# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-007172
**Filing Date:** 2025-7
**Character Count:** 306513
**Document Hash:** dc4595df12952d75ab1c8fb846307092
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007172.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007172

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251108896

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Aptus Drawdown Managed Equity ETF (Series ID: S000054088)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000170004 | Aptus Drawdown Managed Equity ETF | ADME            |

### Opus Small Cap Value ETF (Series ID: S000062252)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000201593 | Opus Small Cap Value ETF | OSCV            |

### Aptus Defined Risk ETF (Series ID: S000062593)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000203050 | Aptus Defined Risk ETF | DRSK            |

### Aptus Collared Investment Opportunity ETF (Series ID: S000065985)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000213139 | Aptus Collared Investment Opportunity ETF | ACIO            |

### Aptus International Enhanced Yield ETF (Series ID: S000071790)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000227294 | Aptus International Enhanced Yield ETF | IDUB            |

### Aptus Enhanced Yield ETF (Series ID: S000077779)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000238324 | Aptus Enhanced Yield ETF | JUCY            |

### Aptus Large Cap Enhanced Yield ETF (Series ID: S000080587)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000243096 | Aptus Large Cap Enhanced Yield ETF | DUBS            |

### Aptus Large Cap Upside ETF (Series ID: S000088187)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000254245 | Aptus Large Cap Upside ETF | UPSD            |

?xml version='1.0' encoding='ASCII'? 2025-05-07190283_AptusCollaredInvestmentOpportunityETF_TF_TSRAnnual

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 **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>April 30</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410282015398.jpg) | **Aptus Collared Investment Opportunity** **ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202410282015398.jpg) | ACIO (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202410282015398.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Collared Investment Opportunity ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/acio/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus Collared Investment Opportunity ETF | $83 | 0.79% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Aptus Collared Investment Opportunity ("ACIO" or the "Fund") slightly underperformed the S&P 500® Index (the "Index") during the fiscal year as the Index appreciated 12.10%. Though, we would state that the strategy outkicked its coverage, participating with 89.5% of the upside, returning 10.70% at NAV. With this, the strategy took on a lower level of risk to obtain the return. The Fund's performance was consistent with a market environment that exhibited strong up-trending behavior, but still experienced a distinct period of drawdowns in excess of 5%. From February 19th to April 8th, the S&P 500 fell -18.76%. During this period, ACIO fell only -12.04%. The tactical nature of the Fund is designed to reduce drawdowns during market pullbacks, which was accomplished during the fiscal year, while participating as much as possible to strong upward moving markets.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | S&P 500 Index Option 05/16/2025 P5470 |
| ↑ | S&P 500 Index Option 09/20/2025 P5350 |
| ↑ | S&P 500 Index Option 05/16/2025 P5400 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | S&P 500 Index Option 06/20/2025 P5300 |
| ↓ | S&P 500 Index Option 05/16/2025 P5400 |
| ↓ | S&P 500 Index Option 09/20/2025 P5250 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4262img003.jpg)

Aptus Collared Investment Opportunity ETF PAGE 1 TSR-AR-26922A222

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/09/2019)** |
| **Aptus Collared Investment Opportunity ETF NAV**  | 10.70 | 10.81 | 8.83 |
| **S&P 500 TR**  | 12.10 | 15.61 | 13.15 |

---

Visit https://aptusetfs.com/acio/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1750392665 |
| **Number of Holdings** | 109 |
| **Net Advisory Fee** | $11035338 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 0.48% |
| **30-Day SEC Yield Unsubsidized** | 0.48% |

---

Visit https://aptusetfs.com/acio/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corporation  | 6.2% |
|  NVIDIA Corporation  | 5.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Alphabet, Inc.  | 3.6% |
|  Meta Platforms, Inc.  | 2.5% |
|  Broadcom, Inc.  | 2.2% |
|  Visa, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc.  | 2.1% |
|  Progressive Corporation  | 1.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 97.8% |
|  Purchased Options  | 2.0% |
|  Money Market Funds  | 0.4% |
|  Cash & Other  | 0.3% |
|  Written Options  | -0.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 30.2% |
|  Financial  | 15.6% |
|  Consumer, Non-cyclical  | 15.5% |
|  Communications  | 14.0% |
|  Consumer, Cyclical  | 9.1% |
|  Industrial  | 6.1% |
|  Energy  | 3.0% |
|  Utilities  | 2.5% |
|  Basic Materials  | 1.8% |
|  Cash & Other  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/acio/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Collared Investment Opportunity ETF PAGE 2 TSR-AR-26922A222

------

---

| | | |
|:---|:---|:---|
| ![image](id20241028201719.jpg) | **Aptus Defined Risk ETF**  | ![image](i202505071817820.jpg) |
| ![image](id20241028201719.jpg) | DRSK (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](id20241028201719.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Defined Risk ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/drsk/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus Defined Risk ETF | $73 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Aptus Defined Risk ETF ("DRSK" or the "Fund") outperformed versus the Bloomberg US Aggregate Bond Index (the "Index") during the fiscal year as the equity exposure within the strategy was buoyed by the return of U.S. Large Caps. Of the three components of DRSK - (1) Laddered Corporate Bond Portfolio, (2) Long Puts on S&P 500, and (3) Long Call Options on Individual Stocks and the S&P 500 – the former two were accretive relative to the benchmark. The ladder did not benefit as the market as measured by the S&P 500 was +12.10% during the fiscal year. Luckily, the individual call options and the long call on the market negated the negative contribution. The overall bond portfolio was additive, as the strategy was lower duration relative to the benchmark. We believe that the strategy did exactly what it was designed to do.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Broadcom, Inc. Option 03/31/2025 C190 |
| ↑ | S&P 500 Index Option 12/31/2025 C5700 |
| ↑ | S&P 500 Index Option 08/16/2025 C5500 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | S&P 500 Index Option 09/20/2025 C5725 |
| ↓ | S&P 500 Index Option 04/04/2025 P5400 |
| ↓ | S&P 500 Index Option 05/16/2025 P5300 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4263img003.jpg)

Aptus Defined Risk ETF PAGE 1 TSR-AR-26922A388

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/07/2018)** |
| **Aptus Defined Risk ETF NAV**  | 10.62 | 2.13 | 4.96 |
| **Bloomberg US Aggregate Bond Index**  | 8.02 | -0.67 | 1.72 |

---

Visit https://aptusetfs.com/drsk/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1168336855 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $6041928 |
| **Portfolio Turnover** | 37% |
| **30-Day SEC Yield** | 3.94% |
| **30-Day SEC Yield Unsubsidized** | 3.94% |

---

Visit https://aptusetfs.com/drsk/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  iShares iBonds Dec 2031 Term Corporate ETF  | 10.9% |
|  Invesco BulletShares 2031 Corporate Bond ETF  | 10.8% |
|  Invesco BulletShares 2030 Corporate Bond ETF  | 10.8% |
|  iShares iBonds Dec 2029 Term Corporate ETF  | 9.6% |
|  iShares iBonds Dec 2030 Term Corporate ETF  | 9.3% |
|  Invesco BulletShares 2032 Corporate Bond ETF  | 9.2% |
|  iShares iBonds Dec 2032 Term Corporate ETF  | 8.8% |
|  Invesco BulletShares 2033 Corporate Bond ETF  | 7.0% |
|  iShares iBonds Dec 2028 Term Corporate ETF  | 5.2% |
|  iShares iBonds Dec 2027 Term Corporate ETF  | 5.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Exchange Traded Funds  | 94.5% |
|  Purchased Options  | 2.6% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.3% |
|  Written Options  | -0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Investment Grade Corporate Bonds  | 94.5% |
|  Cash & Other  | 5.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/drsk/.

Aptus Defined Risk ETF PAGE 2 TSR-AR-26922A388

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Defined Risk ETF PAGE 3 TSR-AR-26922A388

------

---

| | | |
|:---|:---|:---|
| ![image](in20241028201888.jpg) | **Aptus Drawdown Managed Equity ETF**  | ![image](i202505071817820.jpg) |
| ![image](in20241028201888.jpg) | ADME (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](in20241028201888.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Drawdown Managed Equity ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/adme/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus Drawdown Managed Equity ETF | $83 | 0.79% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Aptus Drawdown Managed Equity ETF ("ADME" or the "Fund") slightly underperformed the S&P 500® Index (the "Index") during the fiscal year as the Index appreciated 12.10%. Though, we would state that the strategy outkicked its coverage, participating with 89.5% of the upside, returning 9.34% at NAV. With this, the strategy took on a lower level of risk to obtain the return. The Fund's performance was consistent with a market environment that exhibited strong up-trending behavior, but still experienced a distinct period of drawdowns in excess of 5%. From February 19th to April 8th, the S&P 500 fell -18.76%. During this period, ADME fell only -15.58%. The tactical nature of the Fund is designed to reduce drawdowns during market pullbacks, which was accomplished during the fiscal year, while participating as much as possible to strong upward moving markets.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | S&P 500 Index Option 04/07/2025 P5400 |
| ↑ | NVIDIA Corporation |
| ↑ | Apple, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | S&P 500 Index Option 04/04/2025 P5400 |
| ↓ | S&P 500 Index Option 01/17/2025 P4100 |
| ↓ | S&P 500 Index Option 02/21/2025 P4150 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4264img003.jpg)

Aptus Drawdown Managed Equity ETF PAGE 1 TSR-AR-26922A784

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/08/2016)** |
| **Aptus Drawdown Managed Equity ETF NAV**  | 9.34 | 8.34 | 7.19 |
| **S&P 500 TR**  | 12.10 | 15.61 | 13.43 |

---

Visit https://aptusetfs.com/adme/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $222463812 |
| **Number of Holdings** | 88 |
| **Net Advisory Fee** | $1645279 |
| **Portfolio Turnover** | 40% |
| **30-Day SEC Yield** | 0.52% |
| **30-Day SEC Yield Unsubsidized** | 0.52% |

---

Visit https://aptusetfs.com/adme/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corporation  | 6.2% |
|  NVIDIA Corporation  | 5.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Alphabet, Inc.  | 3.6% |
|  Meta Platforms, Inc.  | 2.5% |
|  Broadcom, Inc.  | 2.2% |
|  Visa, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 2.1% |
|  Progressive Corporation  | 1.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 98.9% |
|  Purchased Options  | 0.8% |
|  Money Market Funds  | 0.3% |
|  Cash & Other  | 0.2% |
|  Written Options  | -0.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 30.5% |
|  Financial  | 15.8% |
|  Consumer, Non-cyclical  | 15.7% |
|  Communications  | 14.1% |
|  Consumer, Cyclical  | 9.3% |
|  Industrial  | 6.2% |
|  Energy  | 3.0% |
|  Utilities  | 2.5% |
|  Basic Materials  | 1.8% |
|  Cash & Other  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/adme/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Drawdown Managed Equity ETF PAGE 2 TSR-AR-26922A784

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282020740.jpg) | **Aptus Enhanced Yield ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202410282020740.jpg) | JUCY (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202410282020740.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Enhanced Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/jucy/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus Enhanced Yield ETF | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The past year has brought volatility in yields, but falling yields and a pickup in market volatility towards the end of the fiscal year. Softer economic data and cooling inflation drove a broad rally in bonds, while equity volatility rose amid geopolitical concerns and uncertainty around the timing of rate cuts. We saw equity volatility rise towards the end of the fiscal year, though on average remaining below the long-term number. The Aptus Enhanced Yield ETF ("JUCY" or the "Fund") returned 5.40% at NAV, trailing the Fund's primary benchmark, the Bloomberg U.S. Aggregate Bond Index at 8.02% and slightly trailing the secondary benchmark, the ICE U.S. Treasury 1-3 Year Bond Index at 6.66%. The fixed income portfolio outpaced the benchmark with the ELN overlay serving as a slight net detractor.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | U.S. Treasury 07/31/2028 |
| ↑ | U.S. Treasury 07/31/2027 |
| ↑ | U.S. Treasury 09/30/2026 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Citigroup Global Markets Holdings, Inc., ELN, (linked to S&P 500 Index) 04/19/2025 |
| ↓ | Citigroup Global Markets Holdings, Inc., ELN, (linked to S&P 500 Index) 12/05/2025 |
| ↓ | GS Finance Corporation, ELN, (linked to S&P 500 Index) 03/20/2025 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4265img003.jpg)

Aptus Enhanced Yield ETF PAGE 1 TSR-AR-26922B642

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/31/2022)** |
| **Aptus Enhanced Yield ETF NAV**  | 5.40 | 3.94 |
| **Bloomberg U.S. Aggregate Bond Index**  | 8.02 | 5.31 |
| **ICE U.S. Treasury 1-3 Year Bond Total Return Index**  | 6.66 | 4.66 |

---

Visit https://aptusetfs.com/jucy/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $307165707 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $1897141 |
| **Portfolio Turnover** | 47% |
| **30-Day SEC Yield** | 11.14% |
| **30-Day SEC Yield Unsubsidized** | 11.14% |

---

Visit https://aptusetfs.com/jucy/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  U.S. Treasury Notes  | 77.5% |
|  First American Treasury Obligations Fund  | 11.2% |
|  BNP Paribas Issuance B.V., ELN, (linked to S&P 500 Index)  | 3.6% |
|  UBS AG, ELN, (linked to S&P 500 Index)  | 3.5% |
|  Citigroup Global Markets Holdings, Inc., ELN, (linked to S&P 500 Index)  | 3.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  U.S. Treasury Securities  | 77.5% |
|  Money Market Funds  | 11.2% |
|  Equity-Linked Notes  | 10.4% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  U.S. Government  | 77.5% |
|  Cash & Other  | 22.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/jucy/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Enhanced Yield ETF PAGE 2 TSR-AR-26922B642

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282021737.jpg) | **Aptus International Enhanced Yield ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202410282021737.jpg) | IDUB (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202410282021737.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus International Enhanced Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/idub/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus International Enhanced Yield ETF | $41 | 0.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Aptus International Enhanced Yield ETF ("IDUB" or the "Fund") returned 10.01% at NAV, underperforming the benchmark MSCI AC World Index ex-US. The underlying ETFs in IDUB used for exposure lagged broader indices given their modest drag from small caps. The past year marked a strong rebound for international equities, with the MSCI AC World Index ex-US rising 11.93% as investors rotated away from U.S. equities in favor of global markets. Stimulus efforts in several major markets were at the core of the rally, with investors pushing market multiples higher in anticipation of potential growth. Global risk assets responded positively, with developed markets leading the way. Emerging markets also benefited from improving fundamentals and a weaker dollar.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | iShares Core MSCI Developed Markets ETF |
| ↑ | SPDR Emerging Markets Fund |
| ↑ | BNP Paribas Issuance B.V., ELN, (linked to iShares MSCI EAFE ETF) 10/10/2025 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | BNP Paribas Issuance B.V., ELN, (linked to iShares MSCI EAFE ETF) 02/13/2025 |
| ↓ | Citigroup Global Markets Holdings Inc., ELN, (linked to iShares MSCI EAFE ETF) 05/23/2025 |
| ↓ | UBS AG, ELN, (linked to iShares MSCI EAFE ETF) 04/10/2025 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4266img003.jpg)

Aptus International Enhanced Yield ETF PAGE 1 TSR-AR-26922B709

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/22/2021)** |
| **Aptus International Enhanced Yield ETF NAV**  | 10.01 | -0.68 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 11.93 | 3.00 |

---

Visit https://aptusetfs.com/idub/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $282610483 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $843572 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 7.72% |
| **30-Day SEC Yield Unsubsidized** | 7.72% |

---

Visit https://aptusetfs.com/idub/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  iShares Core MSCI International Developed Markets ETF  | 61.7% |
|  SPDR Portfolio Emerging Markets ETF  | 26.8% |
|  BNP Paribas Issuance B.V., ELN, (linked to iShares MSCI EAFE ETF)  | 3.5% |
|  Nomura America Finance, LLC, ELN, (linked to iShares MSCI EAFE ETF)  | 3.3% |
|  UBS AG, ELN, (linked to iShares MSCI EAFE ETF)  | 3.2% |
|  First American Treasury Obligations Fund  | 1.5% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Exchange Traded Funds  | 88.5% |
|  Equity-Linked Notes  | 10.0% |
|  Money Market Funds  | 1.5% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Developed Market Equity  | 61.7% |
|  Emerging Market Equity  | 26.8% |
|  Cash & Other  | 11.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/idub/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus International Enhanced Yield ETF PAGE 2 TSR-AR-26922B709

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282022943.jpg) | **Aptus Large Cap Enhanced Yield ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202410282022943.jpg) | DUBS (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202410282022943.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Large Cap Enhanced Yield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/dubs/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Aptus Large Cap Enhanced Yield ETF | $41 | 0.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Aptus Large Cap Enhanced Yield ETF ("DUBS" or the "Fund") slightly underperformed versus the S&P 500® Index (the "Index") during the fiscal year due to the nature of the market. The strategy performs poorly when the market goes higher with minimum volatility, which was the main characteristic of the market for the first 10 months of the fiscal year. It wasn't until the last two months that the market witnessed some volatility, of which DUBS performed well. During the fiscal year, DUBS returned 11.25% at NAV, while the S&P 500 returned 12.10%. During the major bout of volatility from 2/19/2025 to 04/08/2025, DUBS bested the benchmark by 0.29%, returning -18.47%. Overall, the equity basket tracked the S&P 500 and the equity linked notes ("ELN") were the reason for the small relative underperformance. All-in-all, the strategy performed up to our expectations during the year.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corporation |
| ↑ | Apple, Inc. |
| ↑ | Broadcom, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Nomura Securities International, ELN, (linked to S&P 500 Index) 04/24/2025 |
| ↓ | UBS AG, ELN, (linked to S&P 500 Index) 04/10/2025 |
| ↓ | Nomura Securities International Inc., ELN, (linked to S&P 500 Index) 03/13/2025 |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4267img003.jpg)

Aptus Large Cap Enhanced Yield ETF PAGE 1 TSR-AR-26922B535

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/13/2023)** |
| **Aptus Large Cap Enhanced Yield ETF NAV**  | 11.25 | 13.79 |
| **S&P 500 TR**  | 12.10 | 15.38 |

---

Visit https://aptusetfs.com/dubs/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $216091287 |
| **Number of Holdings** | 369 |
| **Net Advisory Fee** | $775692 |
| **Portfolio Turnover** | 18% |
| **30-Day SEC Yield** | 3.32% |
| **30-Day SEC Yield Unsubsidized** | 3.32% |

---

Visit https://aptusetfs.com/dubs/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Apple, Inc.  | 5.8% |
|  NVIDIA Corporation  | 5.6% |
|  Microsoft Corporation  | 5.5% |
|  Nomura Securities International Inc, ELN, (linked to S&P 500 Index)  | 3.5% |
|  RBC Capital Markets, LLC, ELN, (linked to S&P 500 Index)  | 3.4% |
|  Alphabet, Inc.  | 3.2% |
|  Citigroup Global Markets Holdings, Inc., ELN, (linked to S&P 500 Index)  | 3.2% |
|  Amazon.com, Inc.  | 3.1% |
|  BNY Mellon US Large Cap Core Equity ETF  | 2.8% |
|  Meta Platforms, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 86.3% |
|  Equity-Linked Notes  | 10.1% |
|  Exchange Traded Funds  | 2.8% |
|  Money Market Funds  | 0.8% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 26.1% |
|  Consumer, Non-cyclical  | 14.8% |
|  Financial  | 13.3% |
|  Communications  | 13.0% |
|  Consumer, Cyclical  | 7.3% |
|  Industrial  | 5.8% |
|  Energy  | 2.6% |
|  Utilities  | 1.9% |
|  Basic Materials  | 1.5% |
|  Cash & Other  | 13.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/dubs/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Large Cap Enhanced Yield ETF PAGE 2 TSR-AR-26922B535

------

---

| | | |
|:---|:---|:---|
| ![image](i202506131140446.jpg) | **Aptus Large Cap Upside ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202506131140446.jpg) | UPSD (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202506131140446.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Aptus Large Cap Upside ETF for the period of November 20, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/upsd/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Large Cap Upside ETF | $33 | 0.79% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Since inception, the Aptus Large Cap Upside ETF ("UPSD" or the "Fund") underperformed the S&P 500 by -3.9%, returning -9.24% at NAV. We believe that the strategy has performed as expected, underperforming the S&P 500 in a down market, while the equity exposure, which is invested in a minimum volatility portfolio, outperformed during this volatility. This minimum volatility basket of stocks outperformed the S&P 500 since inception by 2.57%, returning -4.81%. From there, the trend exposure detracted from returns, as positive momentum entering the period reversed sharply due to policy-related uncertainty around tariffs, fiscal stimulus, and monetary shifts.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | CME Group |
| ↑ | Apple, Inc. |
| ↑ | Ulta Beauty |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | RCXTSOA6 TRS 01/26/2026, RCXTSOA6 TRS 09/08/2026 |
| ↓ | NVIDIA Corporation |
| ↓ | UnitedHealth Corporation |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4268img003.jpg)

Aptus Large Cap Upside ETF PAGE 1 TSR-AR-26922B444

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(11/20/2025)** |
| **Aptus Large Cap Upside ETF NAV**  | -9.24 |
| **S&P 500 TR**  | -5.34 |

---

Visit https://aptusetfs.com/upsd/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $43007363 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $102763 |
| **Portfolio Turnover** | 14% |
| **30-Day SEC Yield** | 1.04% |
| **30-Day SEC Yield Unsubsidized** | 1.04% |

