| Important Risks An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. In addition, the Fund presents risks not traditionally associated with other mutual funds and ETFs. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund. An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about the Fund. To obtain a Fund’s prospectus and summary prospectus call (833) 759-6110 or visit rexshares.com/hynx. A Fund’s prospectus and summary prospectus should be read carefully before investing. The REX Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, the consequences of seeking daily leveraged investment results, and intend to actively monitor and manage their investment. Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Reference Asset’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Reference Asset, not including the costs of financing leverage and other operating expenses, which would further reduce its value. Derivatives Risk. Derivatives are financial instruments that derive value from underlying reference assets, such as stocks, bonds, or funds (including ETFs), interest rates, or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets. Swap Agreements. The Fund uses swap agreements to obtain its leveraged exposure to the Reference Asset. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. Swap agreements are generally traded over-the-counter and may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV, the terms of a swap agreement may permit the counterparty to immediately close out the transactions with the Fund. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. There is a risk that no suitable counterparties will be willing to enter into, or continue, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Reference Asset and therefore achieve its daily leveraged investment objective. Market disruptions, regulatory restrictions, and high volatility will adversely affect the Fund’s ability to adjust exposure to the required levels. SK hynix Investing Risk. Issuer-specific attributes may cause an investment exposing the Fund to SK hynix to be more volatile than the market generally. In addition to the risks associated generally with investments in equity securities, SK hynix faces risks unique to its operations, including cyclicality in the semiconductor industry and fluctuations in memory chip pricing; dependence on global demand for DRAM and NAND flash memory; rapid technological change and substantial, continuous capital expenditures; intense competition from other global semiconductor manufacturers; supply chain constraints and geopolitical risks; customer concentration; and operational risks related to manufacturing complexity, yield rates, and equipment reliability. Foreign Investing Risk. Securities issued by entities organized, domiciled, or with a principal executive office outside the United States may involve certain special risk considerations not typically associated with investing in U.S. securities. The financial statements of the issuer of the Reference Asset are prepared in accordance with International Financial Reporting Standards (IFRS), which differ in certain respects from U.S. GAAP, and there may be less publicly available information about certain foreign issuers than about U.S. issuers. Risk of Investing in South Korea. The South Korean economy is highly dependent on international trade and exports, making it sensitive to global economic conditions and changes in demand from key trading partners. Political and economic relations with neighboring countries, particularly North Korea, may create additional uncertainty and volatility. Currency fluctuations between the South Korean won and the U.S. dollar may adversely affect the value of investments, and South Korean markets may be subject to increased volatility, lower liquidity, and greater regulatory or governmental intervention than markets in the United States. Depositary Receipts Risk. The Fund may seek exposure to ADRs, which involve risks not experienced when investing directly in the equity securities of an issuer. Changes in foreign currency exchange rates affect the value of ADRs. There is no guarantee that SK hynix will continue to sponsor ADRs, that a market for these securities will be made or maintained, or that any such market will be or remain liquid. Technology Sector & Semiconductor Industry Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. Semiconductor companies may have limited product lines, markets, financial resources, or personnel; typically face intense competition and potentially rapid product obsolescence and high capital costs; depend on third-party suppliers and the availability of materials; and are heavily dependent on intellectual property rights. Industry Concentration Risk. The Fund will be concentrated in the industry to which SK hynix is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which SK hynix is assigned). As of the date of the prospectus, SK hynix is assigned to the technology sector and the semiconductor industry. Mega-Capitalization Company Risk. The Fund’s indirect exposure may be concentrated in a mega-capitalization company. Although mega-cap companies are typically well-established and may have significant financial resources, they may be less able to adapt quickly to changing market conditions, technological innovations, or shifts in consumer preferences, and may experience slower growth rates compared to smaller companies. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Market illiquidity may cause losses for the Fund. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. New Fund Risk. As of the date of the prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Indirect Investment Risk. SK hynix, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the ADRs or SK hynix common stock and make no representation as to the performance of the ADRs or SK hynix. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of SK hynix’s publicly available documents or makes any representation that such information is accurate or complete. Investing in the Fund is not equivalent to investing in the ADRs or SK hynix. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the ADRs or SK hynix. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. If a Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with REX Shares or the Fund’s investment advisor. [email protected] · (833) 759-6110 · rexshares.com | 
