MSTU Forward Split and MSTZ Reverse Split Set for December 16

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REX Shares and Tuttle Capital Management (“T-REX”) announced significant changes to two of their exchange-traded funds (ETFs), including a forward share split for the T-REX 2X Long MSTR Daily Target ETF (Ticker: MSTU) and a reverse share split for the T-REX 2X Inverse MSTR Daily Target ETF (Ticker: MSTZ). These adjustments will take effect on December 16, 2024, with no impact on the total market value of the shares outstanding, except for the redemption of fractional shares.

MSTU: Forward Split

T-REX has planned a forward 10-for-1 share split for MSTU. Shareholders of record as of the close of trading on December 13, 2024, will receive ten shares for each share they currently hold. This split will increase the total number of outstanding shares by approximately tenfold.

Record Date: December 13, 2024
Ex-Date: December 16, 2024
Impact: The per-share net asset value (NAV) and market price will decrease to approximately one-tenth of their pre-split values. Shareholders’ investment value will remain unchanged overall.

Illustration of a 10-for-1 Split: For every 1 share held, shareholders will receive 10 shares at a proportionally adjusted NAV and market price.

MSTZ: Reverse Split

The reverse split for MSTZ will consolidate every 20 shares into one share, effectively reducing the total number of outstanding shares by approximately 95%.

Record Date: December 13, 2024
Ex-Date: December 16, 2024
Impact: The per-share NAV and market price will increase to approximately 20 times their pre-split values. Shareholders’ investment value will remain unchanged overall.

Illustration of a 1-for-20 Reverse Split: For every 20 shares held, shareholders will receive 1 share at a proportionally adjusted NAV and market price.

Adjustments and Transfers

T-REX’s transfer agent will notify the Depository Trust Company (DTC) to ensure all shareholder accounts are adjusted to reflect the forward and reverse splits. The splits will automatically apply to all shareholders of record without the need for further action.

Trading on Split-Adjusted Basis

Shares of MSTU and MSTZ will begin trading on a split-adjusted basis on the CBOE BZX Exchange starting December 16, 2024. Investors should note that the opening NAV and market price on the Ex-Date will reflect the split adjustments.

For more information, investors are encouraged to consult their brokers or financial advisors. T-REX remains committed to optimizing its ETF offerings to meet the needs of its investors.

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MSTU Forward Split and MSTZ Reverse Split Set for December 16