---

Visit https://aptusetfs.com/upsd/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  U.S. Treasury Bill  | 8.8% |
|  Microsoft Corporation  | 4.4% |
|  Apple, Inc.  | 4.4% |
|  NVIDIA Corporation  | 4.0% |
|  Amazon.com, Inc.  | 2.0% |
|  Cencora, Inc.  | 1.5% |
|  Alphabet, Inc.  | 1.5% |
|  Cheniere Energy, Inc.  | 1.4% |
|  Colgate-Palmolive Company  | 1.4% |
|  Coca-Cola Company  | 1.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 96.4% |
|  U.S. Treasury Bills  | 8.8% |
|  Cash & Other  | 1.1% |
|  Total Return Swaps  | -6.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Consumer, Non-cyclical  | 25.1% |
|  Technology  | 19.5% |
|  Financial  | 16.3% |
|  Communications  | 12.0% |
|  Industrial  | 7.7% |
|  Consumer, Cyclical  | 7.7% |
|  Energy  | 6.1% |
|  Basic Materials  | 1.4% |
|  Utilities  | 0.6% |
|  Cash & Other  | 3.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/upsd/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Aptus Large Cap Upside ETF PAGE 2 TSR-AR-26922B444

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282023844.jpg) | **Opus Small Cap Value ETF**  | ![image](i202505071817820.jpg) |
| ![image](i202410282023844.jpg) | OSCV (Principal U.S. Listing Exchange: CBOE) | ![image](i202505071817820.jpg) |
| ![image](i202410282023844.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505071817820.jpg) |

---

This annual shareholder report contains important information about the Opus Small Cap Value ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://aptusetfs.com/oscv/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Opus Small Cap Value ETF | $80 | 0.79% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Opus Small Cap Value ETF ("OSCV" or the "Fund") underperformed the S&P 500 Index (the "Index") during the fiscal year, but bested its secondary benchmark, the S&P Small Cap 600 Value Index, by 5.07%. The underperformance versus the Index was a result of a difference in the core performance of U.S. large cap versus U.S. small cap stocks. Small caps have been in a decline for a period much longer than large caps. In a year with extreme volatility in the small cap landscape, OSCV performed well, as higher-quality characteristics and rationality performed well. OSCV has historically provided results consistent with outperforming down trending markets and showing lower volatility than that of the benchmark, which this period of time showed exactly that. Though underperforming their large cap brethren during the fiscal year, small caps started to show some relative strength after the volatile nature of March and April 2025.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Casey's General Store |
| ↑ | Hawkins, Inc. |
| ↑ | Stock Yards Bancorp |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Chord Energy |
| ↓ | Northern Oil & Gas, Inc. |
| ↓ | Helmerich & Payne |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4269img003.jpg)

Opus Small Cap Value ETF PAGE 1 TSR-AR-26922A446

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/17/2018)** |
| **Opus Small Cap Value ETF NAV**  | 2.53 | 12.31 | 6.29 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.46 |
| **S&P SmallCap 600 Value TR**  | -2.54 | 11.96 | 3.27 |

---

Visit https://aptusetfs.com/oscv/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $520414275 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $3352379 |
| **Portfolio Turnover** | 25% |
| **30-Day SEC Yield** | 1.47% |
| **30-Day SEC Yield Unsubsidized** | 1.47% |

---

Visit https://aptusetfs.com/oscv/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund  | 3.1% |
|  Ensign Group, Inc.  | 2.6% |
|  Casey's General Stores, Inc.  | 2.6% |
|  Texas Roadhouse, Inc.  | 2.5% |
|  Chemed Corporation  | 2.5% |
|  Viper Energy, Inc.  | 2.4% |
|  Encompass Health Corporation  | 2.3% |
|  Hanover Insurance Group, Inc.  | 2.3% |
|  Comfort Systems USA, Inc.  | 2.3% |
|  Stock Yards Bancorp, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 96.9% |
|  Money Market Funds  | 3.1% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Financial  | 36.7% |
|  Industrial  | 19.3% |
|  Consumer, Cyclical  | 11.9% |
|  Consumer, Non-cyclical  | 10.7% |
|  Energy  | 7.5% |
|  Utilities  | 4.5% |
|  Basic Materials  | 2.7% |
|  Technology  | 2.6% |
|  Communications  | 1.0% |
|  Cash & Other  | 3.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://aptusetfs.com/oscv/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aptus Capital Advisors documents not be householded, please contact Aptus Capital Advisors at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aptus Capital Advisors or your financial intermediary.

Opus Small Cap Value ETF PAGE 2 TSR-AR-26922A446

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Leonard Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an 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. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 4/30/2025 | FYE 4/30/2024 |
| (a) Audit Fees | $112500 | $94500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $28000 | $24500 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 4/30/2025 | FYE 4/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 4/30/2025</u> <u>FYE 4/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Leonard M. Rush, David A. Massart, and Janet D. Olsen.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

![](aptus-logo_new.jpg)

**APTUS COLLARED INVESTMENT OPPORTUNITY ETF (ACIO)** 

**APTUS DEFINED RISK ETF (DRSK)**

**APTUS DRAWDOWN MANAGED EQUITY ETF (ADME)**

**APTUS ENHANCED YIELD ETF (JUCY)**

**APTUS INTERNATIONAL ENHANCED YIELD ETF (IDUB)**

**APTUS LARGE CAP ENHANCED YIELD ETF (DUBS)** 

**APTUS LARGE CAP UPSIDE ETF (UPSD)** 

**OPUS SMALL CAP VALUE ETF (OSCV)**

Annual Financial Statements and Additional Information

April 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments, Schedules of Written Options, and Schedule of Total Return Swap Contracts](#tsoi) | [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | [22](#tsal) |
| [Statements of Operations](#tsop) | [24](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [26](#tscna) |
| [Financial Highlights](#tfihi) | [30](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [38](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [53](#rep) |
| [Tax Information](#ttaxinfo) | [55](#ttaxinfo) |
| [Additional Information](#taddinfo) | [56](#taddinfo) |
| [Approval of Advisory Agreement & Board Considerations](#app) | [57](#app) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%** |  |  |
| **Basic Materials - 1.8%** |  |  |
| Linde PLC<sup>(a)</sup> | 38858 | $17611611  |
| Newmont Corporation<sup>(a)(b)</sup> | 125634 | 6618399  |
| Sherwin-Williams Company<sup>(a)</sup> | 20543 | 7250036  |
|  |  | 31480046  |
| **Communications - 14.0%** |  |  |
| Alphabet, Inc. - Class C<sup>(a)(b)</sup> | 388086 | 62439157  |
| Amazon.com, Inc.<sup>(a)(c)</sup> | 348950 | 64353359  |
| Comcast Corporation - Class A<sup>(a)</sup> | 165721 | 5667658  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup> | 80870 | 44397630  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 33500 | 14753065  |
| Netflix, Inc.<sup>(a)(b)(c)</sup> | 27356 | 30959332  |
| T-Mobile US, Inc.<sup>(a)</sup> | 65987 | 16295490  |
| Uber Technologies, Inc.<sup>(a)(c)</sup> | 78521 | 6360986  |
|  |  | 245226677  |
| **Consumer, Cyclical - 9.1%** |  |  |
| Costco Wholesale Corporation<sup>(a)(b)</sup> | 20197 | 20085917  |
| Home Depot, Inc.<sup>(a)</sup> | 52804 | 19035314  |
| Marriott International, Inc. - Class A<sup>(a)</sup> | 73016 | 17420157  |
| McDonald's Corporation<sup>(a)(b)</sup> | 62025 | 19826291  |
| PulteGroup, Inc.<sup>(a)</sup> | 114783 | 11774440  |
| Tesla, Inc.<sup>(a)(b)(c)</sup> | 106417 | 30026621  |
| TJX Companies, Inc.<sup>(a)(b)</sup> | 133138 | 17132198  |
| Walmart, Inc.<sup>(a)(b)</sup> | 253216 | 24625256  |
|  |  | 159926194  |
| **Consumer, Non-cyclical - 15.5%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 99689 | 13034337  |
| AbbVie, Inc.<sup>(a)</sup> | 69694 | 13597299  |
| Altria Group, Inc.<sup>(a)(b)</sup> | 200483 | 11858569  |
| Amgen, Inc.<sup>(a)</sup> | 22350 | 6502062  |
| Automatic Data Processing, Inc.<sup>(a)</sup> | 18722 | 5627833  |
| Bristol-Myers Squibb Company<sup>(a)</sup> | 225549 | 11322560  |
| Cintas Corporation<sup>(a)</sup> | 80336 | 17005525  |
| Coca-Cola Company | 261064 | 18940193  |
| Elevance Health, Inc.<sup>(a)(b)</sup> | 70587 | 29687481  |
| Eli Lilly & Company<sup>(a)</sup> | 29232 | 26278106  |
| Intuitive Surgical, Inc.<sup>(a)(c)</sup> | 35305 | 18210319  |
| Johnson & Johnson<sup>(a)(b)</sup> | 58539 | 9150231  |
| McCormick & Company, Inc.<sup>(a)</sup> | 162011 | 12419763  |
| Procter & Gamble Company<sup>(a)</sup> | 120326 | 19561398  |
| Stryker Corporation<sup>(a)</sup> | 86100 | 32194512  |
| Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 37632 | 16144128  |
| Vertex Pharmaceuticals, Inc.<sup>(a)(c)</sup> | 18324 | 9336078  |
|  |  | 270870394  |
| **Energy - 3.0%** |  |  |
| Diamondback Energy, Inc.<sup>(a)</sup> | 85642 | 11305601  |
| EOG Resources, Inc.<sup>(a)</sup> | 66145 | 7297778  |
| Exxon Mobil Corporation<sup>(a)</sup> | 287637 | 30383096  |
| Schlumberger NV<sup>(a)</sup> | 105656 | 3513062  |
|  |  | 52499537  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial - 15.6%** |  |  |
| American Tower Corporation<sup>(a)</sup> | 60093 | $13545563  |
| Bank of America Corporation<sup>(a)</sup> | 409142 | 16316583  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)(b)(c)</sup> | 69686 | 37160060  |
| Blackrock, Inc.<sup>(a)</sup> | 21966 | 20082635  |
| Citigroup, Inc.<sup>(a)</sup> | 163894 | 11207072  |
| Digital Realty Trust, Inc.<sup>(a)(b)</sup> | 69620 | 11176795  |
| Intercontinental Exchange, Inc.<sup>(a)</sup> | 82430 | 13845767  |
| JPMorgan Chase & Company<sup>(a)(b)</sup> | 125839 | 30782736  |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, <br>Inc.<sup>(a)</sup> | 73331 | 16533941  |
| Morgan Stanley<sup>(a)</sup> | 158739 | 18321655  |
| Progressive Corporation<sup>(a)(b)</sup> | 118620 | 33419999  |
| Public Storage<sup>(a)</sup> | 26060 | 7829206  |
| Visa, Inc. - Class A<sup>(a)</sup> | 107613 | 37180291  |
| Welltower, Inc.<sup>(a)</sup> | 35775 | 5458907  |
|  |  | 272861210  |
| **Industrial - 6.1%** |  |  |
| Carrier Global Corporation<sup>(a)</sup> | 83410 | 5216461  |
| CSX Corporation<sup>(a)</sup> | 520904 | 14621775  |
| Deere & Company<sup>(a)(b)</sup> | 26025 | 12064149  |
| Eaton Corporation PLC<sup>(a)</sup> | 31173 | 9176396  |
| General Electric Company<sup>(a)</sup> | 39324 | 7925359  |
| Honeywell International, Inc.<sup>(a)</sup> | 74795 | 15744348  |
| Northrop Grumman Corporation<sup>(a)</sup> | 36461 | 17738277  |
| Otis Worldwide Corporation<sup>(a)</sup> | 251535 | 24215274  |
|  |  | 106702039  |
| **Technology - 30.2%<sup>(d)</sup>** |  |  |
| Accenture PLC - Class A<sup>(a)(b)</sup> | 29589 | 8851549  |
| Analog Devices, Inc.<sup>(a)(b)</sup> | 73382 | 14303619  |
| Apple, Inc.<sup>(a)</sup> | 555655 | 118076688  |
| Applied Materials, Inc.<sup>(a)</sup> | 106779 | 16092663  |
| Broadcom, Inc.<sup>(a)</sup> | 198024 | 38113679  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc.<sup>(a)</sup> | 33660 | 8159184  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)(c)</sup> | 35099 | 15052908  |
| Fiserv, Inc.<sup>(a)(c)</sup> | 92963 | 17158181  |
|  International Business Machines Corporation<sup>(a)</sup> | 33836 | 8182222  |
| Intuit, Inc.<sup>(a)</sup> | 28280 | 17744852  |
| Microsoft Corporation<sup>(a)</sup> | 274998 | 108695710  |
| NVIDIA Corporation<sup>(a)</sup> | 906307 | 98714958  |
| Oracle Corporation<sup>(a)</sup> | 59638 | 8392259  |
| QUALCOMM, Inc.<sup>(a)</sup> | 40165 | 5962896  |
| ServiceNow, Inc.<sup>(a)(b)(c)</sup> | 31147 | 29745696  |
| Texas Instruments, Inc. | 34571 | 5533089  |
| Tyler Technologies, Inc.<sup>(a)(c)</sup> | 18221 | 9899469  |
|  |  | 528679622 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Utilities - 2.5%** |  |  |
| Duke Energy Corporation<sup>(a)</sup> | 123724 | $15096802  |
| NextEra Energy, Inc.<sup>(a)</sup> | 100918 | 6749396  |
| Southern Company<sup>(a)(b)</sup> | 238262 | 21893895  |
|  |  | 43740093  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,443,212,820)** |  | 1711985812 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS -2.0%<sup>(c)(e)(f)</sup>** | **PURCHASED OPTIONS -2.0%<sup>(c)(e)(f)</sup>** |  |  |
| **Call Options - 0.4%** | **Call Options - 0.4%** |  |  |
| S&P 500 Index |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/16/2025; Exercise Price: $5,800.00<sup>(b)</sup> | $1113812000 | 2000 | 2774000  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/30/2025; Exercise Price: $5,800.00 | 556906000 | 1000 | 3430000  |
| **Put Options - 1.6%**<br>|  |  |  |
|  S&P 500 Index, Expiration: 06/20/2025; Exercise Price: $5,300.00<sup>(b)</sup> | 1782099200 | 3200 | 28912000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED** <br>**OPTIONS** <br>**(Cost $33,262,482)** |  |  | 35116000  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** |  |  |
| **Money Market Funds - 0.4%** | **Money Market Funds - 0.4%** |  |  |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(g)</sup> | First American Treasury Obligations Fund - Class X, 4.24%<sup>(g)</sup> | 7168463 | 7168463 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,168,463)** | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,168,463)** |  | 7168463 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $1,483,643,765)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $1,483,643,765)** |  | $1754270275 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (3877610)  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $1750392665 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of April 30, 2025 is $1,612,850,925 or 92.1% of the Fund's net assets.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(e)</sup> Exchange-traded.

<sup>(f)</sup> 100 shares per contract.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Written Options** 

**April 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| Accenture PLC, Expiration: 05/16/2025; Exercise Price: $320.00 | $(5983000) | (200) | $(22500)  |
| Alphabet, Inc., Expiration: 05/16/2025; Exercise Price: $180.00 | (20111250) | (1250) | (25000)  |
| Altria Group, Inc., Expiration: 05/02/2025; Exercise Price: $58.00 | (1774500) | (300) | (39000)  |
|  Analog Devices, Inc., Expiration: 05/02/2025; Exercise Price: $200.00 | (13644400) | (700) | (45500)  |
|  Berkshire Hathaway, Inc. - Class B; Expiration: 05/16/2025; Exercise Price: $570.00 | (31995000) | (600) | (34200)  |
|  Costco Wholesale Corporation, Expiration: 05/16/2025; Exercise Price: $1,080.00 | (19890000) | (200) | (34100)  |
|  Crowdstrike Holdings, Inc. – Class A; Expiration: 05/16/2025; Exercise Price: $500.00 | (12866100) | (300) | (25050)  |
| &nbsp;&nbsp;&nbsp; Deere & Company, Expiration: 05/09/2025; Exercise Price: <br>$490.00 | (9271200) | (200) | (17400)  |
|  Digital Realty Trust, Inc., Expiration: 05/16/2025; Exercise Price: $175.00 | (9632400) | (600) | (156000)  |
|  Elevance Health, Inc., Expiration: 05/16/2025; Exercise Price: $460.00 | (29440600) | (700) | (38500)  |
|  Johnson & Johnson, Expiration: 05/16/2025; Exercise Price: $160.00 | (7815500) | (500) | (44750)  |
|  JPMorgan Chase & Company, Expiration: 05/16/2025; Exercise Price: $260.00 | (15900300) | (650) | (40300)  |
|  McDonald's Corporation, Expiration: 05/16/2025; Exercise Price: $340.00 | (19179000) | (600) | (39900)  |
| Netflix, Inc., Expiration: 05/16/2025; Exercise Price: $1,260.00 | (22634400) | (200) | (43300)  |
|  Newmont Corporation, Expiration: 05/16/2025; Exercise Price: $55.00 | (6321600) | (1200) | (80400)  |
|  Progressive Corporation, Expiration: 05/16/2025; Exercise Price: $280.00 | (14087000) | (500) | (365000)  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 05/16/2025; Exercise Price: <br>$6,000.00 | (1113812000) | (2000) | (260000)  |
|  ServiceNow, Inc.; Expiration: 05/16/2025; Exercise Price: $1,100.00 | (28650300) | (300) | (36750)  |
| &nbsp;&nbsp;&nbsp; Southern Company, Expiration: 05/16/2025; Exercise Price: <br>$95.00 | (10107900) | (1100) | (66000)  |
| Tesla, Inc., Expiration: 05/02/2025; Exercise Price: $305.00 | (14108000) | (500) | (40250)  |
|  TJX Companies, Inc., Expiration: 05/02/2025; Exercise Price: $125.00 | (9007600) | (700) | (332500)  |
| Walmart, Inc., Expiration: 05/02/2025; Exercise Price: $90.00 | (19450000) | (2000) | (1430000)  |
| **Total Call Options** |  |  | (3216400)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| S&P 500 Index, Expiration: 06/20/2025; Exercise Price: $4,600.00 | (1782099200) | (3200) | (5280000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $7,235,908)** |  |  | $(8496400) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Defined Risk ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 94.5%** |  |  |
| **Investment Grade Corporate Bonds - 94.5%** | **Investment Grade Corporate Bonds - 94.5%** | **Investment Grade Corporate Bonds - 94.5%** |
|  Invesco BulletShares 2028 Corporate Bond ETF | 1713984 | $34999553  |
|  Invesco BulletShares 2029 Corporate Bond ETF | 2931351 | 54493815  |
|  Invesco BulletShares 2030 Corporate Bond ETF<sup>(a)</sup> | 7601240 | 126560646  |
|  Invesco BulletShares 2031 Corporate Bond ETF<sup>(a)</sup> | 7750131 | 126714642  |
|  Invesco BulletShares 2032 Corporate Bond ETF<sup>(a)</sup> | 5303539 | 107820948  |
|  Invesco BulletShares 2033 Corporate Bond ETF<sup>(a)</sup> | 3923726 | 81927399  |
|  iShares iBonds Dec 2027 Term Corporate ETF | 2481152 | 60118313  |
|  iShares iBonds Dec 2028 Term Corporate ETF | 2388857 | 60581413  |
|  iShares iBonds Dec 2029 Term Corporate ETF | 4837168 | 112319041  |
|  iShares iBonds Dec 2030 Term Corporate ETF<sup>(a)</sup> | 4998267 | 109062186  |
|  iShares iBonds Dec 2031 Term Corporate ETF<sup>(a)</sup> | 6116332 | 127403196  |
|  iShares iBonds Dec 2032 Term Corporate ETF<sup>(a)</sup> | 4098152 | 102371837  |
|  |  | 1104372989  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,093,129,710)** |  | 1104372989 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
|  **PURCHASED OPTIONS - 2.6%<sup>(b)(c)(d)</sup>** | **PURCHASED OPTIONS - 2.6%<sup>(b)(c)(d)</sup>** |  |  |
| **Call Options - 2.4%**<br>|  |  |  |
|  Core Scientific, Inc., Expiration: 09/19/2025; Exercise Price: $15.00<sup>(e)</sup> | $81000000 | 100000 | 4300000  |
| S&P 500 Index<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/16/2025; Exercise Price: $5,800.00<sup>(e)</sup> | 1113812000 | 2000 | 2774000  |
| &nbsp;&nbsp;&nbsp; Expiration: 05/30/2025; Exercise Price: $5,800.00 | 445524800 | 800 | 2744000  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/20/2025; Exercise Price: $5,900.00 | 891049600 | 1600 | 5848000  |
|  Tesla, Inc., Expiration: 08/15/2025; Exercise Price: $300.00 | 98756000 | 3500 | 11725000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **Put Options - 0.2%**<br>|  |  |  |
|  S&P 500 Index, Expiration: 06/20/2025; Exercise Price: $5,300.00<sup>(e)</sup> | 167071800 | 300 | $2710500  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED** <br>**OPTIONS** <br>**(Cost $24,953,397)** |  |  | 30101500  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |  |  |
| **Money Market Funds - 2.0%** | **Money Market Funds - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury <br>Obligations Fund - Class X, 4.24%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; First American Treasury <br>Obligations Fund - Class X, 4.24%<sup>(f)</sup> | 23237610 | 23237610  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,237,610)** | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,237,610)** |  | 23237610 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $1,141,320,717)**  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $1,141,320,717)**  |  | $1157712099  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 10624756  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $1168336855 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Defined Risk ETF** 

