REX-Osprey SOL + Staking ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 5 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About SSK

TheFund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) inthe Reference Asset and other assets that provide exposure to the Reference Asset. The Fund will invest directly or through theREX-OspreyTM SOL Subsidiary, which is described more fully below. Although the Fund seeks returns equal to 1x of theReference Asset, the Fund’s performance will not replicate the performance of the Reference Asset (i.e., the Fund’sreturns may not, be the same as the Reference Asset, due to staking rewards, trading and other expenses, but will generally bein the same direction in a positive or negative manner). TheFund will invest in and hold SOL. SOL is a cryptocurrency that was introduced on March 16, 2020, and quickly developed its ownonline community, reaching a peak market capitalization of over US$127 billion on January 18, 2025. As of May 20, 2025, the marketcapitalization of SOL was $87.6 billion. TheFund seeks to invest a majority of its assets directly in the Reference Asset and seeks to stake its holdings in the ReferenceAsset. The Fund will invest at least 40% of its assets in shares of other exchange-traded funds (“ETFs”) and exchange-tradedproducts (“ETPs”), including non-U.S. ETPs (“non-US ETPs”), which invest directly in, provide exposureto, replicate the performance of, or have trading and/or price performance characteristics similar to the Reference Asset (suchETFs, ETPs, and non-US ETPs, “Reference ETFs”). The Fund anticipates assets allocated to Reference ETFs will be primarilyto Reference ETFs that engage in staking the Reference Asset. The majority of the ETFs in which the Fund will invest will be domiciledoutside of the United States and listed on non-U.S. exchanges. The non-U.S. ETFs in which the Fund may invest are domiciled inCanada and/or Europe and are listed and available for sale in various jurisdictions in Europe (such as Austria, Belgium, Denmark,Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden, and Switzerland). Where available,the Fund will invest in the USD share class of the applicable non-U.S. ETF. The Fund will allocate portfolio assets to one ormore of the following Reference ETFs at any one time, although this list may change over time:  Reference ETF Exchange Ticker Symbol Purpose Solana ETF Canada SOLL.U 3iQ Solana Staking ETF Canada SOLQ.U CI Galaxy Solana ETF Canada SOLX.U Evolve Solana ETF Canada SOLA.U 21Shares Solana Staking ETP Switzerland ASOL CoinShares Physical Solana Staked ETP Switzerland SLNC Bitwise Solana Staking ETP Germany BSOL Volatility Shares Solana ETF US SOLZ Bitwise Solana Staking ETP Germany BSOM  TheFund will also seek to generate income and capital appreciation through staking the Reference Asset. Generally, staking meansthat the holder of the Reference Asset will agree to lock up the Reference Asset for it to be used in the Solana network’sdelegated proof-of-stake validation process. In return, the holder will receive staking rewards in the form of the Reference Asset,which represent portions of the Solana network’s transaction fees and inflationary issuances. The Fund will direct its custodianthat custodies the Reference Asset (the “Crypto Custodian”) to delegate an amount, as determined by the Adviser, ofits Reference Asset holdings to a validator or validators. Although the Fund seeks to stake all its Reference Asset holdings,the Fund may not stake the entire amount of its Reference Asset holdings based on estimated liquidity needs of the Fund and otherfactors, as determined by the Adviser. TheFund may direct the Crypto Custodian to use a particular validator or validators to stake its Reference Asset holdings, but thestaked Reference Assets will remain in the possession and control of the Crypto Custodian. Rewards, which will be paid in theReference Asset and subject to any bonding or lock-up period, may be earned in connection with staking the Reference Asset. TheFund will pay the Crypto Custodian and validator or validators a fee for staking the Reference Asset. The Adviser, however, willtake no portion of the rewards received from staking and will pass all rewards, minus any fees paid to the Crypto Custodian andvalidator or validators, to the Fund. TheFund may seek to gain exposure to the Reference Asset, in whole or in part, through investments in a subsidiary organized in theCayman Islands, the REX-OspreyTM SOL + Staking (Cayman) Portfolio S.P. (i.e., the “SOL Subsidiary”).The SOL Subsidiary is wholly-owned and controlled by the Fund. Exceptas noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the SOLSubsidiary. The SOL Subsidiary has the same investment objective as the Fund and will follow the same general investment policiesand restrictions. The Fund will aggregate its investments with the SOL Subsidiary for purposes of determining compliance with:(i) Section 8 of the Investment Company Act of 1940 (the “1940 Act”), which governs fundamental investment limitations(which are described more specifically in the Fund’s statement of additional information); and (ii) Section 18 of the 1940Act, which governs capital structure and includes limitations associated with the Fund’s ability to leverage its investments.Additionally, the SOL Subsidiary’s investment advisory contracts will be governed in accordance with Section 15 of the 1940Act, and the SOL Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions.The principal investment strategies and principal risks of the SOL Subsidiary constitute principal investment strategies and principalrisks of the Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregateoperations of the Fund and the SOL Subsidiary. Unlikemost ETFs, the Fund will not be taxed as a regulated investment company for U.S. federal income tax purposes because of its limitednumber of holdings. Rather it will be taxed as a regular subchapter C corporation which means taxable income generally must berecognized at both the Fund level and shareholder level. TheFund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”). TheSolana Network and SOL SOLis a digital asset that is created and transmitted through the operations of the peer-to-peer Solana Network, a decentralizednetwork of computers that operates on cryptographic protocols. No single entity owns or operates the Solana Network, the infrastructureof which is collectively maintained by a decentralized user base. The Solana Network allows people to exchange tokens of value,called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services,including computational power on the Solana Network, or it can be converted to fiat currencies, such as the U.S. dollar, at ratesdetermined on Digital Asset Exchanges or in individual end-user-to-end-user transactions under a barter system. Furthermore, theSolana Network was designed to allow users to write and implement smart contracts — that is, general-purpose code that executeson every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logicalconditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership ofproperty, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana Network.Smart contract operations are executed on the Solana Blockchain in exchange for payment of SOL. Like the Ethereum network, theSolana Network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system. TheSolana Protocol introduced the Proof-of-History (“PoH”) timestamping mechanism. PoH automatically orders on-chaintransactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended toprovide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, whichrely on sequential production of blocks and can lead to delays caused by validator confirmations. Inaddition to the PoH mechanism described above, the Solana Network uses a delegated proof-of-stake consensus mechanism to incentivizeSOL holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validatetransactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validatorsrisk or “stake” coins to compete to be randomly selected to validate transactions and are rewarded coins in proportionto the amount of coins staked. TheSolana Protocol was first conceived by Anatoly Yakovenko in a 2017 whitepaper. Development of the Solana Network is overseen bythe Solana Foundation, a Swiss non-profit organization, and Solana Labs, Inc. (the “Company”), a Delaware corporation,which administered the original network launch and token distribution. Althoughthe Company and the Solana Foundation continue to exert significant influence over the direction of the development of SOL, theSolana Network is decentralized and does not require governmental authorities or financial institution intermediaries to create,transmit or determine the value of SOL. Asof early 2025, approximately 490 million SOL tokens are in circulation, with a total supply of around 594 million SOL. SOL hasno fixed maximum supply, meaning it operates on an inflationary model. Initially, the network launched with 500 million tokens,but this total has increased over time due to inflation mechanisms and staking rewards. The inflation rate started at 8% annually.It decreases by 15% each year until it stabilizes at a long-term rate of 1.5% per year. This inflationary design ensures thatnew tokens are continuously issued, primarily as rewards for validators and stakers, while some tokens are burned through transactionfees to offset supply growth.

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