# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001387131-23-003203
**Filing Date:** 2023-3
**Character Count:** 135543
**Document Hash:** ba9b82c15567a6a81699696b4e927449
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003203.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001387131-23-003203

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 23719101

**BUSINESS ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

## Series and Classes Contracts Data

### Applied Finance Valuation Large Cap ETF (Series ID: S000071288)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000226210 | Applied Finance Valuation Large Cap ETF | VSLU            |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-23439 |
| Exact name of registrant as specified in charter: | ETF Opportunities Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>John H. Lively<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway,<br> Ste. 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including <br> area code: | (804) 267-7400 |
| Date of fiscal year end: | December 31 |
| Date of reporting period: | December 31, 2022 |
|  | Applied Finance Valuation Large Cap ETF |

---

Item 1. Report to Stockholders <br>(a)

**Annual Report**

For the Year Ended December 31, 2022

![](avlc-ncsr_123122img001.jpg)

Applied Finance Valuation Large Cap ETF

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Important Disclosure Statement**

*The Applied Finance Valuation Large Cap ETF's (the "Fund") prospectus and summary prospectus contains important information about the Fund's investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. To obtain the Fund's prospectus or summary prospectus containing this and other important information, please call 833-356-0909. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC is the Fund's distributor and Applied Finance Advisors, LLC is the Fund's investment advisor.*

**The performance data quoted represents past performance and is not guarantee of future results. Current performance of the Fund may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Information provided with respect to the Fund's Performance Data, Portfolio Holdings, Sector Weightings, Number of Holdings and Expense Ratios are as of December 31, 2022 and are subject to change at any time. For most recent information, please** **call 833-356-0909.**

**1**

ANNUAL REPORT

Applied Finance Valuation Large Cap ETF

**(Unaudited)**

**Management's Discussion of Fund Performance**

From January 1, 2022 to the fiscal year end of December 31, 2022 the Applied Finance Valuation Large Cap ETF (the "Fund") [Ticker symbol: VSLU] returned -15.82%. NAV (market price return is -16.06%).

The Fund utilizes a systematic investment process that emphasizes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Current valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Projected economic performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Business strategy and capital usage

For the fiscal year, the Fund's performance was largely driven by stock selection. The following positions had a significant impact on the Fund:

Good Performers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.AbbVie Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Chevron Corp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Lockheed Martin Corp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Bristol-Myers Squibb Co

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Gilead Sciences Inc

Poor Performers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Meta Platforms Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Alphabet Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Apple Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Microsoft Corp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.S&P Global Inc

**2**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Shareholder Letter (unaudited) - continued**

Top 10 Holdings (December 31, 2022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. APPLE INC 5.95%

2. MICROSOFT CORP 5.84%

3. ALPHABET INC 5.27%

4. JOHNSON & JOHNSON 2.85%

5. S&P GLOBAL INC 2.82%

6. HOME DEPOT INC 2.50%

7. MASTERCARD INC 2.48%

8. ABBVIE INC 2.37%

9. META PLATFORMS INC 2.36%

10. PFIZER INC 2.20%

Almost immediately upon the transition to 2022, the market began to give back the extraordinary gains from the last several years as stubborn inflation and rising rates stoked inflationary fears globally throughout the entire calendar year. Energy stocks significantly outperformed other sectors as higher energy prices reinvigorated investor interest in the sector while the leading sectors over the past decade (Technology, Communication Services and Consumer Discretionary) struggled mightily. Real Estate also continued to experience headwinds from high office vacancies while higher mortgage rates reduced demand for residential activity. Broad diversification across sectors enabled the Fund to successfully navigate the overall market impact of these sector trends.

The higher cost of capital realized in 2022 led to a historic collapse in the stock prices of unprofitable, high growth firms. When capital was abundant and cost of capital was near zero, unprofitable firms could easily tap sources of external financing to stopgap operating losses and continue to invest in businesses with poor unit economics. This incremental growth became a myopic focus of many investors over the past few years to propel market prices higher. Reconciliation of these market prices to intrinsic value required minimal time value of money discounting of distant future profits. As higher interest rates became a reality, this stifled the ability of unprofitable firms to access external financing, simultaneously calling into question their ability to scale in a manner that could generate significant future profits while also subjecting those future profits to a higher discount rate and substantially lowering their net present value today. The Fund's strategic focus on valuation and business strategy allowed the Fund to avoid exposure to the basket of unprofitable, high growth firms that suffered massive drawdowns over the past year.

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Shareholder Letter (unaudited) - continued**

**3**

ANNUAL REPORT

As long only and long-term focused investors, we do our best to identify and own companies in the Fund that can thrive amid the continued economic uncertainty related to inflation, cost of capital and recessionary fears. While marginal investors in the broader market may react irrationally to new information regarding macroeconomic data or changing business prospects, we expect that a disciplined, diversified portfolio that rests upon valuation and corporate strategy principles will help investors avoid excess volatility related to wild, irrational price moves detached from fundamentals. Our valuation conviction, aided by a deep understanding of the role corporate strategy plays in building shareholder value, helps us form a diversified portfolio with improved valuation and profitability characteristics compared to a simple market capitalization-weighted index, and we believe this should help the Fund outperform in the future.

We thank you for placing your investments and confidence in our Fund.

Investments involve risk; principal loss is possible.

**Past performance does not guarantee** **future results.** 

Must be preceded or accompanied by a prospectus.

The risks of investing in VSLU are described in the prospectus.

There is no guarantee that the Fund's investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase a Fund's expenses. The Fund is newer and has limited operating history. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Please refer to the Schedule of Investments provided in this report for a complete list of portfolio holdings.

The Fund's current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 833-356-0909. Information provided with respect to the Fund's Portfolio Holdings, Sector Weightings, Number of Holdings and Expense Ratios are as of December 31, 2022 and are subject to change at any time

Applied Finance Advisors ETF's are distributed by Foreside Fund Services, LLC.

**4**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**(Unaudited)**

![](avlc-ncsr_123122img002.gif)

---

| | | |
|:---|:---|:---|
|  | **Total Return** | **Average<br>Annual Return** |
|  | **One Year<br>Ended<br>12/31/2022** | **Since Inception<br>4/29/2021 to<br>12/31/2022** |
|  Applied Finance Valuation Large Cap ETF  | -15.82% | -2.45% |
|  Applied Finance Valuation Large Cap ETF- Market  | -16.06% | -2.51% |
|  Morningstar US Large-Mid Cap Index<sup>(1)</sup>  | -19.49% | -5.59% |

---

Performance figures assume the reinvestment of all dividends and distributions and do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The market price returns are calculated using the closing price.

<sup>*(1)*</sup>*The Morningstar US Large-Mid Cap Index provides a comprehensive depiction of the performance and fundamental characteristics of the Large-Mid Cap segment of the U.S. Equity markets. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria. See "Supplemental Information" that accompanies the Annual Report for additional information.*

**5**

ANNUAL REPORT

---

| | |
|:---|:---|
| **Holdings by Sector/Asset Class** | **Percentage of<br>Net Assets** |
|  **Common Stocks:** |  |
|  Healthcare  | 18.05% |
|  Information Technology  | 14.29% |
|  Software & Services  | 13.03% |
|  Communication Services  | 9.69% |
|  Consumer Discretionary  | 9.66% |
|  Consumer Staples  | 9.11% |
|  Financials  | 8.81% |
|  Industrials  | 8.73% |
|  Energy  | 3.79% |
|  Materials  | 2.67% |
|  Real Estate  | 1.31% |
|  Utilities  | 0.35% |
|  **Warrants**:  | 0.00% |
|  | 99.49% |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Portfolio Composition** **as of December 31, 2022 (unaudited)** 

