# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-26-000258
**Filing Date:** 2026-1
**Character Count:** 405383
**Document Hash:** 4c9827f1869d9560fe24a71e9abd5612
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000258.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001133228-26-000258

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26522199

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Aptus January Buffer ETF (Series ID: S000085060)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000249923 | Aptus January Buffer ETF | JANB            |

### Aptus April Buffer ETF (Series ID: S000085061)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000249924 | Aptus April Buffer ETF | APRB            |

### Aptus July Buffer ETF (Series ID: S000085062)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000249925 | Aptus July Buffer ETF | JULB            |

### Aptus October Buffer ETF (Series ID: S000085063)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000249926 | Aptus October Buffer ETF | OCTB            |

### Aptus Deferred Income ETF (Series ID: S000088186)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000254244 | Aptus Deferred Income ETF | DEFR            |

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

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

?xml version='1.0' encoding='ASCII'? 2025-09-19190283_AptusCollaredInvestmentOpportunityETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>October 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216204_202410282015398.jpg) | **Aptus Collared Investment Opportunity** **ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216204_202410282015398.jpg) | ACIO (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216204_202410282015398.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Collared Investment Opportunity ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/acio/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Collared Investment Opportunity ETF | $43 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2214166647 |
| **Number of Holdings** | 146 |
| **Net Advisory Fee** | $7999413 |
| **Portfolio Turnover** | 15% |
| **30-Day SEC Yield** | 0.33% |
| **30-Day SEC Yield Unsubsidized** | 0.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  NVIDIA Corp.  | 8.4% |
|  Apple, Inc.  | 6.8% |
|  Microsoft Corp.  | 6.5% |
|  Alphabet, Inc.  | 5.0% |
|  Amazon.com, Inc.  | 4.0% |
|  Broadcom, Inc.  | 3.0% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.2% |
|  Visa, Inc.  | 1.8% |
|  JPMorgan Chase & Co.  | 1.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 99.6% |
|  Purchased Options  | 0.8% |
|  Money Market Funds  | 0.4% |
|  Written Options  | -1.2% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 35.4% |
|  Communications  | 15.1% |
|  Financial  | 14.2% |
|  Consumer, Non-cyclical  | 12.5% |
|  Consumer, Cyclical  | 8.3% |
|  Industrial  | 7.3% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Basic Materials  | 1.7% |
|  Cash & Other  | 0.4% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img599350_920251222164292.jpg) | **Aptus Deferred Income ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img599350_920251222164292.jpg) | DEFR (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img599350_920251222164292.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Deferred Income ETF for the period of May 13, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/defr/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Aptus Deferred Income ETF | $38 | 0.79% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $88771135 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $225837 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | -0.48% |
| **30-Day SEC Yield Unsubsidized** | -0.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net** **Assets)** |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $250.00  | 67.8% |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00  | 21.2% |
|  U.S. Treasury Bill 11/12/2025, 4.28%  | 6.8% |
|  RCXTSOA7 TRS 05/14/2030  | 1.8% |
|  iShares 7-10 Year Treasury Bond ETF, Expiration: 11/21/2025; Exercise Price: $94.90  | 1.4% |
|  First American Treasury Obligations Fund - Class X  | 0.8% |
|  iShares 7-10 Year Treasury Bond ETF, Expiration: 11/21/2025; Exercise Price: $94.90  | 0.3% |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $250.00 (Short)  | -0.0% |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00 (Short)  | -0.0% |
|  iShares 7-10 Year Treasury Bond ETF, Expiration: 11/21/2025; Exercise Price: $94.90 (Short)  | -0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Cash & Other  | 100.0% |

---

Aptus Deferred Income ETF PAGE 1 TSR-SAR-26922B451

------

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

**HOUSEHOLDING**

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

Aptus Deferred Income ETF PAGE 2 TSR-SAR-26922B451

------

---

| | | |
|:---|:---|:---|
| ![image](img216206_d20241028201719.jpg) | **Aptus Defined Risk ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216206_d20241028201719.jpg) | DRSK (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216206_d20241028201719.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Defined Risk ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/drsk/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Defined Risk ETF | $36 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1453108968 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $4548166 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | 3.66% |
| **30-Day SEC Yield Unsubsidized** | 3.66% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  Invesco BulletShares 2032 Corporate Bond ETF  | 12.0% |
|  Invesco BulletShares 2031 Corporate Bond ETF  | 11.7% |
|  iShares iBonds Dec 2029 Term Corporate ETF  | 10.5% |
|  iShares iBonds Dec 2031 Term Corporate ETF  | 10.3% |
|  Invesco BulletShares 2030 Corporate Bond ETF  | 10.2% |
|  Invesco BulletShares 2033 Corporate Bond ETF  | 9.9% |
|  iShares iBonds Dec 2030 Term Corporate ETF  | 8.8% |
|  iShares iBonds Dec 2032 Term Corporate ETF  | 8.3% |
|  iShares iBonds Dec 2027 Term Corporate ETF  | 4.8% |
|  Invesco BulletShares 2029 Corporate Bond ETF  | 4.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Exchange Traded Funds  | 90.9% |
|  Purchased Options  | 9.2% |
|  Money Market Funds  | 1.3% |
|  Written Options  | -1.7% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Investment Grade Corporate Bonds  | 90.9% |
|  Cash & Other  | 9.1% |

---

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216210_n20241028201888.jpg) | **Aptus Drawdown Managed Equity ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216210_n20241028201888.jpg) | ADME (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216210_n20241028201888.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Drawdown Managed Equity ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/adme/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Drawdown Managed Equity ETF | $43 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $250512095 |
| **Number of Holdings** | 95 |
| **Net Advisory Fee** | $921472 |
| **Portfolio Turnover** | 14% |
| **30-Day SEC Yield** | 0.32% |
| **30-Day SEC Yield Unsubsidized** | 0.32% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  NVIDIA Corp.  | 8.4% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Alphabet, Inc.  | 5.0% |
|  Amazon.com, Inc.  | 4.0% |
|  Broadcom, Inc.  | 3.0% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.2% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Visa, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 99.0% |
|  Purchased Options  | 1.1% |
|  Money Market Funds  | 0.5% |
|  Written Options  | -0.6% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 35.3% |
|  Communications  | 15.0% |
|  Financial  | 14.1% |
|  Consumer, Non-cyclical  | 12.4% |
|  Consumer, Cyclical  | 8.3% |
|  Industrial  | 7.3% |
|  Energy  | 2.8% |
|  Utilities  | 2.2% |
|  Basic Materials  | 1.6% |
|  Cash & Other  | 1.0% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216211_202410282020740.jpg) | **Aptus Enhanced Yield ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216211_202410282020740.jpg) | JUCY (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216211_202410282020740.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Enhanced Yield ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/jucy/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Enhanced Yield ETF | $30 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $222878013 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $746904 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.03% |
| **30-Day SEC Yield Unsubsidized** | 3.03% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  U.S. Treasury Notes  | 87.6% |
|  U.S. Treasury Bills  | 6.7% |
|  First American Treasury Obligations Fund - Class X  | 3.8% |
|  RCXTEVHT TRS 01/05/2027  | 1.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  U.S. Treasury Securities  | 87.6% |
|  U.S. Treasury Bills  | 6.7% |
|  Money Market Funds  | 3.8% |
|  Total Return Swaps  | 1.3% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  U.S. Government  | 94.3% |
|  Cash & Other  | 5.7% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216213_202410282021737.jpg) | **Aptus International Enhanced Yield ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216213_202410282021737.jpg) | IDUB (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216213_202410282021737.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus International Enhanced Yield ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/idub/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus International Enhanced Yield ETF | $21 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $368926099 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $647710 |
| **Portfolio Turnover** | 54% |
| **30-Day SEC Yield** | 2.36% |
| **30-Day SEC Yield Unsubsidized** | 2.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  iShares Core MSCI EAFE ETF  | 50.4% |
|  SPDR Portfolio Emerging Markets ETF  | 30.8% |
|  iShares Core MSCI International Developed Markets ETF  | 17.4% |
|  RCXTGVHT TRS 01/05/2027  | 1.1% |
|  First American Treasury Obligations Fund - Class X  | 0.2% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Exchange Traded Funds  | 98.6% |
|  Total Return Swaps  | 1.1% |
|  Money Market Funds  | 0.2% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Developed Market Equity  | 67.8% |
|  Emerging Market Equity  | 30.8% |
|  Cash & Other  | 1.4% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216214_202410282022943.jpg) | **Aptus Large Cap Enhanced Yield ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216214_202410282022943.jpg) | DUBS (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216214_202410282022943.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Large Cap Enhanced Yield ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/dubs/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Large Cap Enhanced Yield ETF | $22 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $269605969 |
| **Number of Holdings** | 365 |
| **Net Advisory Fee** | $474869 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | 0.77% |
| **30-Day SEC Yield Unsubsidized** | 0.77% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  NVIDIA Corp.  | 8.4% |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 6.6% |
|  Alphabet, Inc.  | 5.0% |
|  BNY Mellon US Large Cap Core Equity ETF  | 4.7% |
|  Amazon.com, Inc.  | 4.0% |
|  Broadcom, Inc.  | 3.0% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 92.6% |
|  Exchange Traded Funds  | 4.7% |
|  Money Market Funds  | 1.4% |
|  Total Return Swaps  | 1.2% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Technology  | 32.9% |
|  Communications  | 15.6% |
|  Consumer, Non-cyclical  | 12.3% |
|  Financial  | 12.2% |
|  Consumer, Cyclical  | 7.5% |
|  Industrial  | 6.3% |
|  Energy  | 2.5% |
|  Utilities  | 2.0% |
|  Basic Materials  | 1.3% |
|  Cash & Other  | 7.4% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img407905_202506131140446.jpg) | **Aptus Large Cap Upside ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img407905_202506131140446.jpg) | UPSD (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img407905_202506131140446.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus Large Cap Upside ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/upsd/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Aptus Large Cap Upside ETF | $43 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $94853422 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $308147 |
| **Portfolio Turnover** | 18% |
| **30-Day SEC Yield** | 0.68% |
| **30-Day SEC Yield Unsubsidized** | 0.68% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of** **Net** **Assets)**  |
|  NVIDIA Corp.  | 5.7% |
|  RCXTSOA6 TRS 01/26/2026, RCXTSOA6 TRS 09/08/2026, RCXTSOA6 TRS 04/07/2027  | 5.1% |
|  Apple, Inc.  | 5.0% |
|  Microsoft Corp.  | 4.7% |
|  First American Treasury Obligations Fund - Class X  | 3.0% |
|  Amazon.com, Inc.  | 2.3% |
|  Cencora, Inc.  | 1.8% |
|  Alphabet, Inc. - Class A  | 1.4% |
|  Lockheed Martin Corp.  | 1.4% |
|  Cboe Global Markets, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 91.9% |
|  Total Return Swaps  | 5.1% |
|  Money Market Funds  | 3.0% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Consumer, Non-cyclical  | 26.7% |
|  Technology  | 23.2% |
|  Financial  | 13.7% |
|  Communications  | 12.3% |
|  Consumer, Cyclical  | 5.4% |
|  Industrial  | 5.1% |
|  Utilities  | 2.6% |
|  Energy  | 2.4% |
|  Basic Materials  | 0.5% |
|  Cash & Other  | 8.1% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216217_202410282023844.jpg) | **Opus Small Cap Value ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img216217_202410282023844.jpg) | OSCV (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img216217_202410282023844.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Opus Small Cap Value ETF for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/oscv/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Opus Small Cap Value ETF | $42 | 0.79% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $647364467 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $2413363 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 1.31% |
| **30-Day SEC Yield Unsubsidized** | 1.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  First American Treasury Obligations Fund - Class X  | 3.7% |
|  Curtiss-Wright Corp.  | 3.1% |
|  Primoris Services Corp.  | 3.0% |
|  Ensign Group, Inc.  | 2.9% |
|  Viper Energy, Inc.  | 2.5% |
|  Texas Roadhouse, Inc.  | 2.5% |
|  Hanover Insurance Group, Inc.  | 2.4% |
|  Hawkins, Inc.  | 2.4% |
|  American Healthcare REIT, Inc.  | 2.3% |
|  Encompass Health Corp.  | 2.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **Net** **Assets)**  |
|  Common Stocks  | 96.3% |
|  Money Market Funds  | 3.7% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Financial  | 35.7% |
|  Industrial  | 20.2% |
|  Consumer, Cyclical  | 11.7% |
|  Consumer, Non-cyclical  | 9.9% |
|  Energy  | 7.6% |
|  Utilities  | 5.0% |
|  Basic Materials  | 3.2% |
|  Technology  | 1.7% |
|  Communications  | 1.3% |
|  Cash & Other  | 3.7% |

---

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img599347_202512221632688.jpg) | **Aptus April Buffer ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img599347_202512221632688.jpg) | APRB (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img599347_202512221632688.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus April Buffer ETF for the period of October 13, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/aprb/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Aptus April Buffer ETF | $1 | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6574550 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $146 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net** **Assets)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $6.63  | 100.2% |
|  First American Treasury Obligations Fund - Class X  | 80.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $663.04  | 2.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $563.58  | -0.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $709.98  | -2.7% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Purchased Options  | 103.1% |
|  Money Market Funds  | 80.7% |
|  Written Options  | -3.6% |
|  Cash & Other  | -80.2% |

---

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

**HOUSEHOLDING**

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

Aptus April Buffer ETF PAGE 1 TSR-SAR-268961877

------

---

| | | |
|:---|:---|:---|
| ![image](img599338_202512221604437.jpg) | **Aptus January Buffer ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img599338_202512221604437.jpg) | JANB (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img599338_202512221604437.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus January Buffer ETF for the period of October 13, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/janb/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Aptus January Buffer ETF | $1 | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1261897 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $146 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net** **Assets)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $6.63  | 96.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $663.04  | 1.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $563.58  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $686.64  | -2.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Purchased Options  | 97.5% |
|  Cash & Other  | 5.0% |
|  Written Options  | -2.5% |

---

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

**HOUSEHOLDING**

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

Aptus January Buffer ETF PAGE 1 TSR-SAR-268961885

------

---

| | | |
|:---|:---|:---|
| ![image](img599345_720251222163058.jpg) | **Aptus July Buffer ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img599345_720251222163058.jpg) | JULB (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img599345_720251222163058.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus July Buffer ETF for the period of October 13, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/julb/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Aptus July Buffer ETF | $1 | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11137924 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $146 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net** **Assets)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $6.63  | 100.1% |
|  First American Treasury Obligations Fund - Class X  | 88.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $663.04  | 3.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $563.58  | -1.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $732.20  | -2.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Purchased Options  | 104.0% |
|  Money Market Funds  | 88.5% |
|  Written Options  | -4.4% |
|  Cash & Other  | -88.1% |

---

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

**HOUSEHOLDING**

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

Aptus July Buffer ETF PAGE 1 TSR-SAR-268961869

------

---

| | | |
|:---|:---|:---|
| ![image](img599342_202512221628284.jpg) | **Aptus October Buffer ETF**  | ![image](img216192_202505071817820.jpg) |
| ![image](img599342_202512221628284.jpg) | OCTB (Principal U.S. Listing Exchange: CBOE) | ![image](img216192_202505071817820.jpg) |
| ![image](img599342_202512221628284.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216192_202505071817820.jpg) |

---

This semi-annual shareholder report contains important information about the Aptus October Buffer ETF for the period of October 13, 2025 to October 31, 2025. You can find additional information about the Fund at https://aptusetfs.com/octb/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Aptus October Buffer ETF | $1 | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9869551 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $162 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net** **Assets)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $6.63  | 99.8% |
|  First American Treasury Obligations Fund - Class X  | 82.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $663.04  | 4.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $563.58  | -2.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $754.21  | -2.9% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Purchased Options  | 104.6% |
|  Money Market Funds  | 82.1% |
|  Written Options  | -5.0% |
|  Cash & Other  | -81.7% |

---

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

**HOUSEHOLDING**

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

Aptus October Buffer ETF PAGE 1 TSR-SAR-268961851

------

&nbsp;&nbsp;&nbsp;&nbsp;&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>**

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

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

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

(a) ![](aptus-logo_new.jpg)

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

**APTUS DEFERRED INCOME ETF (DEFR)**

**APTUS DEFINED RISK ETF (DRSK)**

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

**APTUS ENHANCED YIELD ETF (JUCY)**

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

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

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

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

Semi-Annual Financial Statements and Additional Information

October 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments, Schedules of Written Options, and Schedules of Total Return Swap Contracts](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [40](#sal) |
| [Statements of Operations](#sop) | [42](#sop) |
| [Statements of Changes in Net Assets](#scna) | [44](#scna) |
| [Financial Highlights](#fihi) | [49](#fihi) |
| [Notes to Financial Statements](#notes) | [58](#notes) |
| [Tax INFORMATION](#tax) | [75](#tax) |
| [Additional Information](#add) | [76](#add) |
| [Approval of Advisory Agreement & Board Considerations](#app) | [77](#app) |

