# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001752724-25-134419
**Filing Date:** 2025-6
**Character Count:** 37913
**Document Hash:** 18351c1086cc57ff15df18fcd9d11837
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-134419.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001752724-25-134419

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**EFFECTIVENESS DATE**: 20250612

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 251042081

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

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

## Series and Classes Contracts Data

### Formidable ETF (Series ID: S000071248)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000226143 | Formidable ETF | FORH            |

### Formidable Fortress ETF (Series ID: S000071250)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000226145 | Formidable Fortress ETF | KONG            |

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Formidable ETF and Formidable Fortress ETF and
Board of Trustees of ETF Opportunities Trust

In planning and performing our audit of the financial statements of
Formidable ETF and Formidable Fortress ETF (the "Funds") as of and for the year
ended March 31, 2025,
in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB),
we considered the Funds'internal control over financial reporting,
including controls over safeguarding securities,
as a basis for designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and
to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the effectiveness of
the Funds' internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining
effective internal control over financial reporting.
In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls.
A fund's internal control over financial reporting is a process designed
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 (GAAP). A fund's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the fund; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts
and expenditures of the fund are being made only in
accordance with authorizations of management and trustees of the fund;
and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or
disposition of a fund's assets that could have
a material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes
in conditions,
or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions,
to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency,
or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility
that a material misstatement of the Funds'annual or
interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds'internal control over financial reporting was
for the limited purpose described in the first paragraph and
would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in
the Funds'internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider
to be a material weakness as defined above as of March 31, 2025.
This report is intended solely for the information and use of management and
the Board of Trustees of the Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.

/s/COHEN & COMPANY, LTD.
Cleveland, Ohio
May 30, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001771146

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000071248

**Series ID Record:2**
- **Series ID:** S000071250

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** ETF Opportunities Trust

- **Item B.1.b - Investment Company Act file number:** 811-23439

- **Item B.1.c - CIK:** 0001771146

- **Item B.1.d - LEI:** 549300FWST5041130Z58

- **Item B.2.a - Street 1:** 8730 Stony Point Parkway

- **Item B.2.a - Street 2:** Suite 205

- **Item B.2.b - City:** Richmond

- **Item B.2.c - State:** VA

- **Item B.2.e - Zip Code:** 23235

- **Item B.2.f - Telephone:** 804-267-7400

- **Item B.2.g - Public Website:** N/A

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** ACA Foreside, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** (866) 251-6920

- **h. Briefly describe the books and records kept at this location:** Distributor

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Citi Fund Services Ohio, Inc.

- **b. Street 1:** 4400 Easton Commons

- **Street 2:** Suite 200

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43219

- **g. Telephone number:** (614) 268-3429

- **h. Briefly describe the books and records kept at this location:** Fund Accountant and Transfer Agent

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Citibank, N.A.

- **b. Street 1:** 390 Greenwich Street

- **Street 2:** 6th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10013

- **g. Telephone number:** (888) 274-4650

- **h. Briefly describe the books and records kept at this location:** Custodian

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Commonwealth Fund Services, Inc.

- **b. Street 1:** 8730 Stony Point Parkway

- **Street 2:** Suite 205

- **c. City:** Richmond

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 23235

- **g. Telephone number:** (800) 651-0424

- **h. Briefly describe the books and records kept at this location:** Administrator

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Formidable Asset Management, LLC

- **b. Street 1:** 221 East Fourth Street

- **Street 2:** Suite 2700

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45202

- **g. Telephone number:** (513) 655-5566

- **h. Briefly describe the books and records kept at this location:** Adviser to Formidable ETFs

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Tidal Investments, LLC

- **b. Street 1:** 234 W. Florida St.

- **Street 2:** Suite 203

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53204

- **g. Telephone number:** (855) 843-2534

- **h. Briefly describe the books and records kept at this location:** Sub-advisor to Formidable ETF and Formidable Fortress ETF

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 34

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name             | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| David J. Urban   | No                      | 811-22172, 811-22524                    |
| Laura Morrison   | No                      | 811-22172, 811-22524                    |
| Mary Lou H. Ivey | No                      | 811-22172, 811-22524                    |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Soth Chin

- **b. CRD Number, if any:** 002063804

- **c. Street Address 1:** 6219 29th Street N.

- **d. City:** Arlington

- **e. State, if applicable:** VA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 22207

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** ACA Foreside, LLC

- **ii. SEC file number:** 008-51293

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Formidable ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Formidable ETF

- **b. Series identification number, if any:** S000071248

- **c. LEI:** 549300ZI1GRRTDXF6G90

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Formidable ETF          | C000226143                                | FORH                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Formidable Asset Management, LLC

- **ii. SEC file number:** 801-77975

- **iii. CRD number:** 000167555

- **iv. LEI, if any:** 254900JQ55JZLU2QGM25

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Tidal Investments, LLC

- **ii. SEC file number:** 801-76857

- **iii. CRD number:** 000164201

- **iv. LEI, if any:** 254900SIR1F8HDIXDL70

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Citi Fund Services Ohio, Inc.

