified as an emerging market by certain index providers, is the only emerging market in which the Fund may invest. Companies must also meet the following criteria: (1) a three-month average daily traded value of at least $1 million; and (2) a minimum market capitalization of $100 million.

The Index is comprised of companies involved in at least one of four segments (each, a “Peptide Company” and, together, “Peptide Companies”):

Eligible companies are assigned to one of two tranches: “Core” and “Diversified.” Constituents in the Core tranche meet at least one of the two following criteria: i) derive 50% or more of total revenue directly from the four segments; or ii) dedicate 50% or more of its clinical pipeline programs (Phase 1-3) or 50% or more of total annual research and development (“R&D”) capital expenditure specifically to peptide-based research and development. Constituents in the Diversified tranche meet at least one of the three following criteria: i) derive between 10% and 49% of its total revenue from the four segments; ii) dedicate between 10% and 49% of its clinical pipeline programs or total R&D capital expenditure to peptide-based initiatives; or iii) derive less than 10% of its total revenue from peptides, but it maintains a top three global market share in one of the four segments. In applying these revenue, clinical pipeline, R&D and market share tests, the Index Provider relies on publicly available and third-party information about each company, which may be based on assumptions and estimates and which may be incomplete or inaccurate.

Constituents within each tranche are weighted by their free-float market capitalization, and the Index allocates an aggregate weight of 80% to the Core tranche and 20% to the Diversified tranche at rebalance. Constituents are subject to the following constraints applied at Index rebalance: i) constituents are limited to a maximum weight of 12%, with a lower maximum weight of 5% applied to constituents in the Diversified tranche; and ii) the aggregate weight of all constituents exceeding 5% is capped at 45% with excess proportionally redistributed to constituents within the same segment with weights below 5%.

The Index is rules-based. At each quarterly rebalance and reconstitution, the Index Provider applies the eligibility criteria and tranche assignment rules described above to determine Index constituents and their weightings. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a higher rate of portfolio turnover.

Principal Risks

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

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

CONCENTRATION RISK. The Fund will be concentrated in an industry or a group of industries to the extent that the Index is so concentrated. To the extent the Fund has significant exposure in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

HEALTHCARE SECTOR RISK. The healthcare sector is subject to significant risks arising from, among other things, governmental regulation and participation in government healthcare programs, limits on governmental reimbursement for medical expenses, fluctuations in the cost of medical products and services, and product liability exposure. In addition, many healthcare companies (i) rely heavily on patent protection and other intellectual property rights, and the loss or expiration of such protections may adversely affect profitability; (ii) face substantial litigation risk, including claims based on product liability and related theories; and (iii) operate in highly competitive markets that may constrain their ability to increase prices and may lead to price concessions or discounting. Further, many healthcare products and services require regulatory approvals, which can be time-consuming and expensive to obtain; delays in, or failure to obtain, such approvals could materially and adversely affect the business, financial condition, or results of operations of companies in the sector.

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES INDUSTRY RISK. Companies in the pharmaceuticals, biotechnology & life sciences industry may be adversely affected by extensive government regulation (including drug and device approval, manufacturing and marketing requirements, and reimbursement and pricing rules); the expiration or loss of, or challenges to, patent protection and other intellectual property rights; intense competition (including from generic drugs and biosimilar products); rapid product obsolescence and technological change; high research and development costs with uncertain outcomes; lengthy, complex, and uncertain regulatory approval processes and the risk of clinical trial delays or failures; product liability and other litigation risk; and dependence on a limited number of products, customers, suppliers, or key personnel. Changes in governmental healthcare policy, reimbursement rates, or pricing controls could materially adversely affect the revenues and profitability of these companies. As a result, the value of securities issued by companies in the pharmaceuticals, biotechnology & life sciences industry may be more volatile, and the Fund may be more susceptible to market, regulatory, and industry-specific risks than funds that invest in a broader range of industries.

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

CURRENCY RISK. Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in the Fund’s portfolio. The Fund’s net asset value could decline if a currency to which the Fund has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning.

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

DEPOSITARY RECEIPTS RISK. Depositary receipts represent equity interests in a foreign company that trade on a local stock exchange. Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

DIVIDEND RISK. There is no guarantee that the issuers of the Fund’s portfolio securities will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time.

EQUITY SECURITIES RISK. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common stocks generally subject their holders to more risks than preferred stocks and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer.

EUROPE RISK. The Fund may have exposure to securities of European issuers. Securities of European issuers may be adversely affected by economic, political, regulatory or social developments in Europe, including changes in trade policy, sanctions, energy prices, currency rates, interest rates, fiscal conditions, market fragmentation and tensions among European countries or between European countries and other jurisdictions.

HIGH PORTFOLIO TURNOVER RISK. The Index’s quarterly rebalance and reconstitution schedule may cause the Fund to experience a high rate of portfolio turnover. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. High portfolio turnover may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

INDEX PROVIDER RISK. Reliance on the Index Provider. There is no assurance that the Index Provider, or any of its agents, will compile the Index accurately, or that the Index will be constructed, maintained, compiled, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Index Provider and its agents do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the Index, and do not guarantee that the Index will be calculated in accordance with its stated methodology. The Adviser’s mandate as described in this prospectus is to manage the Fund consistently with the Index provided by the Index Provider. The Adviser relies upon the Index Provider and its agents to accurately construct, maintain, compile, reconstitute, rebalance, compose, calculate and disseminate the Index.