**Schedule of Written Options** 

**April 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.4)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| Core Scientific, Inc., Expiration: 09/19/2025; Exercise Price: $20.00 | $(81000000) | (100000) | $(1550000)  |
| S&P 500 Index, Expiration: 05/16/2025; Exercise Price: $6,000.00 | (1113812000) | (2000) | (260000)  |
| Tesla, Inc., Expiration: 08/15/2025; Exercise Price: $450.00 | (98756000) | (3500) | (2038750)  |
| **Total Call Options** |  |  | (3848750)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500 Index, Expiration: 06/20/2025; Exercise Price: $4,600.00 | (167071800) | (300) | (495000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,129,955)** |  |  | $(4343750) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%** |  |  |
| **Basic Materials - 1.8%** | **Basic Materials - 1.8%** | **Basic Materials - 1.8%** |
| Linde PLC<sup>(a)</sup> | 4945 | $2241222  |
| Newmont Corporation<sup>(a)</sup> | 16627 | 875911  |
| Sherwin-Williams Company<sup>(a)</sup> | 2734 | 964883  |
|  |  | 4082016  |
| **Communications - 14.1%** | **Communications - 14.1%** | **Communications - 14.1%** |
| Alphabet, Inc. - Class C<sup>(a)</sup> | 49307 | 7933003  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 44114 | 8135504  |
| Comcast Corporation - Class A<sup>(a)</sup> | 21139 | 722954  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup>  | 10277 | 5642073  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 4360 | 1920100  |
| Netflix, Inc.<sup>(a)(b)</sup> | 3535 | 4000630  |
| T-Mobile US, Inc.<sup>(a)</sup> | 8391 | 2072158  |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 10044 | 813664  |
|  |  | 31240086  |
| **Consumer, Cyclical - 9.3%** | **Consumer, Cyclical - 9.3%** | **Consumer, Cyclical - 9.3%** |
| Costco Wholesale Corporation<sup>(a)</sup>  | 2637 | 2622497  |
| Home Depot, Inc.<sup>(a)</sup>  | 6747 | 2432226  |
| Marriott International, Inc. - Class A<sup>(a)</sup>  | 9412 | 2245515  |
| McDonald's Corporation<sup>(a)</sup>  | 8002 | 2557839  |
| PulteGroup, Inc.<sup>(a)</sup>  | 14921 | 1530596  |
| Tesla, Inc.<sup>(a)(b)</sup>  | 13387 | 3777276  |
| TJX Companies, Inc.<sup>(a)</sup>  | 17456 | 2246238  |
| Walmart, Inc.<sup>(a)</sup>  | 32721 | 3182117  |
|  |  | 20594304  |
| **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** |
| Abbott Laboratories<sup>(a)</sup> | 12707 | 1661440  |
| AbbVie, Inc.<sup>(a)</sup> | 9136 | 1782434  |
| Altria Group, Inc.<sup>(a)</sup> | 25946 | 1534706  |
| Amgen, Inc.<sup>(a)</sup> | 2957 | 860250  |
| Automatic Data Processing, Inc.<sup>(a)</sup> | 2543 | 764426  |
| Bristol-Myers Squibb Company<sup>(a)</sup> | 29149 | 1463280  |
| Cintas Corporation<sup>(a)</sup> | 10556 | 2234494  |
| Coca-Cola Company  | 32870 | 2384718  |
| Elevance Health, Inc.<sup>(a)</sup> | 8920 | 3751574  |
| Eli Lilly & Company<sup>(a)</sup> | 3781 | 3398930  |
| Intuitive Surgical, Inc.<sup>(a)(b)</sup> | 4582 | 2363396  |
| Johnson & Johnson<sup>(a)</sup> | 7662 | 1197647  |
| McCormick & Company, Inc.<sup>(a)</sup> | 21106 | 1617986  |
| Procter & Gamble Company<sup>(a)</sup> | 15201 | 2471227  |
| Stryker Corporation<sup>(a)</sup> | 11196 | 4186408  |
| Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 4813 | 2064777  |
| Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2368 | 1206496  |
|  |  | 34944189  |
| **Energy - 3.0%** | **Energy - 3.0%** | **Energy - 3.0%** |
| Diamondback Energy, Inc.<sup>(a)</sup>  | 10939 | 1444057  |
| EOG Resources, Inc.<sup>(a)</sup>  | 8580 | 946632  |
| Exxon Mobil Corporation<sup>(a)</sup>  | 36733 | 3880107  |
| Schlumberger NV<sup>(a)</sup>  | 13480 | 448210  |
|  |  | 6719006  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial - 15.8%** | **Financial - 15.8%** | **Financial - 15.8%** |
| American Tower Corporation<sup>(a)</sup> | 7677 | $1730473  |
| Bank of America Corporation<sup>(a)</sup> | 52517 | 2094378  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)(b)</sup> | 8774 | 4678736  |
| Blackrock, Inc.<sup>(a)</sup> | 2869 | 2623012  |
| Citigroup, Inc.<sup>(a)</sup> | 21487 | 1469281  |
| Digital Realty Trust, Inc.<sup>(a)</sup> | 9123 | 1464606  |
| Intercontinental Exchange, Inc.<sup>(a)</sup> | 10682 | 1794256  |
| JPMorgan Chase & Company<sup>(a)</sup> | 15991 | 3911718  |
| Marsh & McLennan Companies, Inc.<sup>(a)</sup> | 9527 | 2148053  |
| Morgan Stanley<sup>(a)</sup> | 20530 | 2369573  |
| Progressive Corporation<sup>(a)</sup> | 15321 | 4316539  |
| Public Storage<sup>(a)</sup> | 3450 | 1036483  |
| Visa, Inc. - Class A<sup>(a)</sup> | 13901 | 4802795  |
| Welltower, Inc.<sup>(a)</sup> | 4570 | 697336  |
|  |  | 35137239  |
| **Industrial - 6.2%** | **Industrial - 6.2%** | **Industrial - 6.2%** |
| Carrier Global Corporation<sup>(a)</sup> | 10934 | 683812  |
| CSX Corporation<sup>(a)</sup> | 66571 | 1868648  |
| Deere & Company<sup>(a)</sup> | 3488 | 1616897  |
| Eaton Corporation PLC<sup>(a)</sup> | 4075 | 1199558  |
| General Electric Company<sup>(a)</sup> | 5151 | 1038133  |
| Honeywell International, Inc.<sup>(a)</sup> | 9659 | 2033219  |
| Northrop Grumman Corporation<sup>(a)</sup> | 4762 | 2316713  |
| Otis Worldwide Corporation<sup>(a)</sup> | 32126 | 3092770  |
|  |  | 13849750  |
| **Technology - 30.5%<sup>(c)</sup>** | **Technology - 30.5%<sup>(c)</sup>** | **Technology - 30.5%<sup>(c)</sup>** |
| Accenture PLC - Class A<sup>(a)</sup> | 3773 | 1128693  |
| Analog Devices, Inc.<sup>(a)</sup> | 9621 | 1875325  |
| Apple, Inc.<sup>(a)</sup> | 71250 | 15140625  |
| Applied Materials, Inc.<sup>(a)</sup> | 13932 | 2099692  |
| Broadcom, Inc.<sup>(a)</sup> | 25601 | 4927425  |
| Broadridge Financial Solutions, Inc.<sup>(a)</sup> | 4396 | 1065590  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 4552 | 1952216  |
| Fiserv, Inc.<sup>(a)(b)</sup> | 12038 | 2221854  |
|  International Business Machines Corporation<sup>(a)</sup> | 4367 | 1056028  |
| Intuit, Inc.<sup>(a)</sup> | 3717 | 2332306  |
| Microsoft Corporation<sup>(a)</sup> | 34889 | 13790226  |
| NVIDIA Corporation<sup>(a)</sup> | 115190 | 12546495  |
| Oracle Corporation<sup>(a)</sup> | 7615 | 1071583  |
| QUALCOMM, Inc.<sup>(a)</sup> | 5179 | 768874  |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 4058 | 3875431  |
| Texas Instruments, Inc.  | 4368 | 699098  |
| Tyler Technologies, Inc.<sup>(a)(b)</sup> | 2341 | 1271865  |
|  |  | 67823326  |
| **Utilities - 2.5%** | **Utilities - 2.5%** | **Utilities - 2.5%** |
| Duke Energy Corporation<sup>(a)</sup> | 15627 | 1906807  |
| NextEra Energy, Inc.<sup>(a)</sup> | 12788 | 855261  |
| Southern Company<sup>(a)</sup> | 30086 | 2764602  |
|  |  | 5526670  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $185,620,725)** |  | 219916586 |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.8%<sup>(b)(d)(e)</sup>**  | **PURCHASED OPTIONS - 0.8%<sup>(b)(d)(e)</sup>**  | **PURCHASED OPTIONS - 0.8%<sup>(b)(d)(e)</sup>**  | **PURCHASED OPTIONS - 0.8%<sup>(b)(d)(e)</sup>**  |
| **Call Options - 0.2%** | **Call Options - 0.2%** | **Call Options - 0.2%** | **Call Options - 0.2%** |
|  S&P 500 Index, Expiration: 05/30/2025; Exercise Price: $5,800.00  | $69613250 | 125 | $428750  |
| **Put Options - 0.6%** | **Put Options - 0.6%** | **Put Options - 0.6%** | **Put Options - 0.6%** |
| S&P 500 Index  | S&P 500 Index  | S&P 500 Index  | S&P 500 Index  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/30/2025; Exercise Price: $4,900.00<sup>(f)</sup>  | 55690600 | 100 | 250  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $3,500.00<sup>(f)</sup>  | 1113812000 | 2000 | 1470000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,854,943)** |  |  | 1899000  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  | **SHORT-TERM INVESTMENTS - 0.3%**  |
| **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(g)</sup> | First American Treasury Obligations Fund - Class X, 4.24%<sup>(g)</sup> | 600288 | 600288  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $600,288)** | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $600,288)** |  | 600288  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $189,075,956)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $189,075,956)** |  | $222415874  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(h)</sup> |  | 47938  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $222463812 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of April 30, 2025 is $213,509,711 or 96.0% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(h)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Written Options** 

