# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-26-005405
**Filing Date:** 2026-3
**Character Count:** 106534
**Document Hash:** 0e9d8679629cc5efd2947ef23172bdee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005405.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005405

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 26734603

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

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

## Series and Classes Contracts Data

### T-REX 2X INVERSE NVIDIA DAILY TARGET ETF (Series ID: S000080897)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000243469 | T-REX 2X INVERSE NVIDIA DAILY TARGET ETF | NVDQ            |

### T-REX 2X INVERSE TESLA DAILY TARGET ETF (Series ID: S000080898)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000243470 | T-REX 2X INVERSE TESLA DAILY TARGET ETF | TSLZ            |

### T-REX 2X LONG NVIDIA DAILY TARGET ETF (Series ID: S000080899)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243471 | T-REX 2X LONG NVIDIA DAILY TARGET ETF | NVDX            |

### T-REX 2X LONG TESLA DAILY TARGET ETF (Series ID: S000080900)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243472 | T-REX 2X LONG TESLA DAILY TARGET ETF | TSLT            |

?xml version='1.0' encoding='ASCII'? t-rex2x_tsr

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-23439 |
| Exact name of registrant as specified in charter: | ETF Opportunities Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway, <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co.,<br> Corporation Trust Center,<br> 1209 Orange St.,<br> Wilmington, DE 19801<br>With Copy to:<br>Practus, LLP<br> 11300 Tomahawk Creek Parkway,<br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | June 30 |
| Date of reporting period: | December 31, 2025 |
|  | T-REX 2X Long NVIDIA Daily Target ETF<br> T-REX 2X Inverse NVIDIA Daily Target ETF<br> T-REX 2X Long Tesla Daily Target ETF<br> T-REX 2X Inverse Tesla Daily Target ETF<br> (the "T-REX 2X Daily Target ETFs) |

---

ITEM 1.(a). Reports to Stockholders.

#### T-REX 2X Long Tesla Daily Target ETF Tailored Shareholder Report
**semi-annual shareholder reportDecember 31, 2025**<br> **T-REX 2X Long Tesla Daily Target ETF**<br> **ticker: TSLT (Listed on the Cboe BZX Exchange, Inc.)**<br>

This semi-annual shareholder report contains important information about the T-REX 2X Long Tesla Daily Target ETF for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.rexshares.com/tslt/. You can also contact us at (833) 759-6110.

#### What were the Fund costs for the period?
(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** |
| T-REX 2X Long Tesla Daily Target ETF | $70 | 1.05%¹ |

---

¹ Annualized.

#### Market Exposure
Total Return Swap Contracts 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Cash** | 65.40% |
| **Derivatives** | 11.96% |
| **Other Assets, Net of Liabilities** | 22.64% |

---

**For additional information about the Fund; including its prospectus, summary prospectus, financial information, holdings and proxy information, visit https://www.rexshares.com/tslt/.**

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Net Assets** | $338101296 |
| **Number of Holdings** | 7 |
| **Total Net Advisory Fee** | $2225110 |
| **Portfolio Turnover Rate** | 48,061.13% |

---

#### What did the Fund invest in?
(% of Net Assets as of December 31, 2025)

#### T-REX 2X Inverse Tesla Daily Target ETF Tailored Shareholder Report
**semi-annual Shareholder Report December 31, 2025**<br> **T-REX 2X Inverse Tesla Daily Target ETF**<br> **ticker: TSLZ (Listed on the Cboe BZX Exchange, Inc.)**<br>

This semi-annual shareholder report contains important information about the T-REX 2X Inverse Tesla Daily Target ETF for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.rexshares.com/tslz/. You can also contact us at (833) 759-6110.

#### What were the Fund costs for the period?
(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** |
| T-REX 2X Inverse Tesla Daily Target ETF | $36 | 1.05%¹ |

---

¹ Annualized.

#### Market Exposure
Total Return Swap Contracts 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Cash** | 126.18% |
| **Derivatives** | -9.04% |
| **Liabilities in Excess of Other Assets** | -17.14% |

---

**For additional information about the Fund; including its prospectus, summary prospectus, financial information, holdings and proxy information, visit https://www.rexshares.com/tslz/.**

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Net Assets** | $80304661 |
| **Number of Holdings** | 4 |
| **Total Net Advisory Fee** | $423558 |
| **Portfolio Turnover Rate** | 0.00% |

---

#### What did the Fund invest in?
(% of Net Assets as of December 31, 2025)

#### T-REX 2X Long NVIDIA Daily Target ETF Tailored Shareholder Report
**semi-annual Shareholder Report December 31, 2025**<br> **T-REX 2X Long NVIDIA Daily Target ETF**<br> **ticker: NVDX (Listed on the Cboe BZX Exchange, Inc.)**<br>

This semi-annual shareholder report contains important information about the T-REX 2X Long NVIDIA Daily Target ETF for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.rexshares.com/nvdx/. You can also contact us at (833) 759-6110.

#### What were the Fund costs for the period?
(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** |
| T-REX 2X Long NVIDIA Daily Target ETF | $59 | 1.05%¹ |

---

¹ Annualized.

#### Market Exposure
Total Return Swap Contracts 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Cash** | 78.49% |
| **Derivatives** | 6.63% |
| **Other Assets, Net of Liabilities** | 14.88% |

---

**For additional information about the Fund; including its prospectus, summary prospectus, financial information, holdings and proxy information, visit https://www.rexshares.com/nvdx/.**

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Net Assets** | $635775655 |
| **Number of Holdings** | 6 |
| **Total Net Advisory Fee** | $3360217 |
| **Portfolio Turnover Rate** | 0.00% |

---

#### What did the Fund invest in?
(% of Net Assets as of December 31, 2025)

#### T-REX 2X Inverse NVIDIA Daily Target ETF Tailored Shareholder Report
**semi-annual Shareholder Report December 31, 2025**<br> **T-REX 2X Inverse NVIDIA Daily Target ETF**<br> **ticker: NVDQ (Listed on the Cboe BZX Exchange, Inc.)**<br>

This semi-annual shareholder report contains important information about the T-REX 2X Inverse NVIDIA Daily Target ETF for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.rexshares.com/nvdq/. You can also contact us at (833) 759-6110.

#### What were the Fund costs for the period?
(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** |
| T-REX 2X Inverse NVIDIA Daily Target ETF | $43 | 1.05%¹ |

---

¹ Annualized.