Errors in the Index. Losses or costs associated with any Index Provider or agent errors generally will be borne by the Fund and its shareholders. To correct any such error, the Index Provider or its agents may carry out an unscheduled rebalance of the Index or other modification of Index constituents or weightings. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances also expose the Fund to additional tracking error risk. Errors with respect to the quality, accuracy and completeness of the data used to compile the Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the Index is less commonly used as a benchmark by funds or advisers. For example, during a period where the Index contains incorrect constituents, the Fund, in tracking the Index, would have market exposure to such constituents and would be underexposed to the Index’s other constituents. Such errors may negatively impact the Fund and its shareholders.

Data sources and rebalancing. The Index Provider and its agents rely on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund nor Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers. Unusual market conditions or issuer-specific events may cause the Index Provider to postpone a scheduled rebalance, exclude or substitute a security in the Index or undertake other measures which could cause the Index to vary from its normal or expected composition. The postponement of a scheduled rebalance in a time of market volatility could mean that constituents that would otherwise be removed at rebalance due to changes in market capitalizations, issuer credit ratings, or other reasons may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Aside from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Index due to unusual market conditions or in order, for example, to correct an error in the selection of Index constituents.

INTERNATIONAL CLOSED MARKET TRADING RISK. The Fund may invest in securities that trade on non-U.S. exchanges that are closed when the Fund’s primary listing exchange is open. As such, the current price of an underlying security may deviate from the last quoted price of the underlying security (i.e., the Fund’s quote from the closed foreign market). This may result in premiums or discounts to the Fund’s net asset value that may be greater than those experienced by other exchange-traded funds. In addition, shareholders may not be able to purchase and sell shares of the Fund on days when the net asset value of the Fund could be significantly affected by events in the relevant foreign markets.

LARGE CAPITALIZATION COMPANIES RISK. Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

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

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

MICRO, SMALL AND/OR MID CAPITALIZATION COMPANIES RISK. Micro, small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than large capitalization companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than large capitalization companies.

NEW FUND RISK. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

NON-CORRELATION RISK. The Fund’s return may not match the return of the Index for a number of reasons. The Fund incurs operating expenses not applicable to the Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Index or the ratios between the securities included in the Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the Index. Accordingly, the Fund’s return may underperform the return of the Index.

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

NON-U.S. SECURITIES RISK. Non-U.S. securities may be subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities exchanges in foreign countries.

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

PASSIVE INVESTMENT RISK. The Fund is not actively managed. The Fund invests in securities included in or representative of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets. In the event that the Index is no longer calculated, the Index license is terminated or the identity or character of the Index is materially changed, the Fund will seek to engage a replacement index.

PEPTIDE COMPANIES RISK. Peptide Companies may be subject to substantial risks associated with the pharmaceuticals, biotechnology & life sciences industry, including extensive research and development costs, lengthy and uncertain regulatory approval processes, clinical trial failures, product safety concerns, intellectual property disputes, manufacturing complexities, supply chain disruptions, and rapid technological change. Peptide Companies are heavily dependent on patents and intellectual property rights and may face competition from producers of generic alternatives. Additionally, changes in regulatory process or views (such as permitting compounding of unapproved peptides) may lower barriers to entry and could pose reputational risk impacting demand for peptide products. The current perceived commercial value of peptides is concentrated in a limited number of uses (such as obesity and diabetes treatments) and any change in sentiment or alternative treatment may impact Peptide Companies broadly. Peptide Companies may not be able to increase supply to meet demands, particularly for newly-issued products, which may cause shortages. Certain Peptide Companies may have limited operating histories, concentrated product pipelines, or dependence on a small number of products, customers, suppliers, or strategic partners. The value of securities issued by these companies may be highly volatile and may be significantly affected by clinical, regulatory, scientific, competitive, market, or political developments. Changes in medical insurance coverage policies or changes to coverage from programs such as Medicare may significantly impact the revenue of Peptide Companies. Certain other Peptide Companies may have diversified product lines in addition to involvement in peptides and factors unrelated to peptides may have greater impact on the values of securities issued by these companies than peptide-related developments. In addition, advances in alternative therapeutic modalities, including small molecules, biologics, gene therapies, cell therapies, or other emerging technologies, could reduce demand for or adversely affect the commercial prospects of peptide-based products. The market for peptide-based products is relatively new and rapidly evolving, with the potential for sudden changes in scientific developments, consumer demand, competition, or regulation, any of which could adversely affect Peptide Companies and the Fund. As a result, the Fund may be more susceptible to market, regulatory, and industry-specific risks than funds that invest in a broader range of industries.

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

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

VOLATILITY RISK. Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. The Fund may invest in securities or financial instruments that exhibit more volatility than the market as a whole. Such exposures could cause the Fund’s net asset value to experience significant increases or declines in value over short periods of time.

Performance

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

Management

Investment Adviser: REX Advisers, LLC (the “Adviser”) is the investment adviser to the Fund.

Portfolio Managers: The individuals primarily responsible for the day-to-day management of the Fund are Matthew Pelletier and Matthew Holcomb. Each has served as a portfolio manager since the Fund’s inception in 2026.

Purchase and Sale of Fund Shares

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

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

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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

You can find the Fund’s statutory prospectus and other information about the Fund, including the statement of additional information and most recent reports to shareholders, online at https://www.rexshares.com/pept.