**April 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Put Options - (0.2)%**<br>|  |  |  |
| S&P 500 Index<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/30/2025; Exercise Price: $4,500.00 | $(55690600) | (100) | $(250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 07/18/2025; Exercise Price: $2,500.00 | (556906000) | (1000) | (347500)  |
| **Total Put Options** |  |  | (347750)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $579,069)** |  |  | $(347750) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 77.5%** | **U.S. TREASURY SECURITIES - 77.5%** | **U.S. TREASURY SECURITIES - 77.5%** |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| &nbsp;&nbsp;&nbsp; 0.25%, 08/31/2025 | $20000000 | $19733384  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2026 | 45000000 | 45326074  |
| &nbsp;&nbsp;&nbsp; 1.63%, 09/30/2026 | 25000000 | 24278320  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 40000000 | 39249219  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 25000000 | 23152344  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 30000000 | 29010352  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 40000000 | 36798437  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 20000000 | 20602734  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $237,044,322)** |  | 238150864  |
| **SHORT-TERM INVESTMENTS - 21.6%** | **SHORT-TERM INVESTMENTS - 21.6%** | **SHORT-TERM INVESTMENTS - 21.6%** |
| **Equity-Linked Notes - 10.4%** | **Equity-Linked Notes - 10.4%** | **Equity-Linked Notes - 10.4%** |
|  BNP Paribas Issuance B.V., ELN, (linked to S&P 500 Index), 61.42%, 05/30/2025<sup>(a)</sup> | 10900000 | 10929033  |
|  Citigroup Global Markets Holdings, Inc., ELN, (linked to S&P 500 Index), 113.05%, 05/22/2025<sup>(a)</sup> | 10800000 | 10235397  |
|  UBS AG, ELN, (linked to S&P 500 Index), 82.30%, 05/15/2025<sup>(a)</sup> | 10800000 | 10596165  |
|  |  | 31760595  |
|  | **Shares** |  |
| **Money Market Funds - 11.2%** | **Money Market Funds - 11.2%** | **Money Market Funds - 11.2%** |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 34498627 | 34498627  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $66,998,627)** |  | 66259222  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $304,042,949)** |  | $304410086  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 2755621  |
| **TOTAL NET ASSETS - 100.0%** |  | $307165707 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $31,760,595 or 10.4% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus International Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 88.5%** | **EXCHANGE TRADED FUNDS - 88.5%** | **EXCHANGE TRADED FUNDS - 88.5%** |
| **Developed Market Equity - 61.7%** | **Developed Market Equity - 61.7%** | **Developed Market Equity - 61.7%** |
|  iShares Core MSCI International Developed Markets ETF<sup>(a)</sup> | 2433310 | $174273662  |
| **Emerging Market Equity - 26.8%** | **Emerging Market Equity - 26.8%** | **Emerging Market Equity - 26.8%** |
|  SPDR Portfolio Emerging Markets ETF<sup>(a)</sup> | 1924073 | 75789235  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $223,907,893)** |  | 250062897  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 11.5%** | **SHORT-TERM INVESTMENTS - 11.5%** | **SHORT-TERM INVESTMENTS - 11.5%** |
| **Equity-Linked Notes - 10.0%**<br>|  |  |
|  BNP Paribas Issuance B.V., ELN, (linked to iShares MSCI EAFE ETF), 24.73%, 05/30/2025<sup>(b)</sup> | $10000000 | 9921175  |
|  Nomura America Finance, LLC, ELN, (linked to iShares MSCI EAFE ETF), 27.50%, 05/22/2025<sup>(b)</sup> | 9600000 | 9357672  |
|  UBS AG, ELN, (linked to iShares MSCI EAFE ETF), 24.78%, 05/15/2025<sup>(b)</sup> | 9300000 | 9013001  |
|  |  | 28291848  |
|  | **Shares** |  |
| **Money Market Funds - 1.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(c)</sup> | 4277360 | 4277360  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $33,177,359)** |  | 32569208  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $257,085,252)** |  | $282632105  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(d)</sup> |  | (21622)  |
| **TOTAL NET ASSETS - 100.0%** |  | $282610483 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $28,291,848 or 10.0% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 86.3%** | **COMMON STOCKS - 86.3%** | **COMMON STOCKS - 86.3%** |
| **Basic Materials - 1.5%**<br>|  |  |
| Air Products and Chemicals, Inc. | 1132 | $306874  |
| Albemarle Corporation | 357 | 20902  |
| DuPont de Nemours, Inc. | 1566 | 103340  |
| Ecolab, Inc. | 1509 | 379408  |
| Freeport-McMoRan, Inc. | 5488 | 197733  |
| Linde PLC | 2378 | 1077781  |
| LyondellBasell Industries NV - Class A | 1141 | 66418  |
| Mosaic Company | 5613 | 170635  |
| Newmont Corporation | 2667 | 140498  |
| Nucor Corporation | 951 | 113521  |
| PPG Industries, Inc. | 849 | 92422  |
| Sherwin-Williams Company | 1243 | 438679  |
| Southern Copper Corporation | 2082 | 186381  |
|  |  | 3294592  |
| **Communications - 13.0%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1981 | 241524  |
| Alphabet, Inc. - Class A | 44207 | 7020072  |
| Amazon.com, Inc.<sup>(a)</sup> | 36679 | 6764341  |
| Arista Networks, Inc.<sup>(a)</sup> | 4720 | 388314  |
| AT&T, Inc. | 28175 | 780447  |
| Booking Holdings, Inc. | 98 | 499729  |
| CDW Corporation | 407 | 65348  |
| Cisco Systems, Inc. | 17068 | 985336  |
| Comcast Corporation - Class A | 22715 | 776853  |
| Corning, Inc. | 2916 | 129412  |
| eBay, Inc. | 1774 | 120916  |
| MercadoLibre, Inc.<sup>(a)</sup> | 31 | 72256  |
| Meta Platforms, Inc. - Class A | 8916 | 4894884  |
| Motorola Solutions, Inc. | 617 | 271721  |
| Netflix, Inc.<sup>(a)</sup> | 1745 | 1974851  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2372 | 443398  |
| T-Mobile US, Inc. | 1823 | 450190  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 1844 | 98894  |
| Uber Technologies, Inc.<sup>(a)</sup> | 6107 | 494728  |
| VeriSign, Inc.<sup>(a)</sup> | 327 | 92253  |
| Verizon Communications, Inc. | 17306 | 762502  |
| Walt Disney Company | 7365 | 669847  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 8325 | 72178  |
|  |  | 28069994  |
| **Consumer, Cyclical - 7.3%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 934 | 53294  |
| AutoZone, Inc.<sup>(a)</sup> | 59 | 221993  |
| Carnival Corporation<sup>(a)</sup> | 4245 | 77853  |
| Casey's General Stores, Inc. | 70 | 32381  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 4136 | 208951  |
| Copart, Inc.<sup>(a)</sup> | 3728 | 227520  |
| Costco Wholesale Corporation | 1790 | 1780155  |
| Cummins, Inc. | 426 | 125176  |
| D.R. Horton, Inc. | 1261 | 159315  |
| Delta Air Lines, Inc. | 2122 | 88339  |
| Dollar General Corporation | 1343 | 125826  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fastenal Company | 2001 | $162021  |
| Ferguson Enterprises, Inc. | 673 | 114181  |
| Ford Motor Company | 15284 | 152993  |
| General Motors Company | 5166 | 233710  |
| Genuine Parts Company | 407 | 47843  |
| Hilton Worldwide Holdings, Inc. | 954 | 215108  |
| Home Depot, Inc. | 4245 | 1530280  |
| Las Vegas Sands Corporation | 2678 | 98202  |
| Lennar Corporation - Class A | 970 | 105352  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 700 | 92715  |
| Lowe's Companies, Inc. | 2579 | 576561  |
| Marriott International, Inc. - Class A | 1144 | 272936  |
| McDonald's Corporation | 2976 | 951278  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 2663 | 38827  |
| NIKE, Inc. - Class B | 6858 | 386791  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 293 | 414654  |
| PACCAR, Inc. | 2877 | 259534  |
| Pool Corporation | 80 | 23451  |
| PulteGroup, Inc. | 392 | 40211  |
| Ross Stores, Inc. | 1787 | 248393  |
| Royal Caribbean Cruises, Ltd. | 885 | 190195  |
| Southwest Airlines Company | 1817 | 50803  |
| Starbucks Corporation | 4670 | 373834  |
| Target Corporation | 1754 | 169612  |
| Tesla, Inc.<sup>(a)</sup> | 11061 | 3120972  |
| TJX Company, Inc. | 4812 | 619208  |
| Tractor Supply Company | 3403 | 172260  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 110 | 43520  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 961 | 66136  |
| W.W. Grainger, Inc. | 114 | 116771  |
| Walmart, Inc. | 17286 | 1681063  |
| Yum! Brands, Inc. | 1015 | 152697  |
|  |  | 15822915  |
| **Consumer, Non-cyclical- 14.8%**<br>|  |  |
| Abbott Laboratories | 7190 | 940092  |
| AbbVie, Inc. | 7190 | 1402769  |
| Agilent Technologies, Inc. | 1537 | 165381  |
| Align Technology, Inc.<sup>(a)</sup> | 283 | 49044  |
| Altria Group, Inc. | 6809 | 402752  |
| Amgen, Inc. | 2107 | 612968  |
| Automatic Data Processing, Inc. | 1717 | 516130  |
| Avery Dennison Corporation | 345 | 59033  |
| Baxter International, Inc. | 1702 | 53051  |
| Becton Dickinson & Company | 1273 | 263626  |
| Biogen, Inc.<sup>(a)</sup> | 568 | 68773  |
|  Booz Allen Hamilton Holding Corporation | 376 | 45127  |
| Boston Scientific Corporation<sup>(a)</sup> | 6953 | 715255  |
| Bristol-Myers Squibb Company | 8812 | 442362  |
| Cardinal Health, Inc. | 854 | 120662  |
| Cencora, Inc. | 700 | 204869  |
| Centene Corporation<sup>(a)</sup> | 2928 | 175241  |
| Church & Dwight Company, Inc. | 849 | 84340  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
| Cigna Group | 1201 | $408388  |
| Cintas Corporation | 1443 | 305454  |
| Clorox Company | 366 | 52082  |
| Coca-Cola Company | 27945 | 2027410  |
| Colgate-Palmolive Company | 3148 | 290214  |
| Corpay, Inc.<sup>(a)</sup> | 164 | 53361  |
| Corteva, Inc. | 2652 | 164397  |
| CVS Health Corporation | 5198 | 346759  |
| Danaher Corporation | 2654 | 529022  |
| Dexcom, Inc.<sup>(a)</sup> | 2352 | 167886  |
| Edwards Lifesciences Corporation<sup>(a)</sup> | 3147 | 237567  |
| Elevance Health, Inc. | 1111 | 467264  |
| Eli Lilly & Company | 3266 | 2935971  |
| Equifax, Inc. | 376 | 97809  |
| GE HealthCare Technologies, Inc. | 1529 | 107534  |
| General Mills, Inc. | 2141 | 121480  |
| Gilead Sciences, Inc. | 5190 | 552943  |
| Global Payments, Inc. | 901 | 68755  |
| GRAIL, Inc.<sup>(a)</sup> | 77 | 2656  |
| HCA Healthcare, Inc. | 1259 | 434456  |
| Hershey Company | 1152 | 192603  |
| Hormel Foods Corporation | 1788 | 53461  |
| Humana, Inc. | 583 | 152886  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 310 | 134121  |
| Illumina, Inc.<sup>(a)</sup> | 566 | 43922  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1462 | 754100  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 688 | 106688  |
| Johnson & Johnson | 10046 | 1570290  |
| Kellanova | 1141 | 94441  |
| Kenvue, Inc. | 11861 | 279920  |
| Keurig Dr Pepper, Inc. | 3402 | 117675  |
| Kimberly-Clark Corporation | 1238 | 163144  |
| Kraft Heinz Company | 4661 | 135635  |
| Kroger Company | 2414 | 174315  |
| McCormick & Company, Inc. | 886 | 67921  |
| McKesson Corporation | 629 | 448345  |
| Medtronic PLC | 5419 | 459314  |
| Merck & Company, Inc. | 11366 | 968383  |
| Moderna, Inc.<sup>(a)</sup> | 1429 | 40784  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 126 | 41203  |
| Mondelez International, Inc. - Class A | 5514 | 375669  |
| Monster Beverage Corporation<sup>(a)</sup> | 6186 | 371902  |
| Moody's Corporation | 666 | 301778  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 4245 | 279491  |
| Pfizer, Inc. | 25848 | 630950  |
| Philip Morris International, Inc. | 6299 | 1079397  |
| Procter & Gamble Company | 9655 | 1569613  |
| Quanta Services, Inc. | 433 | 126735  |
| Regeneron Pharmaceuticals, Inc. | 388 | 232319  |
| ResMed, Inc. | 424 | 100314  |
| S&P Global, Inc. | 1279 | 639564  |
| Solventum Corporation<sup>(a)</sup> | 456 | 30151  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| STERIS PLC | 318 | $71467  |
| Stryker Corporation | 1416 | 529471  |
| Sysco Corporation | 1754 | 125236  |
| Thermo Fisher Scientific, Inc. | 1522 | 652938  |
| Tyson Foods, Inc. - Class A | 1148 | 70303  |
| United Rentals, Inc. | 155 | 97875  |
| UnitedHealth Group, Inc. | 4197 | 1726814  |
| Verisk Analytics, Inc. | 872 | 258487  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 978 | 498291  |
| West Pharmaceutical Services, Inc. | 378 | 79868  |
| WK Kellogg Company | 285 | 5110  |
| Zimmer Biomet Holdings, Inc. | 666 | 68631  |
| Zoetis, Inc. | 1856 | 290278  |
|  |  | 31904686  |
| **Energy - 2.6%**<br>|  |  |
| Baker Hughes Company | 3842 | 136007  |
| ConocoPhillips | 5708 | 508697  |
| Coterra Energy, Inc. | 2593 | 63684  |
| Devon Energy Corporation | 2292 | 69700  |
| EOG Resources, Inc. | 2832 | 312455  |
| Exxon Mobil Corporation | 25558 | 2699691  |
| Hess Corporation | 1180 | 152279  |
| Kinder Morgan, Inc. | 8571 | 225417  |
| Marathon Petroleum Corporation | 2069 | 284301  |
| Occidental Petroleum Corporation | 3119 | 122920  |
| ONEOK, Inc. | 1523 | 125130  |
| Phillips 66 | 1723 | 179295  |
| Schlumberger NV | 7821 | 260048  |
| Targa Resources Corporation | 690 | 117921  |
| Valero Energy Corporation | 1295 | 150337  |
| Williams Companies, Inc. | 4633 | 271355  |
|  |  | 5679237  |
| **Financial - 13.3%**<br>|  |  |
| Aflac, Inc. | 2961 | 321802  |
| Alexandria Real Estate Equities, Inc. | 568 | 41271  |
| Allstate Corporation | 898 | 178154  |
| American Express Company | 2346 | 624998  |
| American Homes 4 Rent - Class A | 1789 | 66891  |
| American International Group, Inc. | 3770 | 307330  |
| American Tower Corporation | 2145 | 483504  |
| Ameriprise Financial, Inc. | 337 | 158734  |
| Aon PLC - Class A | 899 | 318956  |
| Apollo Global Management, Inc. | 998 | 136207  |
| Arch Capital Group, Ltd. | 1249 | 113259  |
| Arthur J. Gallagher & Company | 954 | 305938  |
| AvalonBay Communities, Inc. | 600 | 125988  |
| Bank of America Corporation | 28733 | 1145872  |
| Bank of New York Mellon Corporation | 2830 | 227560  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 7358 | 3923654  |
| Blackrock, Inc. | 603 | 551299  |
| Blackstone, Inc. | 4584 | 603759  |
| Brown & Brown, Inc. | 921 | 101863  |
| Capital One Financial Corporation | 1428 | 257411  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 996 | $121691  |
| Charles Schwab Corporation | 6083 | 495156  |
| Chubb, Ltd. | 1705 | 487766  |
| Citigroup, Inc. | 7418 | 507243  |
| CME Group, Inc. | 1294 | 358542  |
| CoStar Group, Inc.<sup>(a)</sup> | 1464 | 108585  |
| Crown Castle, Inc. | 2628 | 277937  |
| Digital Realty Trust, Inc. | 1169 | 187671  |
| Discover Financial Services | 851 | 155452  |
| Equinix, Inc. | 408 | 351186  |
| Equity Residential | 1763 | 123868  |
| Extra Space Storage, Inc. | 664 | 97289  |
| Fifth Third Bancorp | 2144 | 77055  |
|  First Citizens BancShares, Inc. - Class A | 33 | 58712  |
| Goldman Sachs Group, Inc. | 1268 | 694293  |
| Hartford Insurance Group, Inc. | 971 | 119113  |
| Intercontinental Exchange, Inc. | 2293 | 385155  |
| Invitation Homes, Inc. | 3184 | 108861  |
| Iron Mountain, Inc. | 933 | 83662  |
| JPMorgan Chase & Company | 11907 | 2912690  |
| M&T Bank Corporation | 567 | 96254  |
| Markel Group, Inc.<sup>(a)</sup> | 29 | 52739  |
| Marsh & McLennan Companies, Inc. | 2032 | 458155  |
| Mastercard, Inc. - Class A | 3447 | 1889163  |
| MetLife, Inc. | 3487 | 262815  |
| Millrose Properties, Inc.<sup>(a)</sup> | 474 | 11869  |
| Morgan Stanley | 5244 | 605263  |
| Nasdaq, Inc. | 1704 | 129862  |
| NU Holdings, Ltd. - Class A<sup>(a)</sup> | 17281 | 214803  |
| PNC Financial Services Group, Inc. | 1492 | 239749  |
| Principal Financial Group, Inc. | 711 | 52721  |
| Progressive Corporation | 2705 | 762107  |
| Prologis, Inc. | 3725 | 380695  |
| Prudential Financial, Inc. | 1239 | 127258  |
| Public Storage | 957 | 287512  |
| Realty Income Corporation | 2692 | 155759  |
| SBA Communications Corporation | 338 | 82269  |
| Simon Property Group, Inc. | 1215 | 191217  |
| State Street Corporation | 1001 | 88188  |
| T Rowe Price Group, Inc. | 695 | 61542  |
| Travelers Companies, Inc. | 871 | 230057  |
| Truist Financial Corporation | 5153 | 197566  |
| US Bancorp | 5993 | 241758  |
| VICI Properties, Inc. | 3518 | 112646  |
| Visa, Inc. - Class A | 6871 | 2373931  |
| Wells Fargo & Company | 15165 | 1076867  |
| Welltower, Inc. | 3114 | 475165  |
| Weyerhaeuser Company | 2423 | 62780  |
| Willis Towers Watson PLC | 331 | 101882  |
|  |  | 28728969  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial - 5.8%**<br>|  |  |
| 3M Company | 2088 | $290044  |
| Amcor PLC | 7182 | 66074  |
| AMETEK, Inc. | 731 | 123963  |
| Amphenol Corporation - Class A | 4598 | 353816  |
| Ball Corporation | 1241 | 64458  |
| Carrier Global Corporation | 3194 | 199753  |
| Caterpillar, Inc. | 2076 | 642045  |
| CSX Corporation | 3695 | 103719  |
| Deere & Company | 1004 | 465414  |
| Dover Corporation | 401 | 68431  |
| Eaton Corporation PLC | 1698 | 499840  |
| Emerson Electric Company | 2112 | 221992  |
| Fortive Corporation | 1196 | 83349  |
| Garmin, Ltd. | 617 | 115299  |
| GE Vernova, Inc. | 1030 | 381945  |
| General Dynamics Corporation | 1204 | 327632  |
| General Electric Company | 6292 | 1268090  |
| Graco, Inc. | 437 | 35664  |
| HEICO Corporation | 367 | 92029  |
| Honeywell International, Inc. | 2668 | 561614  |
| Howmet Aerospace, Inc. | 1297 | 179738  |
| Illinois Tool Works, Inc. | 1465 | 351468  |
| Ingersoll Rand, Inc. | 1421 | 107186  |
| JB Hunt Transport Services, Inc. | 320 | 41786  |
| Johnson Controls International PLC | 2586 | 216965  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 594 | 86368  |
| L3Harris Technologies, Inc. | 629 | 138393  |
| Lincoln Electric Holdings, Inc. | 109 | 19206  |
| Lockheed Martin Corporation | 900 | 429975  |
| Martin Marietta Materials, Inc. | 143 | 74929  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 63 | 67446  |
| Norfolk Southern Corporation | 364 | 81554  |
| Northrop Grumman Corporation | 661 | 321576  |
| Old Dominion Freight Line, Inc. | 309 | 47363  |
| Otis Worldwide Corporation | 2405 | 231529  |
| Owens Corning | 285 | 41442  |
| Packaging Corporation of America | 395 | 73316  |
| Parker-Hannifin Corporation | 419 | 253520  |
| Republic Services, Inc. | 1182 | 296386  |
| Rockwell Automation, Inc. | 365 | 90403  |
| RTX Corporation | 6008 | 757789  |
| TE Connectivity PLC | 1192 | 174485  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 101 | 47069  |
| Trane Technologies PLC | 870 | 333480  |
| TransDigm Group, Inc. | 136 | 192177  |
| Union Pacific Corporation | 2426 | 523191  |
| United Parcel Service, Inc. - Class B | 5539 | 527867  |
| Veralto Corporation | 884 | 84776  |
| Vulcan Materials Company | 407 | 106768  |
| Waste Management, Inc. | 1843 | 430082  |
|  Westinghouse Air Brake Technologies Corporation | 590 | 108997  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
| Xylem, Inc. | 849 | $102364  |
|  |  | 12504765  |
| **Technology - 26.1%<sup>(b)</sup>**<br>|  |  |
| Accenture PLC - Class A | 2593 | 775696  |
| Adobe, Inc.<sup>(a)</sup> | 2038 | 764209  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7382 | 718638  |
| Analog Devices, Inc. | 2045 | 398611  |
| ANSYS, Inc.<sup>(a)</sup> | 299 | 96242  |
| Apple, Inc. | 59012 | 12540050  |
| Applied Materials, Inc. | 3784 | 570287  |
| Autodesk, Inc.<sup>(a)</sup> | 851 | 233387  |
| Broadcom, Inc. | 21410 | 4120783  |
| Broadridge Financial Solutions, Inc. | 849 | 205798  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 996 | 296549  |
|  Cognizant Technology Solutions Corporation - Class A | 1778 | 130807  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - <br>Class A<sup>(a)</sup> | 651 | 279194  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 876 | 89492  |
| Dell Technologies, Inc. - Class C | 2832 | 259864  |
| Electronic Arts, Inc. | 937 | 135949  |
| Fair Isaac Corporation<sup>(a)</sup> | 55 | 109432  |
|  Fidelity National Information Services, Inc. | 2049 | 161625  |
| Fiserv, Inc.<sup>(a)</sup> | 2324 | 428941  |
| Fortinet, Inc.<sup>(a)</sup> | 3119 | 323627  |
| Gartner, Inc.<sup>(a)</sup> | 286 | 120429  |
| Hewlett Packard Enterprise Company | 4368 | 70849  |
| HP, Inc. | 3448 | 88165  |
| Intel Corporation | 19669 | 395347  |
|  International Business Machines Corporation | 3736 | 903440  |
| Intuit, Inc. | 1160 | 727865  |
| KLA Corporation | 1329 | 933875  |
| Micron Technology, Inc. | 4301 | 330962  |
| Microsoft Corporation | 30009 | 11861357  |
| Monolithic Power Systems, Inc. | 112 | 66427  |
| MSCI, Inc. | 298 | 162443  |
| NVIDIA Corporation | 111690 | 12165275  |
| NXP Semiconductors NV | 956 | 176200  |
| Oracle Corporation | 6105 | 859096  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 5488 | 649999  |
| Paychex, Inc. | 2079 | 305863  |
| QUALCOMM, Inc. | 4563 | 677423  |
| Roper Technologies, Inc. | 367 | 205549  |
| Salesforce, Inc. | 4077 | 1095531  |
| ServiceNow, Inc.<sup>(a)</sup> | 857 | 818444  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 721 | 114992  |
| Synopsys, Inc.<sup>(a)</sup> | 589 | 270357  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 586 | 136726  |
| Texas Instruments, Inc. | 3747 | 599707  |
|  |  | 56375502  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 1.9%**<br>|  |  |
| Ameren Corporation | 870 | $86339  |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, <br>Inc. | 2874 | 311369  |
| American Water Works Company, Inc. | 640 | 94086  |
| Consolidated Edison, Inc. | 2114 | 238354  |
| Constellation Energy Corporation | 1212 | 270809  |
| Dominion Energy, Inc. | 4813 | 261731  |
| DTE Energy Company | 650 | 89050  |
| Duke Energy Corporation | 2908 | 354834  |
| Edison International | 1248 | 66780  |
| Entergy Corporation | 1314 | 109285  |
| Eversource Energy | 1159 | 68937  |
| Exelon Corporation | 5487 | 257340  |
| FirstEnergy Corporation | 1835 | 78685  |
| NextEra Energy, Inc. | 8253 | 551961  |
| PG&E Corporation | 12492 | 206368  |
| PPL Corporation | 2365 | 86323  |
| Public Service Enterprise Group, Inc. | 1733 | 138519  |
| Sempra | 3396 | 252221  |
| Southern Company | 4089 | 375738  |
| WEC Energy Group, Inc. | 1003 | 109849  |
| Xcel Energy, Inc. | 1981 | 140057  |
|  |  | 4148635  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $162,045,428)** |  | 186529295  |
| **EXCHANGE TRADED FUNDS - 2.8%** | **EXCHANGE TRADED FUNDS - 2.8%** | **EXCHANGE TRADED FUNDS - 2.8%** |
| **Large Cap Core Equity - 2.8%**<br>|  |  |
|  BNY Mellon US Large Cap Core Equity ETF | 57414 | 6074401  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $5,905,382)** |  | 6074401  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 10.9%** | **SHORT-TERM INVESTMENTS - 10.9%** | **SHORT-TERM INVESTMENTS - 10.9%** |
| **Equity-Linked Notes - 10.1%** <br>|  |  |
|  Citigroup Global Markets Holdings Inc., ELN, (linked to S&P 500 Index), 37.74%, 05/22/2025<sup>(c)</sup>  | $7000000 | 6881821  |
|  Nomura Securities International Inc, ELN, (linked to S&P 500 Index), 15.10%, 05/30/2025<sup>(c)</sup>  | 7500000 | 7562841  |
|  RBC Capital Markets, LLC, ELN, (linked to S&P 500 Index), 15.41%, 05/15/2025<sup>(c)</sup>  | 7200000 | 7385569  |
|  |  | 21830231  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  |
| **Money Market Funds - 0.8%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(d)</sup> | 1634656 | $1634656  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,334,656)** |  | 23464887  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $191,285,466)** |  | $216068583  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(e)</sup> |  | 22704  |
| **TOTAL NET ASSETS - 100.0%** |  | $216091287 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $21,830,231 or 10.1% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Upside ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Basic Materials - 1.4%**<br>|  |  |
| Linde PLC | 779 | $353066  |
| Sherwin-Williams Company | 738 | 260455  |
|  |  | 613521  |
| **Communications - 12.0%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1784 | 217505  |
| Alphabet, Inc. - Class A | 2002 | 317917  |
| Alphabet, Inc. - Class C | 1921 | 309070  |
| Amazon.com, Inc.<sup>(a)</sup> | 4735 | 873229  |
| AT&T, Inc. | 14574 | 403700  |
| Cisco Systems, Inc. | 4683 | 270349  |
| Expedia Group, Inc. | 1825 | 286397  |
| MercadoLibre, Inc.<sup>(a)</sup> | 169 | 393914  |
| Meta Platforms, Inc. - Class A | 612 | 335988  |
| Motorola Solutions, Inc. | 1248 | 549607  |
| Netflix, Inc.<sup>(a)</sup> | 401 | 453820  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 1395 | 260767  |
| Spotify Technology SA<sup>(a)</sup> | 807 | 495482  |
|  |  | 5167745  |
| **Consumer, Cyclical - 7.7%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 6823 | 344698  |
| Costco Wholesale Corporation | 396 | 393822  |
| Fastenal Company | 3290 | 266391  |
| Home Depot, Inc. | 695 | 250541  |
| TJX Company, Inc. | 3459 | 445104  |
| Tractor Supply Company | 5368 | 271728  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 552 | 218393  |
| W.W. Grainger, Inc. | 308 | 315488  |
| Walmart, Inc. | 5413 | 526414  |
|  Warner Music Group Corporation - Class A | 8717 | 265433  |
|  |  | 3298012  |
| **Consumer, Non-cyclical - 25.1%<sup>(b)</sup>**<br>|  |  |
| AbbVie, Inc. | 2630 | 513113  |
| Altria Group, Inc. | 4088 | 241805  |
| Automatic Data Processing, Inc. | 1597 | 480058  |
| Cencora, Inc. | 2235 | 654118  |
| Church & Dwight Company, Inc. | 3142 | 312126  |
| Cintas Corporation | 1908 | 403885  |
| Clorox Company | 2409 | 342801  |
| Coca-Cola Company | 8154 | 591573  |
| Colgate-Palmolive Company | 6421 | 591952  |
| Elevance Health, Inc. | 470 | 197673  |
| Eli Lilly & Company | 364 | 327218  |
| Hershey Company | 2297 | 384035  |
| Johnson & Johnson | 2324 | 363264  |
| Kellanova | 6432 | 532377  |
| Kimberly-Clark Corporation | 4160 | 548205  |
| McKesson Corporation | 405 | 288680  |
| Merck & Company, Inc. | 4165 | 354858  |
| Monster Beverage Corporation<sup>(a)</sup> | 4737 | 284788  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Moody's Corporation | 486 | $220216  |
| PepsiCo, Inc. | 3004 | 407282  |
| Philip Morris International, Inc. | 2071 | 354887  |
| Procter & Gamble Company | 2435 | 395858  |
| Rollins, Inc. | 6777 | 387170  |
| Sysco Corporation | 5641 | 402767  |
| UnitedHealth Group, Inc. | 720 | 296237  |
| Verisk Analytics, Inc. | 1979 | 586635  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 639 | 325571  |
|  |  | 10789152  |
| **Energy - 6.1%**<br>|  |  |
| Cheniere Energy, Inc. | 2676 | 618450  |
| Diamondback Energy, Inc. | 1328 | 175309  |
| Exxon Mobil Corporation | 2459 | 259744  |
| Marathon Petroleum Corporation | 2901 | 398626  |
| ONEOK, Inc. | 3441 | 282713  |
| Phillips 66 | 2469 | 256924  |
| Targa Resources Corporation | 1454 | 248489  |
| Williams Companies, Inc. | 6501 | 380764  |
|  |  | 2621019  |
| **Financial - 16.3%**<br>|  |  |
| American Express Company | 1028 | 273870  |
| Ameriprise Financial, Inc. | 571 | 268952  |
| Arch Capital Group, Ltd. | 3730 | 338236  |
| Arthur J. Gallagher & Company | 1103 | 353721  |
| Cboe Global Markets, Inc. | 2244 | 497719  |
| Chubb, Ltd. | 1471 | 420824  |
| CME Group, Inc. | 1905 | 527837  |
| Hartford Insurance Group, Inc. | 3304 | 405302  |
|  Interactive Brokers Group, Inc. - Class A | 1912 | 328577  |
| Iron Mountain, Inc. | 4314 | 386836  |
| Marsh & McLennan Companies, Inc. | 1924 | 433804  |
| Mastercard, Inc. - Class A | 761 | 417074  |
| Progressive Corporation | 2078 | 585456  |
| Simon Property Group, Inc. | 1345 | 211676  |
| Travelers Companies, Inc. | 1368 | 361330  |
| Visa, Inc. - Class A | 1119 | 386615  |
| W R Berkley Corporation | 7194 | 515738  |
| Welltower, Inc. | 1954 | 298161  |
|  |  | 7011728  |
| **Industrial - 7.7%**<br>|  |  |
| Garmin, Ltd. | 2169 | 405321  |
| General Dynamics Corporation | 1020 | 277562  |
| Honeywell International, Inc. | 1224 | 257652  |
| Illinois Tool Works, Inc. | 963 | 231033  |
| Lockheed Martin Corporation | 1234 | 589544  |
| Republic Services, Inc. | 1961 | 491721  |
| Trane Technologies PLC | 880 | 337313  |
| Waste Management, Inc. | 1954 | 455985  |
|  Westinghouse Air Brake Technologies Corporation | 1522 | 281174  |
|  |  | 3327305  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Upside ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Technology - 19.5%**<br>|  |  |
| Apple, Inc. | 8907 | $1892737  |
| Broadridge Financial Solutions, Inc. | 1307 | 316817  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 2591 | 264697  |
| Fiserv, Inc.<sup>(a)</sup> | 1930 | 356220  |
| Fortinet, Inc.<sup>(a)</sup> | 2598 | 269568  |
| Leidos Holdings, Inc. | 2556 | 376192  |
| Microsoft Corporation | 4811 | 1901596  |
| NetApp, Inc. | 1994 | 178962  |
| NVIDIA Corporation | 15842 | 1725511  |
| Oracle Corporation | 1834 | 258080  |
| Paychex, Inc. | 2482 | 365152  |
| ServiceNow, Inc.<sup>(a)</sup> | 501 | 478460  |
|  |  | 8383992  |
| **Utilities - 0.6%**<br>|  |  |
| Entergy Corporation | 3077 | 255914  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $42,396,750)** |  | 41468388  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 8.8%** | **SHORT-TERM INVESTMENTS - 8.8%** | **SHORT-TERM INVESTMENTS - 8.8%** |
| **U.S. Treasury Bills - 8.8%**<br>|  |  |
| 4.22%, 07/17/2025<sup>(c)</sup> | $3800000 | 3766030  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $3,766,210)** |  | 3766030  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $46,162,960)** |  | $45234418  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.2)% |  | (2227055)  |
| **TOTAL NET ASSETS - 100.0%** |  | $43007363 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Upside ETF** 

**Schedule of Total Return Swap Contracts** 

**April 30, 2025(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Entity** | **Counter**<br>**party** | **Pay/Receive** <br>**Reference Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| RCXTSOA6<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 01/26/2026 | $28940495 | &nbsp;&nbsp;&nbsp; $(1901231)  |
| RCXTSOA6<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 09/08/2026 | 13805030 | &nbsp;&nbsp;&nbsp; (812944)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $(2714175) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.