#### Market Exposure
Total Return Swap Contracts 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Portfolio Composition** |  |
| **Cash** | 101.00% |
| **Derivatives** | -3.09% |
| **Other Assets, Net of Liabilities** | 2.09% |

---

**For additional information about the Fund; including its prospectus, summary prospectus, financial information, holdings and proxy information, visit https://www.rexshares.com/nvdq/.**

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Net Assets** | $28390983 |
| **Number of Holdings** | 2 |
| **Total Net Advisory Fee** | $209483 |
| **Portfolio Turnover Rate** | 0.00% |

---

#### What did the Fund invest in?
(% of Net Assets as of December 31, 2025)

ITEM 1.(b). Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

(a) The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item
 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

**T-REX 2X LONG TESLA DAILY TARGET ETF**

**T-REX 2X INVERSE TESLA DAILY TARGET ETF**

**T-REX 2X LONG NVIDIA DAILY TARGET ETF**

**T-REX 2X INVERSE NVIDIA DAILY TARGET ETF**

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Six Months Ended December 31, 2025 (unaudited)

**T-REX Daily Target ETFs**

**1**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X LONG TESLA DAILY TARGET ETF**

**Schedule of Investments** **December 31, 2025 (Unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| Other Assets, Net of Liabilities - 100.00%<sup>(A)</sup>  | $338101296<br>|
| **TOTAL NET ASSETS - 100.00%**  | **$** **338101296**<br>|
| **SWAP CONTRACTS** |  |
| **TOTAL RETURN SWAP CONTRACTS** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/ Obligation** | **Pay/Receive Equity on Reference Entity** | **Pay/Receive Frequency** | **Termination Date** | **Notional <br>Amount** | **Unrealized Appreciation (Depreciation)** |
| Natixis  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +500bps | Monthly | 4/13/26 | $121466224<br>| $331413<br>|
| TD Cowen  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +300bps | Monthly | 4/30/26 | 52971170 | 30378512 |
| CF Secured, LLC.  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +350bps | Monthly | 8/10/26 | 108568254 | 1070094 |
| Wells Fargo  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +275bps | Monthly | 8/11/26 | 162338576 | 570973 |
| Clear Street Derivatives, LLC.  | Tesla Inc. | Receive<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OBFR01<sup>(B)</sup> +300bps | Quarterly | 8/26/26 | 6571758 | 400620 |
| Clear Street Derivatives, LLC.  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +400bps | Quarterly | 12/15/26 | 111267025 | (2602778) |
| Marex Prime Services  | Tesla Inc. | Receive<br> OBFR01<sup>(B)</sup> +200bps | Monthly | 12/7/27 | 113042069 | 10284780 |
| **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | $676225076<br>| $40433614<br>|

---

<sup>(A)</sup>Includes cash which is being held as collateral for total return swap contracts.

<sup>(B)</sup>OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

**2**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X INVERSE TESLA DAILY TARGET ETF**

**Schedule of Investments** **December 31, 2025 (Unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| Other Assets, Net of Liabilities - 100.00%<sup>(A)</sup>  | $80304661<br>|
| **TOTAL NET ASSETS - 100.00%**  | **$** **80304661**<br>|
| **SWAP CONTRACTS** |  |
| **TOTAL RETURN SWAP CONTRACTS** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity / Obligation** | **Pay/Receive Equity on Reference Entity** | **Pay/Receive Frequency** | **Termination Date** | **Notional <br>Amount** | **Unrealized Appreciation (Depreciation)** |
| TD Cowen  | Tesla, Inc. | Pay<br> OBFR01<sup>(B)</sup> -50bps | Monthly | 4/30/26 | $(23764104)<br>| &nbsp;&nbsp; $(7874417)<br>|
| CF Secured, LLC.  | Tesla, Inc. | Pay<br> OBFR01<sup>(B)</sup> -300bps | Monthly | 8/10/26 | (46693978) | (19594) |
| Marex Prime Services  | Tesla, Inc. | Pay<br> OBFR01<sup>(B)</sup> -100bps | Monthly | 8/25/26 | (50867379) | (826834) |
| Clear Street Derivatives, LLC.  | Tesla, Inc. | Pay<br> OBFR01<sup>(B)</sup> -45bps | Quarterly | 10/7/26 | (39289339) | 1463596 |
| **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | $(160614800)<br>| &nbsp;&nbsp; $(7257249)<br>|

---

<sup>(A)</sup>Includes cash which is being held as collateral for total return swap contracts.

<sup>(B)</sup>OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

**3**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X LONG NVIDIA DAILY TARGET ETF**

**Schedule of Investments** **December 31, 2025 (Unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| Other Assets, Net of Liabilities - 100.00%<sup>(A)</sup>  | $635775655<br>|
| **TOTAL NET ASSETS - 100.00%**  | **$** **635775655**<br>|
| **SWAP CONTRACTS** |  |
| **TOTAL RETURN SWAP CONTRACTS** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity / Obligation** | **Pay/Receive Equity on Reference Entity** | **Pay/Receive Frequency** | **Termination Date** | **Notional <br>Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized Appreciation (Depreciation)** |
| TD Cowen  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +300bps | Monthly | 3/26/26 | $135889495<br>| &nbsp;&nbsp; $55438536<br>|
| Natixis  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +350bps | Monthly | 4/20/26 | 235895271 | (14879682) |
| Clear Street Derivatives, LLC.  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +300bps | Quarterly | 7/31/26 | 4662500 | (576017) |
| CF Secured, LLC.  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +300bps | Monthly | 10/6/26 | 384958193 | (5640788) |
| Clear Street Derivatives, LLC.  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +500bps | Quarterly | 12/8/26 | 290522800 | 1468507 |
| Marex Prime Services  | NVIDIA Corp. | Receive<br> OBFR01<sup>(B)</sup> +500bps | Monthly | 11/4/27 | 218563640 | 6311457 |
| **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | $1270491899<br>| &nbsp;&nbsp; $42122013<br>|

---

<sup>(A)</sup>Includes cash which is being held as collateral for total return swap contracts.

<sup>(B)</sup>OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

**4**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X INVERSE NVIDIA DAILY TARGET ETF**

**Schedule of Investments** **December 31, 2025 (Unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| Other Assets, Net of Liabilities - 100.00%<sup>(A)</sup>  | $28390983<br>|
| **TOTAL NET ASSETS - 100.00%**  | **$** **28390983**<br>|
| **SWAP CONTRACTS** |  |
| **TOTAL RETURN SWAP CONTRACTS** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/ Obligation** | **Pay/Receive Equity on Reference Entity** | **Pay/Receive Frequency** | **Termination Date** | **Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized Appreciation (Depreciation)** |
| CF Secured, LLC.  | NVIDIA Corp. | Pay<br> OBFR01<sup>(B)</sup> -250bps | Monthly | 11/11/26 | $(28879525)<br>| &nbsp;&nbsp;&nbsp; $627783<br>|
| Clear Street Derivatives, LLC.  | NVIDIA Corp. | Pay<br> OBFR01<sup>(B)</sup> -45bps | Quarterly | 12/8/26 | (27902825) | (1505834) |
| **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | **TOTAL RETURN SWAP CONTRACTS**  | $(56782350)<br>| &nbsp;&nbsp;&nbsp; $(878051)<br>|

---

<sup>(A)</sup>Includes cash which is being held as collateral for total return swap contracts.