---

------

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

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%** |  |  |
| **Basic Materials - 1.7%** |  |  |
| Linde PLC<sup>(a)</sup> | 42932 | $17958456  |
| Newmont Corp.<sup>(a)(b)</sup> | 135178 | 10945363  |
| Sherwin-Williams Co.<sup>(a)</sup> | 22677 | 7822204  |
|  |  | 36726023  |
| **Communications - 15.1%** |  |  |
| Alphabet, Inc. - Class C<sup>(a)(b)</sup> | 391575 | 110353667  |
| Amazon.com, Inc.<sup>(a)(c)</sup> | 366910 | 89606760  |
| Comcast Corp. - Class A<sup>(a)</sup> | 141356 | 3934644  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup> | 82852 | 53717094  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 29717 | 12086201  |
| Netflix, Inc.<sup>(a)(c)</sup> | 30266 | 33863417  |
| Robinhood Markets, Inc. - Class A<sup>(c)</sup> | 45183 | 6631961  |
| T-Mobile US, Inc.<sup>(a)</sup> | 72971 | 15327559  |
| Uber Technologies, Inc.<sup>(a)(b)(c)</sup> | 86863 | 8382279  |
|  |  | 333903582  |
| **Consumer, Cyclical - 8.3%** |  |  |
| Costco Wholesale Corp.<sup>(a)</sup> | 17344 | 15808189  |
| Lowe's Cos., Inc. | 91913 | 21887243  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. - <br>Class A<sup>(a)</sup> | 79632 | 20750507  |
| McDonald's Corp.<sup>(a)(b)</sup> | 68621 | 20478565  |
| PulteGroup, Inc.<sup>(a)(b)</sup> | 107375 | 12871041  |
| Tesla, Inc.<sup>(a)(c)</sup> | 107358 | 49015368  |
| TJX Cos., Inc.<sup>(a)(b)</sup> | 126475 | 17724206  |
| Walmart, Inc.<sup>(a)(b)</sup> | 251360 | 25432605  |
|  |  | 183967724  |
| **Consumer, Non-cyclical - 12.5%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 110165 | 13618597  |
| AbbVie, Inc.<sup>(a)(b)</sup> | 77066 | 16803471  |
| Altria Group, Inc.<sup>(a)</sup> | 221823 | 12506381  |
| Amgen, Inc.<sup>(a)</sup> | 24678 | 7364656  |
| Boston Scientific Corp.<sup>(c)</sup> | 57700 | 5811544  |
| Cintas Corp.<sup>(a)</sup> | 88872 | 16287571  |
| Elevance Health, Inc.<sup>(a)</sup> | 24283 | 7702568  |
| Eli Lilly & Co.<sup>(a)</sup> | 30540 | 26351744  |
| Gilead Sciences, Inc. | 49803 | 5965901  |
| Intuitive Surgical, Inc.<sup>(a)(b)(c)</sup> | 38991 | 20832111  |
| Johnson & Johnson<sup>(a)(b)</sup> | 64747 | 12228766  |
| Merck & Co., Inc. | 151774 | 13049529  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. - <br>Class A | 168129 | 9660692  |
| PepsiCo, Inc. | 145734 | 21290280  |
| Procter & Gamble Co.<sup>(a)(b)</sup> | 116209 | 17474347  |
| Stryker Corp.<sup>(a)</sup> | 86805 | 30923413  |
| Thermo Fisher Scientific, Inc. | 39876 | 22625244  |
| UnitedHealth Group, Inc. | 36651 | 12518516  |
| Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 9079 | 3863750  |
|  |  | 276879081  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Energy - 2.8%** |  |  |
| Devon Energy Corp. | 325161 | $10564481  |
| Diamondback Energy, Inc.<sup>(a)(b)</sup> | 77814 | 11142187  |
| Exxon Mobil Corp.<sup>(a)(b)</sup> | 318289 | 36399530  |
| SLB Ltd.<sup>(a)</sup> | 116908 | 4215702  |
|  |  | 62321900  |
| **Financial - 14.2%** |  |  |
| American Express Co.<sup>(b)</sup> | 33170 | 11965414  |
| American Tower Corp.<sup>(a)</sup> | 66495 | 11901275  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)(c)</sup> | 70652 | 33739156  |
| Blackrock, Inc.<sup>(a)</sup> | 24294 | 26305786  |
| Citigroup, Inc.<sup>(a)(b)</sup> | 181354 | 18358465  |
| Digital Realty Trust, Inc.<sup>(a)(b)</sup> | 76992 | 13120207  |
| Intercontinental Exchange, Inc.<sup>(a)</sup> | 91160 | 13335796  |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> | 129854 | 40400177  |
| Marsh & McLennan Cos., Inc.<sup>(a)</sup> | 81091 | 14446362  |
| Morgan Stanley<sup>(a)(b)</sup> | 175617 | 28801188  |
| PNC Financial Services Group, Inc. | 106838 | 19503277  |
| Progressive Corp.<sup>(a)</sup> | 131230 | 27033380  |
| Public Storage<sup>(a)</sup> | 28776 | 8015843  |
| Visa, Inc. - Class A<sup>(a)</sup> | 119059 | 40568164  |
| Welltower, Inc.<sup>(a)</sup> | 39461 | 7144019  |
|  |  | 314638509  |
| **Industrial - 7.3%** |  |  |
| Amphenol Corp. - Class A<sup>(b)</sup> | 51175 | 7130724  |
| Caterpillar, Inc.<sup>(b)</sup> | 61429 | 35460505  |
| CSX Corp.<sup>(a)</sup> | 476547 | 17165223  |
| Deere & Co.<sup>(a)</sup> | 28741 | 13267708  |
| Eaton Corp. PLC<sup>(a)(b)</sup> | 50371 | 19219559  |
| General Electric Co.<sup>(a)(b)</sup> | 52863 | 16332024  |
| Honeywell International, Inc.<sup>(a)(b)</sup> | 69548 | 14002099  |
| Northrop Grumman Corp.<sup>(a)</sup> | 40341 | 23536956  |
| RTX Corp.<sup>(b)</sup> | 53781 | 9599908  |
| Trane Technologies PLC | 14725 | 6606371  |
|  |  | 162321077  |
| **Technology - 35.4%<sup>(d)</sup>** |  |  |
| Advanced Micro Devices, Inc.<sup>(b)(c)</sup> | 64888 | 16619115  |
| Analog Devices, Inc.<sup>(a)(b)</sup> | 81142 | 18997776  |
| Apple, Inc.<sup>(a)(b)</sup> | 562503 | 152083936  |
| Broadcom, Inc.<sup>(a)(b)</sup> | 182498 | 67456736  |
| Broadridge Financial Solutions, Inc.<sup>(a)</sup> | 37152 | 8188301  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)(c)</sup> | 38785 | 21060643  |
|  International Business Machines Corp.<sup>(a)(b)</sup> | 37328 | 11475000  |
| Intuit, Inc.<sup>(a)</sup> | 31190 | 20820885  |
| Lam Research Corp.<sup>(b)</sup> | 239505 | 37712457  |
| Microsoft Corp.<sup>(a)(b)</sup> | 281235 | 145626295  |
| NVIDIA Corp.<sup>(a)</sup> | 923349 | 186968939  |
| Oracle Corp.<sup>(a)</sup> | 65846 | 17291818  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(b)(c)</sup> | 81964 | 16431323  |

---

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

1<br>

------

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

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Technology - (Continued)** | **Technology - (Continued)** | **Technology - (Continued)** | **Technology - (Continued)** |
| QUALCOMM, Inc.<sup>(a)</sup> | QUALCOMM, Inc.<sup>(a)</sup> | 44433 | $8037930  |
| Salesforce, Inc. | Salesforce, Inc. | 37972 | 9888289  |
| ServiceNow, Inc.<sup>(a)(c)</sup> | ServiceNow, Inc.<sup>(a)(c)</sup> | 31712 | 29152207  |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 38257 | 6176975  |
| Tyler Technologies, Inc.<sup>(a)(c)</sup> | Tyler Technologies, Inc.<sup>(a)(c)</sup> | 20161 | 9601878  |
|  |  |  | 783590503  |
| **Utilities - 2.3%** | **Utilities - 2.3%** |  |  |
| Duke Energy Corp.<sup>(a)(b)</sup> | Duke Energy Corp.<sup>(a)(b)</sup> | 136916 | 17018659  |
| NextEra Energy, Inc.<sup>(a)(b)</sup> | NextEra Energy, Inc.<sup>(a)(b)</sup> | 111588 | 9083263  |
| Southern Co.<sup>(a)(b)</sup> | Southern Co.<sup>(a)(b)</sup> | 263676 | 24796091  |
|  |  |  | 50898013  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,579,706,904)** | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,579,706,904)** |  | $2205246412 |
|  | **Notional** <br>**Amount**  | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.8%<sup>(c)(f)(g)</sup>**  | **PURCHASED OPTIONS - 0.8%<sup>(c)(f)(g)</sup>**  |  |  |
| **Call Options - 0.0%<sup>(e)</sup>**<br>|  |  |  |
|  T-Mobile US, Inc., Expiration: 11/21/2025; Exercise Price: $255.00 | $2940700 | 140 | 5250  |
| **Put Options - 0.8%**<br>|  |  |  |
|  S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $6,500.00 | 2052060000 | 3000 | 17595000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $14,852,931)** |  |  | 17600250  |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |  |
| **MONEY MARKET FUNDS - 0.4%** | **MONEY MARKET FUNDS - 0.4%** |  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(h)</sup> |  | 9053305 | 9053305  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,053,305)** | &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,053,305)** |  | 9053305  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $1,603,613,140)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $1,603,613,140)** |  | $2231899967  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)%<sup>(i)</sup> |  | (17733320)  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $2214166647 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of October 31, 2025 is $1,716,782,162.

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

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

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

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

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

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

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(i)</sup> Includes cash of $214,794 that is pledged as collateral for written options. 

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

2<br>

------

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

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.2)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (1.2)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (1.2)%<sup>(a)(b)</sup>** | **WRITTEN OPTIONS - (1.2)%<sup>(a)(b)</sup>** |
| **Call Options - (1.0)%**<br>|  |  |  |
| AbbVie, Inc., Expiration: 01/16/2026; Exercise Price: $260.00 | $(2180400) | (100) | $(5700)  |
| Advanced Micro Devices, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $250.00 | (7683600) | (300) | (968250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $300.00 | (3841800) | (150) | (210750)  |
| Alphabet, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $300.00 | (11272800) | (400) | (454000)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $360.00 | (16909200) | (600) | (99300)  |
| American Express Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $360.00 | (3246570) | (90) | (171225)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $380.00 | (1442920) | (40) | (39200)  |
| Amphenol Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $160.00 | (1741750) | (125) | (40625)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $170.00 | (1741750) | (125) | (21250)  |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., Expiration: 12/19/2025; Exercise Price: <br>$270.00 | (5619120) | (240) | (53400)  |
| Apple, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $290.00 | (40555500) | (1500) | (445500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $300.00 | (27037000) | (1000) | (291000)  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $460.00 | (9240750) | (250) | (241250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $500.00 | (13306680) | (360) | (189000)  |
| Caterpillar, Inc., Expiration: 01/16/2026; Exercise Price: $450.00 | (34635600) | (600) | (8095500)  |
| Citigroup, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $110.00 | (3036900) | (300) | (11100)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $110.00 | (3036900) | (300) | (40800)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $115.00 | (3036900) | (300) | (42750)  |
| Crowdstrike Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $570.00 | (5430100) | (100) | (107000)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $600.00 | (2715050) | (50) | (127000)  |
|  Diamondback Energy, Inc., Expiration: 01/16/2026; Exercise Price: $170.31 | (2863800) | (200) | (56000)  |
|  Digital Realty Trust, Inc., Expiration: 01/16/2026; Exercise Price: $200.00 | (1704100) | (100) | (15500)  |
| Duke Energy Corp., Expiration: 01/16/2026; Exercise Price: $135.00 | (3231800) | (260) | (16250)  |
| Eaton Corp. PLC, Expiration: 01/16/2026; Exercise Price: $450.00 | (3052480) | (80) | (34400)  |
| Exxon Mobil Corp., Expiration: 11/21/2025; Exercise Price: $120.00 | (22872000) | (2000) | (105000)  |
| General Electric Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $270.00 | (7723750) | (250) | (1020625)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $290.00 | (7723750) | (250) | (769375)  |
|  Honeywell International, Inc., Expiration: 12/19/2025; Exercise Price: $230.00 | (5033250) | (250) | (46250) |
| International Business Machines Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $320.00 | (1537050) | (50) | (56875)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $350.00 | (2305575) | (75) | (30000)  |

---

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

3<br>

------

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

**Aptus Collared Investment Opportunity ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (Continued)**  | **WRITTEN OPTIONS - (Continued)**  | **WRITTEN OPTIONS - (Continued)**  | **WRITTEN OPTIONS - (Continued)**  |
| **Call Options - (Continued)** <br>|  |  |  |
| Intuitive Surgical, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $550.00 | $(4007100) | (75) | $(64500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $570.00 | (4007100) | (75) | (74250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $600.00 | (4007100) | (75) | (67875)  |
| Johnson & Johnson, Expiration: 01/16/2026; Exercise Price: $180.00 | (11332200) | (600) | (762000)  |
|  JPMorgan Chase & Co., Expiration: 01/16/2026; Exercise Price: $320.00 | (24889600) | (800) | (884000)  |
| Lam Research Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $150.00 | (7873000) | (500) | (928750)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $175.00 | (7873000) | (500) | (406250)  |
| McDonald's Corp., Expiration: 12/19/2025; Exercise Price: $320.00 | (5968600) | (200) | (45400)  |
| Microsoft Corp., Expiration: 01/16/2026; Exercise Price: $510.00 | (25890500) | (500) | (1466250)  |
| Morgan Stanley<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $175.00 | (6560000) | (400) | (95800)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $185.00 | (6560000) | (400) | (74800)  |
| Newmont Corp., Expiration: 01/16/2026; Exercise Price: $60.00 | (10526100) | (1300) | (2830750)  |
| NextEra Energy, Inc., Expiration: 12/19/2025; Exercise Price: $95.00 | (1628000) | (200) | (7400)  |
|  Palantir Technologies, Inc., Expiration: 01/16/2026; Exercise Price: $250.00 | (3207520) | (160) | (128000)  |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co., Expiration: 12/19/2025; Exercise Price: <br>$170.00 | (3909620) | (260) | (4810)  |
| PulteGroup, Inc., Expiration: 01/16/2026; Exercise Price: $150.00 | (2996750) | (250) | (18125)  |
| RTX Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $180.00 | (1785000) | (100) | (72250)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $190.00 | (1785000) | (100) | (33750)  |
| Southern Co., Expiration: 01/16/2026; Exercise Price: $105.00 | (4702000) | (500) | (20000)  |
| TJX Cos., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/14/2025; Exercise Price: $145.00 | (5605600) | (400) | (19600)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $155.00 | (4204200) | (300) | (36450)  |
|  Uber Technologies, Inc., Expiration: 01/16/2026; Exercise Price: $120.00 | (1447500) | (150) | (19200)  |
| Walmart, Inc., Expiration: 01/16/2026; Exercise Price: $120.00 | (5059000) | (500) | (29000)  |
| **Total Call Options** |  |  | (21894085)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $5,900.00 | (2052060000) | (3000) | (4890000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $21,189,022)** |  |  | $(26784085) |

---

Percentages are stated as a percent of net assets.

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

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

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

4<br>

------

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

**Aptus Deferred Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 90.7%<sup>(a)(b)(c)</sup>** | **PURCHASED OPTIONS - 90.7%<sup>(a)(b)(c)</sup>** |  |  |
| **Call Options - 69.5%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $250.00<sup>(d)</sup> | $99770502 | 1586 | $60258595  |
|  iShares 7-10 Year Treasury Bond ETF<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90<sup>(d)</sup> | 60821800 | 6280 | 1223030  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90<sup>(d)</sup> | 11534835 | 1191 | 231947  |
| **Total Call Options** |  |  | 61713572  |
| **Put Options - 21.2%**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00<sup>(d)</sup> | 99770502 | 1586 | 18839063  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $79,776,035)** |  |  | 80552635  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |  |
| **U.S. TREASURY BILLS - 6.8%** | **U.S. TREASURY BILLS - 6.8%** |  |  |
| 4.28%, 11/12/2025<sup>(e)(f)</sup> |  | 6000000 | 5994247  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $5,992,263)** |  |  | 5994247  |
|  |  | **Shares** |  |
|  **MONEY MARKET FUNDS - 0.8%**<br>|  |  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(g)</sup> |  | 724899 | 724899  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $724,899)** |  |  | 724899  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.3%** <br>**(Cost $86,493,197)** |  |  | $87271781  |
|  Other Assets in Excess of Liabilities - 1.7% |  |  | 1499354  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $88771135 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of October 31, 2025 is $5,994,240.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

5<br>

------

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

**Aptus Deferred Income ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%<sup>(a)(b)(c)</sup>** | **WRITTEN OPTIONS - (0.0)%<sup>(a)(b)(c)</sup>** | **WRITTEN OPTIONS - (0.0)%<sup>(a)(b)(c)</sup>** | **WRITTEN OPTIONS - (0.0)%<sup>(a)(b)(c)</sup>** |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $750.00 | $(99770502) | (1586) | $(3902)  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
|  Invesco QQQ Trust Series 1, Expiration: 11/21/2025; Exercise Price: $250.00 | (99770502) | (1586) | (1443)  |
| iShares 7-10 Year Treasury Bond ETF<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90 | (11534835) | (1191) | (5169)  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90 | (60821800) | (6280) | (27255)  |
| **Total Put Options** |  |  | (33867)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $694,168)** |  |  | $(37769) |

---

Percentages are stated as a percent of net assets.

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

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

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

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

6<br>

------

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

**Aptus Deferred Income ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference**<br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| RCXTSOA7<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 05/14/2030 | $42249768 | &nbsp;&nbsp; $1594720  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $1594720 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

<sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of October 31, 2025, the components of the Index are provided on the next page. 

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

7<br>

------

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

**Aptus Deferred Income ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited) (Continued)** 

The underlying components of the index as of October 31, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of** <br>**Exposure**  |
| **Option Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6675 | 11/03/2025 | (85.35) | $(64) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6710 | 11/03/2025 | (332.62) | (413) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6720 | 11/03/2025 | (147.38) | (218) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6735 | 11/03/2025 | (298.67) | (589) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6745 | 11/03/2025 | (958.93) | (2319) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6675 | 11/04/2025 | (181.06) | (405) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6705 | 11/04/2025 | (336.09) | (1136) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6715 | 11/04/2025 | (201.80) | (788) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/04/2025 | (147.41) | (832) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6655 | 11/05/2025 | (117.49) | (424) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6680 | 11/05/2025 | (182.95) | (868) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6700 | 11/05/2025 | (84.19) | (501) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6710 | 11/05/2025 | (147.10) | (984) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/06/2025 | (84.22) | (407) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/06/2025 | (118.71) | (695) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6750 | 11/06/2025 | (147.49) | (2168) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/07/2025 | (85.10) | (594) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6735 | 11/07/2025 | (146.95) | (2430) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6550 | 11/10/2025 | (147.27) | (725) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6650 | 11/11/2025 | (149.17) | (1962) | 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/12/2025 | (148.52) | (2222) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6670 | 11/13/2025 | (148.62) | (3182) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6630 | 11/14/2025 | (148.31) | (2902) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/17/2025 | (148.59) | (3990) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6730 | 11/18/2025 | (148.54) | (6311) | -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/19/2025 | (147.90) | (7145) | -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6700 | 11/20/2025 | (148.01) | (6677) | -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/21/2025 | (148.51) | (8435) | -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6790 | 11/24/2025 | (148.08) | (10938) | -0.03%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6875 | 11/25/2025 | (147.31) | (15935) | -0.04%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6890 | 11/26/2025 | (145.91) | (17147) | -0.04%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6890 | 11/28/2025 | (145.60) | (17372) | -0.04%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6820 | 12/01/2025 | (145.57) | (13782) | -0.03%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6840 | 12/02/2025 | (135.46) | (14133) | -0.03%  |
| **Total Options Contracts** |  |  | (148693) | -0.35%  |
| **Cash**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 42398461 | 100.35%  |
| **Total Underlying Positions** |  |  | $42249768 | 100.00% |

