# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001398344-23-000439
**Filing Date:** 2023-1
**Character Count:** 223824
**Document Hash:** a723b73f2af1d7762ccdb032acf478b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000439.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000439

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 23517797

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### International Drawdown Managed Equity ETF (Series ID: S000071790)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000227294 | International Drawdown Managed Equity ETF | IDME            |

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

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

As filed with the U.S. Securities and Exchange Commission on January 09, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**<br> (Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>October 31, 2022</u>**

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

(a) ![](fp0080903-3_i.jpg)

**Semi-Annual Report** 

**October 31, 2022**

<br> **Aptus Collared Income Opportunity ETF** 

**Ticker: ACIO** 

**Aptus Defined Risk ETF** 

**Ticker: DRSK** 

**Aptus Drawdown Managed Equity ETF** 

**Ticker: ADME** 

**Opus Small Cap Value ETF** 

**Ticker: OSCV** 

**International Drawdown Managed Equity ETF** 

**Ticker: IDME** 

**Aptus Enhanced Yield ETF** 

**Ticker: JUCY** 

**Aptus ETFs**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
| Shareholder Letters  | 1 |
| Portfolio Allocations  | 14 |
| Schedules of Investments and Schedules of Written Options  | 16 |
| Statements of Assets and Liabilities  | 33 |
| Statements of Operations  | 35 |
| Statements of Changes in Net Assets  | 37 |
| Financial Highlights  | 43 |
| Notes to Financial Statements  | 49 |
| Expense Examples  | 62 |
| Review of Liquidity Risk Management Program  | 64 |
| Approval of Advisory Agreement and Board Considerations  | 65 |
| Federal Tax Information  | 67 |
| Information About Portfolio Holdings  | 67 |
| Information About Proxy Voting  | 67 |
| Information About the Funds' Trustees  | 68 |
| Frequency Distribution of Premiums and Discounts  | 68 |

---

**Aptus Collared Income Opportunity ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear ACIO Shareholders,

Thank you for your investment in the Aptus Collared Income Opportunity ETF, referred to herein as "ACIO" or the "Fund". The information presented in this letter relates to ACIO's performance period from May 1, 2022 through October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective principally by investing in a portfolio of U.S.-listed equity securities of any market capitalization and buying put options or an options collar (i.e., a mix of written (sold) call options and long (bought) put options) on the same underlying equity securities, a U.S. equity ETF, or on an index tracking a portfolio of U.S. equity securities (a "U.S. Equity Index"). The U.S. Equity Index, U.S. equity ETF, and the underlying equity securities may be of any market capitalization. The equity securities and options held by the Fund must be listed on a U.S.- exchange, and the equity securities may include common stocks of U.S. companies, American Depositary Receipts ("ADRs") (i.e., receipts evidencing ownership of foreign equity securities), and real estate investment trusts ("REITs"). The Fund will typically limit investments in ADRs to approximately 20% of the Fund's net assets.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples ("price-to-earnings ratio" or "P/E ratio") contracted from very elevated levels which led to lower stock prices. The equity exposure across the ACIO portfolio decreased in line with the S&P 500<sup>®</sup>Index as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns, somewhat muting the effectiveness of hedged strategies. ACIO typically carries 30 to 40 deltas puts upon initiation. This means they move 30 to 40 cents for every dollar the S&P 500<sup>®</sup>Index moves. As the S&P 500<sup>®</sup>Index drops lower, higher delta hedges realize more and more delta. Throughout the year, ACIO has carried hedges that are pretty effective instantly (being closer to the money). Simply put, it doesn't take much of a drop to turn a 40 delta into an 80 delta hedge as markets fall. The aim is to carry enough hedging exposure in the Fund so the effects of being hedged (in a falling market) are relevantly quickly. For example, an 80 delta x 100% notional hedge means the portfolio is 80% protected and will feel approximately only 20% of the drop. In addition, the covered calls against the long equity positions for the year have contributed considerable income to the strategy as the market has grinded lower, further improving performance.

For the current fiscal period, ACIO was down -1.42% at market and down -1.39% at net asset value ("NAV"). Over the same period, the S&P 500<sup>®</sup> Total Return Index was down -5.50%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring in July 2022 on the S&P 500 Index (SPX), gaining 258.90% and adding 3.12% to the return of ACIO. The second largest contributor was a put option position expiring in May 2022 on the S&P 500 Index (SPX), gaining 187.54% and adding 2.85% to the return of ACIO. The third largest contributor was a put option position expiring in October 2022 on the S&P 500 Index (SPXW), gaining 223.46% and adding 1.55% to the return of ACIO.

The largest negative contributor to the return of the Fund for the current fiscal period was a put option position expiring in October 2022 on the S&P 500 Index (SPX), down -63.95% and detracting -1.89% from the return of ACIO. The second largest negative contributor was a put option position expiring in June 2022 on the S&P 500 Index (SPX), down -78.31% and detracting -1.45% from the return of ACIO. The third largest negative contributor was a put option position expiring in July 2022 on the S&P 500 Index (SPXW), down -32.22% and detracting -1.27% from the return of ACIO.

We are excited about the opportunity to give our investors access to the Aptus Collared Income Opportunity ETF. We think it's possible future returns from a traditional 60/40 portfolio may be well below recent history, at risk of being insufficient to meet the income needs of today's retirees. We believe we can help the math with a focus on global dividend growers. With overall valuations high, and growth difficult to project, we place great emphasis on sustainable yield in building return assumptions. The ACIO screening process takes large capitalization U.S.-listed equity securities that a) meet the filter, b) provide diversified exposure, and c) maintain an active options market from which we can sell call options on the individual names along with buying puts on the broad market index to more efficiently collar the equity portfolio. The powerful combination of a high dividend paying basket of large capitalization U.S.-listed equity securities with a collar strategy aims to deliver consistent and repeatable yield and minimal drawdown.

**Aptus Collared Income Opportunity ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

We appreciate your interest in ACIO. If we can elaborate on the underlying Aptus Collared Income Opportunity strategy, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**Aptus Collared Income Opportunity ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund's use of call and put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the NAV, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.** 

Call options give the owner the right to buy the underlying security at the specified price within a specific time period. Put options give the owner the right to sell the underlying security at the specified price within a specific time period. A collar is an options strategy constructed by holding shares of the underlying stock while simultaneously buying put options and selling call options against that holding

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedule of investments and schedule of written options in this report for complete holdings information.

Definitions:

Price-to-earnings ratio (or "P/E ratio") is the ratio for valuing a company that measures its current share price relative to its earnings per share ("EPS"). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.

Cboe Volatility Index (VIX) is a real-time index that represents the market's expectations for the relative strength of near-term price changes of the S&P 500 Index (SPX). Because it is derived from the prices of SPX index options with near-term expiration dates, it generates a 30-day forward projection of volatility. Volatility, or how fast prices change, is often seen as a way to gauge market sentiment, and in particular the degree of fear among market participants.

Delta is a risk metric that estimates the change in price of a derivative, such as an options contract, given a $1 change in its underlying security. The delta also tells options traders the hedging ratio to become delta neutral. A third interpretation of an option's delta is the probability that it will finish in-the-money.

Notional value is a term often used to value the underlying asset in a derivatives trade. It can be the total value of a position, how much value a position controls, or an agreed-upon amount in a contract. In market parlance, notional value is the total underlying amount of a derivatives trade.

S&P 500<sup>®</sup> Total Return Index - a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. The total return index is a type of equity index that tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index.

Aptus Capital Advisors is the adviser to the Aptus Collared Income Opportunity ETF, which is distributed by Quasar Distributors, LLC.

**Aptus Defined Risk ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear DRSK Shareholders,

Thank you for your investment in the Aptus Defined Risk ETF, referred to herein as "DRSK" or the "Fund". The information presented in this letter relates to DRSK's performance from May 1, 2022 through October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its objective through a hybrid fixed income and equity strategy. The Fund typically invests approximately 75% to 95% of its assets to obtain exposure to investment-grade corporate bonds (the "Fixed Income Strategy") and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk (the "Equity Strategy").

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates was a large detractor to fixed income performance which made the fixed income environment one of the most difficult markets experienced historically. DRSK's exposure to bonds (90-95% of the portfolio) detracted from performance, although, by managing the duration of our fixed income portfolio, we were able to show less interest rate sensitivity to the rising rate environment versus our benchmark (The Bloomberg Barclays US Aggregate Bond Index). As interest rates rose, the portfolio management team increased the duration of the Fund more in line with the Bloomberg Barclays US Aggregate Bond Index aiming, to increase future shareholder income given a higher interest rate environment. In regard to the options component, the volatility environment for the year was heightened but not explosive compared to the environment experienced during the 2020 pandemic. DRSK can allocate up to ~5% of the portfolio to a long volatility overlay (long calls and puts). The long calls suffered some small losses as the equity market in general (S&P 500 Index<sup>®</sup>) decreased but on the flipside, the risk mitigation (long puts) didn't realize to the extent that we'd hoped given the muted volatility regime. In saying that, as seen below, the Fund has still outperformed its benchmark year to date.

For the current fiscal period, DRSK was down -5.82% at market and down -5.63% at net asset value ("NAV"). Over the same period, the Bloomberg Barclays US Aggregate Bond Index was down -6.86%.

The largest positive contributor to return for the current fiscal period was a call option position expiring in October 2022 on the S&P 500 Index (SPX), gaining 92.62% and adding 0.78% to the return of DRSK. The second largest contributor was a call option position expiring in August 2022 on the S&P 500 Index (SPX), gaining 103.55% and adding 0.75% to the return of DRSK. The third largest contributor was a call option position expiring during September 2022 on Energy Select Sector SPDR Fund (XLE), gaining 91.71% and adding 0.73% to the return of DRSK.

The largest negative contributor to the return of the Fund for the current fiscal period was iShares iBonds Dec 2023 Term Treasury ETF (IBTD), down -5.35% and detracting -0.87% from the return of DRSK. The second largest negative contributor was iShares iBonds Dec 2027 Term Corporate ETF (IBDS), down -3.97% and detracting -0.86% from the return of DRSK. The third largest negative contributor was a call option position expiring in Jan 2022 on the S&P 500 Index (SPX), down -71.97% and detracting -0.79% from the return of DRSK.

We are excited about the opportunity to give our investors access to the Aptus Defined Risk ETF. We see income generation as a major issue for investors in a low interest rate environment and extending maturities or accepting poorer credit bring added risk. Our "income plus" approach utilizes call options that allows for significant upside capture in a rising market and defined risk in a declining market. The powerful combination of laddered bonds over a short duration and asymmetric payoff opportunity of the call options aims to give investors expected returns not typically seen in the traditional fixed income space.

We appreciate your interest in DRSK. If we can elaborate on the underlying Aptus Defined Risk strategy, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**Aptus Defined Risk ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past Performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund invests indirectly in fixed income securities through investments in Underlying Bond ETFs, which involve certain risks. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. Because the Fund only purchases options (as opposed to writing/selling options), the Fund's losses from its exposure to options are limited to the amount of premiums paid.** 

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active exchanges at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedule of Investments and Schedule of Written Options for a complete list of Fund holdings.

Definitions:

Bloomberg Barclays US Aggregate Bond Index – a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers. One cannot invest directly in an index.

S&P 500<sup>®</sup> Total Return Index – a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. The total return index is a type of equity index that tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index.

Call Option: Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.

Duration can measure how long it takes, in years, for an investor to be repaid a bond's price by the bond's total cash flows. Duration can also measure the sensitivity of a bond's or fixed income portfolio's price to changes in interest rates.

Put Option: A put option is a contract giving the owner the right, but not the obligation, to sell–or sell short–a specified amount of an underlying security at a pre-determined price within a specified time frame.

Aptus Capital Advisors is the adviser to the Aptus Defined Risk ETF, which is distributed by Quasar Distributors, LLC.

**Aptus Drawdown Managed Equity ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear ADME Shareholders,

Thank you for your investment in the Aptus Drawdown Managed Equity ETF, referred to herein as "ADME" or the "Fund". The information presented in this letter relates to ADME's performance from May 1, 2022 through October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its objective principally by investing in a portfolio of U.S.-listed equity securities, while limiting downside risk by purchasing exchange-listed put options on one or more of such equity securities or on broad-based indexes or ETFs that track the performance of the U.S. equity market. Under normal circumstances, at least 80% of the Fund's net assets (plus borrowings for investment purposes) will be invested in equity securities.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples ("price-to-earnings ratio" or "P/E ratio") contracted from very elevated levels which led to lower stock prices. The equity exposure across the ADME portfolio decreased in line with the S&P 500 as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns. ADME is a tail hedge fund where the risk mitigation we carry (long puts) are out of the money ("OTM"). These tail hedges carry a lower delta but higher gamma (or convexity) allowing for the managers to own more contracts and have a large percentage of the fund notionally preserved. In a true volatility event (we define as VIX >40), these hedges quickly can come to life and offset declines in our equity portfolio. Due to a muted volatility environment, ADME's hedges didn't realize to the extent that we'd hoped given the lower volatility regime. The managers did make an addition to the strategy over the summer of '22 which allowed the fund to sell covered calls against individual equity positions held by the fund which has been additive to performance.

For the current fiscal period, ADME was down -8.68% at market and down -8.47% at net asset value ("NAV"). Over the same period, the S&P 500<sup>®</sup> Total Return Index was down -5.50%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring during October 2022 on the S&P 500 Index (SPXW), gaining 223.46% and adding 4.55% to the return of ADME. The second largest contributor was a put option position expiring during September 2022 on the S&P 500 Index (SPXW), gaining 340.96% and adding 0.95% to the return of ADME. The third largest contributor was a call option position expiring during October 2022 on the S&P 500 Index (SPXW), gaining 186.86% and adding 0.82% to the return of ADME.

The largest negative equity contributor to the return of the Fund for the current fiscal period was a put option position expiring during October 2022 on the S&P 500 Index (SPX), down -76.61% and detracting -2.97% from the return of ADME. The second largest negative contributor was a put option position expiring during June 2022 on the S&P 500 Index (SPX), down -90.99% and detracting -2.22% from the return of ADME. The third largest negative contributor was a put option position expiring in November 2022 on the S&P 500 Index (SPXW), down -82.65% and detracting -1.52% from the return of ADME.

We are excited about the opportunity to give our investors access to the Aptus Drawdown Managed Equity ETF. Historically, a small group of big winners have comprised most of each year's market gains. Rather than diluting with hundreds of mediocre holdings, we prefer to focus on selection of large, mid, or small-capitalization U.S.-listed names. We build from a Yield + Growth framework, tilting holdings to favor companies with solid fundamentals and reasonable valuations while avoiding those with negative price momentum. We believe there's an upside to less downside behaviorally and mathematically. Rather than try to time the markets, we actively hedge our holdings in an effort to mitigate downside risk. We build a portfolio that attempts to capture market upside, with a fraction of the downside.

We appreciate your interest in ADME. If we can elaborate on the underlying Aptus Drawdown Managed Equity strategy, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**Aptus Drawdown Managed Equity ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund's use of put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the NAV, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.** 

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedule of Investments and Schedule of Written Options for a complete list of Fund holdings.

Definitions:

Price-to-earnings ratio (or "P/E ratio") is the ratio for valuing a company that measures its current share price relative to its earnings per share ("EPS"). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.

Cboe Volatility Index (VIX) is a real-time index that represents the market's expectations for the relative strength of near-term price changes of the S&P 500 Index (SPX). Because it is derived from the prices of SPX index options with near-term expiration dates, it generates a 30-day forward projection of volatility. Volatility, or how fast prices change, is often seen as a way to gauge market sentiment, and in particular the degree of fear among market participants.

Out of the Money ("OTM") is a matter of the strike price's position relative to the market value of the underlying stock. An OTM option is one that has a strike price that the underlying security has yet to reach, meaning the option has no intrinsic value.

Delta is a risk metric that estimates the change in price of a derivative, such as an options contract, given a $1 change in its underlying security. The delta also tells options traders the hedging ratio to become delta neutral. A third interpretation of an option's delta is the probability that it will finish in-the-money.

Gamma is an options risk metric that describes the rate of change in an option's delta per one-point move in the underlying asset's price.

S&P 500<sup>®</sup> Total Return Index - a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. The total return index is a type of equity index that tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index.

Aptus Capital Advisors is the adviser to the Aptus Drawdown Managed Equity ETF, which is distributed by Quasar Distributors, LLC.