<sup>(B)</sup>OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

**5**

FINANCIAL STATEMENTS \| December 31, 2025

See Notes to Financial Statements

**T-REX 2X DAILY TARGET ETFS**

**Statements of Assets and Liabilities** **December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long <br>Tesla** | **Inverse <br>Tesla** | **Long <br>NVIDIA** | **Inverse NVIDIA** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open total return swap contracts (Note 1)  | $171695546<br>| $94476918<br>| $436624708<br>| $26031742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 49426145 | 6855232 | 62380705 | 2643115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital <br>stock sold  |  | 1779678 | 47138934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation of total return swap contracts | 40433614 |  | 42122013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from counterparty on total return swap contracts  | 78559860 |  | 50156140 | 622722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 340115165 | 103111828 | 638422500 | 29297579 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  | 1602376 | 7949226 | 2056972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees (Note 2)  | 411493 | 63695 | 589873 | 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation of total return swap contracts |  | 7257249 |  | 878051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to counterparty on total return swap contracts  |  | 7536997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 2013869 | 22807167 | 2646845 | 906596 |
| **NET ASSETS**  | $338101296<br>| $80304661<br>| $635775655<br>| $28390983<br>|
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $36440375<br>| $298713342<br>| $423309999<br>| $102159930<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | 301660921 | (218408681) | 212465656 | (73768947) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $338101296<br>| $80304661<br>| $635775655<br>| $28390983<br>|
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 12660000 | 6768473 | 37090000 | 1689548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $26.71<br>| $11.86<br>| $17.14<br>| $16.80<br>|

---

**6**

FINANCIAL STATEMENTS \| December 31, 2025

See Notes to Financial Statements

**T-REX 2X DAILY TARGET ETFS**

**Statements of Operations** **Six Months Ended** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long <br>Tesla** | **Inverse <br>Tesla** | **Long <br>NVIDIA** | **Inverse NVIDIA** |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory fees <br>(Note 2)  | $2225110<br>| $423558<br>| $3360217<br>| $209483<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2225110 | 423558 | 3360217 | 209483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2225110) | (423558) | (3360217) | (209483) |
| **REALIZED AND UNREALIZED <br>GAIN (LOSS)**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 23914543 |  | (5500912) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on total return swap contracts  | 238188409 | (73594405) | 175011844 | (29643992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and total return swap contracts  | 262102952 | (73594405) | 169510932 | (29643992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 9667 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of total return swap contracts  | (25899376) | 8654258 | (23059763) | 13459251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and total return swap contracts  | (25889709) | 8654258 | (23059763) | 13459251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 236213243 | (64940147) | 146451169 | (16184741) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $233988133<br>| $(65363705) | $143090952<br>| $(16394224) |

---

**9**

FINANCIAL STATEMENTS \| December 31, 2025

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| December 31, 2025

See Notes to Financial Statements

**T-REX 2X DAILY TARGET ETFS**

**T-REX 2X DAILY TARGET ETFS**

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Long Tesla** | **Long Tesla** | **Inverse Tesla** | **Inverse Tesla** | **Long NVIDIA** | **Long NVIDIA** | **Inverse NVIDIA** | **Inverse NVIDIA** |
|  | **Six Months <br>Ended<br>December <br>31, 2025 <br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months <br>Ended<br>December <br>31, 2025 <br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months <br>Ended<br>December <br>31, 2025 <br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Six Months <br>Ended<br>December <br>31, 2025 <br>(unaudited)** | **Year Ended<br>June 30, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |  |  |  |  |  |  |
| **OPERATIONS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(2225110) | $(4385198) | $(423558) | $(773517) | $(3360217) | $(6462852) | $(209483) | $(501473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and total return swap contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262102952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311630256 | (73594405) | (116681985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169510932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251392065 | (29643992) | (21299102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and total return swap contracts  | (25889709) | (31873165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8654258 | (7118013) | (23059763) | (147304350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13459251 | (13230960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233988133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275371893 | (65363705) | (124573515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143090952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97624863 | (16394224) | (35031535) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders  |  |  | (589852) | (1847467) |  | (92910312) | (77469) | (2059219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  |  | (19619372) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  |  | (589852) | (1847467) | (19619372) | (92910312) | (77469) | (2059219) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040505562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300315815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216761137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098130482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1690571856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006642272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86513231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739617657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (1319043791) | (1526129186) | 160062529) | (923536836) | (1824981771) | (2015230297) | (89223067) | (693450171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital <br>stock transactions  | (278538229) | (225813371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56698608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174593646 | (134409915) | (8588025) | (2709836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46167486 |
| **NET ASSETS** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during period  | (44550096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49558522 | (9254949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48172664 | (10938335) | (3873474) | (19181529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9076732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382651392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333092870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89559610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41386946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646713990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650587464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47572512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38495780 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $338101296<br>| $382651392<br>| $80304661<br>| $89559610<br>| $635775655<br>| $646713990<br>| $28390983<br>| $47572512<br>|

---

**10**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

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

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  | **Long Tesla** | **Long Tesla** | **Long Tesla** |
|  | **Six Months Ended<br>December 31, 2025,<br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Period Ended<br>June 30, 2024\*** |
| **Net asset value, beginning <br>of period**  | **$** **16.11**<br>| **$** **12.64**<br>| **$** **25.00**<br>|
| **Investment activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.12) | (0.21) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 10.72 | 3.68 | (12.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 10.60 | 3.47 | (12.36) |
| **Net asset value, end of period**  | **$** **26.71**<br>| **$** **16.11**<br>| **$** **12.64**<br>|
| **Total Return<sup>(3)</sup>**  | **65.76%** | **27.45%** | **(49.44**<br>**%)** |
| **Ratios/Supplemental Data**  |  |  |  |
| Ratios to average net assets <sup>(4)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.05%) | (1.05%) | (1.05%) |
| Portfolio turnover rate<sup>(3)</sup>  | 48061.13% | 19034.58% | 0.00%<sup>(5)</sup> |
| Net assets, end of period (000s)  | $338101<br>| $382651<br>| $333093<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the period.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

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

<sup>(5)</sup> Ratio is zero due to the Funds not holding any long term securities at any month end during the period.

\*The Fund commenced operations on October 19, 2023.