---

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

8<br>

------

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

**APTUS DEFINED RISK ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 90.9%**<br>|  |  |
| **Investment Grade Corporate Bonds - 90.9%** | **Investment Grade Corporate Bonds - 90.9%** | **Investment Grade Corporate Bonds - 90.9%** |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2029 Corporate <br>Bond ETF | 3390324 | $63771995  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2030 Corporate <br>Bond ETF<sup>(a)</sup> | 8791526 | 148488874  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2031 Corporate <br>Bond ETF<sup>(a)</sup> | 10164112 | 169334106  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2032 Corporate <br>Bond ETF<sup>(a)</sup> | 8352405 | 174147644  |
| &nbsp;&nbsp;&nbsp; Invesco BulletShares 2033 Corporate <br>Bond ETF<sup>(a)</sup> | 6701857 | 143620796  |
|  iShares iBonds Dec 2027 Term Corporate ETF | 2869637 | 69818268  |
|  iShares iBonds Dec 2029 Term Corporate ETF | 6488203 | 152213242  |
|  iShares iBonds Dec 2030 Term Corporate ETF<sup>(a)</sup> | 5780844 | 127930078  |
|  iShares iBonds Dec 2031 Term Corporate ETF<sup>(a)</sup> | 7074061 | 149970093  |
|  iShares iBonds Dec 2032 Term Corporate ETF<sup>(a)</sup> | 4739753 | 121290279  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,289,801,003)** |  | 1320585375 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 9.2%<sup>(b)(c)(d)</sup>** | **PURCHASED OPTIONS - 9.2%<sup>(b)(c)(d)</sup>** | **PURCHASED OPTIONS - 9.2%<sup>(b)(c)(d)</sup>** | **PURCHASED OPTIONS - 9.2%<sup>(b)(c)(d)</sup>** |
| **Call Options - 8.3%**<br>|  |  |  |
|  Amazon.com, Inc., Expiration: 12/19/2025; Exercise Price: $260.00<sup>(e)</sup> | $293064000 | 12000 | 6870000  |
| DoorDash, Inc.<sup>(e)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $290.00 | 254370000 | 10000 | 4400000  |
| &nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $380.00 | 254370000 | 10000 | 180000  |
|  Eli Lilly & Co., Expiration: 11/21/2025; Exercise Price: $850.00<sup>(e)</sup> | 215715000 | 2500 | 8443750  |
|  Gitlab, Inc., Expiration: 06/18/2026; Exercise Price: $75.00<sup>(e)</sup> | 146250000 | 30000 | 3675000  |
|  Intel Corp., Expiration: 06/18/2026; Exercise Price: $50.00<sup>(e)</sup> | 99975000 | 25000 | 11625000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value** |
|  Kenvue, Inc., Expiration: 11/21/2025; Exercise Price: $19.00<sup>(e)</sup>  | $71850000  | 50000  | $550000  |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc., Expiration: 03/20/2026; <br>Exercise Price: <br>$25.00<sup>(e)</sup> | 63945000 | 35000 | 9240000  |
|  NVIDIA Corp., Expiration: 12/19/2025; Exercise Price: $230.00<sup>(e)</sup> | 708715000 | 35000 | 15750000  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: <br>12/31/2025; Exercise Price: $6,950.00<sup>(e)</sup> | 1675849000 | 2450 | 31678500  |
|  Salesforce, Inc., Expiration: 12/19/2025; Exercise Price: $290.00<sup>(e)</sup> | 390615000 | 15000 | 10087500  |
|  Snap, Inc., Expiration: 06/18/2026; Exercise Price: $13.00 | 78000000 | 100000 | 6750000  |
|  Tesla, Inc., Expiration: 12/19/2025; Exercise Price: $500.00<sup>(e)</sup> | 159796000 | 3500 | 7787500  |
|  Thermo Fisher Scientific, Inc., Expiration: 11/21/2025; Exercise Price: $570.00<sup>(e)</sup> | 170217000 | 3000 | 4110000  |
| **Total Call Options** |  |  | 121147250  |
| **Put Options - 0.9%**<br>|  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $79.00 | 242400000 | 30000 | 1200000  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $78.00<sup>(e)</sup> | 404000000 | 50000 | 1875000  |
|  S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $6,800.00<sup>(e)</sup> | 547216000 | 800 | 9992000  |
| **Total Put Options** |  |  | 13067000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $104,077,564)** |  |  | 134214250 |

---

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

9<br>

------

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

**APTUS DEFINED RISK ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 1.3%** |  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(f)</sup> | 18737311 | $18737311  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $18,737,311)** |  | 18737311  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $1,412,615,878)** |  | $1473536936  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.4)% |  | (20427968)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1453108968 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

10<br>

------

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

**APTUS DEFINED RISK ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%<sup>(a)(b)</sup>** <br>|  |  |  |
| **Call Options - (1.5)%**<br>|  |  |  |
| Amazon.com, Inc., Expiration: 12/19/2025; Exercise Price: $300.00 | $(293064000) | (12000) | $(840000)  |
| DoorDash, Inc., Expiration: 11/21/2025; Exercise Price: $340.00 | (508740000) | (20000) | (1110000)  |
| Eli Lilly & Co., Expiration: 11/21/2025; Exercise Price: $900.00 | (86286000) | (1000) | (1327500)  |
| Gitlab, Inc., Expiration: 06/18/2026; Exercise Price: $100.00 | (146250000) | (30000) | (1575000)  |
| Intel Corp., Expiration: 11/21/2025; Exercise Price: $50.00 | (49987500) | (12500) | (606250)  |
| Kenvue, Inc., Expiration: 11/21/2025; Exercise Price: $23.00 | (71850000) | (50000) | (175000)  |
|  MARA Holdings, Inc., Expiration: 03/20/2026; Exercise Price: $35.00 | (31972500) | (17500) | (2773750)  |
| NVIDIA Corp., Expiration: 12/19/2025; Exercise Price: $260.00 | (708715000) | (35000) | (4147500)  |
| S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $7,300.00 | (1675849000) | (2450) | (5831000)  |
| Salesforce, Inc., Expiration: 12/19/2025; Exercise Price: $340.00 | (390615000) | (15000) | (1845000)  |
| Tesla, Inc., Expiration: 12/19/2025; Exercise Price: $600.00 | (79898000) | (1750) | (1137500)  |
|  Thermo Fisher Scientific, Inc., Expiration: 11/21/2025; Exercise Price: $620.00 | (170217000) | (3000) | (277500)  |
| **Total Call Options** |  |  | (21646000)  |
| **Put Options - (0.2)%**<br>|  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF, Expiration: 01/16/2026; Exercise Price: $72.00 | (404000000) | (50000) | (300000)  |
| S&P 500 Index, Expiration: 12/19/2025; Exercise Price: $6,200.00 | (547216000) | (800) | (2436000)  |
| **Total Put Options** |  |  | (2736000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $20,327,600)** |  |  | $(24382000) |

---

Percentages are stated as a percent of net assets.

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

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

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

11<br>

------

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.0%**<br>|  |  |
| **Basic Materials - 1.6%**<br>|  |  |
| Linde PLC | 4729 | $1978141  |
| Newmont Corp. | 15212 | 1231715  |
| Sherwin-Williams Co. | 2552 | 880287  |
|  |  | 4090143  |
| **Communications - 15.0%**<br>|  |  |
| Alphabet, Inc. - Class C | 44311 | 12487726  |
| Amazon.com, Inc.<sup>(a)</sup> | 41525 | 10141236  |
| Comcast Corp. - Class A | 15976 | 444692  |
| Meta Platforms, Inc. - Class A | 9324 | 6045215  |
| Motorola Solutions, Inc. | 3330 | 1354344  |
| Netflix, Inc.<sup>(a)</sup> | 3382 | 3783985  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 5112 | 750339  |
| T-Mobile US, Inc. | 8022 | 1685021  |
| Uber Technologies, Inc.<sup>(a)</sup> | 9603 | 926690  |
|  |  | 37619248  |
| **Consumer, Cyclical - 8.3%**<br>|  |  |
| Costco Wholesale Corp. | 1957 | 1783708  |
| Lowe's Cos., Inc. | 10343 | 2462979  |
| Marriott International, Inc. - Class A | 8962 | 2335318  |
| McDonald's Corp. | 7651 | 2283288  |
| PulteGroup, Inc. | 12034 | 1442515  |
| Tesla, Inc.<sup>(a)</sup> | 12107 | 5527572  |
| TJX Cos., Inc. | 14316 | 2006244  |
| Walmart, Inc. | 28367 | 2870173  |
|  |  | 20711797  |
| **Consumer, Non-cyclical - 12.4%**<br>|  |  |
| Abbott Laboratories | 12149 | 1501859  |
| AbbVie, Inc. | 8731 | 1903707  |
| Altria Group, Inc. | 24794 | 1397886  |
| Amgen, Inc. | 2777 | 828740  |
| Boston Scientific Corp.<sup>(a)</sup> | 6505 | 655184  |
| Cintas Corp. | 10000 | 1832700  |
| Elevance Health, Inc. | 2713 | 860564  |
| Eli Lilly & Co. | 3431 | 2960473  |
| Gilead Sciences, Inc. | 5508 | 659803  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 4384 | 2342283  |
| Johnson & Johnson | 7329 | 1384228  |
| Merck & Co., Inc. | 16873 | 1450740  |
| Mondelez International, Inc. - Class A | 18699 | 1074445  |
| PepsiCo, Inc. | 16171 | 2362421  |
| Procter & Gamble Co. | 13140 | 1975862  |
| Stryker Corp. | 9824 | 3499702  |
| Thermo Fisher Scientific, Inc. | 4491 | 2548148  |
| UnitedHealth Group, Inc. | 4069 | 1389808  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1014 | 431528  |
|  |  | 31060081  |
| **Energy - 2.8%**<br>|  |  |
| Devon Energy Corp. | 36071 | 1171947  |
| Diamondback Energy, Inc. | 8616 | 1233725  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Exxon Mobil Corp. | &nbsp;&nbsp; 35774 | $4091115  |
| SLB Ltd. | &nbsp;&nbsp; 12886 | 464669  |
|  |  | 6961456  |
| **Financial - 14.1%**<br>|  |  |
| American Express Co. | &nbsp;&nbsp; 3754 | 1354180  |
| American Tower Corp. | &nbsp;&nbsp; 7344 | 1314429  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp; 7964 | 3803129  |
| Blackrock, Inc. | &nbsp;&nbsp; 2743 | 2970148  |
| Citigroup, Inc. | &nbsp;&nbsp; 20533 | 2078556  |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 8718 | 1485634  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 10214 | 1494206  |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 14611 | 4545774  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 9104 | 1621878  |
| Morgan Stanley | &nbsp;&nbsp; 19621 | 3217844  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp; 11988 | 2188409  |
| Progressive Corp. | &nbsp;&nbsp; 14646 | 3017076  |
| Public Storage | &nbsp;&nbsp; 3237 | 901699  |
| Visa, Inc. - Class A | &nbsp;&nbsp; 13289 | 4528094  |
| Welltower, Inc. | &nbsp;&nbsp; 4372 | 791507  |
|  |  | 35312563  |
| **Industrial - 7.3%**<br>|  |  |
| Amphenol Corp. - Class A | &nbsp;&nbsp; 5784 | 805943  |
| Caterpillar, Inc. | &nbsp;&nbsp; 6877 | 3969817  |
| CSX Corp. | &nbsp;&nbsp; 53705 | 1934454  |
| Deere & Co. | &nbsp;&nbsp; 3233 | 1492450  |
| Eaton Corp. PLC | &nbsp;&nbsp; 5700 | 2174892  |
| General Electric Co. | &nbsp;&nbsp; 5829 | 1800869  |
| Honeywell International, Inc. | &nbsp;&nbsp; 7862 | 1582856  |
| Northrop Grumman Corp. | &nbsp;&nbsp; 4555 | 2657615  |
| RTX Corp. | &nbsp;&nbsp; 6006 | 1072071  |
| Trane Technologies PLC | &nbsp;&nbsp; 1666 | 747451  |
|  |  | 18238418  |
| **Technology - 35.3%<sup>(b)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7269 | 1861736  |
| Analog Devices, Inc. | &nbsp;&nbsp; 9132 | 2138075  |
| Apple, Inc. | &nbsp;&nbsp; 63691 | 17220136  |
| Broadcom, Inc. | &nbsp;&nbsp; 20539 | 7591831  |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 4207 | 927223  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 4354 | 2364265  |
| International Business Machines Corp. | &nbsp;&nbsp; 4178 | 1284359  |
| Intuit, Inc. | &nbsp;&nbsp; 3511 | 2343768  |
| Lam Research Corp. | &nbsp;&nbsp; 26874 | 4231580  |
| Microsoft Corp. | &nbsp;&nbsp; 31810 | 16471536  |
| NVIDIA Corp. | &nbsp;&nbsp; 104482 | 21156560  |
| Oracle Corp. | &nbsp;&nbsp; 7282 | 1912326  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 9061 | 1816459  |
| QUALCOMM, Inc. | &nbsp;&nbsp; 4954 | 896179  |
| Salesforce, Inc. | &nbsp;&nbsp; 4294 | 1118200  |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3586 | 3296538  |
| Texas Instruments, Inc. | &nbsp;&nbsp; 4179 | 674741  |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2242 | 1067775  |
|  |  | 88373287  |

---

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

12<br>

------

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Utilities - 2.2%**<br>|  |  |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp; 14934 | $1856296  |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 12221 | 994789  |
| Southern Co. | &nbsp;&nbsp;&nbsp; 29638 | 2787158  |
|  |  | 5638243  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $177,799,784)** |  | 248005236 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.1%<sup>(a)(d)(e)</sup>** | **PURCHASED OPTIONS - 1.1%<sup>(a)(d)(e)</sup>** | **PURCHASED OPTIONS - 1.1%<sup>(a)(d)(e)</sup>** | **PURCHASED OPTIONS - 1.1%<sup>(a)(d)(e)</sup>** |
| **Call Options - 0.5%**<br>|  |  |  |
|  CBOE Volatility Index, Expiration: 11/19/2025; Exercise Price: $30.00<sup>(c)</sup> | $34880000 | 20000 | 1090000  |
| **Put Options - 0.6%**<br>|  |  |  |
| S&P 500 Index<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $3,300.00<sup>(c)</sup> | 1026030000 | 1500 | 270000  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $4,700.00<sup>(c)</sup> | 1026030000 | 1500 | 1177500  |
| **Total Put Options** |  |  | 1447500  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,911,749)** |  |  | 2537500 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 3.98%<sup>(f)</sup> | 1369802 | 1369802  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,369,802)** |  | 1369802  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.6%** <br>**(Cost $184,081,335)** |  | $251912538  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.6)% |  | (1400443)  |
| **TOTAL NET ASSETS - 100.0%** |  | $250512095 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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

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

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

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

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

13<br>

------

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

**Aptus Drawdown Managed Equity ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CBOE Volatility Index, Expiration: 11/19/2025; Exercise <br>Price: $60.00 | $(34880000) | (20000) | $(260000)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| S&P 500 Index, Expiration: 01/16/2026; Exercise Price: $4,000.00 | (2052060000) | (3000) | (1155000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,020,015)** |  |  | $(1415000) |

---

Percentages are stated as a percent of net assets.

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

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

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

14<br>

------

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

**Aptus Enhanced Yield ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **U.S. TREASURY SECURITIES - 87.6%**<br>|  |  |
| United States Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2026<sup>(a)</sup> | $45000000 | $45208829  |
| &nbsp;&nbsp;&nbsp; 1.63%, 09/30/2026 | 20000000 | 19625569  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 20000000 | 19706641  |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 25000000 | 23521973  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 30000000 | 29210742  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 40000000 | 37300781  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 20000000 | 20567578  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $194,249,200)** |  | 195142113  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 6.7%**<br>|  |  |
| 4.10%, 11/12/2025<sup>(a)(b)</sup> | 15000000 | 14985619  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $14,981,392)** |  | 14985619  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 3.8%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(c)</sup> | 8465045 | 8465045  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $8,465,045)** |  | 8465045  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.1%** <br>**(Cost $217,695,637)** |  | $218592777  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.9% |  | 4285236  |
| **TOTAL NET ASSETS - 100.0%** |  | $222878013 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of October 31, 2025 is $60,191,700.

<sup>(b)</sup> The rate shown is the annualized yield as of October 31, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

15<br>

------

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

**Aptus Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| RCXTEVHT<sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 01/05/2027 | $236649086 | $2996022  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $2996022 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

<sup>(a)</sup> The Diversified Equity Volatility Harvesting Series ("RCXTEVHT" or the "Index") is a rules-based strategy that will add or subtract risk based on proprietary signals. The index generally is made up of Cboe Volatility Index ("VIX"), Nasdaq & S&P Index options, and VIX futures. As of October 31, 2025, the components of the Index are provided on the next page.

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

16<br>

------

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

**Aptus Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

The underlying components of the index as of October 31, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Expiration** <br>**Date**  | **Number of** <br>**Contracts Sold**  | **Notional** <br>**Amount**  | **Concentration** <br>**% of Exposure**  |
| **Futures Contracts:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; VIX November 2025  | 11/19/2025  | 22740  | $435040  | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; VIX December 2025  | 12/17/2025  | 3102  | 61922  | &nbsp;&nbsp;&nbsp;&nbsp;0.03%  |
| **Total Futures Contracts**  |  |  | 496962  | &nbsp;&nbsp;&nbsp;&nbsp;0.21%  |
| **Option Contracts:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24400  | 11/03/2025  | (90.98)  | (120)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24560  | 11/03/2025  | (220.77)  | (360)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700  | 11/03/2025  | (111.63)  | (224)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24870  | 11/03/2025  | (147.71)  | (402)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P25190  | 11/03/2025  | (448.58)  | (2546)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585  | 11/03/2025  | (630.89)  | (231)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6645  | 11/03/2025  | (1555.55)  | (857)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660  | 11/03/2025  | (1816.09)  | (1153)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6715  | 11/03/2025  | (3143.15)  | (4241)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24320  | 11/04/2025  | (147.25)  | (354)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600  | 11/04/2025  | (89.40)  | (330)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700  | 11/04/2025  | (110.95)  | (496)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24920  | 11/04/2025  | (224.40)  | (1626)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly IndexP6595  | 11/04/2025  | (1037.03)  | (937)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6630  | 11/04/2025  | (777.58)  | (1012)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6635  | 11/04/2025  | (623.45)  | (857)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6655  | 11/04/2025  | (1571.57)  | (2731)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24200  | 11/05/2025  | (110.50)  | (423)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600  | 11/05/2025  | (88.72)  | (674)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24750  | 11/05/2025  | (149.52)  | (1559)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6565  | 11/05/2025  | (777.77)  | (1168)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6610  | 11/05/2025  | (622.07)  | (1419)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6620  | 11/05/2025  | (1047.72)  | (2632)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24100  | 11/06/2025  | (88.26)  | (459)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600  | 11/06/2025  | (112.08)  | (1425)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6545  | 11/06/2025  | (622.22)  | (1303)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585  | 11/06/2025  | (785.79)  | (2308)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24450  | 11/07/2025  | (89.62)  | (1322)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6560  | 11/07/2025  | (628.63)  | (2248)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21  | 11/19/2025  | (11979.19)  | (14794)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21.5  | 11/19/2025  | (23066.64)  | (26527)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22  | 11/19/2025  | (43130.07)  | (46365)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22.5  | 11/19/2025  | (13222.79)  | (13289)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23  | 11/19/2025  | (45076.70)  | (42823)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23.5  | 11/19/2025  | (73789.64)  | (66780)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24  | 11/19/2025  | (29577.31)  | (25436)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5  | 11/19/2025  | (25390.97)  | (20821)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25  | 11/19/2025  | (103268.53)  | (82615)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.04%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26  | 11/19/2025  | (82472.43)  | (59380)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27  | 11/19/2025  | (32065.29)  | (21484)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |

---

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

17<br>

------

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

**Aptus Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**  | **Expiration** <br>**Date**  | **Number of** <br>**Contracts Sold**  | **Notional** <br>**Amount**  | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** |
| &nbsp;&nbsp;&nbsp; VIX Index C28  | 11/19/2025  | (63012.10)  | $(39068)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29  | 11/19/2025  | (35954.22)  | (20853)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C30  | 11/19/2025  | (20800.52)  | (11336)  | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31  | 11/19/2025  | (14834.56)  | (7576)  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 11/19/2025 | (8306.31) | (4070) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C33 | 11/19/2025 | (6405.47) | (2914) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C34 | 11/19/2025 | (6207.74) | (2700) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C36 | 11/19/2025 | (6405.47) | (2466) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C37 | 11/19/2025 | 35937.58 | 13117 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C38 | 11/19/2025 | 61704.07 | 21596 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C39 | 11/19/2025 | 64065.51 | 21462 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C40 | 11/19/2025 | 36882.96 | 11348 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C42.5 | 11/19/2025 | 105698.56 | 29596 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C47.5 | 11/19/2025 | 168097.16 | 36477 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 11/19/2025 | 69496.68 | 13899 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 11/19/2025 | 65243.79 | 10439 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C60 | 11/19/2025 | 18623.22 | 2421 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C65 | 11/19/2025 | 19216.41 | 1922 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24 | 12/17/2025 | (2994.80) | (5226) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5 | 12/17/2025 | (5763.78) | (9654) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25 | 12/17/2025 | (10445.51) | (16817) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26 | 12/17/2025 | (3629.77) | (5442) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27 | 12/17/2025 | (11318.63) | (15846) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C28 | 12/17/2025 | (5525.63) | (7239) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29 | 12/17/2025 | (6592.84) | (8109) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C30 | 12/17/2025 | (7720.59) | (8956) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31 | 12/17/2025 | (4890.66) | (5380) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 12/17/2025 | (634.98) | (664) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 12/17/2025 | 38842.18 | 20004 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 12/17/2025 | 20675.01 | 8994 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%  |
| **Total Options Contracts** |  |  | (438771) | &nbsp;&nbsp;&nbsp;&nbsp; -0.19%  |
| **Cash**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 236590895 | &nbsp;&nbsp;&nbsp;&nbsp;99.98%  |
| **Total Underlying Positions** |  |  | $236649086 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

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

18<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **EXCHANGE TRADED FUNDS - 98.6%**<br>|  |  |
| **Developed Market Equity - 67.8%**<br>|  |  |
| iShares Core MSCI EAFE ETF<sup>(a)(b)</sup> | 2110920 | $185950943  |
|  iShares Core MSCI International Developed Markets ETF | 797965 | 64419714  |
|  |  | 250370657  |
| **Emerging Market Equity - 30.8%**<br>|  |  |
|  SPDR Portfolio Emerging Markets ETF<sup>(a)</sup> | 2387596 | 113601818  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $309,193,045)** |  | 363972475  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(c)</sup> | 570161 | 570161  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $570,161)** |  | 570161  |
|  | **Par** |  |
| **U.S. TREASURY BILLS - 0.1%**<br>|  |  |
| 4.28%, 11/12/2025<sup>(d)</sup> | $500000 | 499521  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $499,355)** |  | 499521  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $310,262,561)** |  | $365042157  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 3883942  |
| **TOTAL NET ASSETS - 100.0%** |  | $368926099 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of October 31, 2025 is $159,478,136.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(d)</sup> The rate shown is the annualized yield as of October 31, 2025.

