T-Rex 2X Inverse Tesla Daily Target ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 4 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About TSLZ

TheFund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financialinstruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of TSLAon a daily basis. The Fund may also seek to achieve its investment objective by purchasing put options on TSLA or by engagingin short sales of the common stock of TSLA. The Adviser will determine the allocation of the Fund’s investments in swapagreements, put options and short sales of TSLA common stock based upon various factors including, but not limited to, counterpartycapacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Shortsales of the common stock of TSLA is typically less efficient than the use of swap agreements because short sales do not provideleveraged returns. This may result in the Fund not achieving its -200% daily investment objective. TheFund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institutionwill agree to exchange the return earned on an investment by the Fund in TSLA that is equal, on a daily basis, to -200% of thevalue of the Fund’s net assets. If the Adviser determines to use put options, the Fund will purchase exchange traded putoptions, including “FLEX Options,” with TSLA as the reference security. Put options give the holder (i.e.,the buyer) the right to sell an asset and the seller (i.e., the writer) the obligation to purchase the asset at a certaindefined price. FLexible EXchange® Options (“FLEX Options”) are customized options contracts that tradeon an exchange but provide investors with the ability to customize key contract terms like strike price, style and expirationdate while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter(OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a marketclearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on theChicago Board Options Exchange. Ifthe Adviser determines to engage in short sales on the common stock of TSLA, the Fund will sell shares of TSLA that it has borrowed.When executing a short sale, the Fund borrows the security from a third party and sells it at the then current market price. TheFund is then obligated to buy the security on a later date and return the security to the lender. The Fund will realize a profitif the price of the underlying stock decreases or incur a loss if the price of the underlying stock increases while the Fund isholding the borrowed security. The Fund may reinvest the proceeds of its short sales. TheAdviser attempts to consistently apply leverage to obtain short TSLA exposure for the Fund equal to -200% of the value of itsnet assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies,the Fund will be concentrated in the industry to which TSLA is assigned (i.e., hold 25% or more of its total assets ininvestments that provide inverse exposure in the industry to which TSLA is assigned). As of the date of this prospectus, TSLAis assigned to the motor vehicles and passenger car bodies industry. TheFund will attempt to achieve its investment objective without regard to overall market movement or the increase or decreaseof the value of TSLA. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so thatits exposure to TSLA is consistent with the Fund’s investment objective. The impact of TSLA’s price movements duringthe day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TSLA has fallen ona given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely,if the price of TSLA has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will needto be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expectedto hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-termdebt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles,including U.S. government securities and repurchase agreements. Theterms “daily,” “day,” and “trading day,” refer to the period from the close of the marketson one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the InvestmentCompany Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changedby the Fund’s Board of Trustees without shareholder approval. Tesla,Inc. operates as a multinational automotive and clean energy company. Founded in 2003, Tesla designs, develops, manufactures,and markets high-performance, technologically advanced electric cars and solar energy generation and energy storage products.Tesla sells more than five fully electric cars, among others, the Model X and Y SUVs, as well as the Model S sedan and Model 3sedan. It has a growing global network of Tesla Superchargers, which are industrial grade, high-speed vehicle chargers, typicallyplaced along well-traveled routes to allow Tesla-owners quick and reliable charging. Tesla offers certain advanced driver assistsystems under its Autopilot and Full Self-Driving options. The US customers generate about half of Tesla’s sales. TSLA is registeredunder the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed withthe Securities and Exchange Commission by Tesla, Inc. pursuant to the Exchange Act can be located by reference to the Securitiesand Exchange Commission file number 001-34756 through the Securities and Exchange Commission’s website at www.sec.gov. Inaddition, information regarding Tesla, Inc. may be obtained from other sources including, but not limited to, press releases,newspaper articles and other publicly disseminated documents. As of the date of this prospectus, TSLA is assigned to the motorvehicles and passenger car bodies industry. TheFund has derived all disclosures contained in this document regarding Tesla, Inc. from the publicly available documents describedabove. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neitherthe Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any otherpublicly available information regarding Tesla, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurancethat all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completenessof the publicly available documents described above) that would affect the trading price of TSLA have been publicly disclosed.Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Tesla,Inc. could affect the value of the Fund’s investments with respect to TSLA and therefore the value of the Fund. Becauseof daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longerthan a single day will be the result of each day’s returns compounded over the period, which will very likely differ from-200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performanceis flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding,it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over aperiod longer than a single day. TheFund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move inprice that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty,the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swaptransactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enterinto, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or maydecide to change its leveraged investment objective. 

TSLZ News

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