EFFR - Effective Federal Funds Rate was 4.33% as of April 30, 2025.

<sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of April 30, 2025, the components of the Index are provided on the next page. 

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Upside ETF** 

**Schedule of Total Return Swap Contracts** 

**April 30, 2025(Continued)** 

The underlying components of the index as of April 30, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts:**  | **Option Contracts:**  | **Option Contracts:**  | **Option Contracts:**  | **Option Contracts:**  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5195 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (54.08) | (8) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5240 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (74.02) | (12) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5280 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (113.31) | (29) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5410 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (590.43) | (1477) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5420 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (208.11) | (631) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5630 Index | 05/01/2025 | &nbsp;&nbsp;&nbsp; (45.43) | (3233) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5210 Index | 05/02/2025 | &nbsp;&nbsp;&nbsp; (53.06) | (23) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5250 Index | 05/02/2025 | &nbsp;&nbsp;&nbsp; (73.52) | (53) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5360 Index | 05/02/2025 | &nbsp;&nbsp;&nbsp; (206.94) | (940) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5385 Index | 05/02/2025 | &nbsp;&nbsp;&nbsp; (113.28) | (741) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5670 Index | 05/02/2025 | &nbsp;&nbsp;&nbsp; (45.38) | (5065) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5220 Index | 05/05/2025 | &nbsp;&nbsp;&nbsp; (52.71) | (89) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5325 Index | 05/05/2025 | &nbsp;&nbsp;&nbsp; (112.64) | (690) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5345 Index | 05/05/2025 | &nbsp;&nbsp;&nbsp; (73.51) | (567) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5400 Index | 05/05/2025 | &nbsp;&nbsp;&nbsp; (45.25) | (623) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5100 Index | 05/06/2025 | &nbsp;&nbsp;&nbsp; (45.90) | (55) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5290 Index | 05/06/2025 | &nbsp;&nbsp;&nbsp; (73.09) | (470) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5320 Index | 05/06/2025 | &nbsp;&nbsp;&nbsp; (52.70) | (455) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5060 Index | 05/07/2025 | &nbsp;&nbsp;&nbsp; (46.16) | (78) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5270 Index | 05/07/2025 | &nbsp;&nbsp;&nbsp; (52.40) | (440) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P4980 Index | 05/08/2025 | &nbsp;&nbsp;&nbsp; (46.14) | (93) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5460 Index | 05/09/2025 | &nbsp;&nbsp;&nbsp; (46.24) | (2079) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5275 Index | 05/12/2025 | &nbsp;&nbsp;&nbsp; (45.56) | (857) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5360 Index | 05/13/2025 | &nbsp;&nbsp;&nbsp; (45.88) | (1582) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5410 Index | 05/14/2025 | &nbsp;&nbsp;&nbsp; (45.69) | (2173) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5400 Index | 05/15/2025 | &nbsp;&nbsp;&nbsp; (45.80) | (2269) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5275 Index | 05/16/2025 | &nbsp;&nbsp;&nbsp; (45.85) | (1460) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5280 Index | 05/19/2025 | &nbsp;&nbsp;&nbsp; (46.13) | (1640) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5150 Index | 05/20/2025 | &nbsp;&nbsp;&nbsp; (46.18) | (1066) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5290 Index | 05/21/2025 | &nbsp;&nbsp;&nbsp; (46.44) | (1941) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5375 Index | 05/22/2025 | &nbsp;&nbsp;&nbsp; (46.15) | (2758) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5480 Index | 05/23/2025 | &nbsp;&nbsp;&nbsp; (45.90) | (4040) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5525 Index | 05/27/2025 | &nbsp;&nbsp;&nbsp; (45.46) | (4805) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5530 Index | 05/28/2025 | &nbsp;&nbsp;&nbsp; (45.32) | (5000) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5560 Index | 05/29/2025 | &nbsp;&nbsp;&nbsp; (45.34) | (5663) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P5570 Index | 05/30/2025 | &nbsp;&nbsp;&nbsp; (45.20) | (5930) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| **Total Options Contracts** |  |  | (59035) | &nbsp;&nbsp;&nbsp;&nbsp; -0.14%  |
| **Cash** | **Cash** | **Cash** | **Cash** | **Cash** |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 42804560  | &nbsp;&nbsp;&nbsp;&nbsp;100.14%  |
| **Total Underlying Positions** |  |  | $42745525  | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Opus Small Cap Value ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Basic Materials - 2.7%**<br>|  |  |
| Hawkins, Inc. | 86363 | $10517286  |
| United States Lime & Minerals, Inc. | 38701 | 3618931  |
|  |  | 14136217  |
| **Communications - 1.0%**<br>|  |  |
| A10 Networks, Inc. | 306477 | 5050741  |
| **Consumer, Cyclical - 11.9%**<br>|  |  |
| Boyd Gaming Corporation | 98404 | 6803653  |
| Casey's General Stores, Inc. | 29002 | 13416035  |
| Copa Holdings SA - Class A | 53782 | 4935036  |
| Gildan Activewear, Inc. | 128471 | 5925082  |
| KB Home | 157229 | 8495083  |
| Murphy USA, Inc. | 18432 | 9189642  |
| Texas Roadhouse, Inc. | 78377 | 13007447  |
|  |  | 61771978  |
| **Consumer, Non-cyclical - 10.7%**<br>|  |  |
| Chemed Corporation | 22004 | 12795546  |
| Encompass Health Corporation | 103274 | 12082025  |
| Ensign Group, Inc. | 104575 | 13489129  |
| Hackett Group, Inc. | 255763 | 6532187  |
| LeMaitre Vascular, Inc. | 55521 | 5037976  |
| Service Corporation International | 72274 | 5774693  |
|  |  | 55711556  |
| **Energy - 7.5%**<br>|  |  |
| Chord Energy Corporation | 65044 | 5868920  |
| Helmerich & Payne, Inc. | 95806 | 1809775  |
| Kimbell Royalty Partners LP | 157981 | 1895772  |
| Northern Oil & Gas, Inc. | 271543 | 6598495  |
| Range Resources Corporation | 179295 | 6083480  |
| Sitio Royalties Corporation - Class A | 261021 | 4426916  |
| Viper Energy, Inc. | 307937 | 12419099  |
|  |  | 39102457  |
| **Financial - 36.7%<sup>(a)</sup>**<br>|  |  |
| Agree Realty Corporation | 74930 | 5815317  |
| American Healthcare REIT, Inc. | 267046 | 8620245  |
| American Homes 4 Rent - Class A | 140930 | 5269373  |
| Compass Diversified Holdings | 384272 | 6605636  |
| EastGroup Properties, Inc. | 45100 | 7370242  |
|  Enterprise Financial Services Corporation | 190447 | 9907053  |
| Essential Properties Realty Trust, Inc. | 272931 | 8780190  |
| FirstService Corporation | 30550 | 5362441  |
| Four Corners Property Trust, Inc. | 143265 | 4004257  |
| German American Bancorp, Inc. | 220630 | 8364083  |
| Hanover Insurance Group, Inc. | 72302 | 12009362  |
| Hingham Institution For Savings | 20304 | 5067066  |
| Home BancShares, Inc. | 310961 | 8629168  |
| Houlihan Lokey, Inc. | 53810 | 8721525  |
| Kemper Corporation | 93482 | 5526656  |
| Ladder Capital Corporation | 540282 | 5640544  |
| Lakeland Financial Corporation | 125686 | 6996940  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| National Storage Affiliates Trust | 102710 | $3820812  |
| Pathward Financial, Inc. | 116853 | 9274623  |
| Primerica, Inc. | 42015 | 11010871  |
|  Seacoast Banking Corporation of Florida | 360233 | 8541124  |
| Stock Yards Bancorp, Inc. | 153587 | 11179598  |
| Terreno Realty Corporation | 88244 | 4970785  |
| Victory Capital Holdings, Inc. - Class A | 93812 | 5374489  |
| West BanCorp, Inc. | 330909 | 6421289  |
| Wintrust Financial Corporation | 71302 | 7926643  |
|  |  | 191210332  |
| **Industrial - 19.3%**<br>|  |  |
| AptarGroup, Inc. | 51627 | 7741469  |
| Arcosa, Inc. | 107180 | 8581903  |
| Comfort Systems USA, Inc. | 30107 | 11969038  |
| Curtiss-Wright Corporation | 31694 | 10930944  |
| Flowserve Corporation | 143887 | 6508009  |
| Franklin Electric Company, Inc. | 39540 | 3359318  |
| Graco, Inc. | 83809 | 6839652  |
| Graphic Packaging Holding Company | 235564 | 5962125  |
| Kadant, Inc. | 33675 | 9934125  |
| nVent Electric PLC | 84128 | 4619468  |
| Owens Corning | 61563 | 8951876  |
| Primoris Services Corporation | 113714 | 6819429  |
| UFP Industries, Inc. | 84030 | 8306365  |
|  |  | 100523721  |
| **Technology - 2.6%**<br>|  |  |
| Amdocs, Ltd. | 51195 | 4534853  |
| Climb Global Solutions, Inc. | 23036 | 2427994  |
| Sapiens International Corporation NV | 230177 | 6304548  |
|  |  | 13267395  |
| **Utilities - 4.5%**<br>|  |  |
| California Water Service Group | 146369 | 7413590  |
| National Fuel Gas Company | 108277 | 8313508  |
| New Jersey Resources Corporation | 162388 | 7947269  |
|  |  | 23674367  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $486,422,595)** |  | 504448764  |
| **SHORT-TERM INVESTMENTS - 3.1%** | **SHORT-TERM INVESTMENTS - 3.1%** | **SHORT-TERM INVESTMENTS - 3.1%** |
| **Money Market Funds - 3.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 16067402 | 16067402  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $16,067,402)** |  | 16067402  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $502,489,997)** |  | $520516166  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (101891)  |
| **TOTAL NET ASSETS - 100.0%** |  | $520414275 |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Opus Small Cap Value ETF** 

**Schedule of Investments** 

**April 30, 2025(Continued)** 

Percentages are stated as a percent of net assets.

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Assets and Liabilities** 

**April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment** <br>**Opportunity ETF** | **Aptus Defined** <br>**Risk ETF** | **Aptus Drawdown** <br>**Managed Equity** <br>**ETF** | **Aptus Enhanced** <br>**Yield ETF** | **Aptus International** <br>**Enhanced Yield** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | &nbsp;&nbsp; $1754270275 | $375851245 | &nbsp;&nbsp;&nbsp; $222415874 | &nbsp;&nbsp; $304410086 | &nbsp;&nbsp;&nbsp;&nbsp; $282632105  |
| Investments in affiliated securities, at value | &nbsp;&nbsp; — | 781860854 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Deposit at broker for option contracts | &nbsp;&nbsp; 4679188 | 15367707 | &nbsp;&nbsp;&nbsp; 432210 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Cash collateral for written options | &nbsp;&nbsp; 185589 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Receivable for fund shares sold | &nbsp;&nbsp; 1925615 | 2055727 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 566728 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Dividends receivable | &nbsp;&nbsp; 738512 |  | &nbsp;&nbsp;&nbsp; 97619 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Receivable for investments sold | &nbsp;&nbsp; 77719 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10640074 | &nbsp;&nbsp;&nbsp;&nbsp; 9672161  |
| Interest receivable | &nbsp;&nbsp; 37021 | 135617 | &nbsp;&nbsp;&nbsp; 5363 | &nbsp;&nbsp; 2596755 | &nbsp;&nbsp;&nbsp;&nbsp; 391794  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 18356 |  | &nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 1761932275 | 1175271150 | &nbsp;&nbsp;&nbsp; 222953509 | &nbsp;&nbsp; 318213643 | &nbsp;&nbsp;&nbsp;&nbsp; 292696060  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | &nbsp;&nbsp; 8496400 | 4343750 | &nbsp;&nbsp;&nbsp; 347750 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Payable for investments purchased | &nbsp;&nbsp; 1955424 | 1942931 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000  |
| Payable to adviser | &nbsp;&nbsp; 1087786 | 647614 | &nbsp;&nbsp;&nbsp; 141947 | &nbsp;&nbsp; 147936 | &nbsp;&nbsp;&nbsp;&nbsp; 85577  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 11539610 | 6934295 | &nbsp;&nbsp;&nbsp; 489697 | &nbsp;&nbsp; 11047936 | &nbsp;&nbsp;&nbsp;&nbsp; 10085577  |
| **NET ASSETS** | &nbsp;&nbsp; $1750392665 | $1168336855 | &nbsp;&nbsp;&nbsp; $222463812 | &nbsp;&nbsp; $307165707 | &nbsp;&nbsp;&nbsp;&nbsp; $282610483  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $1625189389 | $1253403886 | &nbsp;&nbsp;&nbsp; $293711862 | &nbsp;&nbsp; $345117352 | &nbsp;&nbsp;&nbsp;&nbsp; $307153606  |
|  Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; 125203276 | (85067031) | &nbsp;&nbsp;&nbsp; (71248050) | &nbsp;&nbsp; (37951645) | &nbsp;&nbsp;&nbsp;&nbsp; (24543123)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $1750392665 | $1168336855 | &nbsp;&nbsp;&nbsp; $222463812 | &nbsp;&nbsp; $307165707 | &nbsp;&nbsp;&nbsp;&nbsp; $282610483  |
| Net assets | &nbsp;&nbsp; $1750392665 | $1168336855 | &nbsp;&nbsp;&nbsp; $222463812 | &nbsp;&nbsp; $307165707 | &nbsp;&nbsp;&nbsp;&nbsp; $282610483  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 45450000 | 42625000 | &nbsp;&nbsp;&nbsp; 5066755 | &nbsp;&nbsp; 13550000 | &nbsp;&nbsp;&nbsp;&nbsp; 13300000  |
| Net asset value per share | &nbsp;&nbsp; $38.51 | $27.41 | &nbsp;&nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp;&nbsp;&nbsp; $21.25  |
| **COST:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | &nbsp;&nbsp; $1483643765 | $366947374 | &nbsp;&nbsp;&nbsp; $189075956 | &nbsp;&nbsp; $304042949 | &nbsp;&nbsp;&nbsp;&nbsp; $257085252  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | &nbsp;&nbsp; $— | $774373343 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| **PROCEEDS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | &nbsp;&nbsp; $7235908 | $3129955 | &nbsp;&nbsp;&nbsp; $579069 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Assets and Liabilities** 

**April 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Large** <br>**Cap Enhanced** <br>**Yield ETF** | **Aptus Large** <br>**Cap Upside ETF** | **Opus Small** <br>**Cap Value ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $216068583 | $45234418 | $520516166  |
| Cash |  | 487789 | —  |
| Receivable for investments sold | 7290421 | 197921 | —  |
| Interest receivable | 190744 |  | 51805  |
| Dividends receivable | 104155 | 25310 | 132469  |
| Dividend tax reclaims receivable | 2680 | 173 | 8445  |
| Receivable for fund shares sold |  |  | 857355  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 223656583 | 45945611 | 521566240  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for investments purchased | 7500000 | 197677 | 828336  |
| Payable to adviser | 65296 | 26396 | 323629  |
| Payable for swap contracts |  | 2714175 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7565296 | 2938248 | 1151965  |
| **NET ASSETS** | $216091287 | $43007363 | $520414275  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |
| Paid-in capital | $198969617 | $46808938 | $533449176  |
| Total distributable earnings/(accumulated losses) | 17121670 | (3801575) | (13034901)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $216091287 | $43007363 | $520414275  |
| Net assets | $216091287 | $43007363 | $520414275  |
| Shares issued and outstanding<sup>(a)</sup> | 7075000 | 1900000 | 15175000  |
| Net asset value per share | $30.54 | $22.64 | $34.29  |
| **COST:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $191285466 | $46162960 | $502489997 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Operations** 

**For the Year Ended April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment** <br>**Opportunity ETF** | **Aptus** <br>**Defined Risk** <br>**ETF** | **Aptus Drawdown** <br>**Managed Equity** <br>**ETF** | **Aptus Enhanced** <br>**Yield ETF** | **Aptus International** <br>**Enhanced Yield** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | &nbsp;&nbsp;&nbsp; $17065355 | $15314902 | &nbsp;&nbsp;&nbsp; $2558811 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5260136  |
| Dividend income from affiliated securities | &nbsp;&nbsp;&nbsp; — | 22731215 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp;&nbsp; 382712 | 1610160 | &nbsp;&nbsp;&nbsp; 64527 | &nbsp;&nbsp; 26779789 | &nbsp;&nbsp;&nbsp;&nbsp; 8114490  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 17448067 | 39656277 | &nbsp;&nbsp;&nbsp; 2623338 | &nbsp;&nbsp; 26779789 | &nbsp;&nbsp;&nbsp;&nbsp; 13374626  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 11035338 | 6041928 | &nbsp;&nbsp;&nbsp; 1645279 | &nbsp;&nbsp; 1897141 | &nbsp;&nbsp;&nbsp;&nbsp; 843572  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 11035338 | 6041928 | &nbsp;&nbsp;&nbsp; 1645279 | &nbsp;&nbsp; 1897141 | &nbsp;&nbsp;&nbsp;&nbsp; 843572  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 6412729 | 33614349 | &nbsp;&nbsp;&nbsp; 978059 | &nbsp;&nbsp; 24882648 | &nbsp;&nbsp;&nbsp;&nbsp; 12531054  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; (19235487) | 25109833 | &nbsp;&nbsp;&nbsp; (6439517) | &nbsp;&nbsp; (13303001) | &nbsp;&nbsp;&nbsp;&nbsp; (10013825)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; — | (1468663) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities | &nbsp;&nbsp;&nbsp; 17367784 | 191321 | &nbsp;&nbsp;&nbsp; 20502662 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1195432  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in affiliated securities | &nbsp;&nbsp;&nbsp; — | 589589 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (38493943) | (28307861) | &nbsp;&nbsp;&nbsp; (5541466) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reimbursement of trade loss by Adviser (See Note 4) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1061593 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (40361646) | (3885781) | &nbsp;&nbsp;&nbsp; 9583272 | &nbsp;&nbsp; (13303001) | &nbsp;&nbsp;&nbsp;&nbsp; (8818393)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp;&nbsp; 119839830 | 17321428 | &nbsp;&nbsp;&nbsp; 2815224 | &nbsp;&nbsp; 5127269 | &nbsp;&nbsp;&nbsp;&nbsp; 17021657  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp;&nbsp; — | 11436065 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (1140254) | (1213795) | &nbsp;&nbsp;&nbsp; 195118 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 118699576 | 27543698 | &nbsp;&nbsp;&nbsp; 3010342 | &nbsp;&nbsp; 5127269 | &nbsp;&nbsp;&nbsp;&nbsp; 17021657  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 78337930 | 23657917 | &nbsp;&nbsp;&nbsp; 12593614 | &nbsp;&nbsp; (8175732) | &nbsp;&nbsp;&nbsp;&nbsp; 8203264  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $84750659 | $57272266 | &nbsp;&nbsp;&nbsp; $13571673 | &nbsp;&nbsp; $16706916 | &nbsp;&nbsp;&nbsp;&nbsp; $20734318 |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Operations** 