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

19<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized**<br>**Appreciation** <br>(Depreciation)  |
| RCXTGVHT<sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 01/05/2027 | $365580722 | $4002665  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $4002665 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

<sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series ("RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of October 31, 2025, the components of the Index are provided on the next page. 

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

20<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

The underlying components of the index as of October 31, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Futures Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; VIX November 2025 | 08/20/2025 | &nbsp;&nbsp; 35308 | $675476 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; VIX December 2025 | 09/17/2025 | &nbsp;&nbsp; 4816 | 96145 | &nbsp;&nbsp;&nbsp;&nbsp;0.03%  |
| **Total Futures Contracts** |  |  | 771621 | &nbsp;&nbsp;&nbsp;&nbsp;0.21%  |
| **Option Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24400 | 11/03/2025 | &nbsp;&nbsp; (46.13) | (61) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24560 | 11/03/2025 | &nbsp;&nbsp; (111.64) | (182) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700 | 11/03/2025 | &nbsp;&nbsp; (56.35) | (113) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24870 | 11/03/2025 | &nbsp;&nbsp; (74.66) | (203) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P25190 | 11/03/2025 | &nbsp;&nbsp; (227.15) | (1289) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585 | 11/03/2025 | &nbsp;&nbsp; (321.53) | (118) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6645 | 11/03/2025 | &nbsp;&nbsp; (792.90) | (437) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/03/2025 | &nbsp;&nbsp; (925.70) | (588) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6715 | 11/03/2025 | &nbsp;&nbsp; (1602.14) | (2162) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24320 | 11/04/2025 | &nbsp;&nbsp; (74.66) | (179) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/04/2025 | &nbsp;&nbsp; (45.08) | (167) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700 | 11/04/2025 | &nbsp;&nbsp; (55.99) | (250) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24920 | 11/04/2025 | &nbsp;&nbsp; (113.40) | (822) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6595 | 11/04/2025 | &nbsp;&nbsp; (528.60) | (478) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6630 | 11/04/2025 | &nbsp;&nbsp; (396.35) | (516) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6635 | 11/04/2025 | &nbsp;&nbsp; (317.65) | (437) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6655 | 11/04/2025 | &nbsp;&nbsp; (801.07) | (1392) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24200 | 11/05/2025 | &nbsp;&nbsp; (55.99) | (214) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/05/2025 | &nbsp;&nbsp; (44.72) | (340) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24750 | 11/05/2025 | &nbsp;&nbsp; (75.72) | (790) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6565 | 11/05/2025 | &nbsp;&nbsp; (396.45) | (595) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6610 | 11/05/2025 | &nbsp;&nbsp; (316.95) | (723) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6620 | 11/05/2025 | &nbsp;&nbsp; (534.05) | (1341) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24100 | 11/06/2025 | &nbsp;&nbsp; (44.72) | (233) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/06/2025 | &nbsp;&nbsp; (56.70) | (721) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6545 | 11/06/2025 | &nbsp;&nbsp; (317.30) | (664) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585 | 11/06/2025 | &nbsp;&nbsp; (400.53) | (1176) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24450 | 11/07/2025 | &nbsp;&nbsp; (45.43) | (670) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6560 | 11/07/2025 | &nbsp;&nbsp; (320.47) | (1146) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5325 | 11/07/2025 | &nbsp;&nbsp; (356.24) | (699) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5425 | 11/07/2025 | &nbsp;&nbsp; (1771.30) | (7156) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5450 | 11/07/2025 | &nbsp;&nbsp; (1519.21) | (7715) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5475 | 11/07/2025 | &nbsp;&nbsp; (1774.05) | (11467) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5500 | 11/07/2025 | &nbsp;&nbsp; (51.06) | (407) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5525 | 11/07/2025 | &nbsp;&nbsp; (911.06) | (9043) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5550 | 11/07/2025 | &nbsp;&nbsp; (608.01) | (7860) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly Index P5575 | 11/07/2025 | &nbsp;&nbsp; (607.82) | (10383) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P32000 | 11/14/2025 | &nbsp;&nbsp; (323.29) | (17) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P32500 | 11/14/2025 | &nbsp;&nbsp; (3843.83) | (250) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P32750 | 11/14/2025 | &nbsp;&nbsp; (645.03) | (42) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

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

21<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P33000 | 11/14/2025 | (4962.93) | $(290) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P33250 | 11/14/2025 | (10665.12) | (692) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P33500 | 11/14/2025 | (13581.49) | (970) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P33750 | 11/14/2025 | (2533.09) | (181) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P34250 | 11/14/2025 | (4061.27) | (316) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P35000 | 11/14/2025 | (4434.66) | (432) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P35250 | 11/14/2025 | (3725.66) | (363) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P36250 | 11/14/2025 | (10004.01) | (1169) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P36500 | 11/14/2025 | (8033.47) | (939) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P37000 | 11/14/2025 | (2883.35) | (374) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P37250 | 11/14/2025 | (9835.83) | (1341) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P37750 | 11/14/2025 | (2704.39) | (404) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P38500 | 11/14/2025 | (2344.61) | (396) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P38750 | 11/14/2025 | (323.29) | (57) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39000 | 11/14/2025 | (969.94) | (183) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39250 | 11/14/2025 | (2252.63) | (439) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39375 | 11/14/2025 | (3901.91) | (785) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39500 | 11/14/2025 | (2873.90) | (578) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39625 | 11/14/2025 | (3216.33) | (668) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39750 | 11/14/2025 | (4825.71) | (1034) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P39875 | 11/14/2025 | (6102.73) | (1307) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P40125 | 11/14/2025 | (4755.50) | (1080) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P40375 | 11/14/2025 | (4061.88) | (949) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P40625 | 11/14/2025 | (5711.30) | (1409) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P40875 | 11/14/2025 | (4915.23) | (1276) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P41000 | 11/14/2025 | (4434.66) | (1151) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P41625 | 11/14/2025 | (4061.27) | (1186) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P42125 | 11/14/2025 | (3725.66) | (1185) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P42625 | 11/14/2025 | (10004.01) | (3442) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P42750 | 11/14/2025 | (3496.10) | (1225) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P42875 | 11/14/2025 | (4537.37) | (1649) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P43375 | 11/14/2025 | (4205.88) | (1665) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P43625 | 11/14/2025 | (2558.10) | (1063) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P43750 | 11/14/2025 | (5955.20) | (2551) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P44250 | 11/14/2025 | (2704.39) | (1299) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P44500 | 11/14/2025 | (2344.61) | (1157) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P46000 | 11/14/2025 | (2113.28) | (1509) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P46250 | 11/14/2025 | (1948.60) | (1455) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P46875 | 11/14/2025 | (1733.79) | (1519) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index P47000 | 11/14/2025 | (1559.91) | (1418) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21 | 11/19/2025 | (18599.79) | (22971) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21.5 | 11/19/2025 | (35814.98) | (41187) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22 | 11/19/2025 | (66966.97) | (71989) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22.5 | 11/19/2025 | (20530.69) | (20633) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23 | 11/19/2025 | (69989.45) | (66490) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23.5 | 11/19/2025 | (114571.31) | (103687) | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |

---

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

22<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** |
| &nbsp;&nbsp;&nbsp; VIX Index C24 | 11/19/2025 | (45923.95) | $(39495) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5 | 11/19/2025 | (39423.91) | (32328) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25 | 11/19/2025 | (160342.42) | (128274) | &nbsp;&nbsp;&nbsp;&nbsp; -0.04%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26 | 11/19/2025 | (128052.85) | (92198) | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27 | 11/19/2025 | (49786.96) | (33357) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C28 | 11/19/2025 | (97837.28) | (60659) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29 | 11/19/2025 | (55825.20) | (32379) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C30 | 11/19/2025 | (32296.43) | (17602) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31 | 11/19/2025 | (23033.24) | (11762) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 11/19/2025 | (12897.00) | (6320) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C33 | 11/19/2025 | (9945.61) | (4525) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C34 | 11/19/2025 | (9638.60) | (4193) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C36 | 11/19/2025 | (9945.61) | (3829) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C37 | 11/19/2025 | 55799.37 | 20367 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C38 | 11/19/2025 | 95806.34 | 33532 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C39 | 11/19/2025 | 99472.89 | 33323 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C40 | 11/19/2025 | 57267.23 | 17619 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C42.5 | 11/19/2025 | 164115.48 | 45952 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C47.5 | 11/19/2025 | 261000.19 | 56637 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 11/19/2025 | 107905.74 | 21581 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 11/19/2025 | 101302.38 | 16208 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C60 | 11/19/2025 | 28915.80 | 3759 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C65 | 11/19/2025 | 29836.83 | 2984 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8175 | 11/21/2025 | (21.73) | (86) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8200 | 11/21/2025 | (18.07) | (71) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8225 | 11/21/2025 | (14.44) | (57) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8300 | 11/21/2025 | (21.55) | (99) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8325 | 11/21/2025 | (54.94) | (253) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8350 | 11/21/2025 | (25.11) | (115) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8375 | 11/21/2025 | (28.56) | (150) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8450 | 11/21/2025 | (120.09) | (631) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8475 | 11/21/2025 | (127.13) | (752) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8500 | 11/21/2025 | (113.04) | (668) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8525 | 11/21/2025 | (56.70) | (335) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8550 | 11/21/2025 | (47.54) | (312) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8575 | 11/21/2025 | (1.04) | (7) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8600 | 11/21/2025 | (100.37) | (659) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8650 | 11/21/2025 | (151.43) | (1094) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8675 | 11/21/2025 | (6.16) | (49) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8700 | 11/21/2025 | (7.18) | (57) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8725 | 11/21/2025 | (62.69) | (494) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8750 | 11/21/2025 | (3.10) | (27) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8775 | 11/21/2025 | (10.74) | (92) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8800 | 11/21/2025 | (36.27) | (334) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8825 | 11/21/2025 | (27.29) | (251) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8850 | 11/21/2025 | (92.27) | (909) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

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

23<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8875 | 11/21/2025 | (16.66) | $(175) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8900 | 11/21/2025 | (34.83) | (366) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8925 | 11/21/2025 | (15.14) | (169) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8950 | 11/21/2025 | (71.49) | (845) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8975 | 11/21/2025 | (47.89) | (566) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9000 | 11/21/2025 | (36.62) | (457) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9025 | 11/21/2025 | (73.25) | (962) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9050 | 11/21/2025 | (14.02) | (193) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9075 | 11/21/2025 | (79.59) | (1150) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9100 | 11/21/2025 | (7.11) | (107) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9125 | 11/21/2025 | (20.28) | (320) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9150 | 11/21/2025 | (7.01) | (115) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9175 | 11/21/2025 | (6.73) | (115) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9225 | 11/21/2025 | (12.04) | (229) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9250 | 11/21/2025 | (17.78) | (374) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9275 | 11/21/2025 | (10.71) | (246) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9325 | 11/21/2025 | (16.02) | (432) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9350 | 11/21/2025 | (15.07) | (446) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9400 | 11/21/2025 | (5.35) | (183) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9450 | 11/21/2025 | (5.00) | (204) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9475 | 11/21/2025 | (4.68) | (209) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 30000 | 12/12/2025 | (932.04) | (169) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 30500 | 12/12/2025 | (378.81) | (76) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 31750 | 12/12/2025 | (184.53) | (44) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 32000 | 12/12/2025 | (558.85) | (138) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 33250 | 12/12/2025 | (2380.52) | (695) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 33500 | 12/12/2025 | (2345.65) | (716) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 34000 | 12/12/2025 | (1442.34) | (468) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 34500 | 12/12/2025 | (1803.54) | (620) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 36250 | 12/12/2025 | (8743.37) | (3859) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 39250 | 12/12/2025 | (1310.85) | (893) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 40500 | 12/12/2025 | (743.45) | (627) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 41250 | 12/12/2025 | (736.02) | (693) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 41750 | 12/12/2025 | (1644.50) | (1708) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 42000 | 12/12/2025 | (2345.65) | (2512) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 42500 | 12/12/2025 | (1442.34) | (1732) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 42625 | 12/12/2025 | (1803.54) | (2224) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 44125 | 12/12/2025 | (4062.92) | (6461) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index 44625 | 12/12/2025 | (4680.45) | (8355) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24 | 12/17/2025 | (4649.95) | (8114) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5 | 12/17/2025 | (8949.27) | (14990) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25 | 12/17/2025 | (16218.48) | (26112) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26 | 12/17/2025 | (5635.86) | (8450) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27 | 12/17/2025 | (17574.15) | (24604) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C28 | 12/17/2025 | (8579.51) | (11239) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29 | 12/17/2025 | (10236.53) | (12591) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

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

24<br>

------

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

**Aptus International Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** | **Option Contracts (Continued)** |
| &nbsp;&nbsp;&nbsp; VIX Index C30 | 12/17/2025 | (11987.57) | $(13906) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31 | 12/17/2025 | (7593.60) | (8353) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 12/17/2025 | (985.91) | (1030) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 12/17/2025 | 60309.27 | 31059 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 12/17/2025 | 32101.55 | 13964 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P7975 | 12/19/2025 | (2.28) | (24) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8275 | 12/19/2025 | (4.54) | (66) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8325 | 12/19/2025 | (6.80) | (103) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8425 | 12/19/2025 | (8.98) | (147) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8475 | 12/19/2025 | (11.16) | (198) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8500 | 12/19/2025 | (0.65) | (12) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8575 | 12/19/2025 | (13.31) | (262) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8600 | 12/19/2025 | (15.50) | (316) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8675 | 12/19/2025 | (17.64) | (394) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8700 | 12/19/2025 | (42.96) | (988) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8750 | 12/19/2025 | (2.27) | (57) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8825 | 12/19/2025 | (2.57) | (71) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8900 | 12/19/2025 | (3.84) | (119) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8950 | 12/19/2025 | (0.97) | (32) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P8975 | 12/19/2025 | (3.80) | (132) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9025 | 12/19/2025 | (5.71) | (214) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9050 | 12/19/2025 | (5.04) | (198) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9100 | 12/19/2025 | (13.49) | (576) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9175 | 12/19/2025 | (1.90) | (94) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9200 | 12/19/2025 | (2.22) | (115) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9250 | 12/19/2025 | (2.52) | (146) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; FTSE 100 Index P9300 | 12/19/2025 | (5.95) | (383) | &nbsp;&nbsp;&nbsp;&nbsp;0.00%  |
| **Total Options Contracts** |  |  | (792433) | &nbsp;&nbsp;&nbsp;&nbsp; -0.22%  |
| **Cash**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 365601534 | &nbsp;&nbsp;&nbsp;&nbsp;100.01%  |
| **Total Underlying Positions** |  |  | $365580722 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