See Notes to Financial Statements

**6**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments** **December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.49%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **9.69%** | **COMMUNICATION SERVICES** |  |  |
|  | Activision Blizzard, Inc.  | 407 | $31156<br>|
|  | Alphabet, Inc. - Class A<sup>(A)</sup>  | 9170 | 809069 |
|  | Charter Communications, Inc.<sup>(A)</sup>  | 175 | 59342 |
|  | Comcast Corp. - Class A  | 1675 | 58575 |
|  | Electronic Arts, Inc.  | 43 | 5254 |
|  | Fox Corp.  | 342 | 10386 |
|  | Meta Platforms, Inc.<sup>(A)</sup>  | 3006 | 361742 |
|  | Netflix, Inc.<sup>(A)</sup>  | 302 | 89054 |
|  | Omnicom Group, Inc.  | 238 | 19414 |
|  | Paramount Global  | 136 | 2296 |
|  | Take-Two Interactive Software<sup>(A)</sup>  | 62 | 6456 |
|  | The Interpublic Group of Cos., Inc.  | 328 | 10926 |
|  | Warner Bros. Discovery, Inc.<sup>(A)</sup>  | 2472 | 23434 |
|  |  |  | 1487104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **9.66%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Advance Auto Parts, Inc.  | 52 | 7646 |
|  | Aptiv PLC<sup>(A)</sup>  | 37 | 3446 |
|  | Autozone, Inc.<sup>(A)</sup>  | 33 | 81384 |
|  | Bath & Body Works, Inc.  | 191 | 8049 |
|  | Best Buy Co., Inc.  | 287 | 23020 |
|  | Booking Holdings, Inc.<sup>(A)</sup>  | 6 | 12092 |
|  | Chipotle Mexican Grill<sup>(A)</sup>  | 5 | 6937 |
|  | D. R. Horton, Inc.  | 393 | 35032 |
|  | Darden Restaurant, Inc.  | 35 | 4842 |
|  | Dollar General Corp.  | 157 | 38661 |
|  | Dollar Tree, Inc.<sup>(A)</sup>  | 124 | 17539 |
|  | Domino's Pizza, Inc.  | 70 | 24248 |
|  | eBay, Inc.  | 356 | 14763 |
|  | Ford Motor Co.  | 3244 | 37728 |
|  | Garmin Ltd.  | 166 | 15320 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**7**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | Genuine Parts Co.  | 69 | $11972<br>|
|  | Hasbro, Inc.  | 201 | 12263 |
|  | Hilton Worldwide Holdings, Inc.  | 61 | 7708 |
|  | The Home Depot, Inc.  | 1216 | 384086 |
|  | Lennar Corp.  | 253 | 22896 |
|  | LKQ Corp.  | 265 | 14154 |
|  | Lowe's Cos, Inc.  | 606 | 120739 |
|  | Marriott Intl. - Class A  | 218 | 32458 |
|  | McDonald's Corp.  | 349 | 91972 |
|  | Mohawk Industries, Inc.<sup>(A)</sup>  | 30 | 3067 |
|  | Newell Brands, Inc.  | 34 | 445 |
|  | Nike, Inc. - Class B  | 735 | 86002 |
|  | NVR, Inc.<sup>(A)</sup>  | 4 | 18450 |
|  | O'Reilly Automotive, Inc.<sup>(A)</sup>  | 110 | 92843 |
|  | Ralph Polo Lauren Corp.  | 29 | 3064 |
|  | PulteGroup, Inc.  | 218 | 9926 |
|  | Ross Stores, Inc.  | 98 | 11375 |
|  | Starbucks Corp.  | 344 | 34125 |
|  | Tapestry, Inc.  | 240 | 9139 |
|  | Target Corp.  | 372 | 55443 |
|  | Tesla, Inc.<sup>(A)</sup>  | 275 | 33874 |
|  | TJX Companies, Inc.  | 351 | 27940 |
|  | Tractor Supply Co.  | 64 | 14398 |
|  | Ulta Beauty, Inc.<sup>(A)</sup>  | 20 | 9381 |
|  | VF Corp.  | 139 | 3838 |
|  | Whirlpool Corp.  | 44 | 6224 |
|  | Yum! Brands, Inc.  | 269 | 34454 |
|  |  |  | 1482943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **9.11%** | **CONSUMER STAPLES** |  |  |
|  | Altria Group, Inc.  | 1669 | 76290 |
|  | Archer-Daniels-Midland Co.  | 141 | 13092 |
|  | Brown-Forman Corp. - Class B  | 83 | 5451 |
|  | Campbell Soup Co.  | 94 | 5334 |

---

See Notes to Financial Statements

**8**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | Church & Dwight Co., Inc.  | 365 | $29423<br>|
|  | The Clorox Co.  | 13 | 1824 |
|  | The Coca Cola Co.  | 1671 | 106292 |
|  | Colgate-Palmolive Co.  | 694 | 54680 |
|  | Conagra Brands, Inc.  | 35 | 1354 |
|  | Constellation Brands, Inc. - Class A  | 88 | 20394 |
|  | Costco Wholesale Corp.  | 209 | 95409 |
|  | The Estee Lauder Cos., Inc.  | 175 | 43419 |
|  | General Mills, Inc.  | 390 | 32702 |
|  | The Hershey Co.  | 104 | 24083 |
|  | The J.M. Smucker Co.  | 58 | 9191 |
|  | Kellogg Co.  | 120 | 8549 |
|  | Keurig Dr. Pepper Inc.  | 823 | 29348 |
|  | Kimberly-Clark Corp.  | 133 | 18055 |
|  | The Kraft Heinz Co.  | 175 | 7124 |
|  | The Kroger Co.  | 536 | 23895 |
|  | Lamb Weston Holding  | 30 | 2681 |
|  | Mondelez International, Inc.  | 532 | 35458 |
|  | PepsiCo., Inc.  | 450 | 81297 |
|  | Philip Morris International, Inc.  | 1619 | 163859 |
|  | The Procter & Gamble Co.  | 1353 | 205061 |
|  | Sysco Corp.  | 218 | 16666 |
|  | Tyson Foods, Inc. - Class A  | 399 | 24838 |
|  | Walgreens Boots Alliance  | 847 | 31644 |
|  | Walmart, Inc.  | 1630 | 231118 |
|  |  |  | 1398531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **3.79%** | **ENERGY** |  |  |
|  | APA Corp.  | 329 | 15358 |
|  | Chevron Corp.  | 485 | 87053 |
|  | ConocoPhillips  | 558 | 65844 |
|  | Coterra Energy, Inc.  | 653 | 16044 |
|  | Devon Energy Corp.  | 482 | 29648 |
|  | Diamondback Energy, Inc.  | 192 | 26262 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**9**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | EOG Resources, Inc.  | 353 | $45721<br>|
|  | Exxon Mobil Corp.  | 1181 | 130264 |
|  | Halliburton Co.  | 105 | 4132 |
|  | Hess Corp.  | 29 | 4113 |
|  | Kinder Morgan, Inc.  | 348 | 6292 |
|  | Marathon Oil Corp.  | 277 | 7498 |
|  | Marathon Petroleum Corp.  | 139 | 16178 |
|  | Occidental Petroleum Corp.  | 395 | 24881 |
|  | ONEOK, Inc.  | 352 | 23126 |
|  | Phillips 66  | 164 | 17069 |
|  | Pioneer Natural Resources Co.  | 172 | 39283 |
|  | Schlumberger NV  | 30 | 1604 |
|  | The Williams Cos., Inc.  | 297 | 9771 |
|  | Valero Energy Corp.  | 92 | 11671 |
|  |  |  | 581812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **8.81%** | **FINANCIALS** |  |  |
|  | Aflac, Inc.  | 318 | 22877 |
|  | The Allstate Corp.  | 318 | 43121 |
|  | American Express Co.  | 1127 | 166514 |
|  | AON PLC - Class A  | 242 | 72634 |
|  | Assurant, Inc.  | 10 | 1251 |
|  | BlackRock, Inc.  | 88 | 62359 |
|  | Brown & Brown, Inc.  | 84 | 4785 |
|  | Cboe Global Markets, Inc.  | 184 | 23086 |
|  | Chubb Ltd.  | 140 | 30884 |
|  | Discover Financial Services  | 737 | 72101 |
|  | FactSet Research Sysems, Inc.  | 35 | 14042 |
|  | Hartford Financial Services  | 209 | 15848 |
|  | MarketAxess Holdings, Inc.  | 14 | 3904 |
|  | Marsh & McLennan Cos, Inc.  | 419 | 69336 |
|  | MetLife, Inc.  | 5 | 362 |
|  | Moody's Corporation  | 635 | 176924 |
|  | PNC Financial Services Group, Inc.  | 93 | 14688 |