**For the Year/Period Ended April 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Large** <br>**Cap Enhanced** <br>**Yield ETF** | **Aptus Large** <br>**Cap Upside ETF<sup>(a)</sup>** | **Opus Small** <br>**Cap Value ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $2240623 | &nbsp;&nbsp;&nbsp; $171758 | $8282142  |
| Less: Dividend withholding taxes | (526) | &nbsp;&nbsp;&nbsp; (10) | (52763)  |
| Less: Issuance fees | (7) | &nbsp;&nbsp;&nbsp; — | (914)  |
| Interest income | 3913423 | &nbsp;&nbsp;&nbsp; 38694 | 499978  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6153513 | &nbsp;&nbsp;&nbsp; 210442 | 8728443  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 775692 | &nbsp;&nbsp;&nbsp; 102763 | 3352379  |
| &nbsp;&nbsp;&nbsp; Total expenses | 775692 | &nbsp;&nbsp;&nbsp; 102763 | 3352379  |
| **NET INVESTMENT INCOME** | 5377821 | &nbsp;&nbsp;&nbsp; 107679 | 5376064  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (5904357) | &nbsp;&nbsp;&nbsp; (181542) | (16446877)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 4704480 | &nbsp;&nbsp;&nbsp; 119278 | 6219883  |
| Net realized gain (loss) | (1199877) | &nbsp;&nbsp;&nbsp; (62264) | (10226994)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 13674703 | &nbsp;&nbsp;&nbsp; (928542) | 34187  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | &nbsp;&nbsp;&nbsp; (2714175) | —  |
| Net change in unrealized appreciation (depreciation) | 13674703 | &nbsp;&nbsp;&nbsp; (3642717) | 34187  |
| **Net realized and unrealized gain (loss)** | 12474826 | &nbsp;&nbsp;&nbsp; (3704981) | (10192807)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $17852647 | &nbsp;&nbsp;&nbsp; $(3597302) | $(4816743) |

---

<sup>(a)</sup>

Inception date of the Fund was November 20, 2024.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment Opportunity ETF** | **Aptus Collared** <br>**Investment Opportunity ETF** | **Aptus Defined Risk ETF**  | **Aptus Defined Risk ETF**  |
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6412729 | $4265189 | $33614349 | $16000882  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (40361646) | 9186022 | (3885781) | (18619573)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 118699576 | 72490977 | 27543698 | 1797509  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 84750659 | 85942188 | 57272266 | (821182)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings | (6346496) | (4472807) | (31309685) | (16700472)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6346496) | (4472807) | (31309685) | (16700472)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 853008145 | 300054968 | 659868445 | 178953598  |
| &nbsp;&nbsp;&nbsp; Redemptions | (38077053) | (111172865) | (25095585) | (316730863)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 814931092 | 188882103 | 634772860 | (137777265)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 893335255 | 270351484 | 660735441 | (155298919)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 857057410 | 586705926 | 507601414 | 662900333  |
| &nbsp;&nbsp;&nbsp; End of the year | $1750392665 | $857057410 | $1168336855 | $507601414  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 21875000 | 8750000 | 23725000 | 7000000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (950000) | (3575000) | (900000) | (12950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20925000 | 5175000 | 22825000 | (5950000) |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Drawdown** <br>**Managed Equity ETF** | **Aptus Drawdown** <br>**Managed Equity ETF** | **Aptus Enhanced Yield ETF**  | **Aptus Enhanced Yield ETF**  |
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $978059 | $1266846 | $24882648 | $32374724  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9583272 | 2947814 | (13303001) | (21849026)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3010342 | 19506208 | 5127269 | (4979680)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 13571673 | 23720868 | 16706916 | 5546018  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (971140) | (1371611) | (24637253) | (32408776)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (971140) | (1371611) | (24637253) | (32408776)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 112569063 | 10095248 | 85140620 | 183922805  |
| &nbsp;&nbsp;&nbsp; Redemptions | (59695223) | (78713240) | (104971543) | (184337955)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 52873840 | (68617992) | (19830923) | (415150)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 65474373 | (46268735) | (27761260) | (27277908)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 156989439 | 203258174 | 334926967 | 362204875  |
| &nbsp;&nbsp;&nbsp; End of the year | $222463812 | $156989439 | $307165707 | $334926967  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2475000 | 275000 | 3675000 | 7575000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1300000) | (2175000) | (4550000) | (7750000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1175000 | (1900000) | (875000) | (175000) |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus International** <br>**Enhanced Yield ETF** | **Aptus International** <br>**Enhanced Yield ETF** | **Aptus Large Cap** <br>**Enhanced Yield ETF**  | **Aptus Large Cap** <br>**Enhanced Yield ETF**  |
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended** <br>**April 30, 2025**  | **Period Ended** <br>**April 30, 2024<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Year Ended** <br>**April 30, 2025**  | **Period Ended** <br>**April 30, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12531054 | $4781702 | $5377821 | $2561947  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8818393) | (1250130) | (1199877) | (1436453)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 17021657 | 2917094 | 13674703 | 11108414  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 20734318 | 6448666 | 17852647 | 12233908  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (11670825) | (4192887) | (5174799) | (2140999)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (11670825) | (4192887) | (5174799) | (2140999)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 113881068 | 142364368 | 66540545 | 166468920  |
| &nbsp;&nbsp;&nbsp; Redemptions | (8286220) | (38774858) | (18807995) | (20880940)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 105594848 | 103589510 | 47732550 | 145587980  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 114658341 | 105845289 | 60410398 | 155680889  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 167952142 | 62106853 | 155680889 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $282610483 | $167952142 | $216091287 | $155680889  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5475000 | 7125000 | 2125000 | 6325000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (400000) | (2000000) | (575000) | (800000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5075000 | 5125000 | 1550000 | 5525000 |

---

<sup>(a)</sup> Inception date of the Fund was June 13, 2023.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Large Cap** <br>**Upside ETF** | **Opus Small Cap** <br>**Value ETF**  | **Opus Small Cap** <br>**Value ETF**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $107679 | $5376064 | $3915077  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (62264) | (10226994) | 9739507  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3642717) | 34187 | 12112820  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (3597302) | (4816743) | 25767404  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (89980) | (5070500) | (3921020)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (89980) | (5070500) | (3921020)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 47946855 | 257579483 | 98324280  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (1252210) | (22687193) | (70406415)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 46694645 | 234892290 | 27917865  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 43007363 | 225005047 | 49764249  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | 295409228 | 245644979  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $43007363 | $520414275 | $295409228  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 1950000 | 7050000 | 2925000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (50000) | (600000) | (2175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 1900000 | 6450000 | 750000 |

---

<sup>(a)</sup> Inception date of the Fund was November 20, 2024.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Collared Investment Opportunity ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $34.95 | $30.32 | $30.02 | $29.67 | $24.04  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.18 | 0.23 | 0.26 | 0.19 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.55 | 4.64 | 0.47 | 0.34 | 5.61  |
| **Total from investment operations** | 3.73 | 4.87 | 0.73 | 0.53 | 5.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.17) | (0.24) | (0.24) | (0.18) | (0.25)  |
| Net realized gains |  |  | (0.19) |  | —  |
| **Total distributions** | (0.17) | (0.24) | (0.43) | (0.18) | (0.25)  |
| **Net asset value, end of year** | $38.51 | $34.95 | $30.32 | $30.02 | $29.67  |
| TOTAL RETURN | 10.70% | 16.10% | 2.53% | 1.78% | 24.57%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1750393 | $857057 | $586706 | $402233 | $201742  |
| Ratio of expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets | 0.46% | 0.70% | 0.88% | 0.60% | 0.99%  |
| Portfolio turnover rate<sup>(c)</sup> | 44% | 24% | 69% | 48% | 46% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Defined Risk ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.64 | $25.74 | $27.01 | $29.37 | $29.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)(b)</sup> | 1.06 | 0.86 | 0.62 | 0.23 | 0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.65 | (0.03) | (1.28) | (1.86) | 1.31  |
| **Total from investment operations** | 2.71 | 0.83 | (0.66) | (1.63) | 1.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.94) | (0.93) | (0.61) | (0.20) | (0.33)  |
| Net realized gains |  |  |  | (0.53) | (1.31)  |
| **Total distributions** | (0.94) | (0.93) | (0.61) | (0.73) | (1.64)  |
| **Net asset value, end of year** | $27.41 | $25.64 | $25.74 | $27.01 | $29.37  |
| TOTAL RETURN | 10.62% | 3.37% | -2.39% | -5.73% | 5.62%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1168337 | $507601 | $662900 | $903370 | $656363  |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.70%<sup>(e)</sup> | 0.70%<sup>(e)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(b)(d)</sup> | 3.84% | 3.43% | 2.39% | 0.79% | 1.07%  |
| Portfolio turnover rate<sup>(f)</sup> | 37% | 48% | 119% | 69% | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(e)</sup> Includes broker interest expense of 0.01%.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Drawdown Managed Equity ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $40.34 | $35.09 | $38.15 | $38.72 | $30.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 | 0.28 | 0.29 | 0.11 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.57 | 5.28 | (3.06) | (0.58) | 8.52  |
| **Total from investment operations** | 3.78 | 5.56 | (2.77) | (0.47) | 8.62  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.21) | (0.31) | (0.29) | (0.10) | (0.12)  |
| Return of capital |  |  |  |  | (0.01)  |
| **Total distributions** | (0.21) | (0.31) | (0.29) | (0.10) | (0.13)  |
| **Net asset value, end of year** | $43.91 | $40.34 | $35.09 | $38.15 | $38.72  |
| TOTAL RETURN | 9.34%<sup>(c)</sup> | 15.88% | -7.24% | -1.23% | 28.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $222464 | $156989 | $203258 | $364019 | $222333  |
| Ratio of expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets | 0.47% | 0.75% | 0.83% | 0.27% | 0.29%  |
| Portfolio turnover rate<sup>(d)</sup> | 40% | 20% | 64% | 43% | 48% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> The Fund had a trade error during the year resulting in a loss to the Fund of $1,061,593, which was subsequently reimbursed to the Fund by the Adviser. The total return for the year would have been 8.77% before the reimbursement. See Note 4 in Notes to Financial Statements. 

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $23.22 | $24.81 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 1.79 | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.57) | (1.61) | &nbsp;&nbsp;&nbsp; (0.52)  |
| **Total from investment operations** | 1.22 | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.74  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (1.77) | (1.94) | &nbsp;&nbsp;&nbsp; (0.93)  |
| **Total distributions** | (1.77) | (1.94) | &nbsp;&nbsp;&nbsp; (0.93)  |
| **Net asset value, end of period** | $22.67 | $23.22 | &nbsp;&nbsp;&nbsp; $24.81  |
| TOTAL RETURN<sup>(d)</sup> | 5.40% | 1.44% | &nbsp;&nbsp;&nbsp; 2.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $307166 | $334927 | &nbsp;&nbsp;&nbsp; $362205  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.59% | 0.59% | &nbsp;&nbsp;&nbsp; 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 7.74% | 8.11% | &nbsp;&nbsp;&nbsp; 10.13%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 47% | 48% | &nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was October 31, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus International Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **Period Ended** <br>**April 30, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $20.42 | $20.03 | $21.34 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)(c)</sup> | 1.21 | 0.88 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 0.77 | 0.34 | (1.31) | &nbsp;&nbsp;&nbsp; (3.68)  |
| **Total from investment operations** | 1.98 | 1.22 | (0.81) | &nbsp;&nbsp;&nbsp; (3.32)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (1.15) | (0.83) | (0.50) | &nbsp;&nbsp;&nbsp; (0.34)  |
| **Total distributions** | (1.15) | (0.83) | (0.50) | &nbsp;&nbsp;&nbsp; (0.34)  |
| **Net asset value, end of period** | $21.25 | $20.42 | $20.03 | &nbsp;&nbsp;&nbsp; $21.34  |
| TOTAL RETURN<sup>(e)</sup> | 10.01% | 6.20% | -3.62% | &nbsp;&nbsp;&nbsp; -13.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $282610 | $167952 | $62107 | &nbsp;&nbsp;&nbsp; $141909  |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.39% | 0.39%<sup>(h)</sup> | 0.59% | &nbsp;&nbsp;&nbsp; 0.59%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(f)(g)</sup> | 5.79% | 4.44% | 2.52% | &nbsp;&nbsp;&nbsp; 1.93%  |
| Portfolio turnover rate<sup>(e)(i)</sup> | 10% | 16% | 102% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was July 22, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Effective May 1, 2023, the Adviser lowered its management fee for the Fund from 0.59% to 0.39%.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**April 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $28.18 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)(c)</sup> | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.68  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.96  |
| **Total from investment operations** | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; (0.46)  |
| **Total distributions** | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; (0.46)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $30.54 | &nbsp;&nbsp;&nbsp; $28.18  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp;&nbsp; 14.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $216091 | &nbsp;&nbsp;&nbsp; $155681  |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp; 0.39%  |
| Ratio of net investment income (loss) to average net assets<sup>(c)(f)(g)</sup> | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 2.89%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp; 13% |

---

<sup>(a)</sup> Inception date of the Fund was June 13, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aptus Large Cap Upside ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.39)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.30)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $22.64  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -9.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $43007  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.83%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup> Inception date of the Fund was November 20, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Opus Small Cap Value ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.86 | $30.80 | $31.37 | $33.07 | $20.41  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.46 | 0.53 | 0.46 | 0.22 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.41 | 3.07 | (0.59) | (1.59) | 12.69  |
| **Total from investment operations** | 0.87 | 3.60 | (0.13) | (1.37) | 12.90  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.44) | (0.54) | (0.44) | (0.21) | (0.20)  |
| Net realized gains |  |  |  | (0.12) | —  |
| Return of capital |  |  |  |  | (0.04)  |
| **Total distributions** | (0.44) | (0.54) | (0.44) | (0.33) | (0.24)  |
| **Net asset value, end of year** | $34.29 | $33.86 | $30.80 | $31.37 | $33.07  |
| TOTAL RETURN | 2.53% | 11.75% | -0.39% | -4.25% | 63.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $520414 | $295409 | $245645 | $187423 | $106660  |
| Ratio of expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets | 1.27% | 1.64% | 1.49% | 0.67% | 0.77%  |
| Portfolio turnover rate<sup>(c)</sup> | 25% | 19% | 35% | 45% | 65% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025** 

**NOTE 1 – ORGANIZATION** 

Aptus Collared Investment Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Aptus Enhanced Yield ETF, Aptus International Enhanced Yield ETF, Aptus Large Cap Enhanced Yield ETF, and Opus Small Cap Value ETF are each a diversified series and Aptus Large Cap Upside ETF is a non-diversified series (individually each a "Fund" or collectively the "Funds") of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act").

The investment objective of Aptus Collared Investment Opportunity ETF is to seek current income and capital appreciation. The investment objective of Aptus Defined Risk ETF is to seek current income and capital appreciation. The investment objective of Aptus Drawdown Managed Equity ETF is to seek capital appreciation with downside protection. The investment objective of Aptus Enhanced Yield ETF is to seek current income and capital preservation. The investment objective of Aptus International Enhanced Yield ETF is to seek capital appreciation and current income. The investment objective of Aptus Large Cap Enhanced Yield ETF is to seek capital appreciation and current income. The investment objective of Aptus Large Cap Upside ETF is to seek to generate returns that surpass those of the S&P 500 Index with the objective of capturing more than 100% of the market during upward trends and less than 100% of the market during downward trends. The investment objective of Opus Small Cap Value ETF is to seek capital appreciation. The table below shows the date each fund commenced operations:

---

| | |
|:---|:---|
| **Fund** | **Date of** <br>**Commencement**  |
| Aptus Collared Investment Opportunity ETF | July 9, 2019  |
| Aptus Defined Risk ETF | August 7, 2018  |
| Aptus Drawdown Managed Equity ETF | June 8, 2016  |
| Aptus Enhanced Yield ETF  | October 31, 2022  |
| Aptus International Enhanced Yield ETF | July 22, 2021  |
| Aptus Large Cap Enhanced Yield ETF | June 13, 2023  |
| Aptus Large Cap Upside ETF  | November 20, 2024  |
| Opus Small Cap Value ETF | July 17, 2018 |

---

The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the fiscal year from May 1, 2024 to April 30, 2025 for Aptus Collared Investment Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Aptus Enhanced Yield ETF, Aptus International Enhanced Yield ETF, Aptus Large Cap Enhanced Yield ETF, and Opus Small Cap Value ETF, and the period from November 20, 2024 to April 30, 2025 for Aptus Large Cap Upside ETF (each, respectively, the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation*.
 All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds, that are traded on a
 national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup>,
 and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq") are valued at the last reported sale price
 on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing
 Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most
 recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options will be priced at intrinsic value.

Swap contracts are valued by pricing services using the closing price of the underlying benchmark that the contract is tracking.

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotation.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**Aptus Collared Investment Opportunity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $1711985812 | $— | $— | $1711985812  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 35116000 |  | 35116000  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 7168463 |  |  | 7168463  |
| **Total Investments**  | $1719154275 | $35116000 | $— | $1754270275  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $— | $(8496400) | $— | $(8496400)  |
| **Total Written Options**  | $— | $(8496400) | $— | $(8496400) |

---

Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Aptus Defined Risk ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $1104372989 | $— | $— | $1104372989  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 30101500 |  | 30101500  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 23237610 |  |  | 23237610  |
| **Total Investments**  | $1127610599 | $30101500 | $— | $1157712099  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $— | $(4343750) | $— | $(4343750)  |
| **Total Written Options**  | $— | $(4343750) | $— | $(4343750) |

---

Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Aptus Drawdown Managed Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $219916586 | $— | $— | $219916586  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 1899000 |  | 1899000  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 600288 |  |  | 600288  |
| **Total Investments**  | $220516874 | $1899000 | $— | $222415874  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $— | $(347750) | $— | $(347750)  |
| **Total Written Options**  | $— | $(347750) | $— | $(347750) |

---

Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**Aptus Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  | $— | $238150864 | $— | $238150864  |
| &nbsp;&nbsp;&nbsp; Equity-Linked Notes  |  | 31760595 |  | 31760595  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 34498627 |  |  | 34498627  |
| **Total Investments**  | $34498627 | $269911459 | $— | $304410086 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Aptus International Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $250062897 | $— | $— | $250062897  |
| &nbsp;&nbsp;&nbsp; Equity-Linked Notes  |  | 28291848 |  | 28291848  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 4277360 |  |  | 4277360  |
| **Total Investments**  | $254340257 | $28291848 | $— | $282632105 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Aptus Large Cap Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $186529295 | $— | $— | $186529295  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 6074401 |  |  | 6074401  |
| &nbsp;&nbsp;&nbsp; Equity-Linked Notes |  | 21830231 |  | 21830231  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 1634656 |  |  | 1634656  |
| **Total Investments**  | $194238352 | $21830231 | $— | $216068583 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Aptus Large Cap Upside ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $41468388 | $— | $— | $41468388  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 3766030 |  | 3766030  |
| **Total Investments**  | $41468388 | $3766030 | $— | $45234418  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\*  | $— | $(2714175) | $— | $(2714175)  |
|  **Total Other Financial Instruments** | $— | $(2714175) | $— | $(2714175) |

---

\* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of April 30, 2025.

Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**Opus Small Cap Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $504448764 | $— | $— | $504448764  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 16067402 |  |  | 16067402  |
| **Total Investments**  | $520516166 | $— | $— | $520516166 |

---

Refer to the Schedule of Investments for breakout of investments by sector classification.

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Equity-Linked Notes ("ELNs")*. Aptus Enhanced Yield ETF, Aptus International Enhanced Yield ETF, and Aptus Large Cap Enhanced Yield
 ETF invested in ELNs. These are hybrid derivative-type instruments that are specially designed to combine the characteristics of one or
 more reference securities and a related equity derivative, such as a put or call option, in a single note form. ELNs are unsecured debt
 obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily by a pricing service, based on
 the terms and underlying securities of the ELN, which have been provided by the Adviser. These notes have a coupon which is accrued and
 recorded as Interest income on the Statements of Operations. Changes in the value of ELNs are recorded as Change in net unrealized appreciation
 or depreciation on the Statements of Operations. A Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net
 realized gain (loss) on investments in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes*. The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and applicable state and
 local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income*. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholdings taxes
 on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and
 regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized
 using the effective yield method.