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

25<br>

------

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

**APTUS LARGE CAP ENHANCED YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.6%**<br>|  |  |
| **Basic Materials - 1.3%**<br>|  |  |
| Air Products and Chemicals, Inc.<sup>(a)</sup> | 1148  | $278493  |
| Albemarle Corp.<sup>(a)</sup> | 361 | 35461  |
| DuPont de Nemours, Inc.<sup>(a)</sup> | 1586 | 129497  |
| Ecolab, Inc.<sup>(a)</sup> | 1529 | 392036  |
| Freeport-McMoRan, Inc.<sup>(a)</sup> | 5564 | 232019  |
| Linde PLC<sup>(a)</sup> | 2410 | 1008103  |
| LyondellBasell Industries NV - Class A<sup>(a)</sup> | 1157 | 53708  |
| Mosaic Co.<sup>(a)</sup> | 5689 | 156163  |
| Newmont Corp.<sup>(a)</sup> | 2703 | 218862  |
| Nucor Corp.<sup>(a)</sup> | 963 | 144498  |
| PPG Industries, Inc.<sup>(a)</sup> | 861 | 84163  |
| Sherwin-Williams Co.<sup>(a)</sup> | 1259 | 434279  |
| Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> | 676 | 30467  |
| Southern Copper Corp. | 2150 | 298420  |
|  |  | 3496169  |
| **Communications - 15.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)(b)</sup> | 2009 | 254219  |
| Alphabet, Inc. - Class A<sup>(a)</sup> | 47728 | 13420636  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 43612 | 10650923  |
| Arista Networks, Inc.<sup>(a)(b)</sup> | 4784 | 754389  |
| AT&T, Inc.<sup>(a)</sup> | 33108 | 819423  |
| Booking Holdings, Inc.<sup>(a)</sup> | 144 | 731195  |
| CDW Corp.<sup>(a)</sup> | 411 | 65501  |
| Cisco Systems, Inc.<sup>(a)</sup> | 18419 | 1346613  |
| Comcast Corp. - Class A<sup>(a)</sup> | 17369 | 483466  |
| Corning, Inc.<sup>(a)</sup> | 2956 | 263320  |
| eBay, Inc.<sup>(a)</sup> | 1798 | 146195  |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 31 | 72145  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup> | 10105 | 6551577  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 625 | 254194  |
| Netflix, Inc.<sup>(a)(b)</sup> | 1955 | 2187371  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 2404 | 529457  |
| T-Mobile US, Inc.<sup>(a)</sup> | 1847 | 387962  |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 11334 | 1093731  |
| VeriSign, Inc.<sup>(a)</sup> | 331 | 79374  |
| Verizon Communications, Inc.<sup>(a)</sup> | 19251 | 765035  |
| Walt Disney Co.<sup>(a)</sup> | 8348 | 940152  |
| Warner Bros Discovery, Inc.<sup>(a)(b)</sup> | 8441 | 189500  |
|  |  | 41986378  |
| **Consumer, Cyclical - 7.5%**<br>|  |  |
| Aptiv PLC<sup>(a)(b)</sup> | 946 | 76721  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 59 | 216791  |
| Carnival Corp.<sup>(a)(b)</sup> | 4305 | 124113  |
| Casey's General Stores, Inc. | 70 | 35923  |
| Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup> | 4192 | 132845  |
| Copart, Inc.<sup>(a)(b)</sup> | 3780 | 162578  |
| Costco Wholesale Corp.<sup>(a)</sup> | 2032 | 1852066  |
| Cummins, Inc.<sup>(a)</sup> | 430 | 188202  |
| Delta Air Lines, Inc.<sup>(a)</sup> | 2150 | 123367  |
| Dollar General Corp.<sup>(a)</sup> | 1359 | 134079  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| DR Horton, Inc.<sup>(a)</sup> | 1277  | $190375  |
| Fastenal Co.<sup>(a)</sup> | 4058 | 166987  |
| Ferguson Enterprises, Inc. | 681 | 169229  |
| Ford Motor Co.<sup>(a)</sup> | 15500 | 203515  |
| General Motors Co.<sup>(a)</sup> | 5238 | 361893  |
| Genuine Parts Co.<sup>(a)</sup> | 411 | 52324  |
| Hilton Worldwide Holdings, Inc.<sup>(a)</sup> | 966 | 248223  |
| Home Depot, Inc.<sup>(a)</sup> | 4542 | 1724098  |
| Las Vegas Sands Corp.<sup>(a)</sup> | 2714 | 161076  |
| Lennar Corp. - Class A<sup>(a)</sup> | 982 | 121542  |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 708 | 105867  |
| Lowe's Cos., Inc.<sup>(a)</sup> | 2615 | 622710  |
| Marriott International, Inc. - Class A<sup>(a)</sup> | 1160 | 302273  |
| McDonald's Corp.<sup>(a)</sup> | 3294 | 983028  |
| Mobileye Global, Inc. - Class A<sup>(b)</sup> | 2699 | 35492  |
| NIKE, Inc. - Class B<sup>(a)</sup> | 6954 | 449159  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 4455 | 420730  |
| PACCAR, Inc.<sup>(a)</sup> | 2917 | 287033  |
| Pool Corp.<sup>(a)</sup> | 80 | 21365  |
| PulteGroup, Inc.<sup>(a)</sup> | 396 | 47469  |
| Ross Stores, Inc.<sup>(a)</sup> | 1811 | 287804  |
| Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 897 | 257287  |
| Southwest Airlines Co.<sup>(a)</sup> | 1841 | 55782  |
| Starbucks Corp.<sup>(a)</sup> | 4734 | 382839  |
| Target Corp.<sup>(a)</sup> | 1778 | 164856  |
| Tesla, Inc.<sup>(a)(b)</sup> | 12974 | 5923409  |
| TJX Cos., Inc.<sup>(a)</sup> | 4880 | 683883  |
| Tractor Supply Co.<sup>(a)</sup> | 3451 | 186734  |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 110 | 57187  |
| United Airlines Holdings, Inc.<sup>(a)(b)</sup> | 973 | 91501  |
| Walmart, Inc.<sup>(a)</sup> | 19819 | 2005286  |
| WW Grainger, Inc.<sup>(a)</sup> | 114 | 111606  |
| Yum! Brands, Inc.<sup>(a)</sup> | 1027 | 141942  |
|  |  | 20071189  |
| **Consumer, Non-cyclical - 12.3%**<br>|  |  |
| Abbott Laboratories<sup>(a)</sup> | 7912 | 978081  |
| AbbVie, Inc.<sup>(a)</sup> | 8151 | 1777244  |
| Agilent Technologies, Inc.<sup>(a)</sup> | 1557 | 227883  |
| Align Technology, Inc.<sup>(a)(b)</sup> | 287 | 39572  |
| Altria Group, Inc.<sup>(a)</sup> | 6905 | 389304  |
| Amgen, Inc.<sup>(a)</sup> | 2135 | 637148  |
| Automatic Data Processing, Inc.<sup>(a)</sup> | 1741 | 453182  |
| Avery Dennison Corp.<sup>(a)</sup> | 349 | 61037  |
| Baxter International, Inc.<sup>(a)</sup> | 1726 | 31879  |
| Becton Dickinson & Co.<sup>(a)</sup> | 1289 | 230357  |
| Biogen, Inc.<sup>(a)(b)</sup> | 576 | 88860  |
| Booz Allen Hamilton Holding Corp. | 380 | 33121  |
| Boston Scientific Corp.<sup>(a)(b)</sup> | 7049 | 709975  |
| Bristol-Myers Squibb Co.<sup>(a)</sup> | 8936 | 411682  |
| Cardinal Health, Inc.<sup>(a)</sup> | 866 | 165207  |
| Cencora, Inc.<sup>(a)</sup> | 708 | 239170  |
| Centene Corp.<sup>(a)(b)</sup> | 2968 | 104978  |

---

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

26<br>

------

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

**APTUS LARGE CAP ENHANCED YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  | **Consumer, Non-cyclical - (Continued)**  |
| Church & Dwight Co., Inc.<sup>(a)</sup> | 861  | $75501  |
| Cigna Group<sup>(a)</sup> | 1217 | 297447  |
| Cintas Corp.<sup>(a)</sup> | 1463 | 268124  |
| Clorox Co.<sup>(a)</sup> | 370 | 41610  |
| Coca-Cola Co.<sup>(a)</sup> | 28337 | 1952419  |
| Colgate-Palmolive Co.<sup>(a)</sup> | 3192 | 245944  |
| Corpay, Inc.<sup>(b)</sup> | 164 | 42697  |
| Corteva, Inc.<sup>(a)</sup> | 2688 | 165151  |
| CVS Health Corp.<sup>(a)</sup> | 5270 | 411851  |
| Danaher Corp.<sup>(a)</sup> | 2690 | 579372  |
| Dexcom, Inc.<sup>(a)(b)</sup> | 2384 | 138796  |
| Edwards Lifesciences Corp.<sup>(a)(b)</sup> | 3191 | 263098  |
| Elevance Health, Inc.<sup>(a)</sup> | 1123 | 356216  |
| Eli Lilly & Co.<sup>(a)</sup> | 3620 | 3123553  |
| Equifax, Inc.<sup>(a)</sup> | 380 | 80218  |
| GE HealthCare Technologies, Inc.<sup>(a)</sup> | 1549 | 116098  |
| General Mills, Inc.<sup>(a)</sup> | 2169 | 101097  |
| Gilead Sciences, Inc.<sup>(a)</sup> | 5262 | 630335  |
| Global Payments, Inc. | 913 | 70995  |
| GRAIL, Inc.<sup>(b)</sup> | 77 | 7079  |
| HCA Healthcare, Inc.<sup>(a)</sup> | 1275 | 586092  |
| Hershey Co.<sup>(a)</sup> | 1168 | 198128  |
| Hormel Foods Corp.<sup>(a)</sup> | 1812 | 39121  |
| Humana, Inc.<sup>(a)</sup> | 591 | 164410  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 314 | 197666  |
| Illumina, Inc.<sup>(b)</sup> | 574 | 70912  |
| Intuitive Surgical, Inc.<sup>(a)(b)</sup> | 1618 | 864465  |
| IQVIA Holdings, Inc.<sup>(a)(b)</sup> | 696 | 150656  |
| Johnson & Johnson<sup>(a)</sup> | 11099 | 2096268  |
| Kellanova<sup>(a)</sup> | 1157 | 96100  |
| Kenvue, Inc.<sup>(a)</sup> | 12025 | 172799  |
| Keurig Dr Pepper, Inc.<sup>(a)</sup> | 3450 | 93702  |
| Kimberly-Clark Corp.<sup>(a)</sup> | 1254 | 150116  |
| Kraft Heinz Co.<sup>(a)</sup> | 4725 | 116849  |
| Kroger Co.<sup>(a)</sup> | 2446 | 155639  |
| McCormick & Co., Inc. | 898 | 57616  |
| McKesson Corp.<sup>(a)</sup> | 637 | 516824  |
| Medtronic PLC<sup>(a)</sup> | 5495 | 498397  |
| Merck & Co., Inc.<sup>(a)</sup> | 11526 | 991005  |
| Moderna, Inc.<sup>(a)(b)</sup> | 1449 | 39355  |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 126 | 19286  |
| Mondelez International, Inc. - Class A<sup>(a)</sup> | 5590 | 321201  |
| Monster Beverage Corp.<sup>(a)(b)</sup> | 6270 | 419024  |
| Moody's Corp. | 674 | 323722  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 4305 | 298207  |
| Pfizer, Inc.<sup>(a)</sup> | 26212 | 646126  |
| Philip Morris International, Inc.<sup>(a)</sup> | 7154 | 1032537  |
| Procter & Gamble Co.<sup>(a)</sup> | 10771 | 1619635  |
| Quanta Services, Inc.<sup>(a)</sup> | 437 | 196270  |
| Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 392 | 255506  |
| ResMed, Inc.<sup>(a)</sup> | 428 | 105665  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| S&P Global, Inc. | 1463  | $712788  |
| Solventum Corp.<sup>(a)(b)</sup> | 460 | 31758  |
| STERIS PLC<sup>(a)</sup> | 322 | 75895  |
| Stryker Corp.<sup>(a)</sup> | 1436 | 511561  |
| Sysco Corp.<sup>(a)</sup> | 1778 | 132070  |
| Thermo Fisher Scientific, Inc.<sup>(a)</sup> | 1542 | 874915  |
| Tyson Foods, Inc. - Class A<sup>(a)</sup> | 1164 | 59841  |
| United Rentals, Inc.<sup>(a)</sup> | 300 | 261354  |
| UnitedHealth Group, Inc.<sup>(a)</sup> | 4253 | 1452655  |
| Verisk Analytics, Inc.<sup>(a)</sup> | 884 | 193384  |
| Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 990 | 421314  |
| West Pharmaceutical Services, Inc.<sup>(a)</sup> | 382 | 107751  |
| Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | 674 | 67777  |
| Zoetis, Inc.<sup>(a)</sup> | 1880 | 270889  |
|  |  | 33213532  |
| **Energy - 2.5%**<br>|  |  |
| Baker Hughes Co.<sup>(a)</sup> | 3894 | 188509  |
| Chevron Corp.<sup>(a)</sup> | 8744 | 1379104  |
| ConocoPhillips<sup>(a)</sup> | 5788 | 514322  |
| Coterra Energy, Inc.<sup>(a)</sup> | 2629 | 62202  |
| Devon Energy Corp.<sup>(a)</sup> | 2324 | 75507  |
| EOG Resources, Inc.<sup>(a)</sup> | 2872 | 303972  |
| Exxon Mobil Corp.<sup>(a)</sup> | 19990 | 2286056  |
| Kinder Morgan, Inc.<sup>(a)</sup> | 8691 | 227617  |
| Marathon Petroleum Corp.<sup>(a)</sup> | 2097 | 408726  |
| Occidental Petroleum Corp.<sup>(a)</sup> | 3163 | 130316  |
| ONEOK, Inc.<sup>(a)</sup> | 1543 | 103381  |
| Phillips 66<sup>(a)</sup> | 1747 | 237837  |
| SLB Ltd.<sup>(a)</sup> | 7929 | 285920  |
| Targa Resources Corp.<sup>(a)</sup> | 698 | 107520  |
| Valero Energy Corp.<sup>(a)</sup> | 1311 | 222293  |
| Williams Cos., Inc.<sup>(a)</sup> | 4697 | 271815  |
|  |  | 6805097  |
| **Financial - 12.2%**<br>|  |  |
| Aflac, Inc. | 3001 | 321677  |
| Alexandria Real Estate Equities, Inc.<sup>(a)</sup> | 576 | 33535  |
| Allstate Corp. | 910 | 174283  |
| American Express Co. | 2590 | 934291  |
| American Homes 4 Rent - Class A | 1813 | 57291  |
| American International Group, Inc. | 3822 | 301785  |
| American Tower Corp.<sup>(a)</sup> | 2173 | 388924  |
| Ameriprise Financial, Inc. | 341 | 154395  |
| Aon PLC - Class A | 911 | 310359  |
| Apollo Global Management, Inc. | 1010 | 125553  |
| Arch Capital Group Ltd. | 1265 | 109182  |
| Arthur J Gallagher & Co. | 966 | 241007  |
| AvalonBay Communities, Inc.<sup>(a)</sup> | 608 | 105743  |
| Bank of America Corp. | 30534 | 1632042  |
| Bank of New York Mellon Corp. | 2870 | 309759  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 8439 | 4029960  |
| Blackrock, Inc. | 611 | 661597  |
| Blackstone, Inc. | 4648 | 681583  |

---

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

27<br>

------

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

**APTUS LARGE CAP ENHANCED YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
| Brown & Brown, Inc. | 933  | $74397  |
| Capital One Financial Corp. | 2327 | 511917  |
| CBRE Group, Inc. - Class A<sup>(a)(b)</sup> | 1008 | 153649  |
| Charles Schwab Corp. | 6167 | 582905  |
| Chubb Ltd. | 1729 | 478829  |
| Citigroup, Inc. | 7522 | 761452  |
| CME Group, Inc. | 1310 | 347792  |
| CoStar Group, Inc.<sup>(a)(b)</sup> | 1484 | 102114  |
| Crown Castle, Inc.<sup>(a)</sup> | 2664 | 240346  |
| Digital Realty Trust, Inc.<sup>(a)</sup> | 1185 | 201936  |
| Equinix, Inc.<sup>(a)</sup> | 412 | 348556  |
| Equity Residential<sup>(a)</sup> | 1787 | 106219  |
| Extra Space Storage, Inc.<sup>(a)</sup> | 672 | 89739  |
| Fifth Third Bancorp | 2172 | 90399  |
| First Citizens BancShares, Inc. - Class A | 33 | 60219  |
| Goldman Sachs Group, Inc. | 1440 | 1136693  |
| Hartford Insurance Group, Inc. | 983 | 122069  |
| Intercontinental Exchange, Inc. | 2325 | 340124  |
| Invitation Homes, Inc.<sup>(a)</sup> | 3228 | 90868  |
| Iron Mountain, Inc.<sup>(a)</sup> | 945 | 97288  |
| JPMorgan Chase & Co. | 12917 | 4018737  |
| M&T Bank Corp. | 575 | 105725  |
| Markel Group, Inc.<sup>(b)</sup> | 29 | 57261  |
| Marsh & McLennan Cos., Inc. | 2060 | 366989  |
| Mastercard, Inc. - Class A | 3755 | 2072722  |
| MetLife, Inc. | 3535 | 282164  |
| Millrose Properties, Inc. | 478 | 15396  |
| Morgan Stanley | 5721 | 938244  |
| Nasdaq, Inc. | 1728 | 147727  |
| NU Holdings Ltd. - Class A<sup>(b)</sup> | 17525 | 282328  |
| PNC Financial Services Group, Inc. | 1512 | 276016  |
| Principal Financial Group, Inc. | 719 | 60425  |
| Progressive Corp. | 2741 | 564646  |
| Prologis, Inc.<sup>(a)</sup> | 3777 | 468688  |
| Prudential Financial, Inc. | 1255 | 130520  |
| Public Storage<sup>(a)</sup> | 969 | 269925  |
| Realty Income Corp.<sup>(a)</sup> | 2728 | 158169  |
| SBA Communications Corp.<sup>(a)</sup> | 342 | 65486  |
| Simon Property Group, Inc.<sup>(a)</sup> | 1231 | 216361  |
| State Street Corp. | 1013 | 117164  |
| T Rowe Price Group, Inc. | 703 | 72079  |
| Travelers Cos., Inc. | 883 | 237191  |
| Truist Financial Corp. | 5225 | 233192  |
| US Bancorp | 6077 | 283674  |
| VICI Properties, Inc.<sup>(a)</sup> | 3566 | 106944  |
| Visa, Inc. - Class A | 7903 | 2692868  |
| Wells Fargo & Co. | 15377 | 1337338  |
| Welltower, Inc.<sup>(a)</sup> | 3158 | 571724  |
| Weyerhaeuser Co.<sup>(a)</sup> | 2455 | 56465  |
| Willis Towers Watson PLC | 335 | 104889  |
|  |  | 32821534  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrial - 6.3%**<br>|  |  |
| 3M Co.<sup>(a)</sup> | 2116  | $352314  |
| Amcor PLC<sup>(a)</sup> | 7282 | 57528  |
| AMETEK, Inc.<sup>(a)</sup> | 739 | 149359  |
| Amphenol Corp. - Class A<sup>(a)</sup> | 4662 | 649603  |
| Ball Corp.<sup>(a)</sup> | 1257 | 59079  |
| Carrier Global Corp.<sup>(a)</sup> | 3238 | 192629  |
| Caterpillar, Inc.<sup>(a)</sup> | 2494 | 1439686  |
| CSX Corp.<sup>(a)</sup> | 8764 | 315679  |
| Deere & Co.<sup>(a)</sup> | 1016 | 469016  |
| Dover Corp.<sup>(a)</sup> | 405 | 73491  |
| Eaton Corp. PLC<sup>(a)</sup> | 1722 | 657046  |
| Emerson Electric Co.<sup>(a)</sup> | 2140 | 298680  |
| Fortive Corp.<sup>(a)</sup> | 1212 | 61012  |
| Garmin Ltd.<sup>(a)</sup> | 625 | 133712  |
| GE Vernova, Inc.<sup>(a)</sup> | 1236 | 723233  |
| General Dynamics Corp.<sup>(a)</sup> | 1220 | 420778  |
| General Electric Co.<sup>(a)</sup> | 6380 | 1971101  |
| Graco, Inc. | 441 | 36061  |
| HEICO Corp. | 371 | 117893  |
| Honeywell International, Inc.<sup>(a)</sup> | 2704 | 544396  |
| Howmet Aerospace, Inc.<sup>(a)</sup> | 1313 | 270412  |
| Illinois Tool Works, Inc.<sup>(a)</sup> | 1485 | 362221  |
| Ingersoll Rand, Inc.<sup>(a)</sup> | 1441 | 109992  |
| JB Hunt Transport Services, Inc.<sup>(a)</sup> | 324 | 54711  |
| Johnson Controls International PLC<sup>(a)</sup> | 2622 | 299931  |
| Keysight Technologies, Inc.<sup>(a)(b)</sup> | 602 | 110142  |
| L3Harris Technologies, Inc.<sup>(a)</sup> | 637 | 184157  |
| Lincoln Electric Holdings, Inc. | 109 | 25555  |
| Lockheed Martin Corp.<sup>(a)</sup> | 912 | 448595  |
| Martin Marietta Materials, Inc.<sup>(a)</sup> | 143 | 87673  |
| Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 63 | 89226  |
| Norfolk Southern Corp.<sup>(a)</sup> | 368 | 104284  |
| Northrop Grumman Corp.<sup>(a)</sup> | 669 | 390328  |
| Old Dominion Freight Line, Inc.<sup>(a)</sup> | 313 | 43951  |
| Otis Worldwide Corp.<sup>(a)</sup> | 2437 | 226056  |
| Owens Corning | 289 | 36793  |
| Packaging Corp. of America<sup>(a)</sup> | 399 | 78108  |
| Parker-Hannifin Corp.<sup>(a)</sup> | 591 | 456743  |
| Ralliant Corp.<sup>(a)</sup> | 400 | 17568  |
| Republic Services, Inc.<sup>(a)</sup> | 1198 | 249472  |
| Rockwell Automation, Inc.<sup>(a)</sup> | 369 | 135925  |
| RTX Corp.<sup>(a)</sup> | 7061 | 1260388  |
| TE Connectivity PLC<sup>(a)</sup> | 1208 | 298388  |
| Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 101 | 53209  |
| Trane Technologies PLC<sup>(a)</sup> | 882 | 395709  |
| TransDigm Group, Inc.<sup>(a)</sup> | 252 | 329745  |
| Union Pacific Corp.<sup>(a)</sup> | 3651 | 804571  |
| United Parcel Service, Inc. - Class B<sup>(a)</sup> | 5615 | 541398  |
| Veralto Corp.<sup>(a)</sup> | 896 | 88417  |
| Vulcan Materials Co.<sup>(a)</sup> | 411 | 118984  |
| Waste Management, Inc.<sup>(a)</sup> | 1867 | 372971  |