---

See Notes to Financial Statements

**10**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | The Progressive Corp.  | 184 | $23867<br>|
|  | S&P Global, Inc.  | 1291 | 432408 |
|  | Synchrony Financial  | 867 | 28490 |
|  | T. Rowe Price Group, Inc.  | 427 | 46569 |
|  | Travelers Companies, Inc.  | 90 | 16874 |
|  | Willis Towers Watson Plc  | 38 | 9294 |
|  |  |  | 1352218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **18.05%** | **HEALTHCARE** |  |  |
|  | Abbott Laboratories  | 816 | 89589 |
|  | AbbVie, Inc.  | 2254 | 364269 |
|  | Agilent Technologies, Inc.  | 92 | 13768 |
|  | Align Technology, Inc.<sup>(A)</sup>  | 26 | 5483 |
|  | Amgen, Inc.  | 551 | 144715 |
|  | Becton Dickinson and Co.  | 30 | 7629 |
|  | Biogen, Inc.<sup>(A)</sup>  | 170 | 47076 |
|  | Bio-Rad Laboratories, Inc. - Class A<sup>(A)</sup>  | 1 | 420 |
|  | Bio-Techne Corp.  | 16 | 1326 |
|  | Boston Scientific Corp.<sup>(A)</sup>  | 292 | 13511 |
|  | Bristol-Myers Squibb Co.  | 2619 | 188437 |
|  | Cardinal Health, Inc.  | 237 | 18218 |
|  | Cigna Corp  | 63 | 20874 |
|  | Cooper Cos., Inc.  | 4 | 1323 |
|  | CVS Health Corp.  | 633 | 58989 |
|  | DaVita, Inc.<sup>(A)</sup>  | 109 | 8139 |
|  | Dentsply Sirona, Inc.  | 11 | 350 |
|  | Edwards Lifesciences Corp.<sup>(A)</sup>  | 245 | 18279 |
|  | Eli Lilly & Co.  | 246 | 89997 |
|  | Gilead Sciences, Inc.  | 1430 | 122765 |
|  | HCA Healthcare, Inc.  | 303 | 72708 |
|  | Henry Schein, Inc.<sup>(A)</sup>  | 67 | 5351 |
|  | Hologic, Inc.<sup>(A)</sup>  | 297 | 22219 |
|  | IDEXX Laboratories, Inc.<sup>(A)</sup>  | 52 | 21214 |
|  | Illumina, Inc.<sup>(A)</sup>  | 8 | 1618 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**11**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | IQVIA Holdings, Inc.<sup>(A)</sup>  | 221 | $45281<br>|
|  | Johnson & Johnson  | 2476 | 437385 |
|  | Laboratory Corp of America Holdings  | 92 | 21664 |
|  | McKesson Corp.  | 194 | 72773 |
|  | Medtronic PLC  | 272 | 21140 |
|  | Mettler-Toledo International, Inc.<sup>(A)</sup>  | 28 | 40473 |
|  | Moderna, Inc.<sup>(A)</sup>  | 431 | 77416 |
|  | Molina Healthcare, Inc.<sup>(A)</sup>  | 38 | 12548 |
|  | Organon & Co.  | 303 | 8463 |
|  | Pfizer, Inc.  | 6594 | 337877 |
|  | Quest Diagnostics, Inc.  | 105 | 16426 |
|  | Regeneron Pharmaceuticals, Inc.  | 104 | 75035 |
|  | ResMed, Inc.  | 38 | 7909 |
|  | Stryker Corp.  | 167 | 40830 |
|  | Teleflex, Inc.  | 31 | 7739 |
|  | UnitedHealth Group, Inc.  | 219 | 116109 |
|  | Universal Health Services, Inc. - Class B  | 31 | 4368 |
|  | Vertex Pharmaceuticals, Inc.<sup>(A)</sup>  | 113 | 32632 |
|  | Viatris, Inc.  | 10 | 111 |
|  | Waters Corp.<sup>(A)</sup>  | 44 | 15074 |
|  | West Pharmaceutical Services, Inc.  | 15 | 3530 |
|  | Zimmer Biomet Holdings, Inc.  | 29 | 3698 |
|  | Zoetis, Inc.  | 225 | 32974 |
|  |  |  | 2769722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **8.73%** | **INDUSTRIALS** |  |  |
|  | 3M Co.  | 533 | 63917 |
|  | A.O. Smith Corp.  | 64 | 3663 |
|  | Allegion PLC  | 87 | 9158 |
|  | Carrier Global Corp.  | 475 | 19594 |
|  | Caterpillar, Inc.  | 290 | 69472 |
|  | Cintas Corp.  | 54 | 24387 |
|  | CSX Corp.  | 2221 | 68807 |
|  | Cummins, Inc.  | 84 | 20352 |

---

See Notes to Financial Statements

**12**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  Deere & Co.  | 217 | $93041<br>|
|  Dover Corp.  | 110 | 14895 |
|  Eaton Corp., PLC  | 1 | 157 |
|  Emerson Electric Co.  | 246 | 23631 |
|  Expeditors International of <br>Washington, Inc.  | 210 | 21823 |
|  Fastenal Co.  | 224 | 10600 |
|  Fedex Corp.  | 157 | 27192 |
|  Fortune Brands Innovations, Inc.  | 170 | 9709 |
|  Generac Holdings, Inc.<sup>(A)</sup>  | 134 | 13488 |
|  General Dynamics Corp.  | 85 | 21089 |
|  WW Grainger, Inc.  | 26 | 14463 |
|  Honeywell International, Inc.  | 351 | 75219 |
|  JB Hunt Transport Services, Inc.  | 64 | 11159 |
|  IDEX Corp.<sup>(A)</sup>  | 10 | 2283 |
|  Illinois Tool Works, Inc.  | 186 | 40976 |
|  Ingersoll Rand, Inc.  | 450 | 23513 |
|  Johnson Controls International  | 1 | 64 |
|  L3Harris Technologies, Inc.  | 32 | 6663 |
|  Leidos Holdings, Inc.  | 245 | 25772 |
|  Lockheed Martin Corp.  | 263 | 127947 |
|  Masco Corp.  | 468 | 21842 |
|  Masterbrand Inc.  | 170 | 1284 |
|  Nordson Corp.  | 17 | 4041 |
|  Norfolk Southern Corp.  | 240 | 59141 |
|  Northrop Grumman Corp.  | 107 | 58380 |
|  Old Dominion Freight  | 53 | 15040 |
|  Paccar, Inc.  | 141 | 13955 |
|  Pentair PLC  | 222 | 9986 |
|  Republic Services, Inc.  | 1 | 129 |
|  Robert Half International, Inc.  | 80 | 5906 |
|  Rollins, Inc.  | 93 | 3398 |
|  Snap-On, Inc.  | 34 | 7769 |
|  Textron, Inc.  | 31 | 2195 |
|  Trane Technologies PLC  | 81 | 13615 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**13**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | TransDigm Group, Inc.  | 15 | $9445<br>|
|  | Union Pac Corp.  | 588 | 121757 |
|  | United Parcel Services, Inc. - Class B  | 526 | 91440 |
|  | United Rentals, Inc.<sup>(A)</sup>  | 58 | 20614 |
|  | Verisk Analytics, Inc.  | 162 | 28580 |
|  | Waste Management, Inc.  | 14 | 2196 |
|  | Westinghouse Air Brake Technology  | 58 | 5789 |
|  | Xylem, Inc.  | 7 | 774 |
|  |  |  | 1340310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **14.29%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Advanced Micro Devices, Inc.<sup>(A)</sup>  | 691 | 44756 |
|  | Amphenol Corp. Class A  | 219 | 16675 |
|  | Analog Devices, Inc.  | 54 | 8858 |
|  | ANSYS, Inc.<sup>(A)</sup>  | 9 | 2174 |
|  | Apple, Inc.  | 7031 | 913538 |
|  | Applied Materials, Inc.  | 878 | 85500 |
|  | Arista Networks, Inc.<sup>(A)</sup>  | 62 | 7524 |
|  | Auto Desk<sup>(A)</sup>  | 57 | 10652 |
|  | Broadcom, Inc.  | 424 | 237071 |
|  | Broadridge Financial Solutions  | 29 | 3890 |
|  | Cadence Design Systems<sup>(A)</sup>  | 42 | 6747 |
|  | Cisco Systems, Inc.  | 1801 | 85800 |
|  | Corning, Inc.  | 303 | 9678 |
|  | DXC Technology Co.<sup>(A)</sup>  | 118 | 3127 |
|  | EPAM Sysems, Inc.<sup>(A)</sup>  | 9 | 2950 |
|  | F5, Inc.<sup>(A)</sup>  | 15 | 2153 |
|  | Gen Digital Inc  | 266 | 5700 |
|  | Hewlett Packard Enterprise, Co.  | 451 | 7198 |
|  | HP, Inc.  | 1182 | 31760 |
|  | Intel Corp  | 2587 | 68374 |
|  | International Business Machines  | 140 | 19725 |
|  | Juniper Networks, Inc.  | 81 | 2589 |
|  | Keysight Technologies, Inc.<sup>(A)</sup>  | 42 | 7185 |

