REX BKCM ETF (BKC) Exchange: NYSE ARCA

DELISTED - The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective, under normal circumstances, by obtaining investment exposure to an actively managed portfolio consisting of equity securities of cryptocurrency-related and other blockchain technology-related companies as described in greater detail below. Except as expressly noted below, the Fund does not seek to and will not invest directly or indirectly in cryptocurrencies. The Fund also will not invest in initial coin offerings ("ICOs") or cryptocurrency tokens. BKCM Funds, LLC ("BKCM") and Vident Investment Advisory, LLC ("VIA") serve as the investment sub-advisers to the Fund (the "Sub-Advisers"). BKCM manages the Fund's investment strategy and portfolio selection. VIA implements BKCM's trade decisions.   Cryptocurrencies are digital assets designed to work as a medium of exchange that use cryptography to secure transactions, to control the creation of additional units, and to verify the transfer of assets. Although cryptocurrencies are based on blockchain technology, they are a specialized blockchain technology application created in various cases to serve as a form of money, functioning either as a store of value, a means of payment, or both. Unlike traditional currencies, however, cryptocurrencies currently are not issued or backed by a government or other regulatory body. Although the design and maintenance of each type of cryptocurrency differs, cryptocurrencies are typically based on the decentralized, open source protocol of a peer-to-peer computer network ("Cryptocurrency Network"). Typically, no single entity owns or operates a Cryptocurrency Network; the infrastructure is collectively maintained by a decentralized user base. A Cryptocurrency Network is accessed through software, and software governs a cryptocurrency's creation, movement, and ownership. The value of a cryptocurrency is determined by the supply of and demand for the cryptocurrency on websites that facilitate the transfer of the cryptocurrency in exchange for government issued currencies ("Cryptocurrency Exchanges"), and in private end-user-to-end-user transactions. Examples of cryptocurrencies include bitcoin and ethereum.   Cryptocurrency transaction and ownership records are reflected on a "blockchain," which is a digital public record or ledger. Copies of this ledger generally are stored in a decentralized manner on the computers of each Cryptocurrency Network user. Transaction data is permanently recorded in files called "blocks," which reflect transactions that have been recorded and authenticated by Cryptocurrency Network participants. The Cryptocurrency Network software source code includes protocols that govern the creation of a cryptocurrency and the cryptographic system that secures and verifies cryptocurrency transactions.   In implementing the Fund's investment strategy, BKCM seeks to identify companies utilizing blockchain technologies to generate present or future revenue from their core business. A company will only be eligible for inclusion in the portfolio to the extent that BKCM determines the company has committed material resources to the development of such revenue stream. Cryptocurrency-related companies mine, trade, or promote the mainstream adoption of cryptocurrencies or provide trading venues for cryptocurrencies and other blockchain applications. Other blockchain technology-related companies utilize blockchain technology in connection with disrupting traditional financial transaction mechanisms, develop enterprise blockchain solutions, or use blockchain technology to decentralize user data and enhance privacy on the internet. To the extent that a potential constituent does not have current revenue associated with such cryptocurrency or blockchain-related activities, BKCM will confirm that company management has announced or otherwise committed to the implementation of such an initiative, including by forming a dedicated division or specialized internal team that is focused on developing such potential revenue generation source. Based on these considerations, BKCM will seek to identify those companies that it anticipates will generate greater revenue, as a percentage of the company's total revenue, from cryptocurrency and blockchain-related initiatives in future revenue cycles.   Companies across a wide variety of industries are exploring the possible applications of blockchain to their businesses, including commodity trading firms, financial services companies, and companies in the transportation industry. The extent of blockchain's versatility has not yet been fully explored. As a result, the Fund's holdings may include equity securities of operating companies that focus on or have exposure to a wide variety of industries, and the economic fortunes of certain companies held by the Fund may not be significantly tied to blockchain. Currently, there are few public companies for which blockchain technology represents an attributable and significant revenue stream. Blockchain technology may never develop optimized transactional processes that lead to increased realized economic returns to any company in which the Fund invests.   BKCM will select investments for the Fund on the basis of fundamental analysis of each issuer. As such, there may be times when the Fund's investments may not include stocks in all of the above-listed categories, and there may be times when one or more categories are more heavily represented in the Fund's portfolio than the others. Because many of the cryptocurrency-related and other blockchain technology-related companies currently are operating or domiciled outside of the U.S., the Fund expects to invest to a significant extent in securities of foreign issuers, including emerging markets issuers.   The Fund may invest indirectly in bitcoin exclusively through investments in the Bitcoin Investment Trust ("GBTC"), a privately offered, open-end investment vehicle. However, because investments in GBTC are not contemplated by the generic listing standards imposed by NYSE Arca, Inc. (the "Exchange"), the Fund requires relief from the U.S. Securities Exchange Commission ("SEC") to make such investments. As of the date of this Prospectus, the Fund has applied for but not yet obtained this relief. The Fund will not invest in GBTC until such time as it receives the necessary relief from the SEC and there can be no guarantee that the SEC will grant such relief. GBTC is a Delaware Trust that holds bitcoin. GBTC's investment objective is for the net asset value per share to reflect the performance of the market price of bitcoin, less GBTC's expenses. Except for its investment in GBTC, the Fund will not invest, directly or indirectly, in cryptocurrencies. The Fund will not make additional investments in GBTC if as a result of such investments the Fund's aggregate investment in GBTC, either directly or indirectly through the Subsidiary as described below, would be more than 15% of the Fund's assets at the time of investment. In addition, the Fund will invest in GBTC only to the extent BKCM believes such an investment complements the Fund's other investments and will help the Fund to achieve its investment objective. As a result, at times the Fund may have little or no exposure to GBTC.   The Fund may obtain exposure to certain investments, including GBTC, by investing up to 25% of its total assets, as measured at the end of every quarter of the Fund's taxable year, in one or more wholly-owned and controlled Cayman Islands subsidiaries (each, a "Subsidiary"). Any Subsidiary will be advised by the Adviser and will be managed on a day-to-day basis by the Sub-Adviser, and will have the same investment objective as the Fund. Unlike the Fund, a Subsidiary may invest to a greater extent in commodities than the Fund. The Subsidiary's investments in such instruments will be subject to limits on leverage imposed by the 1940 Act. To the extent the Fund invests in a Subsidiary, such investment is expected to provide the Fund with an effective means of obtaining exposure to certain cryptocurrency investments in a manner consistent with U.S. federal tax law requirements applicable to a regulated investment company ("RIC").   As of the date of this Prospectus, the Fund has significant exposure to the Financials sector and Information Technology sector. In addition, as of the date of this Prospectus, the Fund is concentrated (i.e., more than 25% of its net assets) in the Software & Services industry.