**Opus Small Cap Value ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear OSCV Shareholders,

Thank you for your investment in the Opus Small Cap Value ETF, referred to herein as "OSCV" or the "Fund". The information presented in this letter relates to OSCV's performance from May 1, 2022 through October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization U.S. companies. The Fund defines a small capitalization company as an issuer whose market capitalization at the time of purchase is in the range of those found in the Russell 2000<sup>®</sup> Index. The Fund's equity securities primarily include common stocks, real estate investment trusts ("REITs"), and American Depositary Receipts ("ADRs") representing the stock of a foreign company. The Fund will generally limit its investments in ADRs to 20% of its total assets. The Fund may invest in securities offered in an initial public offering ("IPO") or in companies that have recently completed an IPO.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples ("price-to-earnings ratio" or "P/E ratio") contracted from very elevated levels which led to lower stock prices. The equity exposure within OSCV decreased less than the funds benchmark, the Russell 2000<sup>®</sup> Value Total Return Index.

As the market continues to navigate a hawkish Fed and a transition to a Quantitative Tightening ("QT") environment due to inflationary forces, we wanted to focus on owning companies with corporate profitability. Historically we know that highly profitable companies tend to outperform over longer periods of time. To be successful in this new environment, we believe the playbook is slightly different in that the market will reward those companies that have pricing inelasticity in their business models. In our view, defending profit margins and minimizing the rate of change is more important than starting with a high absolute value. This reinforces our rationale for aiming to own high-quality companies that can pass on increased costs without causing demand destruction.

For the current fiscal period, OSCV was up 2.06% at market and up 1.89% at net asset value ("NAV"). Over the same period, the Russell 2000<sup>®</sup> Value Total Return Index was down -1.35%.

The largest positive equity contributor to return for the current fiscal period was Texas Pacific Land Corporation (TPL), gaining 71.08% and adding 0.96% to the return of OSCV. The second largest contributor was Stock Yards Bancorp, Inc. (SYBT) gaining 50.93% and adding 0.67% to the return of OSCV. The third largest contributor was RCI Hospitality Holdings, Inc. (RICK) gaining 36.50% and adding 0.60% to the return of OSCV.

The largest negative equity contributor to the return of the Fund for the current fiscal period was Gladstone Land Corporation (LAND) down -49.14% and detracting -0.74% from the return of OSCV. The second largest negative contributor was NexPoint Residential Trust, Inc. (NXRT) down -48.17% and detracting -0.71% from the return of OSCV. The third largest negative contributor was Hingham Institution for Savings (HIFS) down -23.12% and detracting -0.55% from the return of OSCV.

We are excited about the opportunity to give our investors access to the Opus Small Cap Value ETF. OSCV selects stocks across a variety of sectors and industries by combining factor-based analysis with rigorous fundamental research to identify high-quality, growing companies that are believed to be undervalued. OSCV is focused on three core themes to identify companies: 1. higher quality companies with sound business models, higher returns on equity, strong balance sheets, and shareholder-friendly management. 2. higher growth companies that are well-positioned to grow sales, earnings, cash flows, and dividends. 3. lower valuation companies whose valuations reflect lower price-to-earnings and higher yields than their peers. OSCV generally sells a stock when the company is no longer believed to be high quality, when its anticipated growth rate has significantly declined, when it is no longer considered undervalued, or when it is no longer considered a small-capitalization company after a significant period of time (e.g., more than one year).

We appreciate your interest in OSCV. If we can elaborate on the underlying Opus Small Cap Value ETF, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**Opus Small Cap Value ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund invests in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the NAV, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.** 

Investing involves risk. Principal loss is possible. Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active exchanges at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedule of Investments for a complete list of Fund holdings.

Definitions:

Russell 2000<sup>®</sup> Value Total Return Index – The Russell 2000<sup>®</sup> Value Index measures the performance of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000<sup>®</sup> Index – The Russell 2000 index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000<sup>®</sup> serves as a benchmark for small-cap stocks in the United States.

Price-to-earnings ratio (or "P/E ratio") is the ratio for valuing a company that measures its current share price relative to its earnings per share ("EPS"). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.

Quantitative tightening ("QT") refers to monetary policies that contract, or reduce, the Federal Reserve System (Fed) balance sheet. This process is also known as balance sheet normalization.

Profit margin is one of the commonly used profitability ratios to gauge the degree to which a company or a business activity makes money. It represents what percentage of sales has turned into profits. Simply put, the percentage figure indicates how many cents of profit the business has generated for each dollar of sale.

Return on equity – a measure of financial performance calculated by dividing net income by shareholders' equity (shareholders' equity being a company's assets minus its debt).

Cash flow – a measure of a company's financial performance, calculated as operating cash flow minus capital expenditures.

Aptus Capital Advisors is the adviser to the Opus Small Cap Value ETF, which is distributed by Quasar Distributors, LLC.

**International Drawdown Managed Equity ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear IDME Shareholders,

Thank you for your investment in the International Drawdown Managed Equity ETF, referred to herein as IDME or the "Fund". The information presented in this letter relates to IDME's performance period from May 1, 2022 through October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its objective principally by investing in a portfolio of other ETFs that invest in equity securities of non-U.S. (international) companies in developed and emerging markets throughout the world, while purchasing and/or writing (selling) exchange-listed call or put options on one or more broad-based indexes or ETFs that track the performance of equity markets outside of the United States to (i) limit downside ("drawdown") risk, (ii) create additional equity exposure, and/or (iii) generate premiums from writing call options on the Fund's equity investments.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples ("price-to-earnings ratio" or "P/E ratio") contracted from very elevated levels which led to lower stock prices. In addition, ex-US exposure suffered geopolitical events, a strong US Dollar as well as severe supply side shortages which weighed heavily on equity prices. The equity exposure across the IDME portfolio decreased in line with the MSCI All Cap World Index (the blend of EFA/EEM) as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns. IDME is a tail hedge fund where the risk mitigation we carry (long puts) are out of the money ("OTM"). These tail hedges carry a lower delta but higher gamma (or convexity) allowing for the managers to own more contracts and have a large percentage of the fund notionally preserved. In a true volatility event (we define as VIX >40), these hedges quickly can come to life and offset declines in our equity portfolio. Due to a muted volatility environment, IDME's hedges didn't realize to the extent that we'd hoped given the lower volatility regime. The managers did make an addition to the strategy over the summer of 2022 which allowed the fund to sell covered calls against the equity positions held by the fund which has been additive to performance.

For the current fiscal period, IDME was down -15.21% at market and down -15.22% at net asset value ("NAV"). Over the same period, the MSCI All Cap World Index ex USA Net (USD) was down -14.59%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring in July 2022 on iShares MSCI EAFE ETF (EFA), gaining 283.26% and adding 1.88% to the return of IDME. The second largest contributor was a put option position expiring in October 2022 on iShares MSCI EAFE ETF (EFA), gaining 102.66% and adding 1.55% to the return of IDME. The third largest contributor was a put option position expiring in October 2022 on iShares MSCI EAFE ETF (EFA), gaining 129.91% and adding 1.25% to the return of IDME.

The largest negative contributor to the return of the Fund for the current fiscal period was SPDR Portfolio Developed World ex-US ETF (SPDW), down -13.38% and detracting -9.23% from the return of IDME. The second largest negative contributor was Vanguard Emerging Markets Stock Index Fund (VWO), down -17.55% and detracting -5.04% from the return of IDME. The third largest negative contributor was a put option position expiring in November 2022 on iShares MSCI EAFE ETF (EFA), down -62.12% and detracting -1.91% from the return of IDME.

We are excited about the opportunity to give our investors access to International Drawdown Managed Equity ETF. We believe, IDME is able to capture the upside potential of investing in an All Cap World Index ex-U.S., but with structurally less downside potential. Using cost efficient and liquid passive index ETFs, we believe Aptus has created a portfolio intended to look very much like All Cap World Index (ACWX) on the way up but offer notionally hedged protection on the way down. We believe there is upside in capturing less downside, both behaviorally and mathematically. Rather than try to time the markets, we actively hedge our holdings in an effort to mitigate downside risk. We believe IDME provides a solution to every Investor's foreign equity exposures that helps mitigate geopolitical economic risks in an ever-growing divide between Developed and Emerging markets.

We appreciate your interest in IDME. If we can elaborate on the underlying International Drawdown Managed Equity strategy, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**International Drawdown Managed Equity ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than diversified funds. Therefore, the Fund is more exposed to individual stock or ETF volatility than diversified funds. The Fund's use of call and put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the NAV, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.** 

Call options give the owner the right to buy the underlying security at the specified price within a specific time period. Put options give the owner the right to sell the underlying security at the specified price within a specific time period. A collar is an options strategy constructed by holding shares of the underlying stock while simultaneously buying put options and selling call options against that holding

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedule of investments and schedule of written options in this report for complete holdings information.

Definitions:

MSCI All Cap World Index ex USA Net (USD) - captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,350 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S.

Price-to-earnings ratio (or "P/E ratio") is the ratio for valuing a company that measures its current share price relative to its earnings per share ("EPS"). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.

Cboe Volatility Index (VIX) is a real-time index that represents the market's expectations for the relative strength of near-term price changes of the S&P 500 Index (SPX). Because it is derived from the prices of SPX index options with near-term expiration dates, it generates a 30-day forward projection of volatility. Volatility, or how fast prices change, is often seen as a way to gauge market sentiment, and in particular the degree of fear among market participants.

Out of the Money ("OTM") is a matter of the strike price's position relative to the market value of the underlying stock. An OTM option is one that has a strike price that the underlying security has yet to reach, meaning the option has no intrinsic value.

Delta is a risk metric that estimates the change in price of a derivative, such as an options contract, given a $1 change in its underlying security. The delta also tells options traders the hedging ratio to become delta neutral. A third interpretation of an option's delta is the probability that it will finish in-the-money.

Gamma is an important measure of the convexity of a derivative's value, in relation to the underlying asset. An option position's gamma is the rate of change in its delta for every 1-point move in the underlying asset's price.

Aptus Capital Advisors is the adviser to the Aptus Collared Income Opportunity ETF, which is distributed by Quasar Distributors, LLC.

**Aptus Enhanced Yield ETF** 

**Shareholder Letter**<br> (Unaudited)

Dear JUCY Shareholders,

Thank you for your investment in the Aptus Enhanced Yield ETF, referred to herein as "JUCY" or the "Fund". The information presented in this letter relates to JUCY's one day of operation on its inception date of October 31, 2022 (the "current fiscal period").

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objectives through a hybrid fixed income and equity-linked note strategy. The Fund invests primarily in U.S. Treasury Bills, U.S. Treasury Notes, and the securities of U.S. government-sponsored entities ("GSEs") (the "Fixed Income Strategy") and invests the remainder of its assets in Equity-Linked Notes ("ELNs") (the "ELN Strategy").

For the current fiscal period, JUCY was down -0.04% at net asset value ("NAV"). There is no market performance data available for this period as the Fund was not actively traded on October 31, 2022.

We are excited about the opportunity to give our investors access to Aptus Enhanced Yield ETF. JUCY provides investors an actively managed strategy that seeks attractive income with capital preservation. The strategy typically invests in a portfolio of lower-duration US Treasuries and Agency Securities to provide stability and income. It then seeks to enhance the portfolio's yield by using an option overlay to provide more distributable income.

We appreciate your interest in JUCY. If we can elaborate on the underlying Aptus Enhanced Yield strategy, please don't hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner <br> Founder and Managing Member <br> Aptus Capital Advisors, Adviser to the Fund

**Aptus Enhanced Yield ETF** 

**Shareholder Letter**<br> (Unaudited) (Continued)

**Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares.** 

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

*Must be preceded or accompanied by a prospectus.* 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedule of investments in this report for complete holdings information.

Definitions:

Equity-linked note (ELN) - an investment product that combines a fixed-income investment with additional potential returns that are tied to the performance of equities.

Aptus Capital Advisors is the adviser to the Aptus Enhanced Yield ETF, which is distributed by Quasar Distributors, LLC.

**Aptus ETFs** 

**Portfolio Allocations** 

As of October 31, 2022 (Unaudited)

**Aptus Collared Income Opportunity ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Technology  | 23.5% |
| Consumer, Non-cyclical  | 19.8 |
| Financial  | 15.2 |
| Consumer, Cyclical  | 11.5 |
| Communications  | 9.5 |
| Industrial  | 7.8 |
| Energy  | 5.8 |
| Basic Materials  | 3.0 |
| Utilities  | 3.0 |
| Purchased Options  | 1.8 |
| Short-Term Investments  | 0.3 |
| Liabilities in Excess of Other Assets  | (1.2) |
| Total  | 100.0% |

---

**Aptus Defined Risk ETF** 

---

| | |
|:---|:---|
| **Asset Type** | **Percentage of <br> Net Assets** |
| Exchange Traded Funds  | 92.7% |
| Other Assets in Excess of Liabilities  | 3.7 |
| Short-Term Investments  | 3.3 |
| Purchased Options  | 0.3 |
| Total  | 100.0% |

---

**Aptus Drawdown Managed Equity ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Technology  | 22.9% |
| Consumer, Non-cyclical  | 19.8 |
| Financial  | 15.8 |
| Consumer, Cyclical  | 11.3 |
| Communications  | 9.1 |
| Industrial  | 7.1 |
| Energy  | 5.5 |
| Basic Materials  | 3.8 |
| Utilities  | 2.6 |
| Purchased Options  | 1.7 |
| Other Assets in Excess of Liabilities  | 0.2 |
| Short-Term Investments  | 0.2 |
| Total  | 100.0% |

---

**Aptus ETFs** 

**Portfolio Allocations** 

As of October 31, 2022 (Unaudited) (Continued)

**Opus Small Cap Value ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Financial (a)  | 30.8% |
| Industrial  | 19.1 |
| Energy  | 12.0 |
| Consumer, Cyclical  | 13.8 |
| Consumer, Non-cyclical  | 12.6 |
| Basic Materials  | 3.3 |
| Technology  | 1.7 |
| Utilities  | 2.9 |
| Short-Term Investments  | 3.8 |
| Liabilities in Excess of Other Assets (b)  | (0.0) |
| Total  | 100.0% |

---

(a) To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.

(b) Represents less than 0.05% of net assets.

**International Drawdown Managed Equity ETF** 

---

| | |
|:---|:---|
| **Asset Type** | **Percentage of <br> Net Assets** |
| Exchange Traded Funds  | 97.1% |
| Other Assets in Excess of Liabilities  | 1.5 |
| Purchased Options  | 1.0 |
| Short-Term Investments  | 0.4 |
| Total  | 100.0% |

---

**Aptus Enhanced Yield ETF** 

---

| | |
|:---|:---|
| **Asset Type** | **Percentage of <br> Net Assets** |
| U.S. Government Notes  | 74.3% |
| Short-Term Investments  | 19.6% |
| Other Assets in Excess of Liabilities  | 6.1% |
| Total  | 100.0% |