---

See Notes to Financial Statements

**14**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | KLA Corp.  | 159 | $59948<br>|
|  | Lam Research Corp.  | 141 | 59262 |
|  | Microchip Technology, Inc.  | 552 | 38778 |
|  | Micron Technology, Inc.  | 483 | 24140 |
|  | Monolithic Power Systems, Inc.  | 2 | 707 |
|  | Motorola Solutions, Inc.  | 65 | 16751 |
|  | NETAPP, INC  | 114 | 6847 |
|  | NXP Semiconductors NV  | 200 | 31606 |
|  | ON Semiconductor Corp.<sup>(A)</sup>  | 86 | 5364 |
|  | PayPal Holdings, Inc.<sup>(A)</sup>  | 332 | 23645 |
|  | Qorvo, Inc.<sup>(A)</sup>  | 78 | 7070 |
|  | Qualcomm, Inc.  | 715 | 78607 |
|  | Roper Technologies, Inc.  | 95 | 41048 |
|  | Seagate Technology Holdings PLC  | 79 | 4156 |
|  | ServiceNow, Inc.<sup>(A)</sup>  | 7 | 2718 |
|  | SolarEdge Technologies, Inc.<sup>(A)</sup>  | 5 | 1416 |
|  | Synopsys, Inc.<sup>(A)</sup>  | 29 | 9259 |
|  | TE Connectivity, Ltd.  | 67 | 7692 |
|  | Teradyne, Inc.  | 107 | 9346 |
|  | Texas Instruments, Inc.  | 974 | 160924 |
|  | Trimble Navigation, Ltd.<sup>(A)</sup>  | 109 | 5511 |
|  | Western Digital  | 135 | 4259 |
|  | Zebra Technologies Corp. - Class A<sup>(A)</sup>  | 42 | 10769 |
|  |  |  | 2193447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.67%** | **MATERIALS** |  |  |
|  | Air Products and Chemicals, Inc.  | 54 | 16646 |
|  | Amcor PLC  | 664 | 7908 |
|  | Ball Corp.  | 346 | 17694 |
|  | Celanese Corp.  | 185 | 18914 |
|  | CF Industries Holdings, Inc.  | 142 | 12098 |
|  | Corteva, Inc.  | 216 | 12696 |
|  | DOW, Inc.  | 546 | 27513 |
|  | Eastman Chemical Co.  | 29 | 2362 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**15**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | FMC Corp.  | 164 | $20467<br>|
|  | Freeport-McMoRan, Inc.  | 1414 | 53732 |
|  | International Paper Co.  | 357 | 12363 |
|  | International Flavors & Fragrance  | 5 | 524 |
|  | Linde PLC  | 52 | 16961 |
|  | LyondellBasell Industries NV  | 523 | 43425 |
|  | The Mosaic Co.  | 242 | 10617 |
|  | Newmont Goldcorp Corp.  | 64 | 3021 |
|  | Nucor Corp.  | 397 | 52329 |
|  | Packaging Corporation of America  | 60 | 7675 |
|  | Sealed Air Corp.  | 141 | 7033 |
|  | The Sherwin-Williams Co.  | 270 | 64079 |
|  | Vulcan Materials Co.  | 8 | 1401 |
|  | Westrock Co.  | 11 | 387 |
|  |  |  | 409845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.31%** | **REAL ESTATE** |  |  |
|  | AvalonBay Communities, Inc.  | 6 | 969 |
|  | Boston Properties, Inc.  | 109 | 7366 |
|  | CBRE Group, Inc.<sup>(A)</sup>  | 453 | 34863 |
|  | Crown Castle International Corp.  | 139 | 18854 |
|  | Digital Realty Trust, Inc.  | 71 | 7119 |
|  | Equity Residential  | 139 | 8201 |
|  | Essex Property  | 17 | 3603 |
|  | Extra Space Storage, Inc.  | 65 | 9567 |
|  | Federal Realty OP LP  | 10 | 1010 |
|  | Healthpeak Properties, Inc.  | 68 | 1705 |
|  | Iron Mountain, Inc.  | 131 | 6530 |
|  | Kimco Realty Corp.  | 65 | 1377 |
|  | Mid-America Apartment  | 27 | 4239 |
|  | Prologis, Inc.  | 85 | 9582 |
|  | Regency Centers Corp.  | 4 | 250 |
|  | Simon Property Group, Inc.  | 500 | 58740 |

---

See Notes to Financial Statements

**16**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
|  | Ventas, Inc.  | 215 | $9686<br>|
|  | VICI Propeties, Inc.  | 11 | 356 |
|  | Weyerhaeuser Co.  | 536 | 16616 |
|  |  |  | 200633 |
| &nbsp;&nbsp;&nbsp;&nbsp; **13.03%** | **SOFTWARE & SERVICES** |  |  |
|  | Accenture PLC  | 323 | 86189 |
|  | Adobe, Inc.<sup>(A)</sup>  | 402 | 135285 |
|  | Akamai Technologies, Inc.<sup>(A)</sup>  | 62 | 5227 |
|  | Cognizant Technology Solutions  | 189 | 10809 |
|  | Fidelity National Information  | 344 | 23340 |
|  | Fiserv, Inc.<sup>(A)</sup>  | 540 | 54578 |
|  | Gartner, Inc.<sup>(A)</sup>  | 86 | 28908 |
|  | Global Payments, Inc.  | 182 | 18076 |
|  | Jack Henry & Associates, Inc.  | 9 | 1580 |
|  | Mastercard, Inc. - Class A  | 1094 | 380417 |
|  | Microsoft Corp.  | 3738 | 896447 |
|  | Oracle Corp.  | 2093 | 171082 |
|  | Paychex, Inc.  | 88 | 10169 |
|  | Verisign, Inc.<sup>(A)</sup>  | 124 | 25475 |
|  | Visa, Inc.  | 736 | 152911 |
|  |  |  | 2000493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.35%** | **UTILITIES** |  |  |
|  | American Water Works Co., Inc.  | 61 | 9298 |
|  | CMS Energy Corp.  | 68 | 4306 |
|  | Consellation Energy Corp.  | 352 | 30346 |
|  | FirstEnergy Corp.  | 57 | 2391 |
|  | NRG Energy, Inc.  | 108 | 3436 |
|  | PPL Corp.  | 145 | 4237 |
|  |  |  | 54014 |

---

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Schedule of Investments - continued** **December 31, 2022**

See Notes to Financial Statements

**17**

ANNUAL REPORT

---

| | | | |
|:---|:---|:---|:---|
|  | **Security Description** | **Number<br>of Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.49%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $16,685,637)  | (Cost: $16,685,637)  | $15271072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **HEALTHCARE** |  |  |
|  | Abiomed, Inc. - CVR<sup>(A)(B)</sup>  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **TOTAL WARRANTS**  | **TOTAL WARRANTS**  |  |
|  | (Cost: $—) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.49%** | **TOTAL INVESTMENTS**  |  |  |
|  | (Cost: $16,685,637)  | (Cost: $16,685,637)  | 15271072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.51%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 77471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **15348543**<br>|

---

<sup>(A)</sup>Non-income producing

<sup>(B)</sup>The warrant is a Level 3 security. See Note 1.

CVR - Contingent Value Right

See Notes to Financial Statements

**18**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Statement of Assets and Liabilities** **December 31, 2022**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value (cost of $16,685,637) (Note 1)  | $15271072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 50592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 592241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 10507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 15924412 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased  | 569548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees  | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 575869 |
|  **NET ASSETS**  | $15348543<br>|
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $17408921<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficit)  | (2060378) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $15348543<br>|
|  **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $15348543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $23.61<br>|

---

See Notes to Financial Statements

**19**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Statement of Operations** **For the Year Ended December 31, 2022**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign tax withheld of $77)  | $203971<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 203971 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 59482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 59482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 144489 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments<sup>(1)</sup>  | (144282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation (depreciation) <br>of investments  | (1986771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (2131053) |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $(1986564) |

---

<sup>(1)</sup> Includes realized gains (losses) as a result of in-kind transactions (Note 3).

See Notes to Financial Statements

**20**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31, 2022** | **April 29, 2021<sup>(1)</sup>** **through <br>December 31, 2021** |
|  **Increase (decrease) in Net Assets** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $144489<br>| $56313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (144282) | 72603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation (depreciation) of investments  | (1986771) | 572206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | (1986564) | 701122 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (144439) | (56226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  | (1422 ) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (145861) | (56226) |
|  **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 10183735 | 15768839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2617564) | (6498938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital <br>stock transactions  | 7566171 | 9269901 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 5433746 | 9914797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 9914797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $15348543<br>| $9914797<br>|

---

<sup>(1)</sup> Commencement of Operations

See Notes to Financial Statements

**21**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Financial Highlights** **Selected Per Share Data Throughout Each Period**

---

| | | |
|:---|:---|:---|
|  | **For the year<br>ended<br>December 31,<br>2022** | **April 29, 2021<sup>(1)</sup>** **<br>through<br>December 31,<br>2021** |
|  **Net asset value, beginning of period**  | $28.33<br>| $25.00<br>|
|  **Investment activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup>  | 0.29 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments  | (4.79) | 3.31 |
|  **Total from investment activities**  | (4.50) | 3.49 |
|  **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  | —<br><sup>(6</sup><sup>)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.22) | (0.16) |
|  **Net asset value, end of period**  | **$** **23.61**<br>| **$** **28.33**<br>|
|  **Total Return<sup>(3)</sup>**  | **(15.8** **2**<br>**%)** | **13.95%** |
|  **Ratios/Supplemental Data**  |  |  |
|  Ratios to average net assets<sup>(4)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.19% | 1.01% |
|  Portfolio turnover rate<sup>(5)</sup>  | 24.94% | 30.04% |
|  Net assets, end of period (000's)  | $15349<br>| $9915<br>|

---

<sup>(1)</sup> Commencement of Operations.