---

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

28<br>

------

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

**APTUS LARGE CAP ENHANCED YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrial - (Continued)**  | **Industrial - (Continued)**  | **Industrial - (Continued)**  |
|  Westinghouse Air Brake Technologies Corp.<sup>(a)</sup> | 598  | $122255  |
| Xylem, Inc.<sup>(a)</sup> | 861 | 129882  |
|  |  | 17020056  |
| **Technology - 32.9%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A<sup>(a)</sup> | 2876 | 719288  |
| Adobe, Inc.<sup>(a)(b)</sup> | 2066 | 703080  |
| Advanced Micro Devices, Inc.<sup>(a)(b)</sup> | 7486 | 1917314  |
| Analog Devices, Inc.<sup>(a)</sup> | 2073 | 485351  |
| Apple, Inc.<sup>(a)</sup> | 69562 | 18807478  |
| Applied Materials, Inc.<sup>(a)</sup> | 3836 | 894172  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 863 | 260056  |
| Broadcom, Inc.<sup>(a)</sup> | 21710 | 8024667  |
| Broadridge Financial Solutions, Inc. | 861 | 189764  |
| Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 1008 | 341399  |
|  Cognizant Technology Solutions Corp. - Class A<sup>(a)</sup> | 1802 | 131330  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 659 | 357844  |
| Datadog, Inc. - Class A<sup>(a)(b)</sup> | 888 | 144575  |
| Dell Technologies, Inc. - Class C<sup>(a)</sup> | 2872 | 465293  |
| Electronic Arts, Inc.<sup>(a)</sup> | 949 | 189857  |
| Fair Isaac Corp.<sup>(a)(b)</sup> | 55 | 91274  |
|  Fidelity National Information Services, Inc. | 2077 | 129854  |
| Fiserv, Inc.<sup>(b)</sup> | 2356 | 157122  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 3163 | 273378  |
| Gartner, Inc.<sup>(a)(b)</sup> | 290 | 72019  |
| Hewlett Packard Enterprise Co.<sup>(a)</sup> | 4428 | 108132  |
| HP, Inc.<sup>(a)</sup> | 3496 | 96734  |
| Intel Corp.<sup>(a)(b)</sup> | 19945 | 797601  |
| International Business Machines Corp.<sup>(a)</sup> | 4231 | 1300652  |
| Intuit, Inc.<sup>(a)</sup> | 1297 | 865812  |
| KLA Corp.<sup>(a)</sup> | 713 | 861832  |
| Micron Technology, Inc.<sup>(a)</sup> | 4361 | 975861  |
| Microsoft Corp.<sup>(a)</sup> | 34186 | 17701853  |
| Monolithic Power Systems, Inc.<sup>(a)</sup> | 112 | 112560  |
| MSCI, Inc. | 302 | 177742  |
| NVIDIA Corp.<sup>(a)</sup> | 111759 | 22630080  |
| NXP Semiconductors NV<sup>(a)</sup> | 968 | 202428  |
| Oracle Corp.<sup>(a)</sup> | 7400 | 1943314  |
| Palantir Technologies, Inc. - Class A<sup>(a)(b)</sup> | 9440 | 1892437  |
| Paychex, Inc.<sup>(a)</sup> | 2107 | 246582  |
| QUALCOMM, Inc.<sup>(a)</sup> | 5129 | 927836  |
| Roper Technologies, Inc.<sup>(a)</sup> | 371 | 165522  |
| Salesforce, Inc.<sup>(a)</sup> | 4411 | 1148668  |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 956 | 878832  |
| Snowflake, Inc. - Class A<sup>(b)</sup> | 729 | 200387  |
| Synopsys, Inc.<sup>(a)(b)</sup> | 695 | 315405  |
| Take-Two Interactive Software, Inc.<sup>(a)(b)</sup> | 594 | 152284  |
| Texas Instruments, Inc.<sup>(a)</sup> | 4212 | 680070  |
|  |  | 88737739  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 2.0%**<br>|  |  |
| Ameren Corp.<sup>(a)</sup> | 882  | $89982  |
| American Electric Power Co., Inc.<sup>(a)</sup> | 2914 | 350438  |
| American Water Works Co., Inc.<sup>(a)</sup> | 648 | 83223  |
| Consolidated Edison, Inc.<sup>(a)</sup> | 2142 | 208652  |
| Constellation Energy Corp.<sup>(a)</sup> | 1766 | 665782  |
| Dominion Energy, Inc.<sup>(a)</sup> | 4881 | 286466  |
| DTE Energy Co.<sup>(a)</sup> | 658 | 89185  |
| Duke Energy Corp.<sup>(a)</sup> | 4412 | 548412  |
| Edison International<sup>(a)</sup> | 1264 | 70000  |
| Entergy Corp.<sup>(a)</sup> | 1330 | 127800  |
| Eversource Energy<sup>(a)</sup> | 1175 | 86727  |
| Exelon Corp.<sup>(a)</sup> | 5563 | 256566  |
| FirstEnergy Corp.<sup>(a)</sup> | 1859 | 85198  |
| NextEra Energy, Inc.<sup>(a)</sup> | 10508 | 855351  |
| PG&E Corp.<sup>(a)</sup> | 12668 | 202181  |
| PPL Corp.<sup>(a)</sup> | 2397 | 87538  |
| Public Service Enterprise Group, Inc.<sup>(a)</sup> | 1757 | 141544  |
| Sempra<sup>(a)</sup> | 3444 | 316641  |
| Southern Co.<sup>(a)</sup> | 5798 | 545244  |
| WEC Energy Group, Inc.<sup>(a)</sup> | 1015 | 113406  |
| Xcel Energy, Inc.<sup>(a)</sup> | 2009 | 163070  |
|  |  | 5373406  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $183,264,823)** |  | 249525100  |
| **EXCHANGE TRADED FUNDS - 4.7%**<br>|  |  |
| **Large Cap Core Equity - 4.7%**<br>|  |  |
|  BNY Mellon US Large Cap Core Equity ETF | 97109 | 12721279  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Cost $11,049,818)** |  | 12721279  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(d)</sup> | 3895501 | 3895501  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $3,895,501)** |  | 3895501  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%**<br>**(Cost $198,210,142)** |  | $266141880  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3%<sup>(e)</sup> |  | 3464089  |
| **TOTAL NET ASSETS - 100.0%** |  | $269605969 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of October 31, 2025 is $173,146,972.

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

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

29<br>

------

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

**APTUS LARGE CAP ENHANCED YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

<sup>(e)</sup> Includes cash of $6,628 that is pledged as collateral for total return swaps. 

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

30<br>

------

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

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| RCXTEVHT<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 01/05/2027 | $264724456 | &nbsp;&nbsp; $3113181  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $3113181 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

<sup>(a)</sup> The Diversified Equity Volatility Harvesting Series ("RCXTEVHT" or the "Index") is a rules-based strategy that will add or subtract risk based on proprietary signals. The index generally is made up of Cboe Volatility Index ("VIX"), Nasdaq & S&P Index options, and VIX futures. As of October 31, 2025, the components of the Index are provided on the next page. 

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

31<br>

------

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

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited)(Continued)** 

The underlying components of the index as of October 31, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Futures Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; VIX November 2025 | 11/19/2025 | 25438 | $486652 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; VIX December 2025 | 12/17/2025 | 3470 | 69269 | &nbsp;&nbsp;&nbsp;&nbsp;0.03%  |
| **Total Futures Contracts** |  |  | 555921 | &nbsp;&nbsp;&nbsp;&nbsp;0.21%  |
| **Option Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24400 | 11/03/2025 | (101.78) | (134) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24560 | 11/03/2025 | (124.87) | (403) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700 | 11/03/2025 | (165.23) | (250) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24870 | 11/03/2025 | (501.79) | (449) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P25190 | 11/03/2025 | (705.74) | (2849) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585 | 11/03/2025 | (1740.10) | (258) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6645 | 11/03/2025 | (2031.55) | (959) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/03/2025 | (3516.04) | (1290) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6715 | 11/03/2025 | (164.72) | (4744) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24320 | 11/04/2025 | (100.00) | (396) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/04/2025 | (124.11) | (370) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24700 | 11/04/2025 | (251.02) | (555) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24920 | 11/04/2025 | (1160.06) | (1819) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6595 | 11/04/2025 | (869.83) | (1048) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6630 | 11/04/2025 | (697.42) | (1133) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6635 | 11/04/2025 | (1758.02) | (958) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6655 | 11/04/2025 | (123.61) | (3055) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24200 | 11/05/2025 | (99.24) | (473) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/05/2025 | (167.26) | (754) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24750 | 11/05/2025 | (870.05) | (1744) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6565 | 11/05/2025 | (695.87) | (1307) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6610 | 11/05/2025 | (1172.01) | (1587) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6620 | 11/05/2025 | (98.73) | (2944) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24100 | 11/06/2025 | (125.38) | (514) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24600 | 11/06/2025 | (696.04) | (1594) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6545 | 11/06/2025 | (879.01) | (1457) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6585 | 11/06/2025 | (100.26) | (2581) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly Index P24450 | 11/07/2025 | (703.21) | (1479) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6560 | 11/07/2025 | (13400.37) | (2515) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21 | 11/19/2025 | (25803.20) | (16549) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C21.5 | 11/19/2025 | (48246.90) | (29674) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22 | 11/19/2025 | (14791.50) | (51865) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C22.5 | 11/19/2025 | (50424.47) | (14865) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23 | 11/19/2025 | (82543.84) | (47903) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C23.5 | 11/19/2025 | (33086.28) | (74702) | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24 | 11/19/2025 | (28403.28) | (28454) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5 | 11/19/2025 | (115520.01) | (23291) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25 | 11/19/2025 | (92256.73) | (92416) | &nbsp;&nbsp;&nbsp;&nbsp; -0.04%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26 | 11/19/2025 | (35869.43) | (66425) | &nbsp;&nbsp;&nbsp;&nbsp; -0.03%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27 | 11/19/2025 | (70487.67) | (24033) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01% |

---

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

32<br>

------

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

**Aptus Large Cap Enhanced Yield ETF** 

**Schedule of Total Return Swap Contracts** 

**October 31, 2025 (Unaudited) (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Option Contracts (Continued)**  | **Option Contracts (Continued)**  | **Option Contracts (Continued)**  | **Option Contracts (Continued)**  | **Option Contracts (Continued)**  |
| &nbsp;&nbsp;&nbsp; VIX Index C28 | 11/19/2025 | (40219.72) | $(43702) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29 | 11/19/2025 | (23268.23) | (23327) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C30 | 11/19/2025 | (16594.49) | (12681) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31 | 11/19/2025 | (9291.75) | (8474) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 11/19/2025 | (7165.40) | (4553) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C33 | 11/19/2025 | (6944.21) | (3260) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C34 | 11/19/2025 | (7165.40) | (3021) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C36 | 11/19/2025 | 40201.11 | (2759) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C37 | 11/19/2025 | 69024.46 | 14673 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C38 | 11/19/2025 | 71666.06 | 24159 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C39 | 11/19/2025 | 41258.65 | 24008 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C40 | 11/19/2025 | 118238.34 | 12694 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C42.5 | 11/19/2025 | 188039.73 | 33107 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C47.5 | 11/19/2025 | 188039.73 | 40805 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 11/19/2025 | 77741.57 | 15548 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 11/19/2025 | 72984.12 | 11677 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C60 | 11/19/2025 | 20832.62 | 2708 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C65 | 11/19/2025 | 21496.19 | 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24 | 12/17/2025 | (3350.09) | (5846) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C24.5 | 12/17/2025 | (6447.58) | (10800) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C25 | 12/17/2025 | (11684.74) | (18812) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C26 | 12/17/2025 | (4060.40) | (6088) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C27 | 12/17/2025 | (12661.44) | (11699) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C28 | 12/17/2025 | (6181.18) | (8097) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C29 | 12/17/2025 | (7374.99) | (9071) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C30 | 12/17/2025 | (8636.54) | (10018) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C31 | 12/17/2025 | (5470.87) | (6018) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C32 | 12/17/2025 | (710.31) | (742) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; VIX Index C50 | 12/17/2025 | 43450.31 | 22377 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; VIX Index C55 | 12/17/2025 | 23127.83 | 10061 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%  |
| **Total Options Contracts** |  |  | (484797) | &nbsp;&nbsp;&nbsp;&nbsp; -0.18%  |
| **Cash**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 264653332 | &nbsp;&nbsp;&nbsp;&nbsp;99.97%  |
| **Total Underlying Positions** |  |  | $264724456 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

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

33<br>

------

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

**APTUS LARGE CAP UPSIDE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.9%**<br>|  |  |
| **Basic Materials - 0.5%**<br>|  |  |
| Linde PLC<sup>(a)</sup> | 1080 | $451764  |
| Solstice Advanced Materials, Inc.<sup>(a)(b)</sup> | 433 | 19493  |
|  |  | 471257  |
| **Communications - 12.3%**<br>|  |  |
| Alphabet, Inc. - Class A<sup>(a)</sup> | 4889 | 1374738  |
| Alphabet, Inc. - Class C<sup>(a)</sup> | 4702 | 1325118  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 8748 | 2136437  |
| AT&T, Inc.<sup>(a)</sup> | 29087 | 719903  |
| Cisco Systems, Inc.<sup>(a)</sup> | 6794 | 496709  |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 431 | 1003049  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup> | 1333 | 864250  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 2521 | 1025316  |
| Netflix, Inc.<sup>(a)(b)</sup> | 674 | 754112  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 3420 | 753221  |
| Spotify Technology SA<sup>(a)(b)</sup> | 544 | 356494  |
| T-Mobile US, Inc. | 1851 | 388802  |
| Uber Technologies, Inc.<sup>(b)</sup> | 4566 | 440619  |
|  |  | 11638768  |
| **Consumer, Cyclical - 5.4%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup> | 9377 | 297157  |
| Costco Wholesale Corp.<sup>(a)</sup> | 627 | 571479  |
| Dollar General Corp. | 6746 | 665561  |
| Fastenal Co.<sup>(a)</sup> | 9166 | 377181  |
| Home Depot, Inc.<sup>(a)</sup> | 1300 | 493467  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 4127 | 617110  |
| TJX Cos., Inc.<sup>(a)</sup> | 5742 | 804684  |
| Warner Music Group Corp. - Class A | 21345 | 682186  |
| WW Grainger, Inc.<sup>(a)</sup> | 683 | 668657  |
|  |  | 5177482  |
| **Consumer, Non-cyclical - 26.7%<sup>(c)</sup>**<br>|  |  |
| AbbVie, Inc.<sup>(a)</sup> | 4233 | 922963  |
| Altria Group, Inc.<sup>(a)</sup> | 11832 | 667088  |
| Automatic Data Processing, Inc.<sup>(a)</sup> | 2379 | 619254  |
| Bristol-Myers Squibb Co. | 9829 | 452822  |
| Cencora, Inc.<sup>(a)</sup> | 5147 | 1738708  |
| Centene Corp.<sup>(b)</sup> | 12475 | 441241  |
| Church & Dwight Co., Inc.<sup>(a)</sup> | 7644 | 670302  |
| Cigna Group | 1853 | 452892  |
| Clorox Co.<sup>(a)</sup> | 5897 | 663177  |
| Coca-Cola Co.<sup>(a)</sup> | 17240 | 1187836  |
| Colgate-Palmolive Co.<sup>(a)</sup> | 12798 | 986086  |
| Eli Lilly & Co.<sup>(a)</sup> | 917 | 791243  |
| Gilead Sciences, Inc. | 6045 | 724131  |
| Hershey Co.<sup>(a)</sup> | 5621 | 953490  |
| Johnson & Johnson<sup>(a)</sup> | 5670 | 1070893  |
| Kellanova<sup>(a)</sup> | 15670 | 1301550  |
| Kimberly-Clark Corp.<sup>(a)</sup> | 8170 | 978031  |
| Kroger Co. | 7343 | 467235  |
| McKesson Corp.<sup>(a)</sup> | 1316 | 1067723  |
| Merck & Co., Inc.<sup>(a)</sup> | 10203 | 877254  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Monster Beverage Corp.<sup>(a)(b)</sup> | 11523 | $770082  |
| PepsiCo, Inc.<sup>(a)</sup> | 7314 | 1068502  |
| Philip Morris International, Inc.<sup>(a)</sup> | 5071 | 731897  |
| Procter & Gamble Co.<sup>(a)</sup> | 5706 | 858011  |
| Rollins, Inc.<sup>(a)</sup> | 15948 | 918764  |
| Royalty Pharma PLC - Class A | 14129 | 530403  |
| Sysco Corp.<sup>(a)</sup> | 13730 | 1019864  |
| UnitedHealth Group, Inc.<sup>(a)</sup> | 1758 | 600463  |
| Verisk Analytics, Inc.<sup>(a)</sup> | 3207 | 701563  |
| Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1565 | 666017  |
| Zimmer Biomet Holdings, Inc. | 4337 | 436129  |
|  |  | 25335614  |
| **Energy - 2.4%**<br>|  |  |
| Cheniere Energy, Inc.<sup>(a)</sup> | 2371 | 502652  |
| Exxon Mobil Corp.<sup>(a)</sup> | 5467 | 625206  |
| Marathon Petroleum Corp.<sup>(a)</sup> | 3771 | 735006  |
| Williams Cos., Inc.<sup>(a)</sup> | 7057 | 408388  |
|  |  | 2271252  |
| **Financial - 13.7%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 7000 | 604170  |
| Arthur J Gallagher & Co.<sup>(a)</sup> | 2708 | 675619  |
| Cboe Global Markets, Inc. | 5497 | 1350283  |
| Chubb Ltd.<sup>(a)</sup> | 2858 | 791495  |
| Circle Internet Group, Inc.<sup>(b)</sup> | 4799 | 609377  |
| CME Group, Inc. | 4654 | 1235591  |
| Crown Castle, Inc. | 4132 | 372789  |
| Hartford Insurance Group, Inc.<sup>(a)</sup> | 3597 | 446675  |
| Marsh & McLennan Cos., Inc.<sup>(a)</sup> | 3474 | 618893  |
| Mastercard, Inc. - Class A<sup>(a)</sup> | 1254 | 692195  |
| Progressive Corp.<sup>(a)</sup> | 3915 | 806490  |
| Rocket Cos., Inc. - Class A | 69340 | 1155204  |
| SBA Communications Corp. | 1626 | 311347  |
| Travelers Cos., Inc.<sup>(a)</sup> | 1760 | 472771  |
| Ventas, Inc. | 6682 | 493065  |
| Visa, Inc. - Class A<sup>(a)</sup> | 1991 | 678413  |
| W R Berkley Corp.<sup>(a)</sup> | 12135 | 865711  |
| Welltower, Inc.<sup>(a)</sup> | 4804 | 869716  |
|  |  | 13049804  |
| **Industrial - 5.1%**<br>|  |  |
| General Dynamics Corp.<sup>(a)</sup> | 2489 | 858456  |
| Honeywell International, Inc.<sup>(a)</sup> | 1730 | 348301  |
| Lockheed Martin Corp.<sup>(a)</sup> | 2757 | 1356113  |
| Northrop Grumman Corp. | 1062 | 619624  |
| Republic Services, Inc.<sup>(a)</sup> | 3623 | 754454  |
| Waste Management, Inc.<sup>(a)</sup> | 4552 | 909353  |
|  |  | 4846301  |
| **Technology - 23.2%**<br>|  |  |
| Apple, Inc.<sup>(a)</sup> | 17595 | 4757160  |
| Broadcom, Inc. | 1531 | 565904  |
| Broadridge Financial Solutions, Inc. | 2912 | 641805  |
| Datadog, Inc. - Class A<sup>(a)(b)</sup> | 6328 | 1030262  |
| Electronic Arts, Inc. | 3108 | 621786  |