---

**Aptus Collared Income Opportunity ETF** 

**Schedule of Investments**<br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **<br> Value** | **<br> Value** |
|  | **COMMON STOCKS — 99.1%** |  |  |
|  | **Basic Materials — 3.0%**  |  |  |
| 65041 | Agnico Eagle Mines, Ltd.<sup>(a)</sup>  | $| 2859203 |
| 29089 | Linde plc <sup>(a)</sup>  |  | 8649614 |
| 82616 | Mosaic Company <sup>(a)</sup>  |  | 4440610 |
|  |  |  | 15949427 |
|  | **Communications — 9.5%**  |  |  |
| 180216 | Alphabet, Inc. - Class C <sup>(a)(b)</sup>  |  | 17059247 |
| 142817 | Amazon.com, Inc. <sup>(a)(b)</sup>  |  | 14630174 |
| 106035 | Comcast Corporation - Class A  |  | 3365551 |
| 12151 | Netflix, Inc. <sup>(a)(b)</sup>  |  | 3546634 |
| 53815 | T-Mobile US, Inc. <sup>(a)(b)</sup>  |  | 8156201 |
| 29962 | Walt Disney Company <sup>(b)</sup>  |  | 3192151 |
|  |  |  | 49949958 |
|  | **Consumer, Cyclical — 11.5%**  |  |  |
| 6993 | Costco Wholesale Corporation <sup>(a)</sup>  |  | 3506990 |
| 30116 | Dollar General Corporation <sup>(a)</sup>  |  | 7681086 |
| 25399 | Home Depot, Inc. <sup>(a)</sup>  |  | 7521406 |
| 34330 | Marriott International, Inc. - Class A <sup>(a)</sup>  |  | 5496576 |
| 20543 | McDonald's Corporation <sup>(a)</sup>  |  | 5601254 |
| 178123 | PulteGroup, Inc. <sup>(a)</sup>  |  | 7123139 |
| 44213 | Tesla, Inc. <sup>(a)(b)</sup>  |  | 10060226 |
| 87094 | TJX Companies, Inc.  |  | 6279477 |
| 48895 | Walmart, Inc. <sup>(a)</sup>  |  | 6959225 |
|  |  |  | 60229379 |
|  | **Consumer, Non-cyclical — 19.8%**  |  |  |
| 37927 | Abbott Laboratories <sup>(a)</sup>  |  | 3752497 |
| 30173 | AbbVie, Inc. <sup>(a)</sup>  |  | 4417327 |
| 78821 | Altria Group, Inc.  |  | 3647048 |
| 33179 | Bristol-Myers Squibb Company <sup>(a)</sup>  |  | 2570377 |
| 13791 | Chemed Corporation <sup>(a)</sup>  |  | 6438604 |
| 18933 | Elevance Health, Inc. <sup>(a)</sup>  |  | 10351996 |
| 16284 | Eli Lilly and Company <sup>(a)</sup>  |  | 5896274 |
| 29596 | IQVIA Holdings, Inc. <sup>(a)(b)</sup>  |  | 6205393 |
| 39776 | Johnson & Johnson <sup>(a)</sup>  |  | 6919831 |
| 38933 | Merck & Company, Inc. <sup>(a)</sup>  |  | 3940020 |
| 63441 | Mondelez International, Inc. - Class A <sup>(a)</sup>  |  | 3900353 |
| 57518 | PayPal Holdings, Inc. <sup>(a)(b)</sup>  |  | 4807354 |
| 45278 | PepsiCo, Inc. <sup>(a)</sup>  |  | 8221579 |
| 38341 | Procter & Gamble Company <sup>(a)</sup>  |  | 5163383 |
| 31086 | Stryker Corporation <sup>(a)</sup>  |  | 7126155 |
| 14725 | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  |  | 7568208 |
| 22794 | UnitedHealth Group, Inc. <sup>(a)</sup>  |  | 12654089 |
|  |  |  | 103580488 |
|  | **COMMON STOCKS — 99.1% (Continued)** | **COMMON STOCKS — 99.1% (Continued)** | **COMMON STOCKS — 99.1% (Continued)** |
|  | **Energy — 5.8%**  |  |  |
| 21408 | Chevron Corporation <sup>(a)</sup>  |  | 3872707 |
| 52238 | Diamondback Energy, Inc. <sup>(a)</sup>  |  | 8207112 |
| 99912 | Exxon Mobil Corporation <sup>(a)</sup>  |  | 11071249 |
| 28363 | Pioneer Natural Resources Company <sup>(a)</sup>  |  | 7272557 |
|  |  |  | 30423625 |
|  | **Financial — 15.2%**  |  |  |
| 241060 | Bank of America Corporation <sup>(a)</sup>  |  | 8687803 |
| 30324 | Berkshire Hathaway, Inc. - Class B <sup>(a)(b)</sup>  |  | 8948309 |
| 4652 | BlackRock, Inc. <sup>(a)</sup>  |  | 3004773 |
| 74591 | Charles Schwab Corporation <sup>(a)</sup>  |  | 5942665 |
| 23631 | CME Group, Inc. <sup>(a)</sup>  |  | 4095252 |
| 29516 | Crown Castle, Inc.  |  | 3933302 |
| 58389 | Digital Realty Trust, Inc. <sup>(a)</sup>  |  | 5853497 |
| 66116 | JPMorgan Chase & Company <sup>(a)</sup>  |  | 8322682 |
| 37037 | Marsh & McLennan Companies, Inc. <sup>(a)</sup>  |  | 5981105 |
| 62515 | Morgan Stanley <sup>(a)</sup>  |  | 5136858 |
| 49013 | Progressive Corporation <sup>(a)</sup>  |  | 6293269 |
| 13899 | Public Storage  |  | 4305215 |
| 24242 | Visa, Inc. - Class A <sup>(a)</sup>  |  | 5021973 |
| 92560 | Wells Fargo & Company  |  | 4256835 |
|  |  |  | 79783538 |
|  | **Industrial — 7.8%**  |  |  |
| 32493 | Caterpillar, Inc. <sup>(a)</sup>  |  | 7033435 |
| 209237 | CSX Corporation  |  | 6080427 |
| 10539 | Deere & Company  |  | 4171547 |
| 26450 | FedEx Corporation  |  | 4239406 |
| 29449 | Honeywell International, Inc. <sup>(a)</sup>  |  | 6008185 |
| 30044 | L3Harris Technologies, Inc. <sup>(a)</sup>  |  | 7404945 |
| 11899 | Lockheed Martin Corporation <sup>(a)</sup>  |  | 5791005 |
|  |  |  | 40728950 |
|  | **Technology — 23.5%**  |  |  |
| 22916 | Accenture plc - Class A <sup>(a)</sup>  |  | 6505852 |
| 44650 | Analog Devices, Inc. <sup>(a)</sup>  |  | 6367983 |
| 243854 | Apple, Inc. <sup>(a)</sup>  |  | 37392572 |
| 52595 | Applied Materials, Inc.  |  | 4643613 |
| 51811 | Fiserv, Inc. <sup>(a)(b)</sup>  |  | 5323062 |
| 120401 | Microsoft Corporation <sup>(a)</sup>  |  | 27948684 |
| 53277 | NVIDIA Corporation <sup>(a)</sup>  |  | 7190797 |
| 117333 | Oracle Corporation <sup>(a)</sup>  |  | 9160187 |
| 45627 | Paychex, Inc. <sup>(a)</sup>  |  | 5398130 |
| 14709 | ServiceNow, Inc. <sup>(a)(b)</sup>  |  | 6188665 |
| 45798 | Texas Instruments, Inc.  |  | 7356533 |
|  |  |  | 123476078 |

---

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

**Aptus Collared Income Opportunity ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **<br> Value** |
|  | **COMMON STOCKS — 99.1% (Continued)** | **COMMON STOCKS — 99.1% (Continued)** |
|  | **Utilities — 3.0%**  |  |
| 139978 | NextEra Energy, Inc. <sup>(a)</sup>  | $10848295 |
| 71685 | Southern Company  | 4693934 |
|  |  | 15542229 |
|  | TOTAL COMMON STOCKS (Cost 474,905,550)  | 519663672 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** |  | **Notional <br> Amount** | |
|  | **PURCHASED OPTIONS <sup>(c)</sup>** **— 1.8%**  |  |  |
|  | **Call Options — 0.1%** |  |  |
| 475 | S&P 500 Index, Expiration: 10/31/2022, Exercise Price: $4,050.00 | $183919050 | 1187 |
| 900 | S&P 500 Index, Expiration: 11/04/2022, Exercise Price: $4,050.00 | 348478200 | 382500 |
|  |  |  | 383687 |
|  | **Put Options — 1.7%** |  |  |
| 1400 | S&P 500 Index, Expiration: 11/18/2022, Exercise Price: $3,700.00 <sup>(d)</sup>  | 542077200 | 4277000 |
| 1200 | S&P 500 Index, Expiration: 11/11/2022, Exercise Price: $3,775.00 <sup>(d)</sup>  | 464637600 | 4674000 |
|  |  |  | 8951000 |
|  | TOTAL PURCHASED OPTIONS (Cost $13,588,945) |  | 9334687 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **<br> Value** |
|  | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| 1761821 | First American Treasury Obligations Fund - Class X, 3.06% <sup>(e)</sup>  | $1761821 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $1,761,821)  | 1761821 |
|  | Total Investments (Cost $490,256,316) — 101.2%  | 530760180 |
|  | Liabilities in Excess of Other Assets — (1.2)%  | (6127327) |
|  | NET ASSETS — 100.0%  | $524632853 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | All or a portion of this security is held as collateral for the options written. At October 31, 2022, the value of these securities amount to $432,171,822 or 82.4% of net assets. |
| (b) | Non-income producing security. |
| (c) | Exchange traded. |
| (d) | Securities are held in connection with written options, see Schedule of Written Options for more details. |
| (e) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

**Aptus Collared Income Opportunity ETF** 

**Schedule of Written Options**<br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (1.2)%** | **Written Options <sup>(a)</sup>** **— (1.2)%** | **Written Options <sup>(a)</sup>** **— (1.2)%** |
|  | **Call Options — (0.7)%** | **Call Options — (0.7)%** | **Call Options — (0.7)%** |
| (378) | Abbott Laboratories, Expiration: 11/04/2022, Exercise Price: $105.00  | $(3739932) | $(1512) |
| (267) | AbbVie, Inc., Expiration: 11/18/2022, Exercise Price: $155.00  | (3908880) | (16420) |
| (229) | Accenture plc - Class A, Expiration: 11/18/2022, Exercise Price: $310.00  | (6501310) | (18892) |
| (648) | Agnico Eagle Mines, Ltd., Expiration: 11/18/2022, Exercise Price: $50.00  | (2848608) | (19440) |
| (1802) | Alphabet, Inc. - Class C, Expiration: 11/18/2022, Exercise Price: $105.00  | (17057732) | (65773) |
| (1428) | Amazon.com, Inc., Expiration: 11/18/2022, Exercise Price: $115.00  | (14628432) | (85680) |
| (446) | Analog Devices, Inc., Expiration: 11/18/2022, Exercise Price: $155.00  | (6360852) | (36795) |
| (2438) | Apple, Inc., Expiration: 11/18/2022, Exercise Price: $165.00  | (37384292) | (197478) |
| (525) | Applied Materials, Inc., Expiration: 11/18/2022, Exercise Price: $100.00  | (4635225) | (37012) |
|  | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** |
|  | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** |
| (302) | Berkshire Hathaway, Inc. - Class B, Expiration: 11/04/2022, Exercise Price: $285.00  | (8911718) | (338240) |
| (46) | BlackRock, Inc., Expiration: 11/18/2022, Exercise Price: $710.00  | (2971186) | (10810) |
| (324) | Caterpillar, Inc., Expiration: 11/18/2022, Exercise Price: $235.00  | (7013304) | (31590) |
| (69) | Costco Wholesale Corporation, Expiration: 11/04/2022, Exercise Price: $490.00  | (3460350) | (101775) |
| (294) | Crown Castle, Inc., Expiration: 11/18/2022, Exercise Price: $140.00  | (3917844) | (47040) |
| (105) | Deere & Company, Expiration: 11/04/2022, Exercise Price: $400.00  | (4156110) | (44887) |
| (522) | Diamondback Energy, Inc., Expiration: 11/18/2022, Exercise Price: $180.00  | (8201142) | (30015) |
| (300) | Dollar General Corporation, Expiration: 11/04/2022, Exercise Price: $250.00  | (7651500) | (202500) |

---

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

**Aptus Collared Income Opportunity ETF** 

**Schedule of Written Options**<br> October 31, 2022 (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contracts** | | **Security Description** | **Notional <br> Amount** | **Value** |
|  |  | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** |
|  |  | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** |
|  | (189) | Elevance Health, Inc., Expiration: 11/18/2022, Exercise Price: $575.00  | $(10333953) | $(75127) |
|  | (263) | FedEx Corporation, Expiration: 11/04/2022, Exercise Price: $167.50  | (4215364) | (15254) |
|  | (253) | Home Depot, Inc., Expiration: 11/04/2022, Exercise Price: $290.00  | (7492089) | (216948) |
|  | (294) | Honeywell International, Inc., Expiration: 11/18/2022, Exercise Price: $215.00  | (5998188) | (24255) |
|  | (295) | IQVIA Holdings, Inc., Expiration: 11/18/2022, Exercise Price: $200.00  | (6185265) | (417425) |
|  | (396) | Johnson & Johnson, Expiration: 11/04/2022, Exercise Price: $170.00  | (6889212) | (181170) |
|  | (290) | Linde plc, Expiration: 11/18/2022, Exercise Price: $310.00  | (8623150) | (94250) |
|  | (118) | Lockheed Martin Corporation, Expiration: 11/18/2022, Exercise Price: $520.00  | (5742824) | (19765) |
|  |  | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** |
|  |  | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** |
|  | (342) | Marriott International, Inc. - Class A, Expiration: 11/04/2022, Exercise Price: $160.00  | (5475762) | (145350) |
|  | (369) | Marsh & McLennan Companies, Inc., Expiration: 11/18/2022, Exercise Price: $165.00  | (5958981) | (96863) |
|  | (205) | McDonald's Corporation, Expiration: 11/18/2022, Exercise Price: $285.00  | (5589530) | (18450) |
|  | (1200) | Microsoft Corporation, Expiration: 11/04/2022, Exercise Price: $250.00  | (27855600) | (20400) |
|  | (623) | Morgan Stanley, Expiration: 11/04/2022, Exercise Price: $82.00  | (5119191) | (87220) |
|  | (121) | Netflix, Inc., Expiration: 11/18/2022, Exercise Price: $340.00  | (3531748) | (15609) |
|  | (532) | NVIDIA Corporation, Expiration: 11/18/2022, Exercise Price: $165.00  | (7180404) | (41230) |
|  | (454) | Paychex, Inc., Expiration: 11/18/2022, Exercise Price: $120.00  | (5371274) | (93070) |

---

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

**Aptus Collared Income Opportunity ETF** 

**Schedule of Written Options**<br> October 31, 2022 (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contracts** | | **Security Description** | **Notional <br> Amount** | **Value** |
|  |  | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** |
|  |  | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** |
|  | (575) | PayPal Holdings, Inc., Expiration: 11/04/2022, Exercise Price: $97.00  | $(4805850) | $(46863) |
|  | (451) | PepsiCo, Inc., Expiration: 11/04/2022, Exercise Price: $180.00  | (8189258) | (122447) |
|  | (382) | Procter & Gamble Company, Expiration: 11/18/2022, Exercise Price: $140.00  | (5144394) | (29414) |
|  | (488) | Progressive Corporation, Expiration: 11/18/2022, Exercise Price: $130.00  | (6265920) | (124440) |
|  | (138) | Public Storage, Expiration: 11/18/2022, Exercise Price: $320.00  | (4274550) | (66930) |
|  | (900) | S&P 500 Index, Expiration: 11/04/2022, Exercise Price: $4,150.00  | (348478200) | (51750) |
|  | (147) | ServiceNow, Inc., Expiration: 11/18/2022, Exercise Price: $495.00  | (6184878) | (17640) |
|  | (714) | Southern Company, Expiration: 11/04/2022, Exercise Price: $68.00  | (4675272) | (7140) |
|  | (310) | Stryker Corporation, Expiration: 11/18/2022, Exercise Price: $247.50  | (7106440) | (40300) |
|  |  | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** | **Written Options <sup>(a)</sup>** **— (1.2)% (Continued)** |
|  |  | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** | **Call Options — (0.7)% (Continued)** |
|  | (868) | TJX Companies, Inc., Expiration: 11/04/2022, Exercise Price: $70.00  | (6258280) | (221340) |
|  | (538) | T-Mobile US, Inc., Expiration: 11/18/2022, Exercise Price: $160.00  | (8153928) | (44116) |
|  | (227) | UnitedHealth Group, Inc., Expiration: 11/04/2022, Exercise Price: $550.00  | (12601905) | (219623) |
|  | (354) | Walmart, Inc., Expiration: 11/18/2022, Exercise Price: $150.00  | (5038482) | (43542) |
|  | (923) | Wells Fargo & Company, Expiration: 11/04/2022, Exercise Price: $47.00  | (4244877) | (22614) |
|  |  |  |  | (3906404) |
|  |  | **Put Options - (0.5)%** | **Put Options - (0.5)%** | **Put Options - (0.5)%** |
|  | (1400) | S&P 500 Index, Expiration: 11/18/2022, Exercise Price: $3,400.00  | (542077200) | (518000) |
|  | (1200) | S&P 500 Index, Expiration: 11/11/2022, Exercise Price: $3,665.00  | (464637600) | (1830000) |
|  |  |  |  | (2348000) |
|  |  | TOTAL WRITTEN OPTIONS (Premiums Received $4,247,824)  | TOTAL WRITTEN OPTIONS (Premiums Received $4,247,824)  | $(6254404) |

---

Percentages are stated as a percent of net assets.

(a) Exchange traded.