<sup>(2)</sup> Per share amounts calculated using the average number of shares outstanding during the period.

<sup>(3)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for the periods less than one year.

<sup>(5)</sup> Portfolio turnover rate is for the period indicated and excludes the effect of securities received or delivered from processing in-kind creations or redemptions and has not been annualized for periods less than one year.

<sup>(6)</sup> Less than 0.005 per share.

**22**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements** **December 31, 2022**

**NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Applied Finance Valuation Large Cap ETF (the "Fund") is a non-diversified series of ETF Opportunities Trust (the "Trust"), a Delaware statutory trust which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended. The Fund commenced operations on April 29, 2021.

The Fund's objective is to seek to achieve long-term capital appreciation.

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "*Financial Services – Investment Companies*".

**Security Valuation**

The Fund records investments at fair value. Generally, the Fund's domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith under procedures set by the Board of Trustees of the Trust (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to Applied Finance Advisors, LLC (the "Advisor") as the Valuation Designee pursuant to the Fund's policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

**23**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

The Fund has a policy that contemplates the use of fair value pricing to determine the net asset value ("NAV") per share of the Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security. Since most of the Fund's investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Fund uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Fund's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing.

The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the three broad levels listed below.

Various inputs are used in determining the value of the Fund's investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the level of inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted<br>Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
|  Common Stocks  | $15271072<br>| $—<br>| $—<br>| $15271072<br>|
|  Warrants  |  |  | —<br> \* |  |
|  | $15271072<br>| $—<br>| $—<br>| $15271072<br>|

---

\*The Level 3 security has zero value.

**24**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

Refer to the Fund's Schedule of Investments for a listing of the securities by type and sector.

There were no transfers into or out of levels 1 and 2 during the year ended December 31, 2022. On December 31, 2022, the Fund held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $— (0.00% of net assets). As the value of the Level 3 security is not material to the financial statements, no additional Level 3 disclosures are disclosed.

**Security Transactions and Income** 

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

**Warrants**

The Fund may invest in warrants. Warrants are options to purchase equity securities at a specific price, or receive contingent payments, for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Hence, warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The value of warrants is derived solely from capital appreciation of the underlying equity securities. Warrants differ from call options in that the underlying corporation issues warrants, whereas call options may be written by anyone.

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

The Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Fund also

**25**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund's tax returns. The Fund has no examinations in progress and management is not aware of any tax positions for which it is reasonable possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.

**Reclassification of Capital Accounts**

Certain components of net assets are reclassified relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gains for federal income tax purposes and have no effect on net assets or net asset value per share. For the year ended December 31, 2022, such reclassifications were as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Distributable Earnings** |
| $390083 | $(390083) |

---

**Dividends and Distributions**

Dividends from net investment income, if any, are declared and paid at least annually by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders annually. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. All distributions are recorded on the ex-dividend date.

**Creation Units**

The Fund issues and redeems shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 25,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay Citibank, N.A. (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be

**26**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $750. Authorized Participants wishing to redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $750.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Fund may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Fund's principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participant Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation<br>Unit<br>Shares** | **Creation Transaction Fee** | **Value** |
|  Applied Finance Valuation <br>Large Cap ETF  | 25000 | $750 | $590250 |

---

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Fund, by the time as set forth in the Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A Participant Agreement may permit the Fund to use such collateral

**27**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

**Officers and Trustees Indemnification**

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**NOTE 2 – INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to the policies adopted by the Board. In addition, the Advisor: (i) furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund; (ii) provides guidance and policy direction in connection with its daily management of the Fund's assets, subject to the authority of the Board; and (iii) is responsible for oversight of the Fund's sub-advisor. Under the Advisory Agreement, the Advisor, at its own expense and without reimbursement from the Trust, assumes and pays all ordinary expenses of the Fund, except the fee paid to the Advisor pursuant to the Advisory Agreement, distribution fees or expenses under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

For its services with respect to the Fund, the Advisor is entitled to receive an annual management fee, calculated daily and payable monthly as a percentage of the Fund's daily net assets, at the rate of 0.49%.

**28**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

The Advisor has retained Toroso Investments, LLC (the "Sub-Advisor") to serve as sub-advisor for the Fund. Pursuant to an Investment Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for the day-to-day management of the Fund's trading process, which includes Creation and/or Redemption basket processing. The Sub-Advisor does not select investments for the Fund's portfolio.

For its services, the Sub-Advisor is paid a fee by the Advisor, which fee is calculated daily and paid monthly, at an annual rate based on the daily net assets of the Fund at the following rate: 0.0350% on the first $500 million in net assets; 0.0325% on the next $500 million in net assets; and 0.0300% on any net assets in excess of $1 billion (subject to a minimum of $25,000 per year).

Commonwealth Fund Services, Inc. ("CFS") acts as the Fund's administrator. As administrator, CFS supervises all aspects of the operations of the Fund except those performed by the Advisor and the Sub-Advisor. For its services, fees to CFS are computed daily and paid monthly. The Advisor pays these fees.

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King, Jr., Assistant Secretary of the Trust, is a Partner of Practus, LLP. Gino E. Malaspina, Assistant Secretary of the Trust, serves as Counsel of Practus, LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Malaspina receive any special compensation from the Trust or the Fund for serving as officers of the Trust.

**Custodian and Transfer Agent**

Citibank, N.A. serves as the Fund's Custodian and Transfer Agent pursuant to a Global Custodial and Agency Services Agreement. For its services, Citibank, N.A. is entitled to a fee. The Advisor pays these fees monthly.

**Fund Accountant**

Citi Fund Services, Ohio, Inc. serves as the Fund's Fund Accountant pursuant to a Services Agreement. The Advisor pays the fees for these services monthly.

**Distributor**

Foreside Fund Services, LLC, serves as the Fund's principal underwriter pursuant to an ETF Distribution Agreement. The Advisor pays these fees monthly.

**29**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than in-kind transactions and short-term notes for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $3342776 | $3014264 |

---

The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain** |
| $9745394 | $2573073 | $389879 |

---

**NOTE 4 – DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. For the year ended December 31, 2022, such reclassifications were primarily due to the write off of capital gains from in-kind transactions.

The tax character of the distributions during the year ended December 31, 2022 and the period ended December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Period ended<br>December 31, 2021** |
|  Distributions paid from:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $144439<br>| $56226<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  | 1422 |  |
|  | $145861<br>| $56226<br>|

---

As of December 31, 2022, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Accumulated net realized gain (loss) on investments  | $(646019) |
|  Net unrealized appreciation (depreciation) on investments  | (1414359) |
|  | $(2060378) |

---

**30**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

As of December 31, 2022, the Fund had a capital loss carryforward of $646,019, of which $470,029 is considered short term and $175,990 is considered long term. These losses may be carried forward indefinitely.

Cost of securities for Federal Income tax purpose and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $16685430 | $661295 | $(2075654) | $(1414359) |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to return of capital basis adjustments from Real Estate Investment Trusts.

**NOTE 5 – TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST**

Shares of the Fund are listed for trading on NYSE Arca, Inc. (the "Exchange") and trade at market prices rather than at NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. The Fund will issue and redeem its shares at NAV only in large blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities of the Fund.

All orders to create Creation Units must be placed with the Distributor either (1) through Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the Securities and Exchange Commission, by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party or the DTC Participant must have executed a Participant Agreement; such parties are collectively referred to as "APs" or "Authorized Participants." Investors should contact the Distributor for the names of Authorized Participants. All Fund shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

**31**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

Shares of beneficial interest transactions for the Fund were:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31,<br>2022** | **Period ended<br>December 31,<br>2021** |
|  Shares sold  | 400000 | 600000 |
|  Shares reinvested  |  |  |
|  Shares redeemed  | (100000) | (250000) |
|  Net increase (decrease)  | 300000 | 350000 |

---

**NOTE 6 – RISKS OF INVESTING IN THE FUND**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.

**Equity Securities** **Risk**. Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund. Investments in equity securities may be more volatile than investments in other asset classes.

**Market Risk**. The value of securities in the Fund's overall portfolio will fluctuate and, as a result, the Fund's share price may decline suddenly or over a sustained period. The Fund's investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand, or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events, such as the spread of diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. During a general downturn in the securities markets, many asset classes may decline in value. When markets perform well, there can be no assurance that

**32**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

securities or other investments held by the Fund will participate in or otherwise benefit from the advance. A reduction in a country's growth rate could have an adverse effect on the prices of the various stocks held by the Fund.