**11**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

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

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  | **Inverse Tesla** | **Inverse Tesla** | **Inverse Tesla** |
|  | **Six Months<br>Ended<br>December 31,<br>2025,<br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Period Ended<br>June 30, 2024\*** |
| **Net asset value, beginning <br>of period**  | **$** **33.00**<br>| **$** **489.80**<br><sup>**(6)**</sup> | **$** **600.00**<br><sup>**(6)**</sup> |
| **Investment activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | (0.09) | (0.60) | (5.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | (20.97) | (455.20) | (50.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | (21.06) | (455.80) | (55.00) |
| **Distributions**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.08) | (1.00) | (42.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  |  | (12.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.08) | (1.00) | (55.20) |
| **Net asset value, end of period**  | **$** **11.86**<br>| **$** **33.00**<br>| **$** **489.80**<br>|
| **Total Return<sup>(3)</sup>**  | **(63.88**<br>**%)** | **(93.07**<br>**%)** | **(7.87**<br>**%)** |
| **Ratios/Supplemental Data**  |  |  |  |
| Ratios to average net assets<sup>(4)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.05%) | (1.05%) | (1.05%) |
| Portfolio turnover rate<sup>(3)</sup><sup>(5)</sup>  | 0.00% | 0.00% | 0.00% |
| Net assets, end of period (000s)  | $80305<br>| $89560<br>| $41387<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the period.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

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

<sup>(5)</sup> Ratio is zero due to the Funds not holding any long term securities at any month end during the period.

<sup>(6)</sup> On October 28, 2025, Inverse Tesla effected a 1 for 20 reverse stock split. All historical per share information has been retroactively adjusted to reflect this reverse stock split (Note 5).

\*The Fund commenced operations on October 19, 2023.

**12**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

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

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  | **Long NVIDIA** | **Long NVIDIA** | **Long NVIDIA** |
|  | **Six Months<br>Ended<br>December 31,<br>2025,<br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Period Ended<br>June 30, 2024\*** |
| **Net asset value, beginning <br>of period**  | **$** **14.59**<br>| **$** **16.90**<br>| **$** **2.50**<br><sup>**(5)**</sup> |
| **Investment activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(1)</sup>  | (0.09) | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 3.21 |  | 14.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 3.12 | (0.14) | 14.40 |
| **Distributions**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  | (0.57) | (2.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.57) | (2.17) |  |
| **Net asset value, end of period**  | **$** **17.14**<br>| **$** **14.59**<br>| **$** **16.90**<br>|
| **Total Return<sup>(3)</sup>**  | **21.36%** | **(1.49**<br>**%)** | **575.94%** |
| **Ratios/Supplemental Data**  |  |  |  |
| Ratios to average net assets<sup>(4)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.05%) | (1.05%) | (0.97%) |
| Portfolio turnover rate<sup>(3)</sup>  | 0.00%<sup>(6)</sup> | 37731.66% | 5300.58% |
| Net assets, end of period (000s)  | $635776<br>| $646714<br>| $650587<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the period.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

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

<sup>(5)</sup> On July 16, 2024, Long NVIDIA effected a 10 for 1 stock split. All historical per share information has been retroactively adjusted to reflect this stock split (Note 5).

<sup>(6)</sup> Ratio is zero due to the Funds not holding any long term securities at any month end during the period.

\*The Fund commenced operations on October 19, 2023.

**13**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

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

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  | **Inverse NVIDIA** | **Inverse NVIDIA** | **Inverse NVIDIA** |
|  | **Six Months<br>Ended<br>December 31,<br>2025,<br>(unaudited)** | **Year Ended<br>June 30, 2025** | **Period Ended<br>June 30, 2024\*** |
| **Net asset value, beginning <br>of period**  | **$** **27.20**<br>| **$** **120.40**<br><sup>**(6)**</sup> | **$** **1800.00**<br><sup>**(6)**</sup> |
| **Investment activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(1)</sup>  | (0.11) | (0.60) | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | (10.25) | (89.60) | (1547.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | (10.36) | (90.20) | (1549.20) |
| **Distributions**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.04) | (3.00) | (108.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  |  | (22.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | (0.04) | (3.00) | (130.40) |
| **Net asset value, end of period**  | **$** **16.80**<br>| **$** **27.20**<br>| **$** **120.40**<br>|
| **Total Return<sup>(3)</sup>**  | **(38.06**<br>**%)** | **(76.27**<br>**%)** | **(92.54**<br>**%)** |
| **Ratios/Supplemental Data**  |  |  |  |
| Ratios to average net assets<sup>(4)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | (1.05%) | (1.05%) | (1.05%) |
| Portfolio turnover rate<sup>(3)</sup><sup>(5)</sup>  | 0.00% | 0.00% | 0.00% |
| Net assets, end of period (000s)  | $28391<br>| $47573<br>| $38496<br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to the timing of share transactions for the period.

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

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

<sup>(5)</sup> Ratio is zero due to the Funds not holding any long term securities at any month end during the period.

<sup>(6)</sup> On October 28, 2025, Inverse NVIDIA effected a 1 for 20 reverse stock split and on July 16, 2024, Inverse NVIDIA effected a 1 for 3 reverse stock split. All historical per share information has been retroactively adjusted to reflect these reverse stock splits (Note 5).

\*The Fund commenced operations on October 19, 2023.

**14**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements** **December 31, 2025 (Unaudited)**

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

The T-Rex 2X Long Tesla Daily Target ETF ("Long Tesla"), T-Rex 2X Inverse Tesla Daily Target ETF ("Inverse Tesla"), T-Rex 2X Long NVIDIA Daily Target ETF ("Long NVIDIA") and the T-Rex 2X Inverse NVIDIA Daily Target ETF ("Inverse NVIDIA") are each a non-diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust") which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The offering of the Funds' shares are registered under the Securities Act of 1933. The Funds commenced operations on October 19, 2023.

The investment objectives of the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Objective** |
| Long Tesla | To seek daily investment results, before fees and expenses, of 200% of the daily performance of Tesla, Inc. (NASDAQ: TSLA) ("TSLA") |
| Inverse Tesla | To seek daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of TSLA |
| Long NVIDIA | To seek daily investment results, before fees and expenses, of 200% of the daily performance of NVIDIA Corp. (NASDAQ: NVDA) ("NVDA") |
| Inverse NVIDIA | To seek daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of NVDA |

---

Each Fund is deemed to be an individual operating and reporting segment and are not part of a consolidated reporting entity. The objective and strategy, as outlined in the Funds' prospectus under the heading "Principal Investment Strategies," are used by Tuttle Capital Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in their Statements of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Funds. Due to the significance of oversight and its role in the Funds' management, each Fund's investment manager is deemed to be the Chief Operating Decision Maker.

