NPORT-EX 2 mstr.htm PART F

REX MSTR Growth & Income ETF
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
PURCHASED OPTIONS - 3.1% (a)
  
Notional Amount
   
Contracts
   
Value
 
Call Options - 3.1%
              
Strategy, Inc., Expiration: 04/17/2026; Exercise Price: $138.24 (b)(c)(d)
  
$
3,806,400
      
305
    
$
94,782
  
TOTAL PURCHASED OPTIONS (Cost $343,292)
      
94,782
  
                         
SHORT-TERM INVESTMENTS
  
U.S. TREASURY BILLS - 110.2%
    
Par
   
Value
 
3.63%, 05/07/2026 (e)(f)
      
3,389,000
      
3,376,672
  
TOTAL U.S. TREASURY BILLS (Cost $3,376,812)
      
3,376,672
  
                         
MONEY MARKET FUNDS - 3.8%
    
Shares
   
Value
 
First American Government Obligations Fund - Class X, 3.58% (g)
      
116,488
      
116,488
  
TOTAL MONEY MARKET FUNDS (Cost $116,488)
      
116,488
  
                         
TOTAL INVESTMENTS - 117.1% (Cost $3,836,592)
      
3,587,942
  
Liabilities in Excess of Other Assets - (17.1%)
      
(524,202
)
TOTAL NET ASSETS - 100.0%
                  
$
3,063,740
  
           
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percentage of net assets.
          

(a)
Non-income producing security.
(b)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(c)
Exchange-traded.
(d)
100 shares per contract.
(e)
The rate shown is the annualized yield as of March 31, 2026.
(f)
All or a portion of the security has been pledged as collateral for written options. The fair value of assets committed as collateral as of March 31, 2026 was $3,376,672.
(g)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
   
REX MSTR Growth & Income ETF
  
Schedule of Written Options
  
March 31, 2026 (Unaudited)
  
   
WRITTEN OPTIONS - (16.3%)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.2%)
  
Strategy, Inc., Expiration: 04/02/2026; Exercise Price: $135.59 (a)(b)
  
$
(1,896,960
)
    
(152
)
  
$
(5,568
)
                         
Put Options - (16.1%)
  
Strategy, Inc., Expiration: 04/17/2026; Exercise Price: $138.24 (a)(b)
    
(3,806,400
)
    
(305
)
    
(493,746
)
TOTAL WRITTEN OPTIONS (Premiums received $387,659)
                  
$
(499,314
)
   
Percentages are stated as a percentage of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
REX MSTR Growth & Income ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Purchased Options
  
$
–
    
$
94,782
    
$
–
    
$
94,782
  
  U.S. Treasury Bills
    
–
      
3,376,672
      
–
      
3,376,672
  
  Money Market Funds
    
116,488
      
–
      
–
      
116,488
  
Total Investments
  
$
116,488
    
$
3,471,454
    
$
–
    
$
3,587,942
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(499,314
)
  
$
–
    
$
(499,314
)
Total Investments
  
$
–
    
$
(499,314
)
  
$
–
    
$
(499,314
)
   
Refer to the Schedule of Investments for further disaggregation of investment categories.