---

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

34<br>

------

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

**APTUS LARGE CAP UPSIDE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| Fiserv, Inc.<sup>(a)(b)</sup> | 3666 | $244486  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 6357 | 549435  |
| Leidos Holdings, Inc.<sup>(a)</sup> | 5943 | 1131963  |
| Microsoft Corp.<sup>(a)</sup> | 8631 | 4469218  |
| NVIDIA Corp.<sup>(a)</sup> | 26717 | 5409925  |
| Paychex, Inc.<sup>(a)</sup> | 4030 | 471631  |
| ServiceNow, Inc.<sup>(a)(b)</sup> | 1093 | 1004773  |
| Veeva Systems, Inc. - Class A<sup>(b)</sup> | 1994 | 580653  |
| Workday, Inc. - Class A<sup>(b)</sup> | 2073 | 497354  |
|  |  | 21976355  |
| **Utilities - 2.6%**<br>|  |  |
| American Water Works Co., Inc. | 3004 | 385804  |
| Consolidated Edison, Inc. | 4646 | 452567  |
| Entergy Corp.<sup>(a)</sup> | 7527 | 723270  |
| PPL Corp. | 24720 | 902774  |
|  |  | 2464415  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $83,235,421)** |  | 87231248  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.0%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(d)</sup> | 2820055 | 2820055  |
|  **TOTAL MONEY MARKET FUNDS (Cost $2,820,055)** |  | 2820055  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.9%** <br>**(Cost $86,055,476)** |  | $90051303  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 5.1% |  | 4802119  |
| **TOTAL NET ASSETS - 100.0%** |  | $94853422 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of October 31, 2025 is $46,347,203.

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

35<br>

------

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

**APTUS LARGE CAP UPSIDE ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| RCXTSOA6<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 01/26/2026 | $32498962 | &nbsp;&nbsp;&nbsp; $972782  |
| RCXTSOA6<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 09/08/2026 | 59070259 | &nbsp;&nbsp;&nbsp; 3772833  |
| RCXTSOA6<sup>(a)</sup> | Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp; EFFR | Termination | 04/07/2027 | 4574170 | &nbsp;&nbsp;&nbsp; 58447  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $4804062 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of October 31, 2025.

EFFR - Effective Federal Funds Rate was 3.86% as of October 31, 2025.

<sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of October 31, 2025, the components of the Index are provided on the next page. 

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

36<br>

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

**APTUS LARGE CAP UPSIDE ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025 (Unaudited)(Continued)** 

The underlying components of the index as of October 31, 2025 are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts Sold** | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Futures Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-mini S&P 500 December Index | 12/19/2025 | &nbsp;&nbsp;&nbsp; 7008  | $48169993  | &nbsp;&nbsp;&nbsp;&nbsp;50.10%  |
| **Total Futures Contracts** |  |  | 48169993  | &nbsp;&nbsp;&nbsp;&nbsp;50.10%  |
| **Option Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6675 | 11/03/2025 | &nbsp;&nbsp;&nbsp; (96.56) | (73) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6710 | 11/03/2025 | &nbsp;&nbsp;&nbsp; (376.30) | (468) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6720 | 11/03/2025 | &nbsp;&nbsp;&nbsp; (166.74) | (247) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6735 | 11/03/2025 | &nbsp;&nbsp;&nbsp; (337.89) | (666) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6745 | 11/03/2025 | &nbsp;&nbsp;&nbsp; (1084.85) | (2624) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6675 | 11/04/2025 | &nbsp;&nbsp;&nbsp; (204.83) | (458) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6705 | 11/04/2025 | &nbsp;&nbsp;&nbsp; (380.22) | (1285) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6715 | 11/04/2025 | &nbsp;&nbsp;&nbsp; (228.30) | (892) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/04/2025 | &nbsp;&nbsp;&nbsp; (166.77) | (941) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6655 | 11/05/2025 | &nbsp;&nbsp;&nbsp; (132.91) | (480) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6680 | 11/05/2025 | &nbsp;&nbsp;&nbsp; (206.97) | (982) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6700 | 11/05/2025 | &nbsp;&nbsp;&nbsp; (95.24) | (567) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6710 | 11/05/2025 | &nbsp;&nbsp;&nbsp; (166.41) | (1113) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/06/2025 | &nbsp;&nbsp;&nbsp; (95.28) | (461) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/06/2025 | &nbsp;&nbsp;&nbsp; (134.30) | (786) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6750 | 11/06/2025 | &nbsp;&nbsp;&nbsp; (166.86) | (2453) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/07/2025 | &nbsp;&nbsp;&nbsp; (96.28) | (672) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6735 | 11/07/2025 | &nbsp;&nbsp;&nbsp; (166.25) | (2749) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6550 | 11/10/2025 | &nbsp;&nbsp;&nbsp; (166.61) | (820) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6650 | 11/11/2025 | &nbsp;&nbsp;&nbsp; (168.75) | (2220) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6640 | 11/12/2025 | &nbsp;&nbsp;&nbsp; (168.02) | (2514) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6670 | 11/13/2025 | &nbsp;&nbsp;&nbsp; (168.14) | (3600) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6630 | 11/14/2025 | &nbsp;&nbsp;&nbsp; (167.79) | (3283) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6660 | 11/17/2025 | &nbsp;&nbsp;&nbsp; (168.10) | (4514) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6730 | 11/18/2025 | &nbsp;&nbsp;&nbsp; (168.05) | (7139) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/19/2025 | &nbsp;&nbsp;&nbsp; (167.32) | (8084) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6700 | 11/20/2025 | &nbsp;&nbsp;&nbsp; (167.44) | (7554) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6740 | 11/21/2025 | &nbsp;&nbsp;&nbsp; (168.02) | (9542) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6790 | 11/24/2025 | &nbsp;&nbsp;&nbsp; (167.53) | (12375) | &nbsp;&nbsp;&nbsp;&nbsp; -0.01%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6875 | 11/25/2025 | &nbsp;&nbsp;&nbsp; (166.65) | (18028) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6890 | 11/26/2025 | &nbsp;&nbsp;&nbsp; (165.07) | (19398) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6890 | 11/28/2025 | &nbsp;&nbsp;&nbsp; (164.72) | (19653) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6820 | 12/01/2025 | &nbsp;&nbsp;&nbsp; (164.68) | (15591) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly Index P6840 | 12/02/2025 | &nbsp;&nbsp;&nbsp; (166.11) | (17330) | &nbsp;&nbsp;&nbsp;&nbsp; -0.02%  |
| **Total Options Contracts** |  |  | (169561) | &nbsp;&nbsp;&nbsp;&nbsp; -0.17%  |
| **Cash**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 48142959  | &nbsp;&nbsp;&nbsp;&nbsp;50.07%  |
| **Total Underlying Positions** |  |  | $96143391 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00% |

---

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

37<br>

------

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

**Opus Small Cap Value ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.3%**<br>|  |  |
| **Basic Materials - 3.2%**<br>|  |  |
| Hawkins, Inc. | 107331 | $15224902  |
| United States Lime & Minerals, Inc. | 48021 | 5629022  |
|  |  | 20853924  |
| **Communications - 1.3%**<br>|  |  |
| A10 Networks, Inc. | 458154 | 8173467  |
| **Consumer, Cyclical - 11.7%**<br>|  |  |
| Boyd Gaming Corp. | 122308 | 9524124  |
| Copa Holdings SA - Class A | 66782 | 8361774  |
| Gildan Activewear, Inc. | 159679 | 9307689  |
| KB Home | 195485 | 12202173  |
| Murphy USA, Inc. | 22864 | 8189885  |
| PriceSmart, Inc. | 81800 | 9402092  |
| Texas Roadhouse, Inc. | 97417 | 15935473  |
| Winmark Corp. | 7200 | 2902824  |
|  |  | 75826034  |
| **Consumer, Non-cyclical - 9.9%**<br>|  |  |
| Chemed Corp. | 27324 | 11784841  |
| Encompass Health Corp. | 128386 | 14616746  |
| Ensign Group, Inc. | 102995 | 18549400  |
| Hackett Group, Inc. | 180332 | 3265813  |
| LeMaitre Vascular, Inc. | 68953 | 5972019  |
| Service Corp. International | 122243 | 10208513  |
|  |  | 64397332  |
| **Energy - 7.6%**<br>|  |  |
| Chord Energy Corp. | 70472 | 6393220  |
| Kimbell Royalty Partners LP | 196381 | 2600084  |
| Northern Oil & Gas, Inc. | 292980 | 6483647  |
| Range Resources Corp. | 222871 | 7923064  |
| TechnipFMC PLC | 233313 | 9647493  |
| Viper Energy, Inc. - Class A | 434777 | 16330224  |
|  |  | 49377732  |
| **Financial - 35.7%<sup>(a)</sup>**<br>|  |  |
| Agree Realty Corp. | 93106 | 6797669  |
| American Healthcare REIT, Inc. | 331934 | 15043249  |
| American Homes 4 Rent - Class A | 175186 | 5535877  |
| EastGroup Properties, Inc. | 56028 | 9778567  |
| Enterprise Financial Services Corp. | 236727 | 12397393  |
| Essential Properties Realty Trust, Inc. | 339291 | 10138015  |
| FirstService Corp. | 37942 | 6048334  |
| Four Corners Property Trust, Inc. | 178129 | 4210969  |
| German American Bancorp, Inc. | 274278 | 10570674  |
| Hanover Insurance Group, Inc. | 89878 | 15358353  |
| Hingham Institution For Savings | 25168 | 7405936  |
| Home BancShares, Inc. | 386609 | 10326326  |
| Houlihan Lokey, Inc. | 66810 | 11964335  |
| Ladder Capital Corp. | 671762 | 7100524  |
| Lakeland Financial Corp. | 156262 | 8914747  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mercury General Corp. | 80122 | $6193431  |
| Pathward Financial, Inc. | 145213 | 9883197  |
| Primerica, Inc. | 52199 | 13564954  |
| Seacoast Banking Corp. of Florida | 447849 | 13569825  |
| Stock Yards Bancorp, Inc. | 190955 | 12415894  |
| Terreno Realty Corp. | 109644 | 6263962  |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. - <br>Class A | 116564 | 7258440  |
| West BanCorp, Inc. | 411421 | 8750925  |
| Wintrust Financial Corp. | 88590 | 11518472  |
|  |  | 231010068  |
| **Industrial - 20.2%**<br>|  |  |
| AptarGroup, Inc. | 64171 | 7444478  |
| Arcosa, Inc. | 133180 | 13584360  |
| Curtiss-Wright Corp. | 33696 | 20073718  |
| Flowserve Corp. | 178895 | 12209584  |
| Franklin Electric Co., Inc. | 69349 | 6572205  |
| Graco, Inc. | 104177 | 8518553  |
| Kadant, Inc. | 41787 | 11560791  |
| nVent Electric PLC | 104520 | 11951862  |
| Owens Corning | 76491 | 9738069  |
| Primoris Services Corp. | 135565 | 19185159  |
| UFP Industries, Inc. | 104422 | 9620399  |
|  |  | 130459178  |
| **Technology - 1.7%**<br>|  |  |
| Amdocs Ltd. | 63595 | 5358515  |
| Climb Global Solutions, Inc. | 48951 | 5437477  |
|  |  | 10795992  |
| **Utilities - 5.0%**<br>|  |  |
| California Water Service Group | 181953 | 8075074  |
| IDACORP, Inc. | 36886 | 4759032  |
| National Fuel Gas Co. | 134565 | 10618524  |
| New Jersey Resources Corp. | 201852 | 8942044  |
|  |  | 32394674  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $575,795,555)** |  | 623288401  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(b)</sup> | 24187512 | 24187512  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $24,187,512)** |  | 24187512  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $599,983,067)** |  | $647475913  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)<sup>(c)</sup> |  | (111446)  |
| **TOTAL NET ASSETS - 100.0%** |  | $647364467 |

---

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

38<br>

------

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

**Opus Small Cap Value ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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

39<br>

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

**APTUS ETFs** 

**Statements of Assets and Liabilities** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment** <br>**Opportunity ETF** | **Aptus** <br>**Deferred** <br>**Income ETF** | **Aptus** <br>**Defined** <br>**Risk ETF** | **Aptus** <br>**Drawdown** <br>**Managed** <br>**Equity ETF** | **Aptus** <br>**Enhanced** <br>**Yield ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at <br>value | $2231899967 | $87271781 | $438755066 | $251912538 | $218592777  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at <br>value |  |  | 1034781870 |  | —  |
| Deposit at broker for option contracts | 4633734 |  | 4738291 | 41989 | —  |
| Cash collateral for written options | 214794 |  |  |  | —  |
| Receivable for investments sold | 19450764 |  | 10799538 | 1714232 | —  |
| Dividends receivable | 1121568 | 366 | 60113 | 124826 | 22688  |
| Interest receivable | 11401 | 153 | 28759 | 321 | 1376797  |
| Receivable for swap contracts |  | 1594720 |  |  | 2996022  |
| Receivable for fund shares sold |  |  | 4420515 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2257332228 | 88867020 | 1493584152 | 253793906 | 222988284  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 26784085 | 37769 | 24382000 | 1415000 | —  |
| Payable for investments purchased | 14919939 |  | 15263652 | 1701799 | —  |
| Payable to adviser | 1461557 | 57635 | 829532 | 165012 | 110271  |
| Due to broker |  | 481 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 43165581 | 95885 | 40475184 | 3281811 | 110271  |
| **NET ASSETS** | $2214166647 | $88771135 | $1453108968 | $250512095 | $222878013  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1827091604 | $85075470 | $1444301979 | $283921930 | $266710388  |
|  Total distributable earnings/(accumulated losses) | 387075043 | 3695665 | 8806989 | (33409835) | (43832375)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $2214166647 | $88771135 | $1453108968 | $250512095 | $222878013  |
| Net assets | $2214166647 | $88771135 | $1453108968 | $250512095 | $222878013  |
| Shares issued and outstanding<sup>(a)</sup> | 50300000 | 3350000 | 49300000 | 4841755 | 10025000  |
| Net asset value per share | $44.02 | $26.50 | $29.47 | $51.74 | $22.23  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $1603613140 | $86493197 | $404138152 | $184081335 | $217695637  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at <br>cost | $— | $— | $1008477726 | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $21189022 | $694168 | $20327600 | $3020015 | $— |

---

<sup>(a)</sup> Unlimited shares authorized.

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

40<br>

------

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

**APTUS ETFs** 

**Statements of Assets and Liabilities** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus** <br>**International** <br>**Enhanced** <br>**Yield ETF** | **Aptus** <br>**Large Cap** <br>**Enhanced** <br>**Yield ETF** | **Aptus** <br>**Large Cap** <br>**Upside ETF** | **Opus** <br>**Small Cap** <br>**Value ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments in unaffiliated securities, at value | $365042157 | $266141880 | $90051303 | $647475913  |
| Cash collateral for swap contracts | —  | 6628  | —  | —  |
| Receivable for swap contracts | 4002665 | 3113181 | 4804062 | —  |
| Dividends receivable | 1886 | 126237 | 61032 | 316847  |
| Receivable for investments sold |  | 304237 |  | —  |
| Dividend tax reclaims receivable |  | 1172 |  | 9320  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 369046708 | 269693335 | 94916397 | 647802080  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable to adviser | 120609 | 87366 | 62975 | 437613  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 120609 | 87366 | 62975 | 437613  |
| **NET ASSETS** | $368926099 | $269605969 | $94853422 | $647364467  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $356115847 | $203027570 | $86480498 | $618543281  |
| Total distributable earnings/(accumulated losses) | 12810252 | 66578399 | 8372924 | 28821186  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $368926099 | $269605969 | $94853422 | $647364467  |
| Net assets | $368926099 | $269605969 | $94853422 | $647364467  |
| Shares issued and outstanding<sup>(a)</sup> | 15450000 | 7175000 | 3550000 | 17500000  |
| Net asset value per share | $23.88 | $37.58 | $26.72 | $36.99  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $310262561 | $198210142 | $86055476 | $599983067 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

41<br>

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

**APTUS ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aptus Collared** <br>**Investment** <br>**Opportunity ETF** | **Aptus** <br>**Deferred** <br>**Income ETF<sup>(a)</sup>** | **Aptus** <br>**Defined** <br>**Risk ETF** | **Aptus** <br>**Drawdown** <br>**Managed** <br>**Equity ETF** | **Aptus** <br>**Enhanced** <br>**Yield ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $11592719 | $6270 | $6810053 | $1365130 | $330848  |
| Less: Dividend withholding taxes | (7698) |  |  | (1034) | —  |
|  Dividend income from affiliated securities |  |  | 22476111 |  | —  |
| Interest income | 104960 | 114215 | 385225 | 10634 | 6773035  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 11689981 | 120485 | 29671389 | 1374730 | 7103883  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 7999413 | 225837 | 4548166 | 921472 | 746904  |
| &nbsp;&nbsp;&nbsp; Total expenses | 7999413 | 225837 | 4548166 | 921472 | 746904  |
| **Net investment income/(loss)**  | 3690568 | (105352) | 25123223 | 453258 | 6356979  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (164491412) | (91887) | 16174741 | (10493964) | (4928748)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions – unaffiliated securities | 17770703 | 864049 | 150878 | 8619791 | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions – affiliated securities |  |  | 665672 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 55351345 | (848) | 34877502 | 3867254 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 74146  |
| Net realized gain (loss) | (91369364) | 771314 | 51868793 | 1993081 | (4854602)  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 357660317 | 778584 | 25713043 | 34491285 | 530003  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | 18816633 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (4334571) | 656399 | (2840605) | 1373696 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 1594720 |  |  | 2996022  |
|  Net change in unrealized appreciation (depreciation) | 353325746 | 3029703 | 41689071 | 35864981 | 3526025  |
| **Net realized and unrealized gain (loss)** | 261956382 | 3801017 | 93557864 | 37858062 | (1328577)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $265646950 | $3695665 | $118681087 | $38311320 | $5028402 |

---

<sup>(a)</sup> Inception date of the Fund was May 13, 2025.