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

**15**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

**Security Valuation**

The Funds record investments at fair value. Generally, the Funds' domestic securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Other assets for which market prices are not readily available are valued at their fair value under procedures set by the Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Funds' assets to the Advisor as the Valuation Designee pursuant to the Funds' policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to methodologies established by the Board. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) approved by the Board based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange, or, if no settlement price is available, at the last sale price as of the close of business prior to when a Fund calculates Net Asset Value ("NAV"). Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Valuation Designee (as defined below). Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked price quotations from market makers, by a pricing service at a price received from the counterparty to the swap, or by the Valuation Designee in accordance with the valuation procedures approved by the Board.

**16**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

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

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

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

The following is a summary of the level of inputs used to value the Funds' investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Long Tesla** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized Appreciation of Total Return Swap Contracts  | $—<br>| $40433614<br>| $—<br>| $40433614<br>|
|  | $—<br>| $40433614<br>| $—<br>| $40433614<br>|
| **Inverse Tesla** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Unrealized Depreciation of Total Return Swap Contracts  | $—<br>| $(7257249) | $—<br>| $(7257249) |
|  | $—<br>| $(7257249) | $—<br>| $(7257249) |
| **Long NVIDIA** |  |  |  |  |
| **Assets** |  |  |  |  |
| Unrealized Appreciation of Total Return Swap Contracts  | $—<br>| $42122013<br>| $—<br>| $42122013<br>|
|  | $—<br>| $42122013<br>| $—<br>| $42122013<br>|

---

**17**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Inverse NVIDIA** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Unrealized Depreciation of Total Return Swap Contracts  | $—<br>| $(878051) | $—<br>| $(878051) |
|  | $—<br>| $(878051) | $—<br>| $(878051) |

---

Refer to the Funds' Schedule of Investments for a listing of the securities by type. The Funds held no Level 3 securities at any time during the six months ended December 31, 2025.

**Security Transactions and Income**

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

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to its shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

**18**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

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

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended December 31, 2025, there were no such reclassifications.

**Dividends and Distributions**

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

**Creation Units**

The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in blocks of at least 10,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay to Citibank, N.A. (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $250. Authorized Participants wishing to redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $250.

**19**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Funds' principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participation Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation Unit Shares** | **Creation Transaction Fee** | **Value** |
| Long Tesla  | 10000 | $250 | &nbsp;&nbsp; $267100<br>|
| Inverse Tesla  | 10000 | $250 | &nbsp;&nbsp; $118600<br>|
| Long NVIDIA  | 10000 | $250 | &nbsp;&nbsp; $171400<br>|
| Inverse NVIDIA  | 10000 | $250 | &nbsp;&nbsp; $168000<br>|

---

To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Funds, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking are secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A participant agreement may permit the Funds to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Funds acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statements of Assets and Liabilities, when applicable.

**20**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

**Derivatives**

Each Fund may enter into total return swap contracts, which may be used either as economically similar substitutes for owning the reference asset specified in the swap contract, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for a Fund to own that asset. "Total return" refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swap contracts provide a Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.

Most swap contracts entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap contract will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swap contracts may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. A Fund's current obligations under the types of swaps that the Funds expect to enter into (e.g., total return swap contacts) will be accrued daily (offset against any amounts owed to a Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by the Fund posting collateral to a tri-party account between the Funds' custodian, the Fund, and the counterparty. However, typically no payments will be made until the settlement date.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

**21**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for the offset under a master netting agreement and the related collateral received or pledged by each Fund as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Long Tesla** | **Long Tesla** | **Long Tesla** | **Long Tesla** | **Long Tesla** | **Long Tesla** |
|  | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |
| **Counterparty** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Net Derivative<br>Assets<br>(Liabilities)\*** | **Collateral<br>Pledged<br>(Received)\*\*** | **Net Amount** |
| Natixis  | $331413<br>| $—<br>| $331413<br>| $—<br>| $331413<br>|
| TD Cowen  | 30378512 |  | 30378512 |  | 30378512 |
| CF Secured  | 1070094 |  | 1070093 |  | 1070094 |
| Wells Fargo  | 570974 |  | 570974 |  | 570974 |
| Clear Street Derivatives  |  | 2202158 | (2202158) | (2202158) |  |
| Marex Prime Services  | 10284780 |  | 10284780 |  | 10284780 |
|  | $42635773<br>| $2202158<br>| $40433614<br>| $(2202158) | $42635773<br>|
| **Inverse Tesla** |  |  |  |  |  |
|  | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |
| **Counterparty** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Net Derivative<br>Assets<br>(Liabilities)\*** | **Collateral<br>Pledged<br>(Received)\*\*** | **Net Amount** |
| TD Cowen  | $—<br>| $7874417<br>| $(7874417) | $(7874417) | $—<br>|
| CF Secured  |  | 19594 | (19594) | (19594) |  |
| Marex Prime Services  |  | 826834 | (826834) | (826834) |  |
| Clear Street Derivatives  | 1463596 |  | 1463596 |  | 1463596 |
|  | $1463596<br>| $8720845<br>| $(7257249) | $(8720845) | $1463596<br>|
| **Long NVIDIA** |  |  |  |  |  |
|  | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |
| **Counterparty** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Net Derivative<br>Assets<br>(Liabilities)\*** | **Collateral<br>Pledged<br>(Received)\*\*** | **Net Amount** |
| TD Cowen  | $55438536<br>| $—<br>| $55438536<br>| $—<br>| $55438536<br>|
| Natixis  |  | 14879682 | (14879682) | (14879682) |  |
| CF Secured  |  | 5640788 | (5640788) | (5640788) |  |
| Clear Street Derivatives  | 892489 |  | 892489 |  | 892489 |
| Marex Prime Services  | 6311458 |  | 6311458 |  | 6311458 |
|  | $62642483<br>| $20520470<br>| $42122013<br>| $(20520470) | $62642483<br>|

---

**22**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Inverse NVIDIA** |  |  |  |  |  |
|  | **Total Return Swap Contracts** | **Total Return Swap Contracts** |  |  |  |
| **Counterparty** | **Derivative<br>Assets** | **Derivative<br>Liabilities** | **Net Derivative<br>Assets<br>(Liabilities)\*** | **Collateral<br>Pledged<br>(Received)\*\*** | **Net Amount** |
| CF Secured  | $627783<br>| $—<br>| $627783<br>| $—<br>| $627783<br>|
| Clear Street Derivatives  |  | 1505834 | (1505834) | (1505834) |  |
|  | $627783<br>| $1505834<br>| $(878051) | $(1505834) | $627783<br>|

---

\*Statements of Assets and Liabilities location: Net unrealized appreciation (depreciation) of total return swap contracts.

\*\*The actual collateral pledged (received) may be more than the amounts shown.

