REX Shares and Tuttle Capital Management LLC, collectively operating as T-REX, have announced reverse share splits for seven of their leveraged exchange-traded funds, effective August 21, 2026.
The seven funds affected include the T-REX 2X Long CRWV Daily Target ETF (CRWU), T-REX 2X Long CRCL Daily Target ETF (CCUP), and T-REX 2X Long TTD Daily Target ETF (TTDU).
Also included in the reverse split action are the T-REX 2X Long SBET Daily Target ETF (SBTU), T-REX 2X Long AXTI Daily Target ETF (AXTU), T-REX 2X Long TE Daily Target ETF (TEUP), and T-REX 2X Long MSTR Daily Target ETF (MSTU).
Each of the seven funds will undergo a uniform 1-for-10 reverse split, meaning shareholders will receive one share for every ten shares currently held.
The reverse splits will apply to shareholders of record as of the close of the Cboe BZX Exchange on August 21, 2026, which has been designated as the record date.
Shares of all seven funds will begin trading on a split-adjusted basis on August 24, 2026, the designated ex-date for the corporate action.
The total market value of shares outstanding for each fund will not be affected by the reverse splits, aside from adjustments related to the redemption of fractional shares.
To illustrate the mechanics, a shareholder holding 10,000 shares at a hypothetical net asset value of $1.00 would, post-split, hold 1,000 shares at a $10.00 net asset value, with total market value remaining at $10,000.
Because fractional shares cannot be traded on Cboe BZX, each fund will redeem any resulting fractional shares for cash at the fund’s split-adjusted net asset value after market close on August 21, 2026.
Such fractional share redemptions may carry tax implications, as shareholders could recognize a gain or loss, though no transaction fee will be imposed in connection with those redemptions.
New CUSIP numbers will also take effect after market close on August 21, 2026, with each fund receiving an updated identifier to reflect the post-split share structure.
The Trust’s transfer agent will notify the Depository Trust Company of the splits and instruct it to adjust each shareholder’s holdings accordingly, as DTC serves as the registered owner of the funds’ shares.
REX Shares is an ETF provider specializing in alternative-strategy products, having co-created the T-REX lineup alongside Tuttle Capital Management, a registered investment adviser known for thematic and first-of-kind ETF exposures.