Distributions received from the Funds' investments in real estate investment Trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders*. Distributions to shareholders from net investment income are declared and paid at least annually. Distributions
 to shareholders from net realized gains are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those
 estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation*.
 The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other
 assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications*. In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts*. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

The permanent differences primarily relate to differing book and tax treatment for redemptions in-kind. For the fiscal year/period ended April 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)** | **Paid-In Capital**  |
| Aptus Collared Investment Opportunity ETF  | &nbsp;&nbsp;&nbsp;&nbsp; $(17367273) | $17367273  |
| Aptus Defined Risk ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (747279) | 747279 |
| Aptus Drawdown Managed Equity ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (18467629) | 18467629 |
| Aptus Enhanced Yield ETF  | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Aptus International Enhanced Yield ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (1195432) | 1195432 |
| Aptus Large Cap Enhanced Yield ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (4665095) | 4665095 |
| Aptus Large Cap Upside ETF  | &nbsp;&nbsp;&nbsp;&nbsp; (114293) | 114293 |
| Opus Small Cap Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; (6177317) | 6177317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncement.* In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through
 enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's
 profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public
 entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating
 decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced
 interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure
 requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;K. *Subsequent Events*. In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Aptus Capital Advisors, LLC (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Funds, the Funds pay the Adviser a unified management fee which is calculated daily and paid monthly based on each Fund's average daily net assets:

---

| | |
|:---|:---|
| Aptus Collared Investment Opportunity ETF | 0.79%  |
| Aptus Defined Risk ETF | 0.69%  |
| Aptus Drawdown Managed Equity ETF | 0.79%  |
| Aptus Enhanced Yield ETF | 0.59%  |
| Aptus International Enhanced Yield ETF | 0.39%  |
| Aptus Large Cap Enhanced Yield ETF | 0.39%  |
| Aptus Large Cap Upside ETF  | 0.79%  |
| Opus Small Cap Value ETF | 0.79% |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("Fund Services" or "Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding options, short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aptus Collared Investment Opportunity ETF  | $611142414 | $620524403  |
| Aptus Defined Risk ETF  | 330811703 | 302908131  |
| Aptus Drawdown Managed Equity ETF  | 82542239 | 85680672  |
| Aptus Enhanced Yield ETF  | 113470900 | 115026895  |
| Aptus International Enhanced Yield ETF  | 19467378 | 22326763  |
| Aptus Large Cap Enhanced Yield ETF  | 38455378 | 30880774  |
| Aptus Large Cap Upside ETF  | 4073882 | 4063884  |
| Opus Small Cap Value ETF  | 103272815 | 105460657 |

---

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

There were no purchases or sales of U.S. Government securities, excluding short-term securities, in Aptus Collared Investment Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Aptus International Enhanced Yield ETF, Aptus Large Cap Enhanced Yield ETF, Aptus Large Cap Upside ETF, and Opus Small Cap Value ETF during the current fiscal period. Included in the amounts for Aptus Enhanced Yield ETF there were $113,470,900 of purchases and $115,026,895 of sales of long-term U.S. Government securities during the current fiscal period.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind Sales**  |
| Aptus Collared Investment Opportunity ETF  | $834971583 | $37267306  |
| Aptus Defined Risk ETF  | 605557021 | 22941993  |
| Aptus Drawdown Managed Equity ETF  | 110287156 | 58549020  |
| Aptus Enhanced Yield ETF  |  | —  |
| Aptus International Enhanced Yield ETF  | 97949016 | 7062210  |
| Aptus Large Cap Enhanced Yield ETF  | 54755687 | 15502294  |
| Aptus Large Cap Upside ETF  | 43669640 | 1216505  |
| Opus Small Cap Value ETF  | 250405079 | 22001909 |

---

During the current fiscal period, Aptus Drawdown Managed Equity ETF had a trade error that resulted in a $1,061,593 loss to the Fund which was subsequently reimbursed to the Fund by the Adviser.

**NOTE 5 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

Investments in issuers considered to be affiliate(s) of the Funds during the current fiscal period for purposes of Section 2(a)(3) of the 1940 Act were as follows:

**Aptus Defined Risk ETF** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuer** | **Value at** <br>**4/30/2024** | **Purchases** <br>**at Cost** | **Proceeds** <br>**from Sales** | **Net Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value at** <br>**4/30/2025**  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2030<br>Corporate Bond ETF | $33788852 | $92192345 | $(1792687) | $72157 | &nbsp;&nbsp; $2299979 | $126560646  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2031<br>Corporate Bond ETF | 24138695 | 102484878 | (1716988)  | 117757 | &nbsp;&nbsp; 1690300 | 126714642  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2032<br>Corporate Bond ETF | 30143061  | 78804356 | (1829471) | 57643 | &nbsp;&nbsp; 645359 | 107820948  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2033 <br>Corporate Bond ETF | —  | 81565524 | (189188) | 92 | &nbsp;&nbsp; 550971 | 81927399  |
| &nbsp;&nbsp;&nbsp; iShares iBonds Dec 2030 Term<br>Corporate ETF | 34580746 | 73764687 | (1745985) | 52452 | &nbsp;&nbsp; 2410286 | 109062186  |
|  iShares iBonds Dec 2031 Term Corporate ETF | 44967607 | 82235558 | (2404809) | 88698 | &nbsp;&nbsp; 2516142 | 127403196  |
|  iShares iBonds Dec 2032 Term Corporate ETF | 32514418 | 70484871 | (1812441)  | 110198 | &nbsp;&nbsp; 1074791 | 102371837  |
|  iShares Bonds Dec 2033 Term Corporate ETF\* | 10219346 | 67397583 | (76487095) | (1378071) | &nbsp;&nbsp; 248237 | —  |
|  | $210,352,725\*\* |  |  | $(879074) | &nbsp;&nbsp; $11436065 | $781,860,854\*\* |

---

\* As of April 30, 2025, no longer considered to be an affiliate of the Fund.

\*\* Value of affiliates as of April 30, 2024 and April 30, 2025 was $131,763,781 and $781,860,854, respectively. 

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated Issuer (continued)** | **Shares Held at** <br>**4/30/2025** | **Dividend** <br>**Income** | **Capital Gain** <br>**Distributions from** <br>**Underlying Funds**  |
| Invesco BulletShares 2030 Corporate Bond ETF  | &nbsp;&nbsp; 7601240 | $3368854 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Invesco BulletShares 2031 Corporate Bond ETF  | &nbsp;&nbsp; 7750131 | 3225629 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Invesco BulletShares 2032 Corporate Bond ETF  | &nbsp;&nbsp; 5303539 | 3341431 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Invesco BulletShares 2033 Corporate Bond ETF  | &nbsp;&nbsp; 3923726 | 940476 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares iBonds Dec 2030 Term Corporate ETF  | &nbsp;&nbsp; 4998267 | 2945131 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| iShares iBonds Dec 2031 Term Corporate ETF  | &nbsp;&nbsp; 6116332 | 4031453 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| iShares iBonds Dec 2032 Term Corporate ETF  | &nbsp;&nbsp; 4098152 | 3087512 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| iShares iBonds Dec 2033 Term Corporate ETF\*  | &nbsp;&nbsp; — | 1790729 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  |  | $22731215 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

\* As of April 30, 2025, was no longer considered to be an affiliate of the Fund.

**NOTE 6 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated deficit) and cost basis of investments for federal income tax purposes as of April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment** <br>**Opportunity** <br>**ETF** | **Aptus** <br>**Defined** <br>**Risk ETF** | **Aptus** <br>**Drawdown** <br>**Managed** <br>**Equity ETF** | **Aptus** <br>**Enhanced** <br>**Yield ETF**  |
| Tax cost of investments | $1487095443 | $1142230387 | $189897098 | $304042949  |
| Gross tax unrealized appreciation | 301173453 | 20492955 | 40047011 | 1727091 |
| Gross tax unrealized depreciation | (34915024) | (6229076) | (7528235) | (1359954) |
|  Net tax unrealized appreciation (depreciation) | 266258429 | 15481712 | 32518776 | 367137 |
| Undistributed ordinary income | 126680 | 3712874 | 20861 | 1048838 |
| Undistributed long-term capital gains |  |  |  |  |
| Other accumulated gain (loss) | (141181833)<sup>(a)</sup> | (103043784) | (103787687)<sup>(b)</sup> | (39367620) |
| Distributable earnings (accumulated deficit) | $125203276 | $(85067031) | $(71248050) | $(37951645) |

---

<sup>(a)</sup>

Includes straddle loss deferral of $49,092,840.

<sup>(b)</sup>

Includes straddle loss deferral of $2,626,663.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus** <br>**International** <br>**Enhanced** <br>**Yield ETF** | **Aptus Large** <br>**Cap Enhanced** <br>**Yield ETF** | **Aptus Large** <br>**Cap Upside** <br>**ETF** | **Opus Small** <br>**Cap Value** <br>**ETF**  |
| Tax cost of investments | $257801697 | $192027245 | $46303796 | $503654308  |
| Gross tax unrealized appreciation | 26276190 | 30835308 | 1568089 | 51572180 |
| Gross tax unrealized depreciation | (1445782) | (6793970) | (5351642) | (34710322) |
|  Net tax unrealized appreciation (depreciation) | 24830408 | 24041338 | (3783553) | 16861858 |
| Undistributed ordinary income | 1302674 | 623697 | 17699 | 592634 |
| Undistributed long-term capital gains |  |  |  | —  |
| Other accumulated gain (loss) | (50676205) | (7543365) | (35721) | (30489393) |
| Distributable earnings (accumulated deficit) | $(24543123) | $17121670 | $(3801575) | $(13034901) |

---

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The difference between the cost basis for financial statement and federal income tax purposes was primarily due to the tax deferral of losses from wash sales and the mark-to-market on open Section 1256 options contracts. Unrealized appreciation (depreciation) on written equity options is included in gross tax unrealized appreciation (depreciation) on investments for Aptus Collared Investment Opportunity ETF and Aptus Defined Risk ETF.

There was no difference between the cost basis for financial statement and federal income tax purposes for Aptus Enhanced Yield ETF. Unrealized appreciation (depreciation) on swap contracts is included in gross tax unrealized appreciation (depreciation) on investments for Aptus Large Cap Upside ETF.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. At April 30, 2025, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of April 30, 2025, the Funds had the following capital loss carryforwards with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Aptus Collared Investment Opportunity ETF  | $51424207 | $40664786  |
| Aptus Defined Risk ETF  | 60060675 | 42983109 |
| Aptus Drawdown Managed Equity ETF  | 69341857 | 31819167 |
| Aptus Enhanced Yield ETF  | 39331672 | 35948 |
| Aptus International Enhanced Yield ETF  | 29271234 | 21404971 |
| Aptus Large Cap Enhanced Yield ETF  | 5259429 | 2283936 |
| Aptus Large Cap Upside ETF  | 35721 |  |
| Opus Small Cap Value ETF  | 19164822 | 11324571 |

---

During the fiscal year/period ended April 30, 2025, the Funds did not utilize any short-term or long-term capital loss carryforwards. Utilization of capital loss carryforwards acquired by Aptus Drawdown Managed Equity ETF in connection with the reorganization during the fiscal year ended April 30, 2020 will be subject to limitations because of an ownership change.

The tax character of distributions paid by the Funds during the year/period ended April 30, 2025 and year/period ended April 30, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year/Period<sup>(1)</sup>** <br>**Ended April 30, 2025** | **Year/Period<sup>(1)</sup>** <br>**Ended April 30, 2025** | **Year/Period<sup>(1)</sup>** <br>**Ended April 30, 2025** | **Year/Period<sup>(2)</sup>** <br>**Ended April 30, 2024**  | **Year/Period<sup>(2)</sup>** <br>**Ended April 30, 2024**  | **Year/Period<sup>(2)</sup>** <br>**Ended April 30, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
|  Aptus Collared Investment Opportunity ETF  | $6346496 | &nbsp;&nbsp; $—  | $— | $4472807 | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Aptus Defined Risk ETF . | 31309685 | &nbsp;&nbsp; — |  | 16700472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
|  Aptus Drawdown Managed Equity ETF  | 971140 | &nbsp;&nbsp; — |  | 1371611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Aptus Enhanced Yield ETF  | 24637253 | &nbsp;&nbsp; — |  | 32408776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
|  Aptus International Enhanced Yield ETF  | 11670825 | &nbsp;&nbsp; — |  | 4192887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
|  Aptus Large Cap Enhanced Yield ETF  | 5174799 | &nbsp;&nbsp; — | —  | 2140999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Aptus Large Cap Upside ETF  | 89980 | &nbsp;&nbsp; — | —  | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A  |
| Opus Small Cap Value ETF  | 5070500 | &nbsp;&nbsp; — |  | 3921020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

<sup>(1)</sup> Information for Aptus Large Cap Upside Yield ETF is for the period from November 20, 2024 to April 30, 2025.

<sup>(2)</sup> Information for Aptus Large Cap Enhanced Yield ETF is for the period from June 13, 2023 to April 30, 2024

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 7 – ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS** 

The following disclosures provide information on the Funds' use of derivatives. The location and value of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statements of Operations are included in the following tables.

The Funds may purchase put options on individual stocks, on an index tracking a portfolio of U.S. equity securities, or on one or more other ETFs that principally invest in U.S. equity securities, purchase call options on the Cboe Volatility Index<sup>®</sup>, or utilize a combination of purchased and written (sold) put options (known as a "spread") to limit the Funds' exposure to equity market declines. The Funds may write (sell) call options on individual stocks, on an index tracking a portfolio of U.S. equity securities, or on one or more other ETFs that principally invest in U.S. equity securities, or utilize a combination of purchased and written (sold) call options (spread) to generate premium from such options.

Aptus Collared Investment Opportunity ETF's options collar strategy typically consists of two components: (i) selling covered call options on up to 100% of the equity securities held by the Fund to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy put options on the same underlying equity securities, a U.S. equity ETF, or the U.S. Equity Index to "hedge" or mitigate the downside risk associated with owning equity securities. The Fund seeks to generate income from the combination of dividends received from the equity securities held by the Fund and premiums received from the sale of options. Additionally, the Fund may purchase put options or utilize a combination of purchased and written (sold) put options (known as a "spread") on one or more equity securities, a U.S. equity ETF, or a U.S. Equity Index to "hedge" or mitigate the downside risk associated with owning equity securities.

Aptus Defined Risk ETF's Equity Strategy seeks exposure to small-, mid-, and large-capitalization U.S. stocks by purchasing exchange-listed call options on individual stocks or depositary receipts (the "Underlying Individual Equities"), on one or more equity indexes, on one or more other ETFs that principally invest in U.S. equity securities (the "Underlying Equity ETFs"), or on one or more other U.S. fixed-income ETFs that provide exposure to either high yield or investment grade bonds (the "Underlying Bond ETFs") (each, a "reference asset"). The Fund may utilize a combination of purchased and written (sold) call options (known as a "spread). Additionally, Underlying Equity ETFs, Underlying Bond ETFs, or equity indexes may be selected in lieu of or in addition to Underlying Individual Equities to adjust the balance of the Fund's exposure across industries or to maintain the Fund's equity exposure when the Adviser believes they present a better risk profile than Underlying Individual Equities. The Adviser may utilize a combination of purchased and written (sold) put or call options on the Cboe Volatility Index<sup>®</sup> (the "VIX<sup>®</sup> Index"). The VIX Index reflects a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500<sup>®</sup> Index call and put options. The Adviser generally expects to invest less than 1% of the Fund's net assets in VIX Index call and put options at the time of investment.

Aptus Drawdown Managed Equity ETF seeks to limit the Fund's exposure to equity market declines primarily by purchasing exchange-listed put options on individual equity securities or on one or more equity indexes or ETFs (each, a "reference asset") that track a portfolio of U.S. equity securities ("Equity Puts"). In addition to purchasing Equity Puts, the Adviser may write (sell) Equity Puts. The Adviser also may purchase or write (sell) exchange-listed call options on individual equity securities or on one or more equity indexes or ETFs (each, a "reference asset") that track a portfolio of U.S. equity securities ("Equity Calls"). In addition to or in lieu of such Equity Puts or Equity Calls, the Adviser may utilize a combination of purchased and written (sold) put or call options (known as a "spread") on individual equity securities, one or more equity indexes or ETFs, or the Cboe Volatility Index<sup>®</sup> (the "VIX<sup>®</sup> Index"). The VIX Index reflects a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500<sup>®</sup> Index call and put options. The Adviser generally expects to invest less than 1% of the Fund's net assets in VIX Index call options at the time of investment.

When the Funds purchase a call or put option, an amount equal to the premium paid is included in the Statements of Assets and Liabilities as an investment and is subsequently adjusted to reflect the value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

Funds exercise a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the loss of the premium paid.

A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

A written (sold) put option gives the seller the obligation to buy shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the put option receives an amount (premium) for writing (selling) the option. In the event the underlying asset depreciates below the strike price as of the expiration date, the writer (seller) of the put option pays the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset appreciates in value, the put option may end up worthless and the writer (seller) of the call option retains the premium.

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as a writer of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

For financial statement purposes, cash held at the broker for options is included in the Statements of Assets and Liabilities as deposits at broker for option contracts. Broker interest received and paid by the Funds, if any, is included as interest income and expense, respectively, in the Statements of Operations. As collateral for its written options, Aptus Collared Investment Opportunity ETF and Aptus Drawdown Managed Equity ETF maintain segregated assets consisting of cash, cash equivalents, or liquid securities (e.g. Permissible Assets). Segregated cash is included as cash collateral for written options in the Statement of Assets and Liabilities. The Adviser may earmark or instruct the Fund's custodian to segregate Permissible Assets in an amount at least equal to the market value, calculated on a daily basis, of the written options. Alternatively, a written call option contract can be "covered" through (a) ownership of the underlying instruments or (b) ownership of an option on such instruments at an exercise price equal to or lower than the exercise price of the short option, and a written put option contract can be "covered" (a) through ownership of a put option with an exercise price at least equal to the Fund's delivery or purchase obligation or (b) through selling short the underlying instrument at a price at least equal to the Fund's purchase obligation.

Aptus Large Cap Upside ETF may enter into total return swaps for investment purposes. Generally, total return swaps are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through a FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-U.S. currency, or a "basket" of securities representing a particular index. Swaps can also be based on credit and other events.

The Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

As the Funds value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds' investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of these disclosures.

The effect of derivative instruments on the Statements of Assets and Liabilities for the current fiscal period, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Fund** | <br>**Derivatives Investment Type** | **Statement of Assets and**<br>**Liabilities Location** | **Value**  |
|  Aptus Collared Investment Opportunity ETF | Equity Contracts - Purchased<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Investments in unaffiliated<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities, at value | $35116000  |
| Aptus Defined Risk ETF | Equity Contracts - Purchased<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Investments in unaffiliated<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities, at value | 30101500  |
|  Aptus Drawdown Managed Equity ETF | Equity Contracts - Purchased<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Investments in unaffiliated<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities, at value | 1899000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Liability Derivatives**  | **Liability Derivatives**  |
| <br>**Fund** | <br>**Derivatives Investment Type** | **Statement of Assets and**<br>**Liabilities Location** | **Value**  |
|  Aptus Collared Investment Opportunity ETF | Equity Contracts - Written<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Written option contracts, at<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value | $(8496400)  |
| Aptus Defined Risk ETF | Equity Contracts - Written<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Written option contracts, at<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value | (4343750)  |
|  Aptus Drawdown Managed Equity ETF | Equity Contracts - Written<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options | Written option contracts, at<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value | (347750)  |
| Aptus Large Cap Upside ETF | Equity Contracts - Total<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Swaps | Payable for swap contracts | (2714175) |

---

The effect of derivative instruments on the Statements of Operations for the current fiscal period were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Net Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Aptus Collared Investment Opportunity ETF | Equity Contracts - Purchased Options | $37,977,926\* | $66,196\*\*  |
| &nbsp;&nbsp;&nbsp; Aptus Collared Investment Opportunity <br>ETF  | Equity Contracts - Written Options | (38493943) | (1140254)  |
| Aptus Defined Risk ETF  | Equity Contracts - Purchased Options | 26,836,820\* | 8,128,074\*\* |
| Aptus Defined Risk ETF  | Equity Contracts - Written Options | (28307861)  | (1213795)  |
| Aptus Drawdown Managed Equity ETF  | Equity Contracts - Purchased Options  | 2,058,611\* | (800535)\*\*  |
| Aptus Drawdown Managed Equity ETF  | Equity Contracts - Written Options | (5541466) | 195118  |
| Aptus Large Cap Upside ETF  | Equity Contracts - Total Return Swaps |  | (2714175) |

---

\* Included in net realized gain (loss) on investments in unaffiliated securities as reported in the Statements of Operations.

\*\* Included in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities as reported in the Statements of Operations.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The average monthly value of derivative activity during the current fiscal period was as follows:

---

| | |
|:---|:---|
| **Purchased Options** | **Average Value**  |
| Aptus Collared Investment Opportunity ETF  | $19229231 |
| Aptus Defined Risk ETF  | 31806946  |
| Aptus Drawdown Managed Equity ETF  | 1356856 |

---

---

| | |
|:---|:---|
| **Written Options** |  |
| Aptus Collared Investment Opportunity ETF  | $(8111948)  |
| Aptus Defined Risk ETF  | (3244517)  |
| Aptus Drawdown Managed Equity ETF  | (597398) |

---

---

| | |
|:---|:---|
| **Total Return Swaps**  | **Average** <br>**Notional Value**  |
| Aptus Large Cap Upside ETF  | $36115008 |

---

Due to the absence of a master netting agreement related to the Funds' participation in purchasing and writing options, no additional offsetting disclosures have been made on behalf of the Funds.

During the ordinary course of business, Aptus Large Cap Upside ETF may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreement. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.

The following table provides a summary of offsetting financial assets and derivatives and the effect of derivative instruments on the Statements of Assets and Liabilities as of the end of the current fiscal period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts** <br>**of Recognized** <br>**Liabilities**  | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities**  | **Gross Amounts not** <br>**Offset in the** <br>**Statement of** <br>**Assets and Liabilities**  | **Gross Amounts not** <br>**Offset in the** <br>**Statement of** <br>**Assets and Liabilities**  | **Net** <br>**Amount**  |
| <br>**Liabilities**<br>**Description/Counterparty**  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities**  | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
| **Aptus Large Cap Upside ETF** <br>|  |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs  | $2714175  | &nbsp;&nbsp;&nbsp; $—  | $2714175  | $2714175  | &nbsp;&nbsp; $—  | $— |

---

**NOTE 8 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("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 participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $300, with the exception of Aptus Large Cap Enhanced Yield ETF which is $500, each payable to the Custodian. The fixed creation fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions fees. Variable fees received by each Fund, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets.