The average monthly notional amount of the total return swap contracts during the six months ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Monthly Notional Amount** |
| Long Tesla  | $690341111<br>|
| Inverse Tesla  | (154117342) |
| Long NVIDIA  | 1286626349 |
| Inverse NVIDIA  | (74128166) |

---

As of December 31, 2025, the Funds were invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities as follows:

---

| |
|:---|
| **Risk:** Equity Price |
| **Derivative Type:** Total return swap contracts |

---

---

| | | |
|:---|:---|:---|
|  | **Statements of Assets and Liabilities Location** | **Fair Value Amount** |
| **Long Tesla** |  |  |
| **Derivative Assets** |  |  |
|  | Net unrealized appreciation of total return swap contracts | $40433614<br>|
| **Inverse Tesla** |  |  |
| **Derivative Liabilities** |  |  |
|  | Net unrealized depreciation of total return swap contracts | (7257249) |

---

**23**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Statements of Assets and Liabilities Location** | **Fair Value Amount** |
| **Long NVIDIA** |  |  |
| **Derivative Assets** |  |  |
|  | Net unrealized appreciation of total return swap contracts | $42122013<br>|
| **Inverse NVIDIA** |  |  |
| **Derivative Liabilities** |  |  |
|  | Net unrealized depreciation of total return swap contracts | (878051) |

---

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is equity price risk for the six months ended December 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Realized<br>Gain (Loss)<br>on Derivatives\*** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Derivatives\*\*** |
| Long Tesla  | $238188409<br>| $(25899376) |
| Inverse Tesla  | (73594405) | 8654258 |
| Long NVIDIA  | 175011844 | (23059763) |
| Inverse NVIDIA  | (29643992) | 13459251 |

---

\*Statements of Operations location: Net realized gain (loss) on total return swap contracts.

\*\*Statements of Operations location: Net change in unrealized appreciation (depreciation) of total return swap contracts.

**Officers and Trustees Indemnification**

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

**24**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

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

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor is responsible for the day-to-day management of each of the Funds' investments. The Advisor also: (i) furnishes the Funds with office space and certain administrative services; (ii) provides guidance and policy direction in connection with its daily management of each Fund's assets, subject to the authority of the Board. Under the Advisory Agreement, the Advisor has agreed, at its own expense and without reimbursement from the Funds, to pay all expenses of each Fund, except for: the fee paid to the Advisor pursuant to the Advisory Agreement, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

For its services with respect to the Funds, the Advisor is entitled to receive an annual advisory fee, calculated daily and payable monthly as a percentage of each Fund's average daily net assets, at a rate of 1.05%.

REX Shares, LLC ("REX"), a Delaware limited liability company, located in Miami, Florida, is an independent sponsor of ETFs. The research of an affiliate of REX was used in the creation of the Funds' trading strategy. REX does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. REX is not related to the Advisor, the Fund or any of the underlying stocks of the Funds. REX makes no representation or warranty, express or implied, to the owners of the shares or any member of the public regarding the advisability of investing in securities generally or in the shares in particular, or as to the ability of any Fund to meet its investment objective.

The Advisor has entered into an agreement with the Sponsor pursuant to which the Sponsor and the Advisor have jointly assumed the obligation of the Advisor to pay all expenses of the Funds, except excluded expenses. The Sponsor will also provide marketing support for the Funds including, but not limited to, providing the Funds with access to and the use of the Sponsor's marketing capabilities, including leverage the Sponsor's expertise in developing marketing strategies and communications through print and electronic media. For its services, the Sponsor is entitled to a fee from the Advisor, which is calculated daily and paid

**25**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

monthly, based on a percentage of the average daily net assets of the Funds. The Sponsor does not act as a distributor to the Funds and does not sell shares of the Funds. All Funds are distributed through the Distributor.

**Fund Administrator**

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

**Custodian**

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

**Fund Accountant and Transfer Agent**

Citi Fund Services, Ohio, Inc. serves as the Funds' Fund Accountant and Transfer Agent pursuant to a Services Agreement. For its services, Citi Fund Services, Ohio, Inc. is entitled to a fee. The Advisor pays the fees monthly.

**Distributor**

Foreside Fund Services, LLC serves as the Funds' principal underwriter pursuant to an ETF Distribution Agreement. For its services, Foreside Fund Services, LLC is entitled to a fee. The Advisor pays these fees monthly.

**Trustees and Officers**

Each Trustee who is not an "interested person" of the Trust receives compensation for their services to the Funds. Each Trustee receives an annual retainer fee, paid quarterly. Trustees are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. The Advisor pays these costs.

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King Jr. and Robert Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus, LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Funds for serving as officers of the Trust.

**26**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

The Funds' Chief Compliance Officer and Assistant Chief Compliance Officer are not compensated directly by the Funds for their service. However, the Assistant Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Funds, including the provision of the Chief Compliance Officer and the Assistant Chief Compliance Officer. The Chief Compliance Officer is the Managing Member of Fit Compliance, LLC, which has been retained by Watermark to provide the Chief Compliance Officer's services. The Advisor pays these fees monthly.

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than short-term securities for the six months ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Long Tesla  | $1659380822<br>| $1707473559<br>|
| Inverse Tesla  |  |  |
| Long NVIDIA  | 2146409843 | 2140908931 |
| Inverse NVIDIA  |  |  |

---

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

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

The tax character of distributions for the six months ended December 31, 2025, and the year ended June 30, 2025, respectively, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** |
|  | **Long Tesla** | **Inverse Tesla** | **Long NVIDIA** | **Inverse NVIDIA** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $589852<br>| $—<br>| $77469<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  |  | $19619372<br>|  |
|  | $—<br>| $589852<br>| $19619372<br>| $77469<br>|

---

**27**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | **Long Tesla** | **Inverse Tesla** | **Long NVIDIA** | **Inverse NVIDIA** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $1847467<br>| $92910312<br>| $2059219<br>|
|  | $—<br>| $1847467<br>| $92910312<br>| $2059219<br>|

---

As of December 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Accumulated Net Investment Income (Accumulated Deficits)** | **Other Accumulated Losses** | **Net Unrealized Appreciation (Depreciation)** | **Total** |
| Long Tesla  | $1980721<br>| $259246586<br>| $40433614<br>| $301660921<br>|
| Inverse Tesla  | (1582406) | (209569026) | (7257249) | (218408681) |
| Long NVIDIA  | 411539 | 169932104 | 42122013 | 212465656 |
| Inverse NVIDIA  | (425934) | (72464962) | (878051) | (73768947) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| Long Tesla  | $—<br>| $40433614<br>| $—<br>| $40433614<br>|
| Inverse Tesla  |  |  | (7257249) | (7257249) |
| Long NVIDIA  |  | 42122013 |  | 42122013 |
| Inverse NVIDIA  |  |  | (878051) | (878051) |

---

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

Shares of the Funds are listed for trading on the Cboe BZX Exchange, Inc. (each an "Exchange"), and trade at market prices rather than at NAV. Shares of the Funds may trade at a price that is greater than, at, or less than NAV. The Funds will issue and redeem shares at NAV only in blocks of 10,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds.

