REX-Osprey™ Announces Conversion of SSK ETF to Regulated Investment Company (RIC) Structure

September 03, 2025 at 11:22 AM EDT

SSK – REX-Osprey™ SOL + Staking ETF transitions from C corporation to RIC, enhancing tax efficiency for investors

REX-Osprey™, a strategic collaboration between REX Shares and Osprey Funds, today announced that the REX-Osprey™ SOL + Staking ETF (Ticker: SSK) has converted as of Sept. 1 from a C corporation to a Regulated Investment Company (RIC) structure.

As a RIC, the fund will no longer be subject to federal or state tax at the fund level, provided it meets certain requirements under the Internal Revenue Code, including distributing substantially all of its taxable income and capital gains to shareholders. This structure eliminates double taxation, ensuring that income and gains are taxed only once, at the shareholder level. Previously, SSK was structured as a C corporation and accrued a daily tax expense on both capital gains and income generated by its portfolio holdings. Those obligations, which have already been accrued, will be paid for the period the fund operated under the C corporation structure. Going forward, however, SSK will no longer be taxed at the fund level.

“This conversion represents an important improvement and step forward for SSK and its investors," said Greg King, CEO of REX Financial. "By moving to a RIC structure, we’re enhancing tax efficiency and aligning SSK with the standard framework used by most ETFs, while continuing to provide first-of-its-kind exposure to Solana and its staking rewards."

SSK continues to be the only U.S.-listed ETF that provides investors with exposure to spot Solana (SOL) and the only US-listed ETF that provides staking rewards. SSK holds a majority of its assets directly in SOL as well as assets in non-U.S. exchange-traded products that themselves hold SOL and provide staking rewards — which avoids the negative effects of contango that can impact futures-based products while also delivering the benefits of Solana staking.

About REX-Osprey

REX-Osprey is a joint initiative between REX Financial, a leader in thematic and alternative ETFs, and Osprey Funds, a digital asset specialist focused on crypto access and infrastructure. Together, REX-Osprey develops products that combine the integrity of traditional financial structures with the transformative potential of blockchain technology.

Important Risks

Investing in SSK is not equivalent to investing directly in Solana.

An investor should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The Fund’s prospectus and summary prospectus contain this and other information about the REX Shares. To obtain the Fund’s prospectus and summary prospectus, call 1-844-802-4004. The Fund’s prospectus and summary prospectus should be read carefully before investing.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH SOLANA [OR ANY ENTITY PROVIDING VALIDATION OR STAKING SERVICES TO SSK.]

Crypto Asset Risk. The Fund holds SOL tokens, a crypto asset that is native to the Solana blockchain. Crypto assets are subject to extreme volatility, regulatory uncertainty, market manipulation, security risks, and technological changes. The value of the Fund will fluctuate with the price of SOL, which is influenced by a range of factors including adoption of the Solana network, network congestion, smart contract failures, validator misbehavior, and the emergence of competing platforms. Additionally, crypto asset exchanges and counterparties may be less regulated than traditional financial institutions, and are subject to fraud, hacking, and operational disruptions.

SOL Risk. SOL is a relatively new innovation and is subject to unique and substantial risks. The market for SOL is subject to rapid price swings, changes and uncertainty.

Staking Risk. When the Fund stakes SOL, SOL is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the staked SOL for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of SOL, and it may miss opportunities to sell the staked SOL during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked SOL may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked SOL is also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked SOL or a loss of any rewards.

Concentration Risk. The Fund’s assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to SOL, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of sectors or industries.

Liquidity Risk. The Fund may not be able to sell its crypto assets at the time or price it desires. Crypto asset markets may be less liquid than traditional securities markets and may be subject to significant price fluctuations.

New Fund Risk. The Fund is a newly organized investment company with no operating history. Investors have limited performance history to assess how the Fund will perform.

Counterparty Risk. The Fund may rely on staking infrastructure providers, custodians, and crypto exchanges to hold or interact with its SOL. These third parties may become insolvent, fail to safeguard assets, or be subject to regulatory action, leading to potential losses.

Smart Contract Risk. Certain staking activities or custodial processes may rely on smart contracts. These self-executing code structures are susceptible to bugs, hacking, or unintended behavior. Exploits in smart contracts could cause loss of assets or incorrect reward distribution.

Staking Rewards are the incentives or payments earned by participants who commit (or "stake") their cryptocurrency tokens to help support the operations and security of a blockchain network, typically one that uses a Proof-of-Stake.

Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with REX Shares, Osprey Funds, or the Fund’s investment adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250903141118/en/

Contacts

Gregory FCA for REX Financial

rexfin@gregoryfca.com

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REX-Osprey™ Announces Conversion of SSK ETF to Regulated Investment Company (RIC) Structure

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