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

**Aptus Defined Risk ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **<br> Value** |
|  | **EXCHANGE TRADED FUNDS — 92.7% <sup>(a)</sup>** | **EXCHANGE TRADED FUNDS — 92.7% <sup>(a)</sup>** |
|  | **Investment Grade Corporate Bonds — 92.7%** | **Investment Grade Corporate Bonds — 92.7%** |
| 5319047 | Invesco BulletShares 2025 Corporate Bond ETF <sup>(b)</sup>  | $105849035 |
| 5680525 | Invesco BulletShares 2026 Corporate Bond ETF <sup>(b)</sup>  | 105316934 |
| 2017340 | Invesco BulletShares 2027 Corporate Bond ETF <sup>(b)</sup>  | 37462004 |
| 1696727 | Invesco BulletShares 2028 Corporate Bond ETF <sup>(b)</sup>  | 32390519 |
| 1867742 | Invesco BulletShares 2029 Corporate Bond ETF <sup>(b)</sup>  | 32311937 |
| 1660809 | Invesco BulletShares 2030 Corporate Bond ETF <sup>(b)</sup>  | 25725931 |
| 655115 | Invesco BulletShares 2031 Corporate Bond ETF <sup>(b)</sup>  | 10003606 |
| 6399506 | iShares iBonds Dec 2027 Term Corporate ETF <sup>(b)</sup>  | 146292707 |
| 5122213 | iShares iBonds Dec 2028 Term Corporate ETF <sup>(b)</sup>  | 121345226 |
| 2981410 | iShares iBonds Dec 2029 Term Corporate ETF <sup>(b)</sup>  | 64458084 |
| 1991808 | iShares iBonds Dec 2030 Term Corporate ETF <sup>(b)</sup>  | 40174767 |
| 1446295 | iShares iBonds Dec 2031 Term Corporate ETF <sup>(b)</sup>  | 27956882 |
|  | TOTAL EXCHANGE TRADED FUNDS (Cost $791,624,652)  | 749287632 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** |  | **Notional <br> Amount** | |
|  | **PURCHASED OPTIONS <sup>(c)</sup>** **— 0.3%**  |  |  |
|  | **Call Options — 0.1%** |  |  |
| 35000 | iShares 20+ Year Treasury Bond ETF, Expiration: 11/18/2022, Exercise Price: $130.00 <sup>(d)</sup>  | $336385000 | 52500 |
| 800 | S&P 500 Index, Expiration: 10/31/2022, Exercise Price: $4,050.00 <sup>(d)</sup>  | 309758400 | 2000 |
| **Contracts**  | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **PURCHASED OPTIONS <sup>(c)</sup>** **— 0.3% (Continued)**  |  |  |
|  | **Call Options — 0.1% (Continued)** |  |  |
| 15000 | Walt Disney Company, Expiration: 11/11/2022, Exercise Price: $120.00 <sup>(d)</sup>  | $159810000 | $772500 |
|  |  |  | 827000 |
|  | **Put Options — 0.2%** |  |  |
| 50000 | iShares iBoxx $ Investment Grade Corporate Bond ETF, Expiration: 12/16/2022, Exercise Price: $90.00 <sup>(d)</sup>  | 506750000 | 1425000 |
|  |  |  | 1425000 |
|  | TOTAL PURCHASED OPTIONS (Cost $6,233,493) |  | 2252000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |
| 27010760 | First American Treasury Obligations Fund - Class X, 3.06% <sup>(e)</sup>  | 27010760 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $27,010,760)  | 27010760 |
|  | Total Investments (Cost $824,868,905) — 96.3%  | 778550392 |
|  | Other Assets in Excess of Liabilities — 3.7%  | 30030369 |
|  | NET ASSETS — 100.0%  | $808580761 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. See Note 9 in Notes to Financial Statements. |
| (b) | Affiliated Exchange Traded Fund during the period. See Note 5 in Notes to Financial Statements. |
| (c) | Exchange traded. |
| (d) | Securities are held in connection with written options, see Schedule of Written Options for more details. |
| (e) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

**Aptus Defined Risk ETF** 

**Schedule of Written Options** <br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (0.1)%** | **Written Options <sup>(a)</sup>** **— (0.1)%** | **Written Options <sup>(a)</sup>** **— (0.1)%** |
|  | **Call Options — (0.0)% <sup>(b)</sup>** | **Call Options — (0.0)% <sup>(b)</sup>** | **Call Options — (0.0)% <sup>(b)</sup>** |
| (35000) | iShares 20+ Year Treasury Bond ETF, Expiration: 11/18/2022, Exercise Price: $140.00  | $336385000 | $(17500) |
| (800) | S&P 500 Index, Expiration: 10/31/2022, Exercise Price: $4,175.00  | (309758400) | (2000) |
| (15000) | Walt Disney Company, Expiration: 11/11/2022, Exercise Price: $130.00  | (159810000) | (150000) |
|  |  |  | (169500) |
|  | **Put Options — (0.1)%** |  |  |
| (50000) | iShares iBoxx $ Investment Grade Corporate Bond ETF, Expiration: 12/16/2022, Exercise Price: $80.00  | (506750000) | (625000) |
|  |  |  | (625000) |
|  | TOTAL WRITTEN OPTIONS (Premiums Received $1,653,041)  | TOTAL WRITTEN OPTIONS (Premiums Received $1,653,041)  | $(794500) |

---

Percentages are stated as a percent of net assets.

(a) Exchange traded.

(b) Represents less than 0.05% of Net Assets.

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **<br> Shares** | **Security Description** | **Value** | **Value** |
|  | **COMMON STOCKS — 97.9%** |  |  |
|  | **Basic Materials — 3.8%**  |  |  |
| 103401 | Agnico Eagle Mines, Ltd. <sup>(a)</sup>  | $| 4545508 |
| 10564 | Linde plc <sup>(a)</sup>  |  | 3141206 |
| 48331 | Mosaic Company <sup>(a)</sup>  |  | 2597791 |
| 12367 | Sherwin-Williams Company <sup>(a)</sup>  |  | 2782946 |
|  |  |  | 13067451 |
|  | **Communications — 9.1%**  |  |  |
| 115994 | Alphabet, Inc. - Class C <sup>(a)(b)</sup>  |  | 10979992 |
| 89191 | Amazon.com, Inc. <sup>(a)(b)</sup>  |  | 9136726 |
| 47247 | Comcast Corporation - Class A  |  | 1499620 |
| 22735 | Meta Platforms, Inc. - Class A <sup>(a)(b)</sup>  |  | 2117992 |
| 5448 | Netflix, Inc. <sup>(b)</sup>  |  | 1590162 |
| 24041 | T-Mobile US, Inc. <sup>(a)(b)</sup>  |  | 3643654 |
| 18670 | Walt Disney Company <sup>(a)(b)</sup>  |  | 1989102 |
|  |  |  | 30957248 |
|  | **Consumer, Cyclical — 11.3%**  |  |  |
| 1250 | AutoZone, Inc. <sup>(a)(b)</sup>  |  | 3166100 |
| 34651 | Copart, Inc. <sup>(a)(b)</sup>  |  | 3985558 |
| 17733 | Dollar General Corporation <sup>(a)</sup>  |  | 4522802 |
| 15380 | Hilton Worldwide Holdings, Inc. <sup>(a)</sup>  |  | 2080299 |
| 12267 | Home Depot, Inc. <sup>(a)</sup>  |  | 3632627 |
| 14683 | McDonald's Corporation <sup>(a)</sup>  |  | 4003467 |
| 10998 | Pool Corporation <sup>(a)</sup>  |  | 3345921 |
| 83888 | PulteGroup, Inc. <sup>(a)</sup>  |  | 3354681 |
| 25758 | Tesla, Inc. <sup>(a)(b)</sup>  |  | 5860975 |
| 31306 | Walmart, Inc. <sup>(a)</sup>  |  | 4455783 |
|  |  |  | 38408213 |
|  | **Consumer, Non-cyclical — 19.8%**  |  |  |
| 28023 | Abbott Laboratories <sup>(a)</sup>  |  | 2772596 |
| 17763 | AbbVie, Inc. <sup>(a)</sup>  |  | 2600503 |
| 60962 | Altria Group, Inc. <sup>(a)</sup>  |  | 2820712 |
| 64849 | Boston Scientific Corporation <sup>(a)(b)</sup>  |  | 2795640 |
| 18056 | Charles River Laboratories International, Inc. <sup>(a)(b)</sup>  |  | 3832386 |
| 10283 | Chemed Corporation <sup>(a)</sup>  |  | 4800824 |
| 11959 | Elevance Health, Inc. <sup>(a)</sup>  |  | 6538822 |
| 14312 | Eli Lilly and Company <sup>(a)</sup>  |  | 5182232 |
| 12091 | Intuitive Surgical, Inc. <sup>(a)(b)</sup>  |  | 2980069 |
| 27624 | Johnson & Johnson <sup>(a)</sup>  |  | 4805747 |
| 24840 | Merck & Company, Inc. <sup>(a)</sup>  |  | 2513808 |
| 28840 | Mondelez International, Inc. - Class A  |  | 1773083 |
| 37504 | PayPal Holdings, Inc. <sup>(a)(b)</sup>  |  | 3134584 |
| 30887 | PepsiCo, Inc. <sup>(a)</sup>  |  | 5608462 |
| 24204 | Procter & Gamble Company <sup>(a)</sup>  |  | 3259553 |
|  | **COMMON STOCKS — 97.9% (Continued)** | **COMMON STOCKS — 97.9% (Continued)** | **COMMON STOCKS — 97.9% (Continued)** |
|  | **Consumer, Non-cyclical — 19.8% (Continued)** | **Consumer, Non-cyclical — 19.8% (Continued)** | **Consumer, Non-cyclical — 19.8% (Continued)** |
| 8447 | Thermo Fisher Scientific, Inc. <sup>(a)</sup>  |  | 4341505 |
| 13886 | UnitedHealth Group, Inc. <sup>(a)</sup>  |  | 7708813 |
|  |  |  | 67469339 |
|  | **Energy — 5.5%**  |  |  |
| 47846 | Chevron Corporation <sup>(a)</sup>  |  | 8655342 |
| 32966 | Diamondback Energy, Inc. <sup>(a)</sup>  |  | 5179288 |
| 19618 | Pioneer Natural Resources Company <sup>(a)</sup>  |  | 5030251 |
|  |  |  | 18864881 |
|  | **Financial — 15.8%**  |  |  |
| 103241 | Bank of America Corporation <sup>(a)</sup>  |  | 3720805 |
| 19052 | Berkshire Hathaway, Inc. - Class B <sup>(a)(b)</sup>  |  | 5622055 |
| 3697 | BlackRock, Inc. <sup>(a)</sup>  |  | 2387929 |
| 60569 | Charles Schwab Corporation <sup>(a)</sup>  |  | 4825532 |
| 21085 | Chubb, Ltd. <sup>(a)</sup>  |  | 4530956 |
| 18391 | Extra Space Storage, Inc. <sup>(a)</sup>  |  | 3263299 |
| 22571 | First Republic Bank <sup>(a)</sup>  |  | 2710777 |
| 41789 | Intercontinental Exchange, Inc. <sup>(a)</sup>  |  | 3993775 |
| 33065 | JPMorgan Chase & Company <sup>(a)</sup>  |  | 4162222 |
| 12352 | PNC Financial Services Group, Inc. <sup>(a)</sup>  |  | 1998924 |
| 32235 | Progressive Corporation <sup>(a)</sup>  |  | 4138974 |
| 26849 | Prologis, Inc. <sup>(a)</sup>  |  | 2973527 |
| 27286 | Sun Communities, Inc. <sup>(a)</sup>  |  | 3679517 |
| 27248 | Visa, Inc. - Class A <sup>(a)</sup>  |  | 5644696 |
|  |  |  | 53652988 |
|  | **Industrial — 7.1%**  |  |  |
| 26588 | Caterpillar, Inc. <sup>(a)</sup>  |  | 5755238 |
| 9355 | Honeywell International, Inc.  |  | 1908607 |
| 8356 | Lockheed Martin Corporation <sup>(a)</sup>  |  | 4066698 |
| 45661 | Otis Worldwide Corporation <sup>(a)</sup>  |  | 3225493 |
| 20391 | Raytheon Technologies Corporation <sup>(a)</sup>  |  | 1933475 |
| 96556 | Tenaris SA - ADR <sup>(a)</sup>  |  | 3033790 |
| 21296 | Union Pacific Corporation <sup>(a)</sup>  |  | 4198293 |
|  |  |  | 24121594 |
|  | **Technology — 22.9%**  |  |  |
| 18669 | Accenture plc - Class A <sup>(a)</sup>  |  | 5300129 |
| 4844 | Adobe, Inc. <sup>(a)(b)</sup>  |  | 1542814 |
| 34438 | Advanced Micro Devices, Inc. <sup>(a)(b)</sup>  |  | 2068346 |
| 156719 | Apple, Inc. <sup>(a)</sup>  |  | 24031292 |
| 3986 | ASML Holding NV - NY <sup>(a)</sup>  |  | 1883066 |
| 10176 | Broadcom, Inc. <sup>(a)</sup>  |  | 4783941 |
| 46002 | Fidelity National Information Services, Inc. <sup>(a)</sup>  |  | 3817706 |
| 7497 | Intuit, Inc. <sup>(a)</sup>  |  | 3204968 |

---

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **<br> Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 97.9% (Continued)** | **COMMON STOCKS — 97.9% (Continued)** |
|  | **Technology — 22.9% (Continued)** |  |
| 9660 | Lam Research Corporation <sup>(a)</sup>  | $3910175 |
| 76203 | Microsoft Corporation <sup>(a)</sup>  | 17689002 |
| 19056 | NVIDIA Corporation <sup>(a)</sup>  | 2571988 |
| 12789 | Roper Technologies, Inc. <sup>(a)</sup>  | 5301552 |
| 4539 | ServiceNow, Inc. <sup>(a)(b)</sup>  | 1909739 |
|  |  | 78014718 |
|  | **Utilities — 2.6%**  |  |
| 23325 | American Water Works Company, Inc. <sup>(a)</sup>  | 3390056 |
| 72124 | NextEra Energy, Inc. <sup>(a)</sup>  | 5589610 |
|  |  | 8979666 |
|  | TOTAL COMMON STOCKS (Cost $315,029,376)  | 333536098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** |  | **Notional <br> Amount** |  |
|  | **PURCHASED OPTIONS <sup>(c)</sup>** **— 1.7%** | **PURCHASED OPTIONS <sup>(c)</sup>** **— 1.7%** | **PURCHASED OPTIONS <sup>(c)</sup>** **— 1.7%** |
|  | **Call Options — 0.1%**  |  |  |
| 325 | S&P 500 Index, Expiration: 10/31/2022, Exercise Price: $4,050.00  | $125839350 | 813 |
| 600 | S&P 500 Index, Expiration: 11/04/2022, Exercise Price: $4,050.00  | 232318800 | 255000 |
|  |  |  | 255813 |
|  | **Put Options — 1.6%**  |  |  |
| 3200 | S&P 500 Index, Expiration: 12/16/2022, Exercise Price: $3,000.00 <sup>(d)</sup>  | 1239033600 | 1440000 |
| 925 | S&P 500 Index, Expiration: 11/18/2022, Exercise Price: $3,750.00 <sup>(d)</sup>  | 358158150 | 3959000 |
|  |  |  | 5399000 |
|  | TOTAL PURCHASED OPTIONS (Cost $12,506,560)  | TOTAL PURCHASED OPTIONS (Cost $12,506,560)  | 5654813 |
| **<br> Shares** | **Security Description** | **Security Description** | **Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| 555964 | First American Treasury Obligations Fund - Class X, 3.06% <sup>(e)</sup>  | First American Treasury Obligations Fund - Class X, 3.06% <sup>(e)</sup>  | $555964 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $555,964)  | TOTAL SHORT-TERM INVESTMENTS (Cost $555,964)  | 555964 |
|  | Total Investments (Cost $328,091,900) — 99.8%  | Total Investments (Cost $328,091,900) — 99.8%  | 339746875 |
|  | Other Assets in Excess of Liabilities — 0.2%  | Other Assets in Excess of Liabilities — 0.2%  | 861131 |
|  | NET ASSETS — 100.0%  | NET ASSETS — 100.0%  | $340608006 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt. |
| NY | New York Registry Shares. |
| (a) | All or a portion of this security is held as collateral for the options written. At October 31, 2022, the value of these securities amount to $308,900,670 or 90.7% of net assets. |
| (b) | Non-income producing security. |
| (c) | Exchange traded. |
| (d) | Securities are held in connection with written options, see Schedule of Written Options for more details. |
| (e) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Written Options** <br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (0.9)%** | **Written Options <sup>(a)</sup>** **— (0.9)%** | **Written Options <sup>(a)</sup>** **— (0.9)%** |
|  | **Call Options — (0.5)%** | **Call Options — (0.5)%** | **Call Options — (0.5)%** |
| (280) | Abbott Laboratories, Expiration: 11/04/2022, Exercise Price: $105.00  | $(2770320) | $(1120) |
| (186) | Accenture plc - Class A, Expiration: 11/18/2022, Exercise Price: $310.00  | (5280540) | (15345) |
| (750) | Agnico Eagle Mines, Ltd., Expiration: 11/18/2022, Exercise Price: $50.00  | (3297000) | (22500) |
| (1159) | Alphabet, Inc. - Class C, Expiration: 11/18/2022, Exercise Price: $105.00  | (10971094) | (42304) |
| (891) | Amazon.com, Inc., Expiration: 11/18/2022, Exercise Price: $115.00  | (9127404) | (53460) |
| (1567) | Apple, Inc., Expiration: 11/18/2022, Exercise Price: $165.00  | (24028378) | (126927) |
| (39) | ASML Holding NV, Expiration: 11/18/2022, Exercise Price: $500.00  | (1842438) | (42900) |
| (700) | Bank of America Corporation, Expiration: 11/04/2022, Exercise Price: $36.00  | (2522800) | (42350) |
|  | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** |
|  | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** |
| (190) | Berkshire Hathaway, Inc. - Class B, Expiration: 11/04/2022, Exercise Price: $285.00  | (5606710) | (212800) |
| (36) | BlackRock, Inc., Expiration: 11/18/2022, Exercise Price: $710.00  | (2325276) | (8460) |
| (265) | Caterpillar, Inc., Expiration: 11/18/2022, Exercise Price: $235.00  | (5736190) | (25837) |
| (102) | Chemed Corporation, Expiration: 11/18/2022, Exercise Price: $490.00  | (4762074) | (55080) |
| (329) | Diamondback Energy, Inc., Expiration: 11/18/2022, Exercise Price: $180.00  | (5168919) | (18918) |
| (177) | Dollar General Corporation, Expiration: 11/04/2022, Exercise Price: $250.00  | (4514385) | (119475) |
| (119) | Elevance Health, Inc., Expiration: 11/18/2022, Exercise Price: $575.00  | (6506563) | (47302) |
| (122) | Home Depot, Inc., Expiration: 11/04/2022, Exercise Price: $300.00  | (3612786) | (34465) |
| (120) | Intuitive Surgical, Inc., Expiration: 11/04/2022, Exercise Price: $235.00  | (2957640) | (156000) |