All orders to create Creation Units must be placed with the Funds' distributor or transfer agent either (1) through the Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the Securities

**28**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

and Exchange Commission ("SEC"), by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party or the DTC Participant must have executed an agreement with the Distributor with respect to creations and redemptions of Creation Units ("Participation Agreement"); such parties are collectively referred to as "APs" or "Authorized Participants." All Fund shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

Shares of beneficial interest transactions for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** | **Six Months Ended December 31, 2025** |
|  | **Long <br>Tesla** | **Inverse <br>Tesla** | **Long <br>NVIDIA** | **Inverse <br>NVIDIA** |
| Shares sold  | 42790000 | 11855500 | 98070000 | 4488000 |
| Shares redeemed  | (53880000) | (7796027) | (105320000) | (4546027) |
| Net increase (decrease)  | (11090000) | 4059473 | (7250000) | (58027) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** |
|  | **Long <br>Tesla** | **Inverse <br>Tesla<sup>(1)</sup>** | **Long <br>NVIDIA<sup>(2)</sup>** | **Inverse <br>NVIDIA<sup>(3)</sup>** |
| Shares sold  | 64740000 | 307800000 | 149140000 | 224448160 |
| Shares redeemed  | (67340000) | (255310000) | (143300000) | (195893333) |
| Net increase (decrease)  | (2600000) | 52490000 | 5840000 | 28554827 |

---

<sup>(1)</sup> Share amounts for Inverse Tesla have been adjusted for a reverse 1 to 20 stock split effective on October 28, 2025.

<sup>(2)</sup> Share amounts for Long NVIDIA have been adjusted for a 10 for 1 stock split effective on July 16, 2024.

<sup>(3)</sup> Share amounts for Inverse NVIDIA have been adjusted for a reverse 1 to 20 stock split effective on October 28, 2025, and for a reverse 1 to 3 stock split effective on July 16, 2024.

On October 14, 2025, the Board of the Trust approved a reverse stock split for Inverse Tesla at a reverse split ratio of 1:20 and approved a reverse stock split for Inverse NVIDIA at a reverse split ratio of 1:20. The Creation Unit size for each Fund remains at 10,000 shares per unit.

For Inverse Tesla, the record date for the stock split was October 27, 2025, and the stock split was effectuated after the close of trading on October 28, 2025. Shares of Inverse Tesla began trading on a split-adjusted basis on October 29, 2025.

For Inverse NVIDIA, the record date for the stock split was October 27, 2025, and the stock split was effectuated after the close of trading on October 28, 2025. Shares of Inverse NVIDIA began trading on a split-adjusted basis on October 29, 2025.

**29**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

All historical per share information has been retroactively adjusted to reflect these stock splits. Set forth below are details regarding the splits effected on October 29, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Rate** | **Net Asset<br>Value<br>Before Split** | **Net Asset<br>Value<br>After Split** | **Shares<br>Outstanding<br>Before Split** | **Shares<br>Outstanding<br>After Split** |
| Inverse Tesla  | 10/28/2025 | 1 for 20 | $0.63 | $12.60 | 123070000 | 6153500 |
| Inverse NVIDIA  | 10/28/2025 | 1 for 20 | $0.77 | $15.40 | 34791494 | 1739575 |

---

On June 21, 2024, the Board of the Trust approved a stock split for Long NVIDIA at a split ratio of 10:1 and approved a reverse stock split for Inverse NVIDIA at a reverse split ratio of 1:3. The Creation Unit size for each Fund remains at 10,000 shares per unit.

For Long NVIDIA, the record date for the stock split was July 15, 2024, and the stock split was effectuated after the close of trading on July 15, 2024. Shares of Long NVIDIA began trading on a split-adjusted basis on July 16, 2024.

For Inverse NVIDIA, the record date for the reverse stock split was July 15, 2024, and the reverse stock split was effectuated after the close of trading on July 15, 2024. Shares of Inverse NVIDIA began trading on a split-adjusted basis on July 16, 2024.

All historical per share information has been retroactively adjusted to reflect these stock splits. Set forth below are details regarding the splits effected on July 16, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Rate** | **Net Asset<br>Value<br>Before Split** | **Net Asset<br>Value<br>After Split** | **Shares<br>Outstanding<br>Before Split** | **Shares<br>Outstanding<br>After Split** |
| Long NVIDIA  | 7/15/2024 | 10 for 1 | $174.20 | $17.42 | 4150000 | 41500000 |
| Inverse NVIDIA  | 7/15/2024 | 1 for 3 | $1.88 | $5.64 | 21240000 | 7080000 |

---

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

An investment in the Funds entails risk. A Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested a Fund. A Fund is not a complete investment program. In addition, the Funds present risks not traditionally associated with other mutual funds and ETFs. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."

**30**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Notes to Financial Statements - continued** **December 31, 2025 (Unaudited)**

**NOTE 7 – SUBSEQUENT EVENTS**

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

**31**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Supplemental Information (Unaudited)**

**Changes in and disagreements with accountants for open-end management investment companies.**

Not applicable.

**Proxy disclosures for open-end management investment companies.**

Not applicable.

**Remuneration paid to Trustees, Officers, and others of open-end management investment companies.**

Because Tuttle Capital Management, LLC (the "Advisor") has agreed in the Investment Advisory Agreement to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, the Advisor pays the compensation to each Independent Trustee and the Chief Compliance Officer for services to the Fund from the Advisor's management fees.

**Statement Regarding Basis for Approval of Investment Advisory Contract.**

INVESTMENT ADVISORY AGREEMENT APPROVAL

*This semi-annual report pertains only to the T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF (the "Funds").*

At a meeting held on June 18-19, 2025 (the "Meeting"), the Board considered the continuation of the Investment Advisory Agreement (the "Tuttle Advisory Agreement") between ETFOT and Tuttle Capital Management, LLC ("TCM"), with respect to the Funds. The Board reflected on its discussions with the representatives from TCM earlier in the Meeting regarding the manner in which the Funds are managed and the roles and responsibilities of TCM under the Tuttle Advisory Agreement.

The Trustees reviewed a memorandum from Trust Counsel that addressed the Trustees' duties when considering the approval of the Tuttle Advisory Agreement and the responses of TCM to requests for information from Trust Counsel on behalf of the Board. Trust Counsel noted that the response included information on the personnel of and services to be provided by TCM, an expense comparison analysis for the Funds and comparable ETFs, and the Tuttle Advisory Agreement. Trust Counsel discussed the types of information and factors that should be considered by the Board in order to make an

**32**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Supplemental Information (Unaudited)**

informed decision regarding the approval of the Tuttle Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services to be provided by TCM; (ii) the investment performance of the Funds; (iii) the costs of the services to be provided and profits to be realized by TCM from the relationship with the Funds; (iv) the extent to which economies of scale have been realized and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (v) possible conflicts of interest and other benefits.