**Management Risk**. The strategies used by the Advisor may fail to produce the intended result. The Fund will be actively managed and could experience losses (realized and unrealized) if the Advisor's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio prove to be incorrect. There can be no guarantee that the investment strategies or the Advisor's actions as it relates to investment decisions for the Fund will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the Fund's investment strategies and therefore adversely affect the ability of the Fund to achieve its investment objective.

**Large Cap Risk**. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. Large cap companies may be less able than mid and small cap companies to adapt to changing market conditions. During different market cycles, the performance of large cap companies has trailed the overall performance of the broader securities markets.

**Risks of Investment Selection**. The Fund's investment success depends on the skill of the Advisor in evaluating, selecting, and monitoring the portfolio assets. If the Advisor's conclusions about growth rates or securities values are incorrect, the Fund may not perform as anticipated. Additionally, the Advisor may not implement the investment strategy successfully and the Fund may fail to attract sufficient assets to realize economies of scale.

**Risk of Other Equity Securities**. Other equity securities in which the Fund may invest include convertible securities, preferred securities, rights and warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Convertible Securities.* Convertible securities are subject to the risks and price fluctuations of the underlying stock. They may be subject to the risk that the issuer will not be able to pay interest or dividends when due and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Some convertible preferred stocks have a conversion or call feature that allows the issuer to redeem the stock before the conversion date, which could diminish the potential for capital appreciation on the investment.

**33**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•****Preferred Securities.**** The fixed dividend rate of preferred stocks may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock having a fixed dividend rate tends to fall. Preferred stock generally ranks behind debt securities in claims for dividends and assets of the issuer in a liquidation or bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Rights and Warrants.* The price of a warrant does not necessarily move parallel to the price of the underlying security and is generally more volatile than that of the underlying security. Rights are similar to warrants, but normally have a shorter duration. The market for rights or warrants may be very limited and it may be difficult to sell them promptly at an acceptable price. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

**Sector Risk**. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.

**Non-Diversification Risk**. The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is "diversified." Non-diversification increases the risk that the value of the Fund could go down because of the poor performance of a single investment or limited number of investments.

**ETF Structure Risks**. The Fund is structured as an ETF and as a result is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Trading Issues Risk.* Although it is expected that shares of the Fund will remain listed for trading on the Exchange, trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares of the Fund will continue to meet the listing requirements of the Exchange or will trade with any volume. There is no guarantee that an active secondary market will develop for shares of the Fund. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than shares of the Fund.

**34**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

This adverse effect on liquidity for the Fund's shares in turn could lead to differences between the market price of the Fund's shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•****Mark*** ***et Price Variance Risk.**** The market prices of shares of the Fund will fluctuate in response to changes in NAV and supply and demand for Fund shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares of the Fund may trade at a discount to NAV The market price of Fund shares may deviate from the value of the Fund's underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the shares of the Fund bought or sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•****Authorized Participants ("APs*** ***"), Market Makers, and Liquidity Providers Risk.**** The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•****Costs of Buying or***  ***Selling Shares of the Fund.**** Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.

**Mid and Small Capitalization S** **tock Risk**. The value of mid and small capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. While mid and small capitalization companies may offer substantial opportunities for capital growth, they also may involve more risks than larger capitalization companies. Historically, mid and small capitalization company securities have been more volatile in price than larger company securities,

**35**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Notes to Financial Statements - continued** **December 31, 2022**

especially over the short term. Among the reasons for the greater price volatility are the less certain growth prospects of mid and small capitalization companies, the lower degree of liquidity in the markets for such securities, and the greater sensitivity of mid and small capitalization companies to changing economic conditions. In addition, mid and small capitalization companies may lack depth of management, be unable to generate funds necessary for growth or development, have limited product lines or be developing or marketing new products or services for which markets are not yet established and may never become established. In addition, mid and small capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying loans, particularly those with floating interest rates.

<u>**Other Risks for the Fund**</u>

**Cyber Security Risk**. Failures or breaches of the electronic systems of the Advisor and the Fund's other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund's service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.

**NOTE 7 – SUBSEQUENT EVENTS**

Management has evaluated all transactions and events subsequent to the date of the statement of assets and liabilities through the date on which these financial statements were issued. Except as already included in the notes to these financial statements, no additional items require disclosure.

**36**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Applied Finance Valuation Large Cap ETF and<br>Board of Trustees of ETF Opportunities Trust

<u>**Opinion on the Financial Statements**</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Applied Finance Valuation Large Cap ETF (the "Fund"), a series of ETF Opportunities Trust, as of December 31, 2022, the related statement of operations for the year then ended and the statements of changes in net assets, the related notes, and the financial highlights for each of the two periods in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended and the changes in net assets and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>**Basis for Opinion**</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2021.

![](avlc-ncsr_123122img003.gif)

COHEN & COMPANY, LTD.<br>Cleveland, Ohio <br>February 28, 2023

**37**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited)**

Information pertaining to the trustees and officers of the Trust is set forth below. The names, addresses and ages of the trustees and officers of the Trust, together with information as to their principal occupations during the past five years, are listed below. The Statement of Additional Information (the "SAI") includes additional information about the trustees and is available without charge upon request by calling, toll-free, 833-356-0909.

The mailing address of each Trustee and officer is 8730 Stony Point Parkway, Suite 205, Richmond, Virginia, 23235, unless otherwise indicated.

**NON-INTERESTED TRUSTEES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAME, AGE<br>AND POSITION<br>WITH THE TRUST** | **TERM OF<br>OFFICE AND<br>LENGTH OF<br>TIME SERVED** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING THE PAST<br>FIVE YEARS** | **NUMBER<br>OF FUNDS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER<br>DIRECTORSHIPS<br>HELD BY TRUSTEE** |
| David J. Urban<br> (67)<br> Trustee | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite, <br> Since December 2019 | Dean, Jones College of Business, Middle Tennessee State University since July 2013. | 13 | World Funds Trust for the twenty series of that Trust (registered investment company)  |
| Mary Lou H. Ivey<br> (64)<br> Trustee | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite, <br> Since December 2019 | Senior Vice President Finance, Episcopal Church Building Fund (national nonprofit organization), since January 2022. Accountant, Harris, Hardy & Johnstone, P.C., (accounting firm), 2008-2021.  | 13 | World Funds Trust for the twenty series of that Trust (registered investment company)  |
| Theo H. Pitt, Jr. <br> (86)<br> Trustee | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite, <br> Since December 2019 | Senior Partner, Community Financial Institutions Consulting (bank consulting) since 1997 to present. | 13 | Independent Trustee of Chesapeake Investment Trust for the one series of that trust; Chairman of Hillman Capital Management Investment Trust; Starboard Investment Trust for the fourteen series of that trust; and World Funds Trust for the twenty series of that Trust (all registered investment companies)  |
| Kevin Farragher (64)<br> Trustee | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite, <br> Since December 2019 | Senior Product Specialist, Valkyrie Investments, January 2022 to present; Independent Consultant 2014-2021. | 13 |  |

---

**38**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

**OFFICERS WHO ARE NOT TRUSTEES**

---

| | | |
|:---|:---|:---|
| **NAME, AGE AND<br>POSITION(S)<br>WITH THE TRUST** | **TERM OF<br>OFFICE AND<br>LENGTH OF<br>TIME SERVED** | **PRINCIPAL OCCUPATION(S)<br>DURING THE PAST FIVE YEARS** |
| David A. Bogaert<br> (59)<br> President  | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration), October 2013 – present. |
| Thomas A. Carter <br>(56) <br>Vice President | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | President Ridgeline Research September 2019 through present; President ALPS Advisors and ALPS Portfolio Solutions Distributors 2007 – November 2018. Garden leave November 2018 – September 2019. |
| Karen M. Shupe<br> (58)<br> Treasurer and Principal Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Managing Director Fund Operations, Commonwealth Fund Services, Inc., 2003 to present.  |
| Ann T. MacDonald<br> (68)<br> Assistant Treasurer and Principal Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Managing Director, Fund Accounting and Administration, Commonwealth Fund Services, Inc., 2003 to present.  |
| John H. Lively<br> (54)<br> Secretary  | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Attorney, Practus TM LLP, (law firm), May 2018 to present; Attorney, The Law Offices of John H. Lively & Associates, Inc. (law firm), March 2010 to May 2018. |
| J. Stephen King<br> (60)<br> Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>September<br>2022 | Attorney, Practus TM LLP (law firm), 2020 to present; The TCW Group, Inc. (investment management firm), 2017 to 2020. |
| Gino E. Malaspina<br> (54)<br> Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>September<br>2022 | Counsel, Practus TM LLP (law firm), since August 2022; Vice President and Senior Counsel, State Street Corporation, October 2019 to July 2022; Senior Counsel, Apex Fund Services (formerly, Atlantic Fund Services), June 2014 to October 2019. |
| Holly B. Giangiulio<br> (61)<br> Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Managing Director, Corporate Operations, Commonwealth Fund Services, Inc., January 2015 to present, Corporate Accounting and HR Manager from 2010 to 2015.  |
| Laura B. Wright<br> (50)<br> Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>May<br>2022 | Fund Administrator, Commonwealth Fund Services, Inc., 2016 to present. |
| Julian G. Winters<br> (54)<br> Chief Compliance Officer | &nbsp;&nbsp;&nbsp;&nbsp; Indefinite,<br>Since<br>December<br>2019 | Managing Member of Watermark Solutions, LLC (investment compliance and consulting) since March 2007. |

---

**39**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

**Voting Proxies on Fund Portfolio Securities**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 833-356-0909 or on the SEC's website at <u><u>http://www.sec.gov</u></u>. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve months ended June 30 is available on or through the SEC's website at <u><u>http://www.sec.gov</u></u>.