---

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Written Options** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** |
|  | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** |
| (276) | Johnson & Johnson, Expiration: 11/04/2022, Exercise Price: $170.00  | $(4801572) | $(126270) |
| (96) | Lam Research Corporation, Expiration: 11/18/2022, Exercise Price: $475.00  | (3885888) | (12816) |
| (105) | Linde plc, Expiration: 11/18/2022, Exercise Price: $310.00  | (3122175) | (34125) |
| (83) | Lockheed Martin Corporation, Expiration: 11/04/2022, Exercise Price: $465.00  | (4039444) | (189240) |
| (146) | McDonald's Corporation, Expiration: 11/18/2022, Exercise Price: $285.00  | (3980836) | (13140) |
| (762) | Microsoft Corporation, Expiration: 11/04/2022, Exercise Price: $250.00  | (17688306) | (12954) |
| (54) | Netflix, Inc., Expiration: 11/18/2022, Exercise Price: $340.00  | (1576152) | (6966) |
| (190) | NVIDIA Corporation, Expiration: 11/18/2022, Exercise Price: $165.00  | (2564430) | (14725) |
|  | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** |
|  | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** | **Call Options — (0.5)% (Continued)** |
| (375) | PayPal Holdings, Inc., Expiration: 11/04/2022, Exercise Price: $97.00  | (3134250) | (30563) |
| (308) | PepsiCo, Inc., Expiration: 11/04/2022, Exercise Price: $180.00  | (5592664) | (83622) |
| (242) | Procter & Gamble Company, Expiration: 11/18/2022, Exercise Price: $140.00  | (3259014) | (18634) |
| (322) | Progressive Corporation, Expiration: 11/18/2022, Exercise Price: $130.00  | (4134480) | (82110) |
| (600) | S&P 500 Index, Expiration: 11/04/2022, Exercise Price: $4,150.00  | (232318800) | (34500) |
| (45) | ServiceNow, Inc., Expiration: 11/18/2022, Exercise Price: $495.00  | (1893330) | (5400) |
| (240) | T-Mobile US, Inc., Expiration: 11/18/2022, Exercise Price: $160.00  | (3637440) | (19680) |
| (138) | UnitedHealth Group, Inc., Expiration: 11/18/2022, Exercise Price: $590.00  | (7661070) | (20217) |
|  |  |  | (1730205) |

---

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Written Options** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** | **Written Options <sup>(a)</sup>** **— (0.9)% (Continued)** |
|  | **Put Options — (0.4)%** |  |  |
| (3200) | S&P 500 Index, Expiration: 12/16/2022, Exercise Price: $2,500.00  | $(1239033600) | $(368000) |
| (925) | S&P 500 Index, Expiration: 11/18/2022, Exercise Price: $3,550.00  | (358158150) | (925000) |
|  |  |  | (1293000) |
|  | TOTAL WRITTEN OPTIONS (Premiums Received $4,551,920)  | TOTAL WRITTEN OPTIONS (Premiums Received $4,551,920)  | $(3023205) |

---

Percentages are stated as a percent of net assets.

(a) Exchange traded.

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

**Opus Small Cap Value ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Security Description** | **Value** | **Value** |
|  | **COMMON STOCKS — 96.2%** |  |  |
|  | **Basic Materials — 3.3%**  |  |  |
| 17777 | Reliance Steel & Aluminum Company  | $| 3581710 |
| 118401 | Valvoline, Inc.  |  | 3476253 |
|  |  |  | 7057963 |
|  | **Consumer, Cyclical — 13.8%**  |  |  |
| 39359 | Boyd Gaming Corporation  |  | 2273376 |
| 14277 | Casey's General Stores, Inc.  |  | 3322401 |
| 16531 | Churchill Downs, Inc.  |  | 3436960 |
| 22730 | Columbia Sportswear Company  |  | 1693385 |
| 113411 | KB Home  |  | 3268505 |
| 21376 | Marriott Vacations Worldwide Corporation  |  | 3158518 |
| 5234 | Pool Corporation  |  | 1592340 |
| 48681 | RCI Hospitality Holdings, Inc.  |  | 4110137 |
| 41534 | Texas Roadhouse, Inc.  |  | 4109789 |
| 9943 | Watsco, Inc.  |  | 2694155 |
|  |  |  | 29659566 |
|  | **Consumer, Non-cyclical — 12.6%**  |  |  |
| 27458 | Booz Allen Hamilton Holding Corporation  |  | 2988803 |
| 10261 | Chemed Corporation  |  | 4790553 |
| 41207 | Encompass Health Corporation  |  | 2243309 |
| 52060 | Ensign Group, Inc.  |  | 4673947 |
| 57816 | EVERTEC, Inc.  |  | 2070391 |
| 40655 | ICF International, Inc.  |  | 4863558 |
| 49772 | Kforce, Inc.  |  | 3149074 |
| 63010 | SpartanNash Company  |  | 2250087 |
|  |  |  | 27029722 |
|  | **Energy — 12.0%**  |  |  |
| 111519 | Atlantica Sustainable Infrastructure plc  |  | 3090191 |
| 135962 | Brigham Minerals, Inc. - Class A  |  | 4214822 |
| 21977 | Chord Energy Corporation  |  | 3364459 |
| 76605 | Helmerich & Payne, Inc.  |  | 3792714 |
| 181598 | Kimbell Royalty Partners LP  |  | 3457626 |
| 1494 | Texas Pacific Land Corporation  |  | 3441982 |
| 130752 | Viper Energy Partners LP  |  | 4360579 |
|  |  |  | 25722373 |
|  | **Financial — 30.8% <sup>(a)</sup>** |  |  |
| 151364 | City Office REIT, Inc.  |  | 1607486 |
| 33309 | Community Healthcare Trust, Inc.  |  | 1152491 |
| 153636 | Compass Diversified Holdings  |  | 3269374 |
| 18130 | EastGroup Properties, Inc.  |  | 2840790 |
| 67361 | Enterprise Financial Services Corporation  |  | 3601793 |
| 100450 | Essential Properties Realty Trust, Inc.  |  | 2161684 |
|  | **COMMON STOCKS — 96.2% (Continued)** | **COMMON STOCKS — 96.2% (Continued)** | **COMMON STOCKS — 96.2% (Continued)** |
|  | **Financial — 30.8% <sup>(a)</sup>** **(Continued)** | **Financial — 30.8% <sup>(a)</sup>** **(Continued)** | **Financial — 30.8% <sup>(a)</sup>** **(Continued)** |
| 55927 | Four Corners Property Trust, Inc.  |  | 1432850 |
| 71083 | German American Bancorp, Inc.  |  | 2792851 |
| 119819 | Global Medical REIT, Inc.  |  | 1095146 |
| 29115 | Hanover Insurance Group, Inc.  |  | 4265056 |
| 15540 | Hingham Institution for Savings  |  | 3842265 |
| 79472 | Home BancShares, Inc.  |  | 2025741 |
| 121785 | Ladder Capital Corporation  |  | 1299446 |
| 42794 | Lakeland Financial Corporation  |  | 3536924 |
| 31873 | National Storage Affiliates Trust  |  | 1359702 |
| 34357 | NexPoint Residential Trust, Inc.  |  | 1566679 |
| 162389 | Old Second Bancorp, Inc.  |  | 2598224 |
| 80795 | Pacific Premier Bancorp, Inc.  |  | 2941746 |
| 48132 | Preferred Bank  |  | 3699907 |
| 13267 | Primerica, Inc.  |  | 1919735 |
| 104068 | Seacoast Banking Corporation of Florida  |  | 3215701 |
| 51109 | Stock Yards Bancorp, Inc.  |  | 3996213 |
| 91970 | UMH Properties, Inc.  |  | 1613154 |
| 58166 | Washington Trust Bancorp, Inc.  |  | 2821051 |
| 113511 | West BanCorp, Inc.  |  | 2550592 |
| 41370 | Western Alliance Bancorp  |  | 2778823 |
|  |  |  | 65985424 |
|  | **Industrial — 19.1%**  |  |  |
| 28424 | AptarGroup, Inc.  |  | 2818240 |
| 42982 | Arcosa, Inc.  |  | 2759444 |
| 12423 | Carlisle Companies, Inc.  |  | 2966612 |
| 25396 | Comfort Systems USA, Inc.  |  | 3130819 |
| 24249 | Encore Wire Corporation  |  | 3336420 |
| 39229 | Forward Air Corporation  |  | 4153174 |
| 24267 | Graco, Inc.  |  | 1688498 |
| 38652 | Grupo Aeroportuario del Centro Norte SAB de CV - ADR  |  | 2464838 |
| 15120 | Hubbell, Inc.  |  | 3590698 |
| 13508 | Kadant, Inc.  |  | 2403749 |
| 23301 | Landstar System, Inc.  |  | 3640082 |
| 24650 | Owens Corning  |  | 2110286 |
| 24632 | Tetra Tech, Inc.  |  | 3480009 |
| 33671 | UFP Industries, Inc.  |  | 2398385 |
|  |  |  | 40941254 |
|  | **Technology — 1.7%**  |  |  |
| 134800 | Magic Software Enterprises, Ltd.  |  | 2113664 |
| 18377 | MKS Instruments, Inc.  |  | 1509671 |
|  |  |  | 3623335 |

---

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

**Opus Small Cap Value ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 96.2% (Continued)** | **COMMON STOCKS — 96.2% (Continued)** |
|  | **Utilities — 2.9%**  | **Utilities — 2.9%**  |
| 58721 | California Water Service Group  | $3644225 |
| 37214 | Otter Tail Corporation  | 2508968 |
|  |  | 6153193 |
|  | TOTAL COMMON STOCKS (Cost $189,309,971)  | 206172830 |
|  | **SHORT-TERM INVESTMENTS — 3.8%** |  |
| 8091034 | First American Treasury Obligations Fund - Class X, 3.06% <sup>(b)</sup>  | 8091034 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $8,091,034)  | 8091034 |
|  | Total Investments (Cost $197,401,005) — 100.0%  | 214263864 |
|  | Liabilities in Excess of Other Assets — (0.0)% <sup>(c)</sup>  | (16445) |
|  | NET ASSETS — 100.0%  | $214247419 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a)  | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements. |
| (b)  | Rate shown is the annualized seven-day yield as of October 31, 2022. |
| (c)  | Represents less than 0.05% of net assets.  |

---

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

**International Drawdown Managed Equity ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **EXCHANGE TRADED FUNDS — 97.1% <sup>(a)</sup>** | **EXCHANGE TRADED FUNDS — 97.1% <sup>(a)</sup>** |
|  | **Developed Market Equity — 70.9%** | **Developed Market Equity — 70.9%** |
| 2998656 | SPDR Portfolio Developed World ex-US ETF <sup>(b)(c)</sup>  | $81983255 |
|  | **Emerging Market Equity — 26.2%** |  |
| 1000000 | SPDR Portfolio Emerging Markets ETF <sup>(c)</sup>  | 30260000 |
|  | TOTAL EXCHANGE TRADED FUNDS (Cost $140,492,038)  | 112243255 |
| **Contracts** | **Notional <br> Amount** |  |
|  | **PURCHASED OPTIONS <sup>(d)</sup>** **— 1.0%** |  |
|  | **Put Options — 1.0%**  |  |
| 15000 iShares MSCI EAFE ETF, Expiration: 12/16/2022, Exercise Price: $55.00 <sup>(e)</sup>  | $88965000 | 1170000 |
|  |  | 1170000 |
|  | TOTAL PURCHASED OPTIONS (Cost $2,104,213)  | 1170000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| 489923 | First American Treasury Obligations Fund - Class X, 3.06% <sup>(f)</sup>  | $489923 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $489,923)  | 489923 |
|  | Total Investments (Cost $143,086,174) — 98.5%  | 113903178 |
|  | Other Assets in Excess of Liabilities — 1.5%  | 1702437 |
|  | NET ASSETS — 100.0%  | $115605615 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. See Note 9 in Notes to Financial Statements. |
| (b) | All or a portion of this security is held as collateral for the options written. At October 31, 2022, the value of these securities amount to $79,077,232 or 68.4% of net assets. |
| (c) | Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. |
| (d) | Exchange traded. |
| (e) | Securities are held in connection with written options, see Schedule of Written Options for more details. |
| (f) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

**International Drawdown Managed Equity ETF** 

**Schedule of Written Options** <br> October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Contracts** | **Security Description** | **Notional <br> Amount** | **Value** |
|  | **Written Options <sup>(a)</sup>** **— (0.6)%** | **Written Options <sup>(a)</sup>** **— (0.6)%** | **Written Options <sup>(a)</sup>** **— (0.6)%** |
|  | **Call Options — (0.4)%** | **Call Options — (0.4)%** | **Call Options — (0.4)%** |
| (7500) | iShares MSCI EAFE ETF, Expiration: 11/04/2022, Exercise Price: $59.50  | $(44482500) | $(487500) |
|  | **Put Options — (0.2)%** |  |  |
| (15000) | iShares MSCI EAFE ETF, Expiration: 12/16/2022, Exercise Price: $49.00  | (88965000) | (270000) |
|  | TOTAL WRITTEN OPTIONS (Premiums Received $898,424)  | TOTAL WRITTEN OPTIONS (Premiums Received $898,424)  | $(757500) |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Exchange traded. |

---

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

**Aptus Enhanced Yield ETF** 

**Schedule of Investments** <br> October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount** | **Security Description** | **<br> Value** |
|  | **U.S. GOVERNMENT NOTES — 74.3%** | **U.S. GOVERNMENT NOTES — 74.3%** |
|  | **U.S. Treasury Notes — 74.3%** | **U.S. Treasury Notes — 74.3%** |
|  | United States Treasury Notes | United States Treasury Notes |
| $625000 | 11/15/2023, 2.750%  | $612970 |
| 625000 | 09/30/2024, 4.250%  | 621680 |
| 375000 | 10/15/2025, 4.250%  | 372890 |
| 250000 | 09/30/2027, 4.125%  | 248584 |
|  | TOTAL U.S. GOVERNMENT NOTES (Cost $1,856,938)  | 1856124 |
|  | **SHORT-TERM INVESTMENTS — 19.6%** | **SHORT-TERM INVESTMENTS — 19.6%** |
|  | **U.S. Treasury Bills — 19.6%** |  |
| 500000 | United States Treasury Bill <sup>(a)</sup> |  |
|  | 04/27/2023, 4.580%  | 489208 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $489,208)  | 489208 |
|  | Total Investments (Cost $2,346,146) — 93.9%  | 2345332 |
|  | Other Assets in Excess of Liabilities — 6.1%  | 153854 |
|  | NET ASSETS — 100%  | $2499186 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Zero coupon bond. Rate disclosed is the effective yield as of October 31, 2022. |

---

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

**Aptus ETFs** 

**Statements of Assets and Liabilities** 

October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Collared<br> Income <br> Opportunity ETF** | **Aptus Defined<br> Risk ETF** | **Aptus Drawdown <br> Managed <br> Equity ETF** |
| **ASSETS** |  |  |  |
| Investments in unaffiliated securities, at value\*  | $530760180 | $29262760 | $339746875 |
| Investments in affiliated securities, at value\*  |  | 749287632 |  |
| Receivable for capital shares sold  |  |  |  |
| Deposit at broker for options  | 1922566 | 31236977 | 3535927 |
| Restricted cash for options  | 112384 |  | 31882 |
| Dividends and interest receivable  | 312377 | 61517 | 138361 |
| Receivable for securities sold  | 3126215 |  | 405151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 536233722 | 809848886 | 343858196 |
| **LIABILITIES** |  |  |  |
| Written options, at value (premiums received, $4,247,824, $1,653,041, $4,551,920)  | 6254404 | 794500 | 3023205 |
| Payable for securities purchased  | 5007904 |  | 5852 |
| Management fees payable  | 338561 | 473625 | 221133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 11600869 | 1268125 | 3250190 |
| **NET ASSETS**  | $524632853 | $808580761 | $340608006 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in capital  | $514736721 | $925954540 | $378138756 |
| Total distributable earnings (accumulated deficit)  | 9896132 | (117373779) | (37530750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $524632853 | $808580761 | $340608006 |
| **Net Asset Value:** |  |  |  |
| Net assets  | $524632853 | $808580761 | $340608006 |
| Shares outstanding ^  | 17800000 | 32000000 | 9791755 |
| Net asset value, offering and redemption price per share  | $29.47 | $25.27 | $34.79 |
| \* Identified cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | $490256316 | $33244253 | $328091900 |
| &nbsp;&nbsp;&nbsp;Investment in affiliated securities  | $— | $791624652 | $— |

---

^ No par value, unlimited number of shares authorized.