**NOTE 9 – RISKS** 

Concentration Risk. To the extent that the Funds invest more heavily in particular industries or sectors of the economy, their performance will be especially sensitive to developments that significantly affect those industries or sectors.

Other Investment Companies Risk. The risks of Aptus Defined Risk ETF and Aptus International Enhanced Yield ETF investing in investment companies typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, each Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. The Funds may be subject to statutory limits with respect to the amount they can invest in other ETFs, which may adversely affect the Funds' ability to achieve their investment objectives.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Aptus ETFs and

Board of Trustees of**** ETF Series Solutions

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, written options (as applicable), and total return swap contracts (as applicable), of Aptus ETFs comprising the funds listed below (the "Funds"), each a series of ETF Series Solutions, as of April 30, 2025, the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights**  |
| Aptus Collared Investment Opportunity ETF, <br>Aptus Defined Risk ETF,<br>Aptus Drawdown Managed Equity ETF and Opus Small Cap Value <br>ETF | For the year ended April 30, 2025  | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021.  |
| Aptus International Enhanced Yield ETF | For the year ended April 30, 2025  | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and for the period from July 22, 2021 (commencement of operations) to April 30, 2022  |
| Aptus Enhanced Yield ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024 and for the period from October 31, 2022 (commencement of operations) to April 30, 2023.  |
| Aptus Large Cap Enhanced Yield ETF | For the year ended April 30, 2025 | For the year ended April 30, 2025 and for the period from June 13, 2023 (commencement of operations) to April 30, 2024  | For the year ended April 30, 2025 and for the period from June 13, 2023 (commencement of operations) to April 30, 2024  |
| Aptus Large Cap Upside ETF | For the period from November 20, 2024 (commencement of operations) through April 30, 2025 | For the period from November 20, 2024 (commencement of operations) through April 30, 2025 | For the period from November 20, 2024 (commencement of operations) through April 30, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 audits 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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, 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 Funds' auditor since 2016.

![](kaiser-cc.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

June 26, 2025

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**TAX INFORMATION (Unaudited)** 

**FEDERAL TAX INFORMATION**

For the fiscal year/period ended April 30, 2025, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Aptus Collared Investment Opportunity ETF  | 100.00%  |
| Aptus Defined Risk ETF  | 0.00%  |
| Aptus Drawdown Managed Equity ETF  | 100.00%  |
| Aptus Enhanced Yield ETF  | 0.00%  |
| Aptus International Enhanced Yield ETF  | 29.69%  |
| Aptus Large Cap Enhanced Yield ETF  | 39.40%  |
| Aptus Large Cap Upside ETF  | 100.00%  |
| Opus Small Cap Value ETF  | 100.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualified for the corporate dividend received deduction for the fiscal year/period ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
| Aptus Collared Investment Opportunity ETF  | 100.00%  |
| Aptus Defined Risk ETF  | 0.00%  |
| Aptus Drawdown Managed Equity ETF  | 100.00%  |
| Aptus Enhanced Yield ETF  | 0.00%  |
| Aptus International Enhanced Yield ETF  | 0.00%  |
| Aptus Large Cap Enhanced Yield ETF  | 38.30%  |
| Aptus Large Cap Upside ETF  | 100.00%  |
| Opus Small Cap Value ETF  | 100.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| Aptus Collared Investment Opportunity ETF  | 0.00% |
| Aptus Defined Risk ETF  | 0.00% |
| Aptus Drawdown Managed Equity ETF  | 0.00% |
| Aptus Enhanced Yield ETF  | 0.00% |
| Aptus International Enhanced Yield ETF  | 0.00% |
| Aptus Large Cap Enhanced Yield ETF  | 0.00% |
| Aptus Large Cap Upside ETF  | 0.00% |
| Opus Small Cap Value ETF  | 0.00% |

---

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others** 

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS** 

**Aptus Collared Investment Opportunity ETF (ACIO)** 

**Aptus Defined Risk ETF (DRSK)** 

**Aptus Drawdown Managed Equity ETF (ADME)** 

**Opus Small Cap Value ETF (OSCV)** 

**Aptus International Enhanced Yield ETF (IDUB)** 

**Aptus Enhanced Yield ETF (JUCY)** 

**Aptus Large Cap Enhanced Yield ETF (DUBS)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on January 15-16, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Aptus Capital Advisors, LLC (the "Adviser") and the Trust, on behalf of Aptus Collared Investment Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Opus Small Cap Value ETF, Aptus International Enhanced Yield ETF, Aptus Enhanced Yield ETF, and Aptus Large Cap Enhanced Yield ETF (each, a "Fund" and, collectively, the "Funds").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Adviser regarding, among other things: (i) the nature,

extent, and quality of the services provided to the Funds by the Adviser; (ii) the historical performance of the Funds;

(iii) the cost of the services provided and the profits realized by the Adviser or its affiliates from services rendered to each Fund; (iv) comparative performance, fee and expense data for the Funds and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares each Fund's investment performance, fees and expenses to relevant market benchmarks and peer groups (the "Barrington Report"); (v) the extent to which any economies of scale realized by the Adviser in connection with its services to each Fund are shared with Fund shareholders; (vi) any other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to the Funds, as well as the Adviser's role as investment adviser to other series of the Trust. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, representatives from the Adviser provided an oral overview of each Fund's strategy, the services provided to each Fund by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials and the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the continuation of the Advisory Agreement.

**<u>Approval of the Continuation of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to the Funds as well as its experience with the Adviser as the investment adviser to other series of the Trust. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

The Board also considered other services provided by the Adviser to the Funds, including monitoring the Funds' adherence to their investment restrictions and compliance with the Funds' policies and procedures and applicable securities regulations, as well as monitoring the extent to which each Fund achieves its investment objective as an actively managed fund.

Historical Performance. The Trustees next considered each Fund's performance. The Board observed that additional information regarding each Fund's past investment performance, for periods ended September 30, 2024, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well as with funds in each Fund's Morningstar category (as noted below) (each, a "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be each Fund's most direct competitors (each, a "Selected Peer Group") and provided the Selected Peer Group's performance results.

<u>Aptus Collared Investment Opportunity ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, for the one-, three-, five-year, and since inception periods ended September 30, 2024. The S&P 500<sup>®</sup> Index provides an indication of the performance of the large-cap U.S. equity market. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund, unlike its benchmark, invests in U.S.-listed equity securities of any market capitalization while also buying put options or an options collar on the same equities, a U.S. equity ETF, or a U.S. equity index.

The Board then noted that, for the one-, three-, and five year periods ended September 30, 2024, the Fund outperformed the median returns of both its Peer Group and Category Peer Group (the Morningstar US Fund Equity Hedged Category). The Board also noted that the Fund outperformed all of the funds in its Selected Peer Group over the same one-, three-, and five-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as funds with similar investment objectives, most of which are actively managed. The Board further noted that although all of the funds in the Selected Peer Group engage in call option writing to produce income, none of these peer funds sell calls options on individual securities and/or purchase put options in the same manner as the Fund.

<u>Aptus Defined Risk ETF</u>: The Board noted that the Fund outperformed its broad-based benchmark, the Bloomberg US Aggregate Bond Index, for each of the one-, three-, five-year, and since inception periods ended September 30, 2024. The Bloomberg US Aggregate Bond Index provides an indication of the performance of the broader U.S. investment grade bond market. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund, unlike its benchmark, uses a hybrid fixed income and equity strategy in which the Fund invests 75% to 95% of its assets to obtain exposure to investment grade corporate bonds and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk through an options strategy.

The Board then noted that, for the one-, three-, and five-year periods ended September 30, 2024, the Fund outperformed the median return of its Peer Group and Category Peer Group (the Morningstar US Fund Short-Term Bond Category). The Board took into consideration that the Fund maintains a much longer duration than the funds in its Peer Group and Category Peer Group. The Board also noted that the Fund outperformed all of the funds included in its Selected Peer Group over the same one-, three-, and five-year periods. The Board considered that the funds included in the Selected Peer Group were nearly all passively managed and noted that although many of the funds in the Selected Peer Group had similar fixed income strategies, none of the peer funds employed a similar equity strategy or options strategy.

<u>Aptus Drawdown Managed Equity ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, for each of the one-, three-, five-year, and since inception periods ended September 30, 2024. The S&P 500 provides an indication of the performance of the large-cap U.S. equity market. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund, unlike its benchmark, invests in a portfolio of U.S.-listed equity securities while limiting downside risk by purchasing exchange-listed put options on one or more such equity securities or broad-based U.S. equity indexes or funds.

The Board then noted that, for the one-year period ended September 30, 2024, the Fund significantly outperformed the median return of its Peer Group and Category Peer Group (the Morningstar US Fund Equity Hedged Category). The Board further noted that the Fund slightly outperformed the median return of its Peer Group and Category Peer Group over the five-year period but slightly underperformed Group over the three-year period. The Board took into

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

consideration that although the Peer Group and Category Peer Group include actively managed, long-short ETFs, the Fund does not employ a typical long-short strategy where the Fund takes long positions in undervalued stocks while selling short overpriced stocks. Instead, the Fund invests at least 80% of its net assets in equities but, in seeking to mitigate downside risk, the Fund may purchase or write call or put options on equities and/or utilize option spread strategies involving equity securities, equity indices or ETFs, or the VIX<sup>®</sup> Index. The Board also noted that the Fund generally performed within the range of funds in the Selected Peer Group over the one-, three-, and five-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as funds with similar investment objectives, nearly all of which are actively managed funds that seek to limit downside risk, but none of which select underlying holdings and implement hedges in the same way as the Fund.

<u>Opus Small Cap Value ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, for each of the one-, three-, five-year, and since inception periods ended September 30, 2024, but the Fund outperformed its strategy benchmark, the S&P SmallCap 600<sup>®</sup> Value Index, over each of the same periods. The S&P 500<sup>®</sup> Index provides an indication of the performance of the large-cap U.S. equity market, and the S&P SmallCap 600<sup>®</sup> Value Index measures the performance of small-capitalization companies classified as value stocks based on three factors: the ratios of book value, earnings, and sales to price. In comparing the Fund's performance to that of the benchmarks, the Board noted that the Fund invests primarily in small-cap U.S. equity securities, but, unlike its strategy benchmark, the Fund selects stocks across a variety of sectors and industries by combining a factor-based analysis and rigorous fundamental research to identify high-quality, growing companies that the Adviser believes are undervalued.

The Board then noted that, for the three-year period ended September 30, 2024, the Fund outperformed the median return of its Peer Group and Category Peer Group (the Morningstar US Fund Small Blend Category). The Board further noted that although the Fund slightly underperformed the median return of its Category Peer Group over the one- and five-year periods, the Fund outperformed the median return of its Peer Group over the one-year period despite slightly underperforming the same Peer Group over the five-year period. The Board took into consideration that the Peer Group is comprised mostly of small-cap ETFs that focus on either growth or core investing. The Board also noted that the Fund generally performed within the range of funds in the Selected Peer Group over the one-, three-, and five-year periods. The Board considered, however, that the Selected Peer Group was primarily comprised of large passively managed ETFs, such as the iShares Russell 2000 ETF and the Vanguard Russell 2000 Value ETF, that generally do not employ the same type of fundamental analysis as the Fund when selecting investments.

<u>Aptus International Enhanced Yield ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the MSCI ACWI ex USA Index, for each of the one-, three-year, and since inception periods ended September 30, 2024. The MSCI ACWI ex USA Index provides an indication of the performance of large- and mid-cap equity securities across developed and emerging markets outside the United States. In comparing the Fund's performance to that of the benchmark, the Board noted that although the Fund is a fund of funds that invests primarily in non-U.S. securities, the Fund, unlike its benchmark, employs an options strategy to limit downside risk, create additional equity exposure, and/or generate premiums from writing call options.

The Board then noted that, for the one- and three-year periods ended September 30, 2024, the Fund underperformed the median return of its Peer Group and Category Peer Group (the Morningstar US Fund Derivative Income Category). The Board took into consideration that the Peer Group and Category Peer Group do not include many actively managed fund of funds that employ an equity-linked notes ("ELN") strategy. The Board then noted that the Fund generally performed within the range of funds in its Selected Peer Group over the one-year period but underperformed each of the funds in its Selected Peer Group over the three-year period. The Board considered, however, that the funds included in the Selected Peer Group were primarily international ETFs, some of which emphasized income or dividend generation in their principal investment strategies.

<u>Aptus Enhanced Yield ETF</u>: The Board noted that the Fund underperformed both its broad-based benchmark, the Bloomberg US Aggregate Bond Index, and its strategy benchmark, the ICE U.S. Treasury 1-3 Year Bond Index, for each of the one-year and since inception periods ended September 30, 2024. The Bloomberg US Aggregate Bond Index provides an indication of the performance of the broader U.S. investment grade bond market; whereas, the ICE U.S. Treasury 1-3 Year Bond Index is designed to measure the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity that is greater than one year but less than or equal to three years. In comparing the Fund's performance to that of the benchmarks, the Board noted that although the Fund invests a significant portion of

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

its assets in U.S. government debt securities, the Fund, unlike its benchmarks, also invests in ELNs, which are designed to offer a return linked to their underlying instruments by combining the economic characteristics of U.S. equities and options contracts or option spreads in a single note form.

The Board then noted that, for the one-year period ended September 30, 2024, the Fund underperformed the median return of its Peer Group and Category Peer Group (the Morningstar US Fund Intermediate Core Bond Category). The Board took into consideration that the Peer Group is comprised of a mix of bank loan ETFs and derivatives strategy ETFs, including an ultrashort bond ETF, a buffer protect ETF, and an interest rate hedged ETF, none of which use ELNs in their principal investment strategy. The Board also considered that the Category Peer Group is comprised of intermediate bond ETFs that do not use derivative instruments in their principal investment strategies. The Board then noted that the Fund significantly underperformed all of the funds in its Selected Peer Group over the one-year period. The Board considered that although many of the funds included in its Selected Peer Group seek to provide current income, only a few of these peer funds were set up with a similar structure to capture higher yields through ELNs.

In addition, the Board took into consideration that the Fund commenced operations on October 31, 2022, and thus had been operating for less than three years as of the date of the Board Meeting, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions.

<u>Aptus Large Cap Enhanced Yield ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, for the one-year and since inception periods ended September 30, 2024. The S&P 500<sup>®</sup> Index provides an indication of the performance of the large-cap U.S. equity market. In comparing the Fund's performance to that of the benchmark, the Board noted that although the Fund has exposure to U.S. large cap companies, the Fund, unlike its benchmark, invests in ELNs, which are designed to offer a return linked to their underlying instruments by combining the economic characteristics of U.S. equities and options contracts or option spreads in a single note form.

The Board then noted that, for the one-year period ended September 30, 2024, the Fund outperformed the median return of its Peer Group but underperformed the median return of its Category Peer Group (the Morningstar US Fund Large Blend Category). The Board took into consideration that the Peer Group does not include many fund of funds that employ an ELN strategy and the Category Peer Group does not include funds that employ derivative instruments as part of their principal investment strategies. The Board then noted that the Fund significantly outperformed all of the funds in its Selected Peer Group over the one-year period. The Board considered that although many of the funds included in its Selected Peer Group seek to provide current income and employ an options strategy to generate additional income, few of these peer funds employ an ELN strategy similar to the Fund.

In addition, the Board took into consideration that the Fund commenced operations on June 13, 2023, and thus had been operating for less than two years as of the date of the Board Meeting, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions.

Cost of Services Provided and Economies of Scale. The Board then reviewed each Fund's fees and expenses. The Board took into consideration that the Adviser had charged, and would continue to charge, a "unified fee," meaning each Fund pays no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses (AFFE), extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser had been and would continue to be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of the Adviser's own fee and resources.

The Board then compared each Fund's net expense ratio to its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group.

<u>Aptus Collared Investment Opportunity ETF</u>: The Board noted that the Fund's net expense ratio was equal to the median net expense ratio of the funds in its Peer Group and lower than the median net expense ratio of the funds in its Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

<u>Aptus Defined Risk ETF</u>: The Board noted that the Fund's net expense ratio was higher than the median net expense ratio of the funds in its Peer Group but lower than the median net expense ratio of the funds in its Category Peer

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

Group. In addition, the Board noted that the Fund's net expense ratio was higher than all of the net expense ratios of funds in its Selected Peer Group. However, the Board took into consideration that there was only one actively managed ETF included among the Fund's peer funds, and even fewer such ETFs available for comparison with similar hybrid fixed income and equity investment strategies seeking to limit downside risk.

<u>Aptus Drawdown Managed Equity ETF</u>: The Board noted that the Fund's net expense ratio was equal to the median net expense ratio of the funds in its Peer Group and lower than the median net expense ratio of the funds in its Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

<u>Opus Small Cap Value ETF</u>: The Board noted that the Fund's net expense ratio was slightly higher than the median net expense ratio of the funds in its Peer Group but lower than the median net expense ratio of the funds in its Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratio of nearly all of the funds in its Selected Peer Group. However, the Board took into consideration that there are very few actively managed ETFs included among the Fund's peer funds, and even fewer such ETFs available for comparison that employ a similar fundamental analysis when selecting small-cap value stocks.

<u>Aptus International Enhanced Yield ETF</u>: The Board noted that the Fund's net expense ratio was equal to the median net expense ratio of the funds in its Peer Group and lower than the median net expense ratio of the funds in its Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

<u>Aptus Enhanced Yield ETF</u>: The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

<u>Aptus Large Cap Enhanced Yield ETF</u>: The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Funds and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board also considered each Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that each Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board concluded, however, that each Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at its current asset level. The Board also noted its intention to monitor fees as a Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of a Fund.

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

**Aptus Large Cap Upside ETF (UPSD)**

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 10-11, 2024 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") considered the approval of the Investment Advisory Agreement (the "Advisory Agreement") between Aptus Capital Advisors, LLC (the "Adviser") and the Trust, on behalf of the Aptus Large Cap Upside ETF (the "Fund") for an initial two-year term.

Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials from the Adviser (the "Materials") regarding, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser; (ii) the cost of the services to be provided and the profits expected to be realized by the Adviser or its affiliates from services rendered to the Fund; (iii) comparative fee and expense data for the Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's proposed management fee and expenses to those of relevant peer groups (the "Barrington Report"); (iv) the extent to which any economies of scale might be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Adviser or its affiliates that may result from services to be rendered to the Fund; and (vi) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other Fund service providers, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to other series in the Trust. The Board considered such supplemental information alongside the Materials in its evaluation of the Adviser's fees and other aspects of the Advisory Agreement. Additionally, Adviser representatives provided an oral overview of the Fund's strategy, the services to be provided to the Fund by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials, the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the Advisory Agreement.

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser will be providing investment management services to the Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to other series of the Trust. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, the firm's compliance policies, marketing practices, and brokerage information, as well as details about the Fund.

The Board also considered other services to be provided by the Adviser to the Fund, including monitoring the Fund's adherence to its investment restrictions and compliance with the Fund's policies and procedures and applicable securities regulations, as well as monitoring the extent to which the Fund achieves its investment objective as an actively managed fund.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Advisory Agreement. The Board also considered that the Fund is actively managed. Consequently, with respect to the Fund's future performance, the Board will focus on the Adviser's services, including the portfolio managers' day-to-day management of the Fund.

Cost of Services to be Provided and Economies of Scale. The Board reviewed the Fund's proposed net expense ratio, the full amount of which was anticipated to be the "unified fee" described below. The Board then compared the Fund's expense ratio to its Peer Group and Selected Peer Group (each defined below). The Board noted that the peer group selected by Barrington Partners was comprised of structured outcome ETFs, including buffer ETFs, categorized by Morningstar as Options Trading ETFs (the "Peer Group"). In particular, the Board noted that the Fund's net expense

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**APTUS ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

ratio was slightly higher than the median net expense ratio, but within the range, of the ETFs in the Peer Group. The Board also compared the Fund's proposed expense ratio to that of certain competitor ETFs identified by the Adviser (the "Selected Peer Group") with similar investment objectives and strategies to the Fund. The Board noted that the Selected Peer Group was comprised primarily of actively managed ETFs that provide exposure to the S&P 500 Index while also seeking potential for upside returns through the use of derivatives such as options or swaps. The Board observed that the Fund's proposed net expense ratio was within the range of net expense ratios for the Selected Peer Group.

The Board took into consideration that the Adviser would charge a "unified fee," meaning the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers and paying the Fund's other expenses out of its own fee and resources.

The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser's anticipated profitability with respect to the Fund at various Fund asset levels as well as the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the Fund had not yet commenced operations and, consequently, the future size of the Fund and the Adviser's future profitability were generally unpredictable.

The Board also considered the Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that the Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board determined, however, that the Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at current asset levels. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of the Fund.

Conclusion. No single factor was determinative of the Board's decision to approve the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, therefore unanimously determined that the approval of the Advisory Agreement was in the best interests of the Fund and its shareholders.

63<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based
on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required
to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the
Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](ae-efp16262_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ae-efp16262_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ae-efp16262_ex99906cert.htm)

**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
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>7/3/2025</u>

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/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>7/3/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>7/3/2025</u>

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

## Ex-99.Code

**EX.99.CODE ETH**

**ETF Series Solutions**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

ETF Series Solutions (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12

months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 27, 2012**

**Amended: April 21, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 7/3/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | 7/3/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson | Kristen M. Weitzel |
| President (principal executive officer), | Treasurer (principal financial officer), |
| ETF Series Solutions | ETF Series Solutions |

---

Dated: <u>7/3/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.