- **ii. SEC file number:** 085-11408

- **iii. LEI, if any:** 549300OX9HIV34JOX333

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** LSEG Pricing Services

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007YFF53VP8OAP80

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Citibank, N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Commonwealth Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 084-01553

- **iii. State, if applicable:** VA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $248.20

**Brokers Record: 2**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $230.55

**Brokers Record: 3**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $86,718.00

**Brokers Record: 4**

- **i. Full name of broker:** Mirae Asset Securities (USA) Inc.

- **ii. SEC file number:** 008-45034

- **iii. CRD number:** 000030679

- **iv. LEI, if any:** 25490087B4GFZLJZE912

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,087.31

**Brokers Record: 5**

- **i. Full name of broker:** GTS Securities, LLC

- **ii. SEC file number:** 008-68126

- **iii. CRD number:** 000149224

- **iv. LEI, if any:** 5493005RMIRIL1NTB654

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,000.22

**Brokers Record: 6**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,611.55

**Aggregate Commission:** $100,895.83

**Item C.17.a. Principal transaction counterparties.**

| Name                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $405,295.64               |
| Goldman Sachs & Co. LLC    | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $2,091,641.58             |
| Morgan Stanley & Co. LLC   | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,144,800.13             |
| BMO Capital Markets Corp.  | 008-34344         |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $3,774,161.65             |
| Barclays Capital Inc.      | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $172,016.32               |
| BGC Partners, Inc.         | 008-39012         |    000019801 | 549300C15QIPCZQGZ397 | NY      | US        | $2,302,195.51             |
| Virtu Americas LLC         | 008-68193         |    000149823 | 549300RA02N3BNSWBV74 | NY      | US        | $1,962,706.37             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $12,852,817.20

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $23,613,023.91

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - Formidable Fortress ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Formidable Fortress ETF

- **b. Series identification number, if any:** S000071250

- **c. LEI:** 549300WM25C2V3VL6H50

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Formidable Fortress ETF | C000226145                                | KONG                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Formidable Asset Management, LLC

- **ii. SEC file number:** 801-77975

- **iii. CRD number:** 000167555

- **iv. LEI, if any:** 254900JQ55JZLU2QGM25

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Tidal Investments, LLC

- **ii. SEC file number:** 801-76857

- **iii. CRD number:** 000164201

- **iv. LEI, if any:** 254900SIR1F8HDIXDL70

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Citi Fund Services Ohio, Inc.

- **ii. SEC file number:** 085-11408

- **iii. LEI, if any:** 549300OX9HIV34JOX333

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** LSEG Pricing Services

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007YFF53VP8OAP80

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Citibank, N.A.

- **ii. LEI, if any:** E57ODZWZ7FF32TWEFA76

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Commonwealth Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 084-01553

- **iii. State, if applicable:** VA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BRIGHTON SECURITIES

- **ii. SEC file number:** 008-14599

- **iii. CRD number:** 000003875

- **iv. LEI, if any:** 529900KBOX7Q9Z5RFK53

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13.42

**Brokers Record: 2**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1.79

**Brokers Record: 3**

- **i. Full name of broker:** Barclays Capital Inc.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $45,054.18

**Brokers Record: 4**

- **i. Full name of broker:** Mirae Asset Securities (USA) Inc.

- **ii. SEC file number:** 008-45034

- **iii. CRD number:** 000030679

- **iv. LEI, if any:** 25490087B4GFZLJZE912

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4.52

**Brokers Record: 5**

- **i. Full name of broker:** GTS Securities, LLC

- **ii. SEC file number:** 008-68126

- **iii. CRD number:** 000149224

- **iv. LEI, if any:** 5493005RMIRIL1NTB654

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $779.51

**Brokers Record: 6**

- **i. Full name of broker:** BofA Securities, Inc.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $196.66

**Aggregate Commission:** $46,050.08

**Item C.17.a. Principal transaction counterparties.**

| Name                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Goldman Sachs & Co. LLC   | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $644,308.55               |
| BMO Capital Markets Corp. | 008-34344         |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $2,692,339.57             |
| Barclays Capital Inc.     | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $179,197.74               |
| BGC Partners, Inc.        | 008-39012         |    000019801 | 549300C15QIPCZQGZ397 | NY      | US        | $2,439,682.13             |
| Virtu Americas LLC        | 008-68193         |    000149823 | 549300RA02N3BNSWBV74 | NY      | US        | $3,426,058.43             |
| BofA Securities, Inc.     | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $2,641,992.50             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $12,023,578.92

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $24,011,349.55

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

### Formidable ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** FORH

**Item E.2 - Authorized Participants**

| Name                         | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Goldman Sachs & Co., LLC.    | $0.00            | $2,795,285.95  |
| J.P. Morgan Securities, LLC. | $0.00            | $516,676.83    |
| Virtu Americas, LLC.         | $0.00            | $2,727,502.14  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 25.83%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $0.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Formidable Fortress ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** KONG

**Item E.2 - Authorized Participants**

| Name                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Goldman Sachs & Co., LLC. | $0.00            | $674,256.46    |
| Virtu Americas, LLC.      | $765,082.30      | $2,788,036.22  |
| BofA Securities Inc.      | $0.00            | $2,786,724.63  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 4.74%

- **c.i. Average percentage of value composed of cash (redeemed):** 4.52%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $250.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** ETF Opportunities Trust

**Date:** 2025-06-12

**Signature:** /s/ Ann MacDonald

**Title:** Assistant Treasurer and Principal Financial Officer