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

**Aptus ETFs** 

**Statements of Assets and Liabilities** 

October 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Opus Small Cap <br> Value ETF** | **International <br> Drawdown <br> Managed <br> Equity ETF** | **Aptus Enhanced <br> Yield ETF** |
| **ASSETS** |  |  |  |
| Investments in unaffiliated securities, at value\*  | $214263864 | $113903178 | $2345332 |
| Investments in affiliated securities, at value\*  |  |  |  |
| Receivable for capital shares sold  |  |  | 2500000 |
| Deposit at broker for options  |  | 2518221 |  |
| Restricted cash for options  |  |  |  |
| Dividends and interest receivable  | 116448 | 523 | 11926 |
| Receivable for securities sold  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 214380312 | 116421922 | 4857258 |
| **LIABILITIES** |  |  |  |
| Written options, at value (premiums received, $0, $898,424, $0)  |  | 757500 |  |
| Payable for securities purchased  |  |  | 2358072 |
| Management fees payable  | 132893 | 58807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 132893 | 816307 | 2358072 |
| **NET ASSETS**  | $214247419 | $115605615 | $2499186 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in capital  | $206222224 | $159294886 | $2500000 |
| Total distributable earnings (accumulated deficit)  | 8025195 | (43689271) | (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $214247419 | $115605615 | $2499186 |
| **Net Asset Value:** |  |  |  |
| Net assets  | $214247419 | $115605615 | $2499186 |
| Shares outstanding ^  | 6750000 | 6400000 | 100000 |
| Net asset value, offering and redemption price per share  | $31.74 | $18.06 | $24.99 |
| \* Identified cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | $197401005 | $143086174 | $2346146 |
| &nbsp;&nbsp;&nbsp;Investment in affiliated securities  | $— | $— | $— |

---

^ No par value, unlimited number of shares authorized.

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

**Aptus ETFs** 

**Statements of Operations** 

For the Period Ended October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Collared<br> Income <br> Opportunity ETF** | **Aptus Defined<br> Risk ETF** | **Aptus Drawdown <br> Managed <br> Equity ETF** |
| **INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments\*  | $3819915 | $645630 | $2675058 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments  |  | 10242371 |  |
| &nbsp;&nbsp;&nbsp;Interest  | 40773 | 226369 | 28423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 3860688 | 11114370 | 2703481 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees  | 1820219 | 2919320 | 1346036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 1820219 | 2919320 | 1346036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | 2040469 | 8195050 | 1357445 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | (18412893) | (17225203) | (3331515) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  |  | (40239636) |  |
| &nbsp;&nbsp;&nbsp;Written options  | 5192267 | 3533654 | (1005593) |
| Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | 7192701 | (3039929) | (30592984) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  |  | (951458) |  |
| &nbsp;&nbsp;&nbsp;Written options  | (1418583) | 1077312 | 2893465 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments**  | (7446508) | (56845260) | (32036627) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $(5406039) | $(48650210) | $(30679182) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| \* | Net of foreign withholding taxes  | $4999 | $— | $11567 |

---

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

**Aptus ETFs** 

**Statements of Operations** 

For the Period Ended October 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Opus Small Cap <br> Value ETF** | **International <br> Drawdown <br> Managed <br> Equity ETF** | **Aptus Enhanced <br> Yield ETF <sup>(1)</sup>** |
| **INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments\*  | $2296316 | $2595138 | $— |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest  | 9313 | 10879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 2305629 | 2606017 |  |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees  | 750831 | 393849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 750831 | 393849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | 1554798 | 2212168 |  |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | (7395673) | (14085929) |  |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options  |  | (399690) |  |
| Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | 10922791 | (7814701) | (814) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options  |  | 140924 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation  | (147) |  |  |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments**  | 3526971 | (22159396) | (814) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $5081769 | $(19947228) | $(814) |

---

---

| | | | |
|:---|:---|:---|:---|
| \* | Net of foreign withholding taxes  | $8649 | $— |

---

<sup>(1)</sup> The Fund commenced operations on October 31, 2022. The information presented is from the one day period on October 31, 2022.

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

**Aptus Collared Income Opportunity ETF**

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended <br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $2040469 | $1854371 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and written options  | (13220626) | 7504247 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and written options  | 5774118 | (12045600) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (5406039) | (2686982) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1893263) | (1918599) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1893263) | (1918599) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 129698815 | 222153030 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  |  | (17056045) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions** <sup>(a)</sup>  | 129698815 | 205096985 |
| **Net increase (decrease) in net assets**  | $122399513 | $200491404 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year  | $402233340 | $201741936 |
| &nbsp;&nbsp;&nbsp;End of period/year  | $524632853 | $402233340 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 4400000 | 7150000 |
| Shares redeemed  |  | (550000) |
| Net increase (decrease)  | 4400000 | 6600000 |

---

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

**Aptus Defined Risk ETF**

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended <br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $8195050 | $6299033 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and written options  | (53931185) | (16196059) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and written options  | (2914075) | (42924225) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (48650210) | (52821251) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (7120802) | (20526380) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (7120802) | (20526380) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 75129455 | 389698415 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (114147885) | (69344055) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions** <sup>(a)</sup>  | (39018430) | 320354360 |
| **Net increase (decrease) in net assets**  | $(94789442) | $247006729 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year  | $903370203 | $656363474 |
| &nbsp;&nbsp;&nbsp;End of period/year  | $808580761 | $903370203 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 2850000 | 13500000 |
| Shares redeemed  | (4300000) | (2400000) |
| Net increase (decrease)  | (1450000) | 11100000 |

---

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

**Aptus Drawdown Managed Equity ETF**

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended <br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $1357445 | $808362 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and written options  | (4337108) | 832249 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and written options  | (27699519) | (15756730) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (30679182) | (14116119) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1248741) | (772332) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1248741) | (772332) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 29900135 | 166728365 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (21383340) | (10154155) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions** <sup>(a)</sup>  | 8516795 | 156574210 |
| **Net increase (decrease) in net assets**  | $(23411128) | $141685759 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year  | $364019134 | $222333375 |
| &nbsp;&nbsp;&nbsp;End of period/year  | $340608006 | $364019134 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 850000 | 4050000 |
| Shares redeemed  | (600000) | (250000) |
| Net increase (decrease)  | 250000 | 3800000 |

---

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

**Opus Small Cap Value ETF**

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended <br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $1554798 | $1037714 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  | (7395673) | 4954649 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | 10922644 | (16164875) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | 5081769 | (10172512) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1279448) | (1560722) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1279448) | (1560722) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 28496508 | 102346398 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (5474195) | (9850255) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions** <sup>(a)</sup>  | 23022313 | 92496143 |
| **Net increase (decrease) in net assets**  | $26824634 | $80762909 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year  | $187422785 | $106659876 |
| &nbsp;&nbsp;&nbsp;End of period/year  | $214247419 | $187422785 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 950000 | 3050000 |
| Shares redeemed  | (175000) | (300000) |
| Net increase (decrease)  | 775000 | 2750000 |

---

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

**International Drawdown Managed Equity ETF**

<br> **Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Period Ended <br> October 31, 2022 <br> (Unaudited)** | **Period Ended<br> April 30, 2022 <sup>(1)</sup>** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $2212168 | $1580226 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and written option  | (14485619) | (357767) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and written options | (7673777) | (21368295) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (19947228) | (20145836) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1831116) | (1732695) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1831116) | (1732695) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 22097355 | 166218085 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (26622150) | (2430800) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | (4524795) | 163787285 |
| **Net increase (decrease) in net assets**  | $(26303139) | $141908754 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | $141908754 | $— |
| &nbsp;&nbsp;&nbsp;End of period  | $115605615 | $141908754 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 1100000 | 6750000 |
| Shares redeemed  | (1350000) | (100000) |
| Net increase (decrease)  | (250000) | 6650000 |

---

<sup>(1)</sup> The Fund commenced operations on July 22, 2021. The information presented is from July 22, 2021 to April 30, 2022.

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

**Aptus Enhanced Yield ETF**

<br> **Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended <br> October 31, 2022<sup>(1)</sup>** **<br> (Unaudited)** |
| **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $— |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments  | (814) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (814) |
| **CAPITAL SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 2500000 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  |  |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | 2500000 |
| **Net increase (decrease) in net assets**  | $2499186 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | $— |
| &nbsp;&nbsp;&nbsp;End of period  | $2499186 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  |  | 100000 |
| Shares redeemed  | |  |
| Net increase (decrease)  | | 100,000 |

---

<sup>(1)</sup> The Fund commenced operations on October 31, 2022. The information presented is for the one day period on October 31, 2022.

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

**Aptus Collared Income Opportunity ETF** 

**Financial Highlights** 

For a capital share outstanding throughout the period/year

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **Six-Months <br> Ended<br> October 31, <br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **Period<br> Ended<br> April 30,**<br>**2020<sup>(1)</sup>** |
| Net asset value, beginning of period/year  | $30.02 | $29.67 | $24.04 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income (loss) <sup>(2)</sup>  | 0.13 | 0.19 | 0.27 | 0.49 |
| Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (0.56) | 0.34 | 5.61 | (1.01) |
| Total from investment operations  | (0.43) | 0.53 | 5.88 | (0.52) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.12) | (0.18) | (0.25) | (0.44) |
| Total distributions to shareholders  | (0.12) | (0.18) | (0.25) | (0.44) |
| Net asset value, end of period/year | $29.47 | $30.02 | $29.67 | $24.04 |
| Total return  | -1.39%<sup>(4)</sup> | 1.78% | 24.57% | -2.14%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets at end of period/year (000's)  | $524633 | $402233 | $201742 | $112970 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to average net assets  | 0.79%<sup>(5)</sup> | 0.79% | 0.79% | 0.79%<sup>(5)</sup> |
| Net investment income (loss) to average net assets  | 0.89%<sup>(5)</sup> | 0.60% | 0.99% | 2.46%<sup>(5)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  | 50%<sup>(4)</sup> | 48% | 46% | 170%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations on July 9, 2019.

<sup>(2)</sup> Calculated based on average shares outstanding during the period/year.

<sup>(3)</sup> Net realized and unrealized gain (loss) 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 gain (loss) in the Statements of Operations due to share transactions for the period.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

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

**Aptus Defined Risk ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period/year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **Six-Months <br> Ended<br> October 31, <br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **Period<br> Ended<br> April 30,**<br>**2019<sup>(1)</sup>** |
| Net asset value, beginning of period/year  | $27.01 | $29.37 | $29.38 | $26.51 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) <sup>(2)(3)</sup>  | 0.26 | 0.23 | 0.32 | 0.55 | 0.35 |
| Net realized and unrealized gain (loss) on investments <sup>(4)</sup>  | (1.77) | (1.86) | 1.31 | 3.14 | 1.90 |
| Total from investment operations  | (1.51) | (1.63) | 1.63 | 3.69 | 2.25 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.23) | (0.20) | (0.33) | (0.50) | (0.27) |
| &nbsp;&nbsp;&nbsp;From realized gains  |  | (0.53) | (1.31) | (0.32) | (0.47) |
| Total distributions to shareholders  | (0.23) | (0.73) | (1.64) | (0.82) | (0.74) |
| Net asset value, end of period/year  | $25.27 | $27.01 | $29.37 | $29.38 | $26.51 |
| Total return  | -5.63%<sup>(5)</sup> | -5.73% | 5.62% | 14.12% | 9.23%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets at end of period/year (000's)  | $808581 | $903370 | $656363 | $260029 | $104695 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to average net assets <sup>(6)</sup>  | 0.69%<sup>(7)</sup> | 0.70%<sup>(8)</sup> | 0.70%<sup>(8)</sup> | 0.69% | 0.69%<sup>(7)</sup> |
| Net investment income (loss) to average net assets <sup>(3)</sup>  | 1.94%<sup>(7)</sup> | 0.79%<sup>(8)</sup> | 1.07%<sup>(8)</sup> | 1.97% | 1.86%<sup>(7)</sup> |
| Portfolio turnover rate <sup>(9)</sup>  | 105%<sup>(5)</sup> | 69% | 28% | 78% | 21%<sup>(5)</sup> |

---

<sup>(1)</sup> Commencement of operations on August 7, 2018.

<sup>(2)</sup> Calculated based on average shares outstanding during the period/year.

<sup>(3)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.

<sup>(4)</sup> Net realized and unrealized gain (loss) 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 gain (loss) in the Statements of Operations due to share transactions for the period.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes broker interest expense of 0.01%.

<sup>(9)</sup> Excludes the impact of in-kind transactions.

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

**Aptus Drawdown Managed Equity ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period/year

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **Six-Months <br> Ended<br> October 31, <br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of period/year  | $38.15 | $38.72 | $30.23 | $29.82 | $32.49 | $26.57 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(1)</sup>  | 0.14 | 0.11 | 0.10 | 0.28 | 0.29 | 0.05 |
| Net realized and unrealized gain (loss) on investments <sup>(2)</sup>  | (3.37) | (0.58) | 8.52 | 0.39 | (2.72) | 5.97 |
| Total from investment operations  | (3.23) | (0.47) | 8.62 | 0.67 | (2.43) | 6.02 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.13) | (0.10) | (0.12) | (0.26) | (0.24) | (0.10) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders  |  |  | (0.01) |  |  |  |
| Total distributions to shareholders  | (0.13) | (0.10) | (0.13) | (0.26) | (0.24) | (0.10) |
| Net asset value, end of period/year  | $34.79 | $38.15 | $38.72 | $30.23 | $29.82 | $32.49 |
| Total return  | -8.47%<sup>(3)</sup> | -1.23% | 28.59% | 2.27% | -7.46% | 22.68% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets at end of period/year (000's)  | $340608 | $364019 | $222333 | $131249 | $70065 | $56866 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to average net assets  | 0.79%<sup>(4)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Net investment income (loss) to average net assets  | 0.80%<sup>(4)</sup> | 0.27% | 0.29% | 0.94% | 0.91% | 0.17% |
| Portfolio turnover rate <sup>(5)</sup>  | 19%<sup>(3)</sup> | 43% | 48% | 230% | 321% | 124% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the period/year.

<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 share transactions for the period.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Excludes the impact of in-kind transactions.

