Reverse Share Split of T-REX 2X Long SMR Daily Target ETF

RICHMOND, VA / ACCESS Newswire / March 27, 2026 / REX Shares, LLC and Tuttle Capital Management, LLC (“T-REX”) today announced the execution of a reverse share split for the following exchange-traded fund (the “Fund”).

T-REX 2X Long SMR Daily Target ETF (Ticker: SMUP)

The total market value of shares outstanding for the Fund will not be affected as a result of this corporate action, except with respect to the redemption of fractional shares, as outlined below.

Please note the following CUSIP change will be effective on April 7 after market close.

Reverse Split

T-REX will execute a 1-for-25 reverse split of the issued and outstanding shares of T-REX 2X Long SMR Daily Target ETF.

As a result of the reverse share split, shareholders of the Fund will receive one share for every twenty-five shares held as indicated above. Accordingly, the number of the Fund’s issued, and outstanding shares will decrease proportionally, while the total value of each shareholder’s investment will remain unchanged, except for the value of fractional shares redeemed for cash.

The reverse share split will apply to shareholders as of the close of trading on April 7, 2026. Shares of the Fund will begin trading on a split-adjusted basis on April 8, 2026.

Redemption of Fractional Shares and Tax Consequences of the Reverse Split

As a result of the reverse split, shareholders could potentially hold fractional shares. However, fractional shares cannot trade on the CBOE BZX Exchange. Thus, the Fund will redeem for cash a shareholders’ fractional shares at the Fund’s split-adjusted Net Asset Value after the close of the markets on April 7, 2026.

Such redemption may have tax implications for those shareholders, and shareholders could recognize a gain or loss in connection with the redemption of the shareholders’ fractional shares. Otherwise, the reverse split will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.

No fractional shares will be issued in connection with the reverse share split. Instead, shareholders will receive cash in lieu of any fractional shares.

“Odd Lot” Unit

Also, because of the reverse split, the Fund may have outstanding one aggregation of less than 10,000 shares to make a creation unit, or an “odd lot unit.” Thus, the Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.

The Fund’s transfer agent will notify the Depository Trust Company (“DTC”) of the split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of the Fund’s shares and maintains a record of the Fund’s record owners.

About REX Shares, LLC (“REX”):

REX is an innovative ETF provider that specializes in alternative-strategy ETFs and ETNs. The firm created the MicroSectors^™ and co-created the T-REX product lines of leveraged & inverse tools for traders and recently launched the first of a series of option-based income strategies. The firm is rooted in decades of experience building inventive solutions that solve for a range of specific challenges in investor and trader portfolios. www.rexshares.com

About Tuttle Capital Management, LLC (“TCM”):

TCM is a registered investment adviser and an industry leader in managing thematic ETFs that offer first of their kind of exposures. Please visit www.tuttlecap.com for more information.

T-REX toll free number: (833) 759-6110

SOURCE: Commonwealth Fund Services, Inc.,

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