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

Trust Counsel reminded the Board that it also requested and received various informational materials including, without limitation: (i) documents containing information about TCM, including financial information, personnel and the services to be provided by TCM to the New Tuttle ETFs, TCM's compliance program, current legal matters, and other general information; (ii) expenses of the Funds and comparative expense information for other ETFs with strategies similar to the Funds prepared by an independent third party; (iii) the effect of size on the Funds' performance and expenses; and (iv) benefits realized by TCM from its relationship with the Funds.

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

**33**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Supplemental Information (Unaudited)**

1. *The nature, extent, and quality of the services to be provided by TCM* 

In this regard, the Board considered the responsibilities of TCM under the Tuttle Advisory Agreement. The Board reviewed the services to be provided by TCM to the Funds, including, without limitation, TCM's process for formulating investment recommendations and the processes of TCM for assuring compliance with the Funds' investment objectives and limitations; TCM's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by TCM for the Funds among the service providers; and the anticipated efforts of TCM to promote the Funds and grow their assets. The Board considered: the staffing, personnel, and methods of operating of TCM; the education and experience of its personnel; and information provided regarding its compliance program and policies and procedures. After reviewing the foregoing and further information from TCM, the Board concluded that the quality, extent, and nature of the services to be provided by TCM was satisfactory and adequate for the Funds.

2. *The investment performance of TCM*

The Board reviewed the performance of the T-REX 2X Long NVIDIA Daily Target ETF ("Long NVIDIA ETF"), T-REX 2X Inverse NVIDIA Daily Target ETF ("Inverse NVIDIA ETF"), T-REX 2X Long Tesla Daily Target ETF ("Long Tesla ETF") and T-REX 2X Inverse NVIDIA Daily Target ETF (the "Inverse NVIDIA ETF") for the one-year period ended March 31, 2025. The Board noted that the Inverse NVIDIA ETF and the Inverse Tesla ETF had underperformed the S&P 500 TR Index, the median of their Morningstar category, the Trading – Inverse Equity category ("Inverse Category"), and the median of a peer group selected from their Category ("Inverse Peer Group") for the period. The Board also noted that the Long NVIDIA ETF had underperformed the S&P 500 TR Index, the median of its Morningstar category, the Trading – Leveraged Equity category ("Leveraged Category"), and the median of its peer group ("Leveraged Peer Group) for the period, while the Long Tesla ETF had outperformed the S&P 500 TR Index and the median of funds in the Leveraged Category, but had underperformed the median of the Leveraged Peer Group. After a detailed discussion of the Funds' performance, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Funds was satisfactory.

3. *The costs of services to be provided and profits to be realized by TCM from its relationship with the Funds.* 

In this regard, the Board considered the financial condition of TCM and the level of commitment to the Funds by TCM. The Board also considered the assets

**34**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Supplemental Information (Unaudited)**

and expenses of each Fund, including the nature and frequency of advisory payments. The Trustees noted the information on profitability provided by TCM. The Trustees considered the unitary fee structure of the TCM Advisory Agreement. The Board compared the advisory fees of the Funds to the fees of funds in the Leveraged Category or Inverse Category, and the Leveraged Peer Group or Inverse Peer Group, as applicable. The Trustees noted that the Long NVIDIA and Long Tesla ETFs' advisory fees were higher than the median of the Leveraged Peer Group and Leveraged Category, and their gross and net expense ratios were lower than the median of their Leveraged Peer Group and Leveraged Category, except that the Long NVIDIA ETF's net expense ratio was in line with the median of its Peer Group. The Trustees noted that Inverse NVIDIA ETF's and Inverse Tesla ETF's advisory fees were higher than the median of the Inverse Peer Group and higher than the median of the Inverse Category, and the Inverse NVIDIA and Inverse Tesla ETFs' gross and net expense ratios were lower than the median of the Inverse Peer Group and the Inverse Category, The Trustees also noted that Tuttle does not manage any separate accounts with strategies similar to those of the Funds. The Trustees considered Tuttle's profitability in managing the Funds. After further consideration, the Board concluded that the profitability and fees paid to Tuttle were within an acceptable range in light of the services provided by Tuttle.

4. *The extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of the Funds' shareholders.* 

The Trustees considered that the Adviser did not believe that the Funds were of sufficient size to achieve economies of scale at current asset levels. The Board noted that the unitary fee structure limits the shareholders' exposure to underlying operating expense increases.

5. *Possible conflicts of interest and other benefits.* 

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory personnel assigned to the Funds; the basis of decisions to buy or sell securities for the Funds; and the substance and administration of the Code of Ethics and other relevant policies of TCM. The Board noted that TCM represented that it would not utilize soft dollars or commission recapture with regard to the Funds. The Board also considered potential benefits for TCM in managing the Funds. Following further consideration and discussion, the Board concluded that the standards and

**35**

FINANCIAL STATEMENTS \| December 31, 2025

**T-REX 2X DAILY TARGET ETFS**

**Supplemental Information (Unaudited)**

practices of TCM relating to the identification and mitigation of potential conflicts of interest, as well as the benefits derived by TCM from managing the Funds were satisfactory.

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

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7 which includes remuneration paid to the Trustees and Officers in the Supplemental Information.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Reference Item 7 which includes investment advisory contract approval in the Supplemental Information.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this Registrant because it is not a closed-end management investment company.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this Registrant because it is not a closed-end management investment company.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this Registrant because it is not a closed-end management investment company.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this Registrant because it is not a closed-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR - Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 - Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant's independent public accountant – Not applicable.

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: March 9, 2026 | |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: March 9, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: March 9, 2026 |  |

---

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

## Ex-99.Cert

[ETF Opportunities Trust N-CSRS](trex-ncsr_123125.htm)

**Exhibit 99.CERT**

**PRINCIPAL EXECUTIVE OFFICER CERTIFICATION**

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

1. I have reviewed this report on Form N-CSR of the T-REX 2X Daily
Target ETFs;

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

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

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) 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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

Date: March 9, 2026

/s/ Karen Shupe

Principal Executive Officer

**PRINCIPAL FINANCIAL OFFICER CERTIFICATION**

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

1. I have reviewed this report on Form N-CSR of the T-REX 2X Daily
Target ETFs;

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

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

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) 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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

Date: March 9, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSRS](trex-ncsr_123125.htm)

**Exhibit 99.906 CERT**

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2026 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

---

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

**SECTION 906 CERTIFICATION**

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | March 9, 2026 |
| Name: | /s/ Ann MacDonald |
|  | Ann MacDonald |
| Title: | Assistant Treasurer and Principal Financial Officer |

---

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