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

**Opus Small Cap Value ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period/year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **Six-Months <br> Ended<br> October 31, <br> 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **Period<br> Ended<br> April 30,**<br>**2019<sup>(1)</sup>** |
| Net asset value, beginning of period/year  | $31.37 | $33.07 | $20.41 | $25.00 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) <sup>(2)</sup>  | 0.25 | 0.22 | 0.21 | 0.48 | 0.38 |
| Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | 0.33 | (1.59) | 12.69 | (4.53) | (0.08) |
| Total from investment operations  | 0.58 | (1.37) | 12.90 | (4.05) | 0.30 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.21) | (0.21) | (0.20) | (0.49) | (0.30) |
| &nbsp;&nbsp;&nbsp;From realized gains  |  | (0.12) |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders  |  |  | (0.04) | (0.05) |  |
| Total distributions to shareholders  | (0.21) | (0.33) | (0.24) | (0.54) | (0.30) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Transaction fees (Note 8)  |  |  |  | 0.00<sup>(4)</sup> | 0.00<sup>(4)</sup> |
| Net asset value, end of period/year  | $31.74 | $31.37 | $33.07 | $20.41 | $25.00 |
| Total return  | 1.89%<sup>(5)</sup> | -4.25% | 63.49% | -16.46% | 1.34%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets at end of period/year (000's)  | $214247 | $187423 | $106660 | $44393 | $46877 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to average net assets  | 0.79%<sup>(6)</sup> | 0.79% | 0.79% | 0.79% | 0.79%<sup>(6)</sup> |
| Net investment income (loss) to average net assets  | 1.64%<sup>(6)</sup> | 0.67% | 0.77% | 1.94% | 2.01%<sup>(6)</sup> |
| Portfolio turnover rate <sup>(7)</sup>  | 21%<sup>(5)</sup> | 45% | 65% | 56% | 31%<sup>(5)</sup> |

---

<sup>(1)</sup> Commencement of operations on July 17, 2018.

<sup>(2)</sup> Calculated based on average shares outstanding during the period/year.

<sup>(3)</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 share transactions for the period.

<sup>(4)</sup> Less than $0.005.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Excludes the impact of in-kind transactions.

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

**International Drawdown Managed Equity ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period

---

| | | |
|:---|:---|:---|
|  | **Six-Months <br> Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **Period <br> Ended<br> April 30, <br> 2022<sup>(1)</sup>** |
| Net asset value, beginning of period  | $21.34 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss) <sup>(2)(3)</sup>  | 0.33 | 0.36 |
| Net realized and unrealized gain (loss) on investments <sup>(4)</sup>  | (3.33) | (3.68) |
| Total from investment operations  | (3.00) | (3.32) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.28) | (0.34) |
| Total distributions to shareholders  | (0.28) | (0.34) |
| Net asset value, end of period  | $18.06 | $21.34 |
| Total return  | -15.22%<sup>(5)</sup> | -13.46%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |
| Net assets at end of period (000's)  | $115606 | $141909 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |
| Expenses to average net assets <sup>(6)</sup>  | 0.59%<sup>(7)</sup> | 0.59%<sup>(7)</sup> |
| Net investment income (loss) to average net assets <sup>(3)</sup>  | 3.31%<sup>(7)</sup> | 1.93%<sup>(7)</sup> |
| Portfolio turnover rate <sup>(8)</sup>  | 24%<sup>(5)</sup> | 2%<sup>(5)</sup> |

---

<sup>(1)</sup> Commencement of operations on July 22, 2021.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.

<sup>(4)</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 share transactions for the period.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Does not include expenses of the investment companies in which the Fund invests.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Excludes the impact of in-kind transactions.

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

**Aptus Enhanced Yield ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period

---

| | |
|:---|:---|
|  | **Period <br> Ended <br> October 31, <br> 2022<sup>(1)</sup>** **<br> (Unaudited)** |
| Net asset value, beginning of period  | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment income (loss) <sup>(2)</sup>  |  |
| Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (0.01) |
| Total from investment operations  | (0.01) |
| Net asset value, end of period  | $24.99 |
| Total return  | -0.04%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA:** |  |
| Net assets at end of period (000's)  | $2499 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |
| Expenses to average net assets  | 0.00%<sup>(5)</sup> |
| Net investment income (loss) to average net assets  | 0.00%<sup>(5)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  | 0%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations on October 31, 2022.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</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 share transactions for the period.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

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

**Aptus ETFs** 

**Notes to Financial Statements** 

October 31, 2022 (Unaudited)

**NOTE 1 – ORGANIZATION** 

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

The investment objective of Aptus Collared Income Opportunity ETF is to seek current income and capital appreciation. The investment objective of Aptus Defined Risk ETF is to seek current income and capital appreciation. The investment objective of Aptus Drawdown Managed Equity ETF is to seek capital appreciation with downside protection. The investment objective of Opus Small Cap Value ETF is to seek capital appreciation. The investment objective of International Drawdown Managed Equity ETF is to seek capital appreciation with downside protection. The investment objective of Aptus Enhanced Yield ETF is to seek current income and capital preservation. The table below shows the date each fund commenced operations:

---

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

---

The end of the reporting period for the Funds is October 31, 2022 and the period covered by these Notes to Financial Statements is the period from May 1, 2022 to October 31, 2022 for Aptus Collared Income Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Equity ETF, Opus Small Cap Value ETF and International Drawdown Managed Equity ETF, and the one day period of October 31, 2022 for Aptus Enhanced Yield ETF (each, respectively, the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

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

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

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

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

---

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

---

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

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

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

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

**Aptus Collared Income Opportunity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $519663672 | $— | $— | $519663672 |
| Purchased Options |  | 9334687 |  | 9334687 |
| Short-Term Investments | 1761821 |  |  | 1761821 |
| Total Investments in Securities | $521425493 | $9334687 | $— | $530760180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $6254404 | $— | $6254404 |
| Total Written Options | $— | $6254404 | $— | $6254404 |

---

^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

**Aptus Defined Risk ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $749287632 | $— | $— | $749287632 |
| Purchased Options |  | 2252000 |  | 2252000 |
| Short-Term Investments | 27010760 |  |  | 27010760 |
| Total Investments in Securities | $776298392 | $2252000 | $— | $778550392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $794500 | $— | $794500 |
| Total Written Options | $— | $794500 | $— | $794500 |

---

^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Aptus Drawdown Managed Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $333536098 | $— | $— | $333536098 |
| Purchased Options |  | 5654813 |  | 5654813 |
| Short-Term Investments | 555964 |  |  | 555964 |
| Total Investments in Securities | $334092062 | 5654813 | $— | $339746875 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $3023205 | $— | $3023205 |
| Total Written Options | $— | $3023205 | $— | $3023205 |

---

^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Opus Small Cap Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $206172830 | $— | $— | $206172830 |
| Short-Term Investments | 8091034 |  |  | 8091034 |
| Total Investments in Securities | $214263864 | $— | $— | $214263864 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

**International Drawdown Managed Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $112243255 | $— | $— | $112243255 |
| Purchased Options |  | 1170000 |  | 1170000 |
| Short-Term Investments | 489923 |  |  | 489923 |
| Total Investments in Securities | $112733178 | $1170000 | $— | $113903178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $757500 | $— | $757500 |
| Total Written Options | $— | $757500 | $— | $757500 |

---

^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

**Aptus Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government Notes | $1856125 | $— | $— | $1856125 |
| Short-Term Investments | 489208 |  |  | 489208 |
| Total Investments in Securities | $2345333 | $— | $— | $2345333 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates*. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

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

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

The permanent differences primarily relate to differing book and tax treatment for redemptions in-kind. For the fiscal year/period ended April 30, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings <br> (Accumulated <br> Deficit)** | **Paid-In Capital** |
| Aptus Collared Income Opportunity ETF | $(4939895) | $4939895 |
| Aptus Defined Risk ETF | (1242767) | 1242767 |
| Aptus Drawdown Managed Equity ETF | (3137298) | 3137298 |
| Opus Small Cap Value ETF | (2618063) | 2618063 |
| International Drawdown Managed Equity | (32396) | 32396 |
| Aptus Enhanced Yield ETF | N/A | N/A |

---

During the fiscal year/period ended April 30, 2022, the Funds realized the following in net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid-in capital.

---

| | |
|:---|:---|
|  | **Gains/(Losses) <br> from In-Kind <br> Redemptions** |
| Aptus Collared Income Opportunity ETF | $4939895 |
| Aptus Defined Risk ETF  | 1242767 |
| Aptus Drawdown Managed Equity ETF | 3137298 |
| Opus Small Cap Value ETF | 2618063 |
| International Drawdown Managed Equity ETF | 32709 |
| Aptus Enhanced Yield ETF | N/A |

---

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

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

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

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Funds, the Funds pay the Adviser a unified management fee which is calculated daily and paid monthly based on each Fund's average daily net assets:

---

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

---

The adviser is responsible for paying the Sub-Adviser.

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

A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Aptus Collared Income Opportunity ETF | $250497924 | $219659426 |
| Aptus Defined Risk ETF | 819091205 | 825289246 |
| Aptus Drawdown Managed Equity ETF | 64152285 | 71855057 |
| Opus Small Cap Value ETF | 38116186 | 38451154 |
| International Drawdown Managed Equity ETF | 30353682 | 31527296 |
| Aptus Enhanced Yield ETF | 1856938 |  |

---

There were no purchases or sales of U.S. Government securities in Aptus Collared Income Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Opus Small Cap Value ETF, and International Drawdown Managed Equity ETF during the current fiscal period. Included in the amounts for Aptus Enhanced Yield ETF there were $1,856,938 of purchases of U.S. Government securities during the current fiscal period.

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind<br> Purchases** | **In-Kind Sales** |
| Aptus Collared Income Opportunity ETF | $125351807 | $— |
| Aptus Defined Risk ETF | 69581501 | 106108762 |
| Aptus Drawdown Managed Equity ETF | 28878092 | 20747797 |
| Opus Small Cap Value ETF | 27367828 | 5262511 |
| International Drawdown Managed Equity ETF | 21572672 | 25779785 |
| Aptus Enhanced Yield ETF |  |  |

---

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

**NOTE 5 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Aptus Defined Risk ETF** | **Aptus Defined Risk ETF** | **Aptus Defined Risk ETF** | | | | |
| **Affiliated Issuer** | **Value at <br> 4/30/2022** | **Purchases <br> at Cost** | <br>**Proceeds <br> from Sales** | <br>**Net Realized <br> Gain (Loss)** | <br>**Change in <br> Unrealized<br> Appreciation<br> (Depreciation)** | <br>**Value at<br> 10/31/2022** |
| Invesco BulletShares 2025 Corporate Bond ETF \* | 25829734 | $147186842 | $(62163518) | $(1349973) | $(3654050) | $105849035 |
| Invesco BulletShares 2026 Corporate Bond ETF \* | 25772240 | 147144969 | (60774876) | (1678488) | (5146911) | 105316934 |
| Invesco BulletShares 2027 Corporate Bond ETF |  | 43310954 | (3715783) | (45419) | (2087748) | 37462004 |
| Invesco BulletShares 2028 Corporate Bond ETF \* | 6378762 | 28234301 | (891876) | (12206) | (1318462) | 32390519 |
| Invesco BulletShares 2029 Corporate Bond ETF |  | 33646108 | (100087) | (554) | (1233530) | 32311937 |
| Invesco BulletShares 2030 Corporate Bond ETF |  | 29416173 | (2442868) | (69594) | (1177780) | 25725931 |
| Invesco BulletShares 2031 Corporate Bond ETF |  | 10273693 | (30976) | (228) | (238883) | 10003606 |
| iShares iBonds Dec 2024 Term Corporate ETF | 179860435 | 268717 | (180291243) | (9111288) | 9273379 |  |
| iShares iBonds Dec 2025 Term Corporate ETF | 190017857 | 283454 | (190566642) | (13853862) | 14119193 |  |
| iShares iBonds Dec 2026 Term Corporate ETF | 182671728 | 272707 | (183349642) | (12884833) | 13290040 |  |
| iShares iBonds Dec 2027 Term Corporate ETF | 147698876 | 40924132 | (33707460) | (995794) | (7627047) | 146292707 |
| iShares iBonds Dec 2028 Term Corporate ETF |  | 199190199 | (70229613) | (112561) | (7502799) | 121345226 |
| iShares iBonds Dec 2029 Term Corporate ETF |  | 74005952 | (5243699) | (62853) | (4241316) | 64458084 |
| iShares iBonds Dec 2030 Term Corporate ETF |  | 46595347 | (3263680) | (61440) | (3095460) | 40174767 |
| iShares iBonds Dec 2031 Term Corporate ETF |  | 28701339 | (86595) | (543) | (657319) | 27956882 |
|  | 758229632 |  |  | $(40239636) | $(1298693) | $749287632 |

---

\* Security became an Affiliated Issuer during the current fiscal period.

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated Issuer (Continued)** | **Shares Held at <br> 10/31/2022** | **Dividend <br> Income** | **Capital Gain <br> Distributions <br> from <br> Underlying <br> Funds** |
| Invesco BulletShares 2031 Corporate Bond ETF | 655115 | $33752 | $— |
| Invesco BulletShares 2030 Corporate Bond ETF | 1660809 | 160502 |  |
| Invesco BulletShares 2029 Corporate Bond ETF | 1867742 | 152430 |  |
| Invesco BulletShares 2028 Corporate Bond ETF | 1696727 | 214639 |  |
| Invesco BulletShares 2027 Corporate Bond ETF | 2017340 | 505035 |  |
| Invesco BulletShares 2026 Corporate Bond ETF | 5680525 | 1836921 |  |
| Invesco BulletShares 2025 Corporate Bond ETF | 5319047 | 1640995 |  |
| iShares iBonds Dec 2024 Term Corporate ETF |  | 275660 |  |
| iShares iBonds Dec 2025 Term Corporate ETF |  | 310388 |  |
| iShares iBonds Dec 2026 Term Corporate ETF |  | 331953 |  |
| iShares iBonds Dec 2028 Term Corporate ETF | 5122213 | 1339744 |  |
| iShares iBonds Dec 2027 Term Corporate ETF | 6399506 | 2225820 |  |
| iShares iBonds Dec 2029 Term Corporate ETF | 2981410 | 789641 |  |
| iShares iBonds Dec 2031 Term Corporate ETF | 1446295 |  |  |
| iShares iBonds Dec 2030 Term Corporate ETF | 1991808 | 424891 |  |
|  |  | $10242371 | $— |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings (accumulated deficit) and cost basis of investments for federal income tax purposes as of April 30, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aptus Collared <br> Income <br> Opportunity ETF** | **Aptus Defined <br> Risk ETF** | **Aptus Drawdown <br> Managed <br> Equity ETF** | **Opus Small Cap <br> Value ETF** | **International <br> Drawdown <br> Managed <br> Equity ETF** |
| Tax cost of investments  | $376803562 | $891916513 | $330483517 | $175271200 | $162253840 |
| Gross tax unrealized appreciation | $59852891 | $1874509 | $60957320 | $19881019 | $49171 |
| Gross tax unrealized depreciation  | (35967725) | (44767675) | (28191578) | (13991077) | (21619582) |
| Net tax unrealized appreciation (depreciation)  | 23885166 | (42893166) | 32765742 | 5889942 | (21570411) |
| Undistributed ordinary income | 3548875 | 1095870 | 36030 | 130568 |  |
| Undistributed long-term capital gains  |  |  |  |  |  |
| Other accumulated gain (loss)  | (10238607) | (19805471) | (38404599) | (1797636) | (340516) |
| Distributable earnings (accumulated deficit)  | $17195434 | $(61602767) | $(5602827) | $4222874 | $(21910927) |

---

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

Aptus Enhanced Yield ETF commenced operations on October 31, 2022, and therefore did not appear in the above table.

The difference between the cost basis for financial statement and federal income tax purposes was primarily due to the tax deferral of losses from wash sales and the mark-to-market on open Section 1256 options contracts.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. At April 30, 2022, Aptus Defined Risk ETF and Opus Small Cap Value ETF, deferred on a tax basis, post-October capital losses of $19,805,471 and $1,797,636, respectively. International Drawdown Managed Equity ETF deferred, on a tax basis, $152,156 of late-year ordinary losses. Aptus Collared Income Opportunity ETF and Aptus Drawdown Managed Equity ETF did not elect to defer any post-October capital losses or late-year losses.