**Quarterly Portfolio Holdings**

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-PORT". These filings are available, without charge and upon request, by calling 833-356-0909 or on the SEC's website at <u><u>http://www.sec.gov</u></u>.

**Morningstar US Large-Mid Cap Index** 

The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in equities generally or in the Fund in particular or the ability of the Morningstar Indexes to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/ OR THE COMPLETENESS OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

**40**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

**INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENT APPROVAL – APPLIED FINANCE VALUATION LARGE CAP ETF** 

At a meeting held on December 20, 2022 (the "Meeting"), the Board of Trustees (the "Board") of the ETF Opportunities Trust (the "Trust") considered the approval of the continuation of the Investment Advisory Agreement (the "Applied Finance Advisory Agreement") between the Trust and Applied Finance Advisors, LLC ("Applied Finance") and the proposed Investment Sub-Advisory Agreement (the "Applied Finance Sub-Advisory Agreement") between Applied Finance and Toroso Investments, LLC ("Toroso"), each with respect to the Applied Finance Valuation Large Cap ETF ("Applied Finance ETF") (collectively, the "Applied Finance Advisory Agreements"). The Board reflected on its discussions with the representatives from Applied Finance and Toroso at the Meeting regarding the manner in which the Applied Finance Valuation Large Cap ETF is to be managed and the roles and responsibilities of Applied Finance and Toroso under the Applied Finance Advisory Agreement and the Applied Finance Sub-Advisory Agreement (collectively, the "Applied Finance Advisory Agreements").

The Trustees reviewed a memorandum from counsel to the Trust ("Trust Counsel") that addressed the Trustees' duties when considering the continuation of the Applied Finance Advisory Agreements and the responses of Applied Finance and Toroso to requests for information from Trust Counsel on behalf of the Board. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. The Trustees also reviewed the responses of Applied Finance and Toroso to requests for information from Counsel on behalf of the Board and noted that the responses included a copy of financial information for Applied Finance and Toroso, an expense comparison analysis for the Applied Finance ETF and comparable mutual funds and ETFs, and the Applied Finance Advisory Agreements. The Trustees discussed the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the Applied Finance Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services to be provided by Applied Finance and Toroso; (ii) the investment performance of the Applied Finance ETF and Applied Finance; (iii) the costs of the services to be provided and profits to be realized by Applied Finance and Toroso from the relationship with the Applied Finance ETF; (iv) the extent to which economies of scale would be realized if the Applied Finance ETF grows and whether advisory fee levels reflect those economies of scale for the benefit of their investors; and (v) possible conflicts of interest and other benefits.

**41**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting. The Board requested or was provided with information and reports relevant to the approval of the Applied Finance Advisory Agreements, including: (i) information regarding the services and support to be provided by Applied Finance and Toroso to the Applied Finance ETF and its shareholders; (ii) presentations by management of Applied Finance and Toroso addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the Applied Finance ETF; (iii) information pertaining to the compliance structure of Applied Finance and Toroso; (iv) disclosure information contained in the Applied Finance ETF's registration statement and Applied Finance's and Toroso's Form ADV and/or the policies and procedures of Applied Finance and Toroso; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Applied Finance Advisory Agreements, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board considered that it also requested and received various informational materials including, without limitation: (i) documents containing information about Applied Finance and Toroso, including financial information, information on personnel and the services to be provided by Applied Finance and Toroso to the Applied Finance ETF, each firm's compliance program, information on any current legal matters, and other general information; (ii) projected expenses of the Applied Finance ETF and comparative expense and performance information for other ETFs with strategies similar to the Applied Finance ETF prepared by an independent third party; (iii) the anticipated effect of size on the Applied Finance ETF's performance and expenses; and (iv) benefits anticipated to be realized by Applied Finance and Toroso from their relationship with the Applied Finance ETF.

The Board did not identify any particular information that was most relevant to its consideration to approve the Applied Finance Advisory Agreements and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the Applied Finance Advisory Agreements, the Trustees considered numerous factors, including:

**42**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

*The nature, extent, and quality of the services to be provided by Applied Finance and Toroso.*

In this regard, the Board considered the responsibilities of Applied Finance and Toroso under their respective Applied Finance Advisory Agreements. The Board reviewed the services to be provided by each of Applied Finance and Toroso to the Applied Finance ETF, including, without limitation, Applied Finance's process for formulating investment recommendations and the processes of both Applied Finance and Toroso for assuring compliance with the Applied Finance ETF's investment objectives and limitations; Toroso's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by Applied Finance for the Applied Finance ETF among the service providers; and the anticipated efforts of Applied Finance to promote the Applied Finance ETF and grow its assets. The Board considered: the staffing, personnel, and methods of operating of Applied Finance and Toroso; the education and experience of their personnel; and information provided on their compliance programs, policies and procedures. The Board considered the methods to be utilized by Applied Finance in supervising Toroso as a sub-adviser to the Applied Finance ETF and the relationship between Applied Finance and Toroso. After reviewing the foregoing and further information from Applied Finance and Toroso, the Board concluded that the quality, extent, and nature of the services to be provided by Applied Finance and Toroso was satisfactory and adequate for the Applied Finance ETF.

*The investment performance of the Applied Finance ETF and Applied Finance.*

The Board reviewed the Applied Finance ETF's performance. The Trustees considered that Applied Finance does not have any clients other than the Applied Finance ETF and three mutual funds in the World Funds Trust for which three of the Trust's independent trustees also serve as independent trustees (the "Applied Finance Funds"). In considering the investment performance of the Applied Finance ETF, the Trustees compared the performance of the Applied Finance ETF with the performance of its benchmark index, the Russell 1000 TR Index, a custom category from its Morningstar category, Large Blend Funds ("Custom Category"), and a peer group selected from its Custom Category ("Peer Group"). The Trustees noted that the Applied Finance ETF outperformed the Russell 1000 TR Index, its Custom Category and its Peer Group for the one-year period ended October 31, 2022. The Trustees also considered the experience of the portfolio management team.

After a detailed discussion of the Applied Finance ETF's performance, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Applied Finance ETF was satisfactory.

**43**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

*The costs of services to be provided and profits to be realized by Applied Finance and Toroso from the relationship with the Applied Finance ETF.* 

In this regard, the Board considered the financial condition of Applied Finance and the level of commitment to the Applied Finance ETF by Applied Finance. The Board also considered the assets and expenses of the Applied Finance ETF, including the nature and frequency of advisory payments. The Board noted the information on profitability provided by Applied Finance and Toroso. The Trustees considered the Applied Finance ETF's 's unitary fee structure, and compared the unitary fee of the Applied Finance ETF to the fees of the Custom Category and the Peer Group. The Trustees noted that the Applied Finance ETF's gross and net expense ratio and gross and net advisory fee were each less than the Custom Category median but higher than the Peer Group median. The Trustees acknowledged that the investment strategies of one of the Applied Finance Funds, the Applied Finance Dividend Fund, and the Applied Finance ETF are similar on a high-level reading of each fund's prospectus, but the Trustees noted Applied Finance's representations in the Meeting to the effect that the investment advisory fee structure of each fund is different for numerous reasons. It was noted that the basic nature and management of the Applied Finance ETF and the Applied Finance Dividend Fund are completely different in that the Applied Finance ETF publishes a portfolio basket of securities that are then accumulated by authorized participants and exchanged for shares of the Applied Finance ETF, and that this portfolio basket is rebalanced by Applied Finance at regular, set intervals. It was also noted that management of the Applied Finance ETF is more quantitatively driven than the Applied Finance Dividend Fund. Whereas the portfolio of the Applied Finance Dividend Fund is actively managed, requires a different in-depth skill-set to analyze and select companies with a dividend paying history, and trading decisions, and the execution of those decisions, are managed by Applied Finance every day. Further, the Trustees noted Applied Finance's representations in the Meeting that the Applied Finance Dividend Fund and the Applied Finance ETF will have different portfolio compositions, both in substance and in number of securities. Accordingly, the Trustees considered that the advisory fees payable by the Applied Finance Dividend Fund and the Applied Finance ETF differ because of the fundamental differences in Applied Finance's responsibilities to each. The Board also considered that Toroso represented that its proposed fee for sub-advising the Applied Finance ETF is consistent with the range of fees charged to other clients. After further consideration, the Board concluded that the projected profitability and fees to be paid to Applied Finance (who in turn would pay Toroso) were within an acceptable range in light of the services to be rendered by Applied Finance and Toroso.