As of April 30, 2022, the Funds had the following capital loss carryforwards with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| Aptus Collared Income Opportunity ETF | $— | $— |
| Aptus Defined Risk ETF |  |  |
| Aptus Drawdown Managed Equity ETF | 35570334 | 2834265 |
| Opus Small Cap Value ETF |  |  |
| International Drawdown Managed Equity ETF | 188360 |  |
| Aptus Enhanced Yield ETF | N/A | N/A |

---

During the fiscal year/period ended April 30, 2022, Aptus Collared Income Opportunity ETF utilized $2,171,578 of short-term and $7,557,894 of long-term capital loss carryforward, Aptus Drawdown Managed Equity ETF utilized $5,225,545 of short-term capital loss carryforward, and Opus Small Cap Value ETF utilized $2,213,290 of short-term and $1,284,351 of long-term capital loss carryforward that was available as of April 30, 2021. Utilization of capital loss carryforwards acquired by Aptus Drawdown Managed Equity ETF in connection with the reorganization during the fiscal year ended April 30, 2020 will be subject to limitations because of an ownership change.

The tax character of distributions paid by the Funds during the year/period ended April 30, 2022 and the year/period ended April 30, 2021 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year/Period<sup>(1)</sup>** **Ended <br> April 30, 2022** | **Year/Period<sup>(1)</sup>** **Ended <br> April 30, 2022** | **Year/Period<sup>(1)</sup>** **Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2021** |
|  | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Return of <br> Capital** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Return of <br> Capital** |
| Aptus Collared Income Opportunity ETF | $1918599 | $— | $— | $1454907 | $— | $— |
| Aptus Defined Risk ETF | 17893513 | 2632867 |  | 24142128 | 2924003 |  |
| Aptus Drawdown Managed Equity ETF | 772332 |  |  | 604958 |  | 49223 |
| Opus Small Cap Value ETF | 907157 | 653565 |  | 500479 |  | 88541 |
| International Drawdown Managed Equity ETF | 1732695 |  |  | N/A | N/A | N/A |
| Aptus Enhanced Yield ETF | N/A | N/A | N/A | N/A | N/A | N/A |

---

<sup>(1)</sup> Information for International Drawdown Managed Equity ETF is for the period from July 22, 2021 to April 30, 2022.

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

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

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

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

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

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

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

International Drawdown Managed Equity ETF seeks to limit the Fund's exposure to equity market declines primarily by purchasing exchange-listed put options or utilizing a combination of purchased and written (sold) put options (known as a "spread"), on one or more equity indexes or ETFs (each, a "reference asset") that track a portfolio of non-U.S. equity securities (together, "Equity Puts"). The reference asset for an option will generally reflect the overall equity market for emerging markets or developed markets outside the United States, the equity market of a particular region or country (other than the United States), or a particular depositary receipt held by the Fund. In addition to purchasing Equity Puts, the Adviser may write (sell) Equity Puts. The Adviser may also purchase call options or utilize call option spreads on the Cboe Volatility Index<sup>®</sup> (the "VIX Index"). The VIX Index reflects a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time prices of S&P 500<sup>®</sup> Index call and put options.

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

When the Funds purchase a call or put option, an amount equal to the premium paid is included in the Statements of Assets and Liabilities as an investment and is subsequently adjusted to reflect the value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the loss of the premium paid.

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

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

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

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

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

---

| | |
|:---|:---|
| **Purchased Options** | **Average Value** |
| Aptus Collared Income Opportunity ETF | $12007627 |
| Aptus Defined Risk ETF | 13850100 |
| Aptus Drawdown Managed Equity ETF | 9219106 |
| International Drawdown Managed Equity ETF | 1520542 |

---

---

| | |
|:---|:---|
| **Written Options** |  |
| Aptus Collared Income Opportunity ETF | $(4302199) |
| Aptus Defined Risk ETF | (1473292) |
| Aptus Drawdown Managed Equity ETF | (2019670) |
| International Drawdown Managed Equity ETF | (225396) |

---

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** |
| **Fund** | **Derivatives Investment Type** | **Statement of Assets and Liabilities Location** | **Value** |
| Aptus Collared Income Opportunity ETF | Equity Contracts - Purchased Options | Investments in unaffiliated securities, at value | $9334687 |
| Aptus Defined Risk ETF | Equity Contracts - Purchased Options | Investments in unaffiliated securities, at value | 2252000 |
| Aptus Drawdown Managed Equity ETF | Equity Contracts - Purchased Options | Investments in unaffiliated securities, at value | 5654813 |
| International Drawdown Managed Equity ETF | Equity Contracts - Purchased Options | Investments in unaffiliated securities, at value | 1170000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Liability Derivatives** | **Liability Derivatives** |
| **Fund** | **Derivatives Investment Type** | **Statement of Assets and Liabilities Location** | **Value** |
| Aptus Collared Income Opportunity ETF | Equity Contracts - Written Options | Written options, at value | $(6254404) |
| Aptus Defined Risk ETF | Equity Contracts - Written Optionss | Written options, at value | (794500) |
| Aptus Drawdown Managed Equity ETF | Equity Contracts - Written Options | Written options, at value | (3023205) |
| International Drawdown Managed Equity ETF | Equity Contracts - Written Options | Written options, at value | (757500) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Net Realized Gain (Loss)** | &nbsp;&nbsp;**Change in**<br> **Unrealized Appreciation (Depreciation)** |  |
| Aptus Collared Income Opportunity ETF | Equity Contracts - Purchased Options | $22099955 \* | $(10815327) | \*\* |
| Aptus Collared Income Opportunity ETF | Equity Contracts - Written Options | 5192267 | (1418583) |  |
| Aptus Defined Risk ETF | Equity Contracts - Purchased Options | (15174769) \* | (3720253) | \*\* |
| Aptus Defined Risk ETF | Equity Contracts - Written Options | 3533654 | 1077312 |  |
| Aptus Drawdown Managed Equity ETF | Equity Contracts - Purchased Options | (485282) \* | (14371845) | \*\* |
| Aptus Drawdown Managed Equity ETF | Equity Contracts - Written Options | (1005593) | 2893465 |  |
| International Drawdown Managed Equity ETF | Equity Contracts - Purchased Options | 434226 \* | (2688909) | \*\* |
| International Drawdown Managed Equity ETF | Equity Contracts - Written Options | (399690) | 140924 |  |

---

---

| | |
|:---|:---|
| \* | Included in net realized gain (loss) on investments in unaffiliated securities as reported in the Statements of Operations. |
| \*\* | Included in net change in unrealized appreciation (depreciation) on investments in unaffiliated securities as reported in the Statements of Operations. |

---

**Aptus ETFs** 

**Notes to Financial Statements** <br> October 31, 2022 (Unaudited) (Continued)

**NOTE 8 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the shares may be different from their NAV. Aptus Collared Income Opportunity ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF and International Drawdown Managed Risk ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 shares, called "Creation Units." Opus Small Cap Value ETF and Aptus Enhanced Yield ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

**NOTE 9 – RISKS** 

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

*Covid-19 Risk*. The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds' investments.

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

**Aptus ETFs** 

**Expense Examples** 

For the Period Ended October 31, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated in the following Expense Example tables.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

**Aptus Collared Income Opportunity ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> May 1, 2022** | **Ending <br> Account Value <br> October 31, 2022** | **Expenses <br> Paid During <br> the Period <sup>(1)</sup>** |
| Actual  | $1000.00 | $986.10 | $3.95 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1021.22 | $4.02 |

---

**Aptus Defined Risk ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> May 1, 2022** | **Ending <br> Account Value <br> October 31, 2022** | **Expenses <br> Paid During <br> the Period <sup>(2)</sup>** |
| Actual  | $1000.00 | $943.70 | $3.38 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1021.73 | $3.52 |

---

**Aptus Drawdown Managed Equity ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> May 1, 2022** | **Ending <br> Account Value <br> October 31, 2022** | **Expenses <br> Paid During <br> the Period <sup>(1)</sup>** |
| Actual  | $1000.00 | $915.30 | $3.81 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1021.22 | $4.02 |

---

**Aptus ETFs** 

**Expense Examples** <br> For the Period Ended October 31, 2022 (Unaudited) (Continued)

**Opus Small Cap Value ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> May 1, 2022** | **Ending <br> Account Value <br> October 31, 2022** | **Expenses <br> Paid During <br> the Period <sup>(1)</sup>** |
| Actual  | $1000.00 | $1018.90 | $4.02 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1021.22 | $4.02 |

---

**International Drawdown Managed Equity ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> May 1, 2022** | **Ending <br> Account Value <br> October 31, 2022** | **Expenses <br> Paid During <br> the Period <sup>(3)</sup>** |
| Actual  | $1000.00 | $847.80 | $2.75  |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.23 | $3.01 |

---

**Aptus Enhanced Yield ETF** 

---

| | | |
|:---|:---|:---|
|  | **Beginning <br> Account Value <br> October 31, 2022<sup>(4)</sup>** | **Ending <br> Account Value <br> October 31, 2022** |
| Actual  | $1000.00 | $999.60<br>$0.02<sup>(5)</sup> |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.23<br>$3.01<sup>(3)</sup> |

---

<sup>(1)</sup> The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.79%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

<sup>(2)</sup> The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.69%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

<sup>(3)</sup> The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.59%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

<sup>(4)</sup> Fund commencement.

<sup>(5)</sup> The dollar amount shown as expenses paid during the period is equal to the annualized expense ratio, 0.59%, multiplied by the average account value during the period, multiplied by 1/365, to reflect the period.

**Aptus ETFs** 

**Review of Liquidity Risk Management Program** 

(Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the "Series"), has adopted a liquidity risk management program to govern the Trust's approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect the Series' particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the "Program") tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2021. The report concluded that the Program is reasonably designed to assess and manage the Series' liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series' ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series' exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

**Aptus ETF** 

**Approval of Advisory Agreement and Board Considerations** 

(Unaudited)

**Aptus Enhanced Yield ETF** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on April 20-21, 2022 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") considered the approval of the Investment Advisory Agreement (the "Advisory Agreement") between Aptus Capital Advisors, LLC (the "Adviser") and the Trust, on behalf of the Aptus Enhanced Yield ETF (the "Fund"), for an initial two-year term.

Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including: information from the Adviser regarding, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser; (ii) the cost of the services to be provided and the profits expected to be realized by the Adviser or its affiliates from services rendered to the Fund; (iii) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (iv) the extent to which any economies of scale might be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund; and (vi) other factors the Board deemed to be relevant; and a report prepared by Barrington Partners, an independent third party, (the "Barrington Report") relating to the Fund's proposed management fee, including comparisons to relevant peer groups.

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

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

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

The Board also considered the services to be provided to the Fund, such as monitoring adherence to the Fund's investment restrictions, monitoring the Fund's adherence to its investment restrictions and compliance with the Fund's policies and procedures and applicable securities regulations, as well as the extent to which the Fund achieves its investment objective. 

*Historical Performance.* The Board noted that the Fund will be actively managed with an investment objective of seeking current income and capital preservation. The Board further noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Advisory Agreement.

*Cost of Services to be Provided and Economies of Scale.* The Board then reviewed the Fund's proposed net expense ratio, the full amount of which was anticipated to be the "unified fee" (described below), and compared the Fund's net expense ratio to its Peer Group and Selected Peer Group (each defined below). The Board noted that the Fund's proposed net expense ratio was higher than the median expense ratio for, but was within the range of, comparable funds selected by Barrington (the "Peer Group"). The Board also noted that the Fund's proposed net expense ratio was within the range of net expense ratios for a group of the Fund's most direct competitors, as selected by the Adviser (the "Selected Peer Group"). The Board noted that the Selected Peer Group is based on ETFs that focus on providing current income, including, but not limited to, ETFs with a similar structure that seek higher yield distributions through the use of equity-linked notes.

**Aptus ETFs** 

**Approval of Advisory Agreement and Board Considerations** 

(Unaudited) (Continued)

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

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Fund and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser's anticipated profitability with respect to the Fund at various Fund asset levels as well as the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the Fund had not yet commenced operations and, consequently, the future size of the Fund and the Adviser's future profitability were generally unpredictable.

The Board considered the Fund's expenses and the structure of the Fund's advisory fee with respect to potential economies of scale. The Board noted that the Fund's fee structure did not contain any breakpoint reductions as the Fund's assets grow but considered that the Fund's fee structure is a unified fee. The Board concluded that the current fee structure reflects a sharing of economies of scale between the Adviser and the Fund at the Fund's current asset level. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted.

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

**Aptus ETFs** 

**Federal Tax Information** 

(Unaudited)

For the fiscal year/period ended April 30, 2022, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Aptus Collared Income Opportunity ETF | 100.00% |
| Aptus Defined Risk ETF | 0.00% |
| Aptus Drawdown Managed Equity ETF | 100.00% |
| Opus Small Cap Value ETF | 100.00% |
| International Drawdown Managed Equity ETF | 65.60% |
| Aptus Enhanced Yield ETF | N/A |

---

For corporate shareholders, the percentage of ordinary income distributions qualified for the corporate dividend received deduction for the fiscal year/period ended April 30, 2022 was as follows:

---

| | |
|:---|:---|
| Aptus Collared Income Opportunity ETF | 100.00% |
| Aptus Defined Risk ETF | 0.00% |
| Aptus Drawdown Managed Equity ETF | 100.00% |
| Opus Small Cap Value ETF | 100.00% |
| International Drawdown Managed Equity ETF | 0.00% |
| Aptus Enhanced Yield ETF | N/A |

---

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

---

| | |
|:---|:---|
| Aptus Collared Income Opportunity ETF | 0.00% |
| Aptus Defined Risk ETF | 87.17% |
| Aptus Drawdown Managed Equity ETF | 0.00% |
| Opus Small Cap Value ETF | 0.00% |
| International Drawdown Managed Equity ETF | 0.00% |
| Aptus Enhanced Yield ETF | N/A |

---

**Information About Portfolio Holdings**<br> (Unaudited)

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds' website at <u>www.aptusetfs.com</u> and <u>www.opusetfs.com</u>. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. The Funds' portfolio holdings are posted on their website at <u>www.aptusetfs.com</u><u> </u>and <u>www.opusetfs.com</u> daily.

**Information About Proxy Voting**<br> (Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC's website at <u>www.sec.gov</u>, or by accessing the Funds' website at <u>www.aptusetfs.com</u> or <u>www.opusetfs.com</u>.

When available, information regarding how the Fund voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC's website at <u>www.sec.gov</u>.

**Aptus ETFs** 

**Information About the Funds' Trustees** 

(Unaudited)

The SAI includes additional information about the Funds' Trustees and is available without charge, upon request, by calling (800) 617-0004 or by accessing the SEC's website at <u>www.sec.gov</u> or by accessing the Funds' website at <u>www.aptusetfs.com</u> or <u>www.opusetfs.com</u>.

**Frequency Distribution of Premiums and Discounts**<br> (Unaudited)

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available without charge, on the Funds' website at <u>www.aptusetfs.com</u> or <u>www.opusetfs.com</u>.

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***Adviser***

Aptus Capital Advisors, LLC<br> 265 Young Street<br> Fairhope, Alabama 36532

***Distributor***

Quasar Distributors, LLC<br> 111 East Kilbourn Avenue, Suite 2200<br> Milwaukee, Wisconsin 53202

***Custodian***

U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212

***Transfer Agent***

U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202

***Independent Registered Public Accounting Firm***

Cohen & Company, Ltd.<br> 342 North Water Street, Suite 830<br> Milwaukee, Wisconsin 53202

***Legal Counsel***

Morgan, Lewis & Bockius LLP<br> 1111 Pennsylvania Avenue, NW<br> Washington, DC 20004

---

| |
|:---|
| **Aptus Collared Income Opportunity ETF** <br>Symbol – ACIO<br> CUSIP – 26922A222<br>|
| **Aptus Defined Risk ETF** <br>Symbol – DRSK<br> CUSIP – 26922A388<br>|
| **Aptus Drawdown Managed Equity ETF** <br>Symbol – ADME<br> CUSIP – 26922A784<br>|
| **Opus Small Cap Value ETF** <br>Symbol – OSCV<br> CUSIP – 26922A446<br>|
| **International Drawdown Managed Equity ETF** <br>Symbol – IDME<br> CUSIP – 26922B709<br>|
| **Aptus Enhanced Yield ETF** <br>Symbol – JUCY<br> CUSIP – 26922B642 |

---

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 11. Controls and Procedures.</u>**

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

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

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Exhibits.</u>**

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0080903-3_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

*(b)* *Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Furnished herewith.](fp0080903-3_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | ETF Series Solutions |
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |
| Date | 1/5/2023 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |
| Date | 1/5/2023 |
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date | 1/5/2023 |

---

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

## Ex-99.Cert

EX.99.CERT

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

I, Kristina R. Nelson, certify that:

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

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 directors (or persons performing the equivalent functions):

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2023 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

EX.99.CERT

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

I, Kristen M. Weitzel, certify that:

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

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 directors (or persons performing the equivalent functions):

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2023 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions, for the period ended October 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

---

Dated: <u>1/5/2023</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.