**44**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

*The extent to which economies of scale would be realized as the Applied Finance ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of the Applied Finance ETF's investors.* 

The Trustees considered that the Applied Finance ETF is not of sufficient size to achieve economies of scale and that there are no break points in the Applied Finance Advisory Agreement. However, they noted that the unitary fee structure limits the shareholders' exposure to fee increases.

*Possible conflicts of interest and other benefits.* 

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory and sub-advisory personnel assigned to the Applied Finance ETF; the basis of decisions to buy or sell securities for the Applied Finance ETF; the substance and administration of the Code of Ethics and other relevant policies of Applied Finance and Toroso. The Board noted that Applied Finance and Toroso have each represented that it has not and does not anticipate utilizing soft dollars or commission recapture with regard to the Applied Finance ETF. The Board also considered the affiliations of Applied Finance, including its affiliate that produces and sells investment research, and that it manages the Applied Finance Funds. It was noted that Applied Finance represented that the Applied Finance Funds may invest in the Applied Finance ETF from time to time for the same reasons they would invest in other non-affiliated mutual funds or ETFs and that Applied Finance does not believe such investments will raise issues of conflict or duplicative services. The Board also considered potential benefits for Applied Finance and Toroso in managing the Applied Finance ETF. Following further consideration and discussion, the Board indicated that the standards and practices of Applied Finance and Toroso relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by each of Applied Finance and Toroso from managing the Applied Finance ETF were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Counsel and further discussion and careful review by the Trustees, the Board determined that the compensation payable under the Applied Finance Advisory Agreement and the Applied Finance Sub-Advisory Agreement was fair, reasonable and within a range of what could have been negotiated at arms-length in light of all the surrounding circumstances, and they approved the Applied Finance Advisory Agreements.

**45**

ANNUAL REPORT

**ETF Opportunities Trust (the "Trust")**

**Supplemental Information (unaudited) - continued**

**Fund's Liquidity Risk Management Program**

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the 1940 Act. The program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings. The Fund's Board of Trustees approved the appointment of the Advisor as the Fund's Liquidity Risk Management Administrator. The Advisor has appointed representatives from their compliance, trading, and portfolio management departments to assist in the program's administration and oversight and for reporting to the Board on at least an annual basis regarding the program's operation and effectiveness. The Liquidity Risk Management Administrator performed an assessment of the Fund's liquidity risk profile, considering information gathered and its actual experience in administering the program and presented a written report to the Board of Trustees for consideration during the period covered by this annual report. The report concluded that (i) the Fund did not experience significant liquidity challenges during the covered period; (ii) the Fund's investment strategies remain appropriate for an open-end fund; and (iii) the Fund's liquidity risk management program is reasonably designed to assess and manage its liquidity risk.

**46**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Fund Expenses (unaudited)**

**Fund Expenses Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period, July 1, 2022 and held for the six months ended December 31, 2022.

**Actual Expenses Example**

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000= 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

**47**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Fund Expenses (unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Annualized<br>Expense<br>Ratio** | **Expenses<br>Paid During<br>Period<br>Ended<sup>(1)</sup>** **<br>12/31/22** |
|  Applied Finance Valuation <br>Large Cap ETF  | $1000.00 | $1016.18 | 0.49% | $2.49 |
|  Hypothetical<sup>(2)</sup>  | $1000.00 | $1022.74 | 0.49% | $2.50 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184 days in the most recent fiscal period divided by 365 days in the current year.

<sup>(2)</sup> 5% return before expenses

**48**

ANNUAL REPORT

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Privacy Notice**

The following is a description of the Fund's policies regarding disclosure of nonpublic personal information that you provide to the Fund or that the Fund collects from other sources. In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

**Categories of Information the Fund Collects**. The Fund collects the following nonpublic personal information about you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

**Categories of Information the Fund Discloses**. The Fund does not disclose any non-public personal information about their current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to their service providers (such as the Fund's custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

**Confidentiality and Security**. The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

The Fund's Privacy Notice is not part of this annual report.

![](avlc-ncsr_123122img001.jpg)

**Investment Advisor:**

Applied Finance Advisors, LLC<br>17806 IH 10, Suite 300<br>San Antonio, Texas 78257

**Distributor:**

Foreside Fund Services, LLC<br>Three Canal Plaza, Suite 100<br>Portland, Maine 04101

**Independent Registered Public** **Accounting Firm:**

Cohen & Company, Ltd.<br>1350 Euclid Avenue, Suite 800<br>Cleveland, Ohio 44115

**Fund Administration:**

Commonwealth Fund Services, Inc.<br>8730 Stony Point Parkway, Suite 205<br>Richmond, Virginia 23235

**Transfer Agent, Fund Accountant** **and Custodian:**

Citibank, N.A. and Citi Fund Services Ohio, Inc.<br>4400 Easton Commons, Suite 200<br>Columbus, Ohio 43219

**Legal Counsel:**

Practus LLP<br>11300 Tomahawk Creek Parkway, Suite 310<br>Leawood, Kansas 66211

---

| | |
|:---|:---|
| **ITEM 2.** | **CODE OF ETHICS.** |

---

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(f) The code of ethics is attached hereto as exhibit 13(a)(1).

---

| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT.** |

---

(a)(1) The registrant does not have an audit committee financial expert serving on its audit committee.<br>

(a)(2) Not applicable.

(a)(3) At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

---

| | |
|:---|:---|
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.** |

---

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $14,000 for 2022 and $0 for 2021.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2021.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $3,000 for 2022 and $0 for 2021. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are and $0 for 2022 and $0 for 2021.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter, the registrant's Audit Committee must pre-approve all audit and non-audit services to be provided to the registrant. The Audit Committee also pre-approves any non-audit services provided by the registrant's principal accountant to the adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. .

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) NA

(c) 0%

(d) NA

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2022 and $0 for 2021.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS.** |

---

The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. Each of the registrant's Trustees serves as a member of its Audit Committee.

---

| | |
|:---|:---|
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS.** |

---

(a) Schedule filed under Item 1 of the Form.

(b) Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 8.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 9.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-ENDMANAGEMENT INVESTMENT COMPANY AND AFFILIATEDPURCHASERS.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 10.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 11.** | **CONTROLS AND PROCEDURES.** |

---

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a- 15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **ITEM 12.** | **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 13.** | **EXHIBITS.** |

---

[(a)(1)](ex99-coe.htm) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

[(a)(2)](ex99-cert.htm) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Solicitations to purchase securities under Rule 23c-1 under the Act: Not applicable.

(a)(4) Change in registrant's independent public account: Not applicable.

[(b)](ex99-906cert.htm) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: ETF Opportunities Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer<br>|
| Date: March 9, 2023 | |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: March 9, 2023 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: March 9, 2023 |  |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[ETF Opportunities Trust N-CSR](avlc-ncsr_123122.htm)

**Exhibit 99.CODE ETH**

ETF OPPORTUNITIES TRUST

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, ETF Opportunities Trust (the "Company") has adopted this Code of Ethics (the "Code").

Statement of Policy

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

Covered Persons

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

Promotion of Honest and Ethical Conduct

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

Promotion of Compliance with Applicable Government Laws, Rules and Regulations

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

Sanctions

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

<br> Each Covered Person shall be required to certify annually whether he has complied with this Code.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Recordkeeping

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

Amendments

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated: March 9, 2023

CODE OF ETHICS FOR SENIOR OFFICERS

I HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by ETF Opportunities Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below exceptions to items (3) and (4), if any:

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: March 9, 2023 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: March 9, 2023 |  |

---

## Ex-99.Cert

[ETF Opportunities Trust N-CSR](avlc-ncsr_123122.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Karen Shupe, Principal Executive Officer of ETF Opportunities Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Applied Finance Valuation Large Cap ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 9, 2023

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Ann MacDonald, Principal Financial Officer of ETF Opportunities Trust, certify that:

1. I have reviewed this report on Form N-CSR of the Applied Finance Valuation Large Cap ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 9, 2023

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSR](avlc-ncsr_123122.htm)

**Exhibit 99.906CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2023 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Fund and will be retained by the Fund and furnished to the U.S. Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2023 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Fund and will be retained by the Fund and furnished to the U.S. Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.