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

42<br>

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

**APTUS ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus** <br>**International** <br>**Enhanced** <br>**Yield ETF** | **Aptus** <br>**Large Cap** <br>**Enhanced** <br>**Yield ETF** | **Aptus** <br>**Large Cap** <br>**Upside ETF** | **Opus** <br>**Small Cap** <br>**Value ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income from unaffiliated securities | $4914939 | $1492628 | $565536 | $6382929  |
| Less: Dividend withholding taxes |  | (1130) | (173) | (19819)  |
| Less: Issuance fees |  | (8) |  | —  |
| Interest income | 813322 | 470862 | 33790 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5728261 | 1962352 | 599153 | 6363110  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 647710 | 474869 | 308147 | 2413363  |
| &nbsp;&nbsp;&nbsp; Total expenses | 647710 | 474869 | 308147 | 2413363  |
| **Net investment income/(loss)** | 5080551 | 1487483 | 291006 | 3949747  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 10125887 | 860078 | (1121521) | (12435378)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions - unaffiliated securities | 189062 | 3705419 | 856622 | 24731119  |
| Net realized gain (loss) | 10314949 | 4565497 | (264899) | 12295741  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 29232743 | 43148621 | 4924369 | 29466677  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 4002665 | 3113181 | 7518238 | —  |
| Net change in unrealized appreciation (depreciation) | 33235408 | 46261802 | 12442607 | 29466677  |
| **Net realized and unrealized gain (loss)** | 43550357 | 50827299 | 12177708 | 41762418  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $48630908 | $52314782 | $12468714 | $45712165 |

---

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

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

**APTUS ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Aptus Collared Investment** <br>**Opportunity ETF** | **Aptus Collared Investment** <br>**Opportunity ETF** | **Aptus Deferred** <br>**Income ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025<sup>(a)</sup>**<br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3690568 | $6412729 | &nbsp;&nbsp; $(105352)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (91369364) | (40361646) | &nbsp;&nbsp; 771314  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 353325746 | 118699576 | &nbsp;&nbsp; 3029703  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 265646950 | 84750659 | &nbsp;&nbsp; 3695665  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3775183) | (6346496) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3775183) | (6346496) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 279650825 | 853008145 | &nbsp;&nbsp; 134727380  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (77748610) | (38077053) | &nbsp;&nbsp; (49651910)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 201902215 | 814931092 | &nbsp;&nbsp; 85075470  |
| **Net increase (decrease) in net assets** | 463773982 | 893335255 | &nbsp;&nbsp; 88771135  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1750392665 | 857057410 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $2214166647 | $1750392665 | &nbsp;&nbsp; $88771135  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6700000 | 21875000 | &nbsp;&nbsp; 5275000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1850000) | (950000) | &nbsp;&nbsp; (1925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4850000 | 20925000 | &nbsp;&nbsp; 3350000 |

---

<sup>(a)</sup> Inception date of the Fund was May 13, 2025.

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

44<br>

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

**APTUS ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Defined Risk ETF** | **Aptus Defined Risk ETF** | **Aptus Drawdown** <br>**Managed Equity ETF**  | **Aptus Drawdown** <br>**Managed Equity ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $25123223 | $33614349 | $453258 | $978059  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 51868793 | (3885781) | 1993081 | 9583272  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 41689071 | 27543698 | 35864981 | 3010342  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 118681087 | 57272266 | 38311320 | 13571673  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (24807067) | (31309685) | (473105) | (971140)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (24807067) | (31309685) | (473105) | (971140)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 210352527 | 659868445 | 19764095 | 112569063  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (19454434) | (25095585) | (29554027) | (59695223)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 190898093 | 634772860 | (9789932) | 52873840  |
| **Net increase (decrease) in net assets** | 284772113 | 660735441 | 28048283 | 65474373  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1168336855 | 507601414 | 222463812 | 156989439  |
| &nbsp;&nbsp;&nbsp; End of the period | $1453108968 | $1168336855 | $250512095 | $222463812  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7350000 | 23725000 | 400000 | 2475000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (675000) | (900000) | (625000) | (1300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 6675000 | 22825000 | (225000) | 1175000 |

---

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

45<br>

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

**APTUS ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Enhanced Yield ETF** | **Aptus Enhanced Yield ETF** | **Aptus International** <br>**Enhanced Yield ETF**  | **Aptus International** <br>**Enhanced Yield ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6356979 | $24882648 | $5080551 | $12531054  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4854602) | (13303001) | 10314949 | (8818393)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3526025 | 5127269 | 33235408 | 17021657  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5028402 | 16706916 | 48630908 | 20734318  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (10909132) | (24637253) | (11277533) | (11670825)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (10909132) | (24637253) | (11277533) | (11670825)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11733813 | 85140620 | 50101958 | 113881068  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (90140777) | (104971543) | (1139717) | (8286220)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (78406964) | (19830923) | 48962241 | 105594848  |
| **Net increase (decrease) in net assets** | (84287694) | (27761260) | 86315616 | 114658341  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 307165707 | 334926967 | 282610483 | 167952142  |
| &nbsp;&nbsp;&nbsp; End of the period | $222878013 | $307165707 | $368926099 | $282610483  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 525000 | 3675000 | 2200000 | 5475000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4050000) | (4550000) | (50000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3525000) | (875000) | 2150000 | 5075000 |

---

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

46<br>

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

**APTUS ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus Large Cap** <br>**Enhanced Yield ETF** | **Aptus Large Cap** <br>**Enhanced Yield ETF** | **Aptus Large Cap Upside ETF**  | **Aptus Large Cap Upside ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1487483 | $5377821 | $291006 | $107679  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4565497 | (1199877) | (264899) | (62264)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 46261802 | 13674703 | 12442607 | (3642717)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 52314782 | 17852647 | 12468714 | (3597302)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2858053) | (5174799) | (294215) | (89980)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2858053) | (5174799) | (294215) | (89980)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 17282158 | 66540545 | 45931685 | 47946855  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13224205) | (18807995) | (6260125) | (1252210)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4057953 | 47732550 | 39671560 | 46694645  |
| **Net increase (decrease) in net assets** | 53514682 | 60410398 | 51846059 | 43007363  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 216091287 | 155680889 | 43007363 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $269605969 | $216091287 | $94853422 | $43007363  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 500000 | 2125000 | 1900000 | 1950000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (400000) | (575000) | (250000) | (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 100000 | 1550000 | 1650000 | 1900000 |

---

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

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

47<br>

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

**APTUS ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Opus Small Cap Value ETF**  | **Opus Small Cap Value ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3949747 | $5376064  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12295741 | (10226994)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 29466677 | 34187  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 45712165 | (4816743)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3856078) | (5070500)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3856078) | (5070500)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 133627865 | 257579483  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (48533760) | (22687193)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 85094105 | 234892290  |
| **Net increase (decrease) in net assets** | 126950192 | 225005047  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 520414275 | 295409228  |
| &nbsp;&nbsp;&nbsp; End of the period | $647364467 | $520414275  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3625000 | 7050000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1300000) | (600000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2325000 | 6450000 |

---

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

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

**Aptus Collared Investment Opportunity ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $38.51 | $34.95 | $30.32 | $30.02 | $29.67 | $24.04  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.18 | 0.23 | 0.26 | 0.19 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.51 | 3.55 | 4.64 | 0.47 | 0.34 | 5.61  |
| **Total from investment operations** | 5.59 | 3.73 | 4.87 | 0.73 | 0.53 | 5.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.08) | (0.17) | (0.24) | (0.24) | (0.18) | (0.25)  |
| Net realized gains |  |  |  | (0.19) |  | —  |
| **Total distributions** | (0.08) | (0.17) | (0.24) | (0.43) | (0.18) | (0.25)  |
| **Net asset value, end of period** | $44.02 | $38.51 | $34.95 | $30.32 | $30.02 | $29.67  |
| Total return<sup>(c)</sup> | 14.51% | 10.70% | 16.10% | 2.53% | 1.78% | 24.57%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2214167 | $1750393 | $857057 | $586706 | $402233 | $201742  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(d)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 0.36% | 0.46% | 0.70% | 0.88% | 0.60% | 0.99%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | 15% | 44% | 24% | 69% | 48% | 46% |

---

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

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

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

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

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

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

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

**Aptus Deferred Income ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.04)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.50  |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.50  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 6.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $88771  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.79%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.37)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was May 13, 2025.

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

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

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

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

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

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

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

**Aptus Defined Risk ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $27.41 | $25.64 | $25.74 | $27.01 | $29.37 | $29.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.55 | 1.06 | 0.86 | 0.62 | 0.23 | 0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.05 | 1.65 | (0.03) | (1.28) | (1.86) | 1.31  |
| **Total from investment operations** | 2.60 | 2.71 | 0.83 | (0.66) | (1.63) | 1.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.54) | (0.94) | (0.93) | (0.61) | (0.20) | (0.33)  |
| Net realized gains |  |  |  |  | (0.53) | (1.31)  |
| **Total distributions** | (0.54) | (0.94) | (0.93) | (0.63) | (0.73) | (1.64)  |
| **Net asset value, end of period** | $29.47 | $27.41 | $25.64 | $25.74 | $27.01 | $29.37  |
| Total return<sup>(c)</sup> | 9.54% | 10.62% | 3.37% | -2.39% | -5.73% | 5.62%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1453109 | $1168337 | $507601 | $662900 | $903370 | $656363  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(e)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.70%<sup>(f)</sup> | 0.70%<sup>(f)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.81% | 3.84% | 3.43% | 2.39% | 0.79% | 1.07%  |
| Portfolio turnover rate<sup>(c)(g)</sup> | 8% | 37% | 48% | 119% | 69% | 28% |

---

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

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

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

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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

**Aptus Drawdown Managed Equity ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $43.91 | $40.34 | $35.09 | $38.15 | $38.72 | $30.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.21 | 0.28 | 0.29 | 0.11 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | 3.57 | 5.28 | (3.06) | (0.58) | 8.52  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | 3.78 | 5.56 | (2.77) | (0.47) | 8.62  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.10) | (0.21) | (0.31) | (0.29) | (0.10) | (0.12)  |
| Return of capital | &nbsp;&nbsp; — |  |  |  |  | (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (0.10) | (0.21) | (0.31) | (0.29) | (0.10) | (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $51.74 | $43.91 | $40.34 | $35.09 | $38.15 | $38.72  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 18.09% | 9.34%<sup>(d)</sup> | 15.88% | -7.24% | -1.23% | 28.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $250512 | $222464 | $156989 | $203258 | $364019 | $222333  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(e)</sup> | &nbsp;&nbsp; 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.39% | 0.47% | 0.75% | 0.83% | 0.27% | 0.29%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp; 14% | 40% | 20% | 64% | 43% | 48% |

---

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

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

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

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

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

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

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

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

**Aptus Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $22.67 | $23.22 | $24.81 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.57 | 1.79 | 1.96 | 1.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.04) | (0.57) | (1.61) | &nbsp;&nbsp; (0.52)  |
| **Total from investment operations** | 0.53 | 1.22 | 0.35 | 0.74  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.97) | (1.77) | (1.94) | &nbsp;&nbsp; (0.93)  |
| **Total distributions** | &nbsp;&nbsp; (0.97) | (1.77) | (1.94) | &nbsp;&nbsp; (0.93)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.23 | $22.67 | $23.22 | &nbsp;&nbsp; $24.81  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.43% | 5.40% | 1.44% | &nbsp;&nbsp; 2.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $222878 | $307166 | $334927 | &nbsp;&nbsp; $362205  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.59% | 0.59% | 0.59% | &nbsp;&nbsp; 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 5.02% | 7.74% | 8.11% | &nbsp;&nbsp; 10.13%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 0% | 47% | 48% | &nbsp;&nbsp; 0%<sup>(g)</sup> |

---

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

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

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

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

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

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

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

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

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

**Aptus International Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023**  | **Period Ended** <br>**April 30,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.25 | $20.42 | $20.03 | $21.34 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.35 | 1.21 | 0.88 | 0.50 | 0.36  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.05 | 0.77 | 0.34 | (1.31) | &nbsp;&nbsp; (3.68)  |
| **Total from investment operations** | 3.40 | 1.98 | 1.22 | (0.81) | &nbsp;&nbsp; (3.32)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.77) | (1.15) | (0.83) | (0.50) | &nbsp;&nbsp; (0.34)  |
| **Total distributions** | &nbsp;&nbsp; (0.77) | (1.15) | (0.83) | (0.50) | &nbsp;&nbsp; (0.34)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.88 | $21.25 | $20.42 | $20.03 | &nbsp;&nbsp; $21.34  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 16.24% | 10.01% | 6.20% | -3.62% | &nbsp;&nbsp; -13.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $368926 | $282610 | $167952 | $62107 | &nbsp;&nbsp; $141909  |
|  Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.39% | 0.39% | 0.39%<sup>(g)</sup> | 0.59% | &nbsp;&nbsp; 0.59%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 3.06% | 5.79% | 4.44% | 2.52% | &nbsp;&nbsp; 1.93%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 54% | 10% | 16% | 102% | &nbsp;&nbsp; 2% |

---

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

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

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

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

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

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

**Aptus Large Cap Enhanced Yield ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**April 30,** <br>**2025** | **Period Ended** <br>**April 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.54 | $28.18 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.21 | 0.85 | 0.68  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.24 | 2.33 | 2.96  |
| **Total from investment operations** | 7.45 | 3.18 | 3.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | (0.82) | &nbsp;&nbsp; (0.46)  |
| **Total distributions** | &nbsp;&nbsp; (0.41) | (0.82) | &nbsp;&nbsp; (0.46)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $37.58 | $30.54 | &nbsp;&nbsp; $28.18  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 24.47% | 11.25% | &nbsp;&nbsp; 14.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $269606 | $216091 | &nbsp;&nbsp; $155681  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.39% | 0.39% | &nbsp;&nbsp; 0.39%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.22% | 2.70% | &nbsp;&nbsp; 2.89%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 4% | 18% | &nbsp;&nbsp; 13% |

---

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

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

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

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

55<br>

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

**Aptus Large Cap Upside ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**April 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $22.64 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp; (2.39)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp; (2.30)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.72 | &nbsp;&nbsp; $22.64  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 18.46% | &nbsp;&nbsp; -9.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $94853 | &nbsp;&nbsp; $43007  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.83%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 14% |

---

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

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

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

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

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

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

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

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

**Opus Small Cap Value ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $34.29 | $33.86 | $30.80 | $31.37 | $33.07 | $20.41  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.24 | 0.46 | 0.53 | 0.46 | 0.22 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.69 | 0.41 | 3.07 | (0.59) | (1.59) | 12.69  |
| **Total from investment operations** | 2.93 | 0.87 | 3.60 | (0.13) | (1.37) | 12.90  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23) | (0.44) | (0.54) | (0.44) | (0.21) | (0.20)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  | (0.12) | —  |
| Return of capital | &nbsp;&nbsp; — |  |  |  |  | (0.04)  |
| **Total distributions** | &nbsp;&nbsp; (0.23) | (0.44) | (0.54) | (0.44) | (0.33) | (0.24)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.99 | $34.29 | $33.86 | $30.80 | $31.37 | $33.07  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 8.55% | 2.53% | 11.75% | -0.39% | -4.25% | 63.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $647364 | $520414 | $295409 | $245645 | $187423 | $106660  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 1.29% | 1.27% | 1.64% | 1.49% | 0.67% | 0.77%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 6% | 25% | 19% | 35% | 45% | 65% |

---

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

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

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

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

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

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

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**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

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

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

---

| | |
|:---|:---|
| **Fund** | **Date of** <br>**Commencement**  |
| Aptus Collared Investment Opportunity ETF | July 9, 2019  |
| Aptus Deferred Income ETF | May 13, 2025  |
| Aptus Defined Risk ETF | August 7, 2018  |
| Aptus Drawdown Managed Equity ETF | June 8, 2016  |
| Aptus Enhanced Yield ETF | October 31, 2022  |
| Aptus International Enhanced Yield ETF | July 22, 2021  |
| Aptus Large Cap Enhanced Yield ETF | June 13, 2023  |
| Aptus Large Cap Upside ETF | November 20, 2024  |
| Opus Small Cap Value ETF | July 17, 2018 |

---

The end of the reporting period for the Funds is October 31, 2025. The current fiscal period is the period from May 1, 2025 through October 31, 2025 for all Funds with the exception of Aptus Deferred Income ETF for which the current fiscal period is the period from inception on May 13, 2025 through October 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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.

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.

FLexible EXchange Options ("FLEX Options") will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date.

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

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

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

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

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

---

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

---

---

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

---

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.

59<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

**Aptus Collared Investment Opportunity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2205246412 | $— | $— | $2205246412  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 17600250 |  | 17600250  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9053305 |  |  | 9053305  |
| **Total Investments** | $2214299717 | $17600250 | $— | $2231899967  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(26784085) | $— | $(26784085)  |
| **Total Investments** | $— | $(26784085) | $— | $(26784085) |

---

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

**Aptus Deferred Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $80552635 | $— | $80552635  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 5994247 |  | 5994247  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 724899 |  |  | 724899  |
| **Total Investments** | $724899 | $86546882 | $— | $87271781  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $1594720 | $— | $1594720  |
| Total Other Financial Instruments | $— | $1594720 | $— | $1594720  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(37769) | $— | $(37769)  |
| **Total Investments** | $— | $(37769) | $— | $(37769) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

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

60<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**Aptus Defined Risk Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $1320585375 | $— | $— | $1320585375  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 134214250 |  | 134214250  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 18737311 |  |  | 18737311  |
| **Total Investments** | $1339322686 | $134214250 | $— | $1473536936  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(24382000) | $— | $(24382000)  |
| **Total Investments** | $— | $(24382000) | $— | $(24382000) |

---

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

**Aptus Drawdown Managed Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Assets:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $248005236 | $— | $— | $248005236  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 2537500 |  | 2537500  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1369802 |  |  | 1369802  |
| **Total Investments** | $249375038 | $2537500 | $— | $251912538  |
| **<u>Liabilities:</u>**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1415000) | $— | $(1415000)  |
| **Total Investments** | $— | $(1415000) | $— | $(1415000) |

---

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

**Aptus Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $195142113 | $— | $195142113  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 14985619 |  | 14985619  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8465045 |  |  | 8465045  |
| **Total Investments** | $8465045 | $210127732 | $— | $218592777  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $2996022 | $— | $2996022  |
|  **Total Other Financial Instruments** | $— | $2996022 | $— | $2996022 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

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

61<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**Aptus International Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $363972475 | $— | $— | $363972475  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 570161 |  |  | 570161  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 499521 |  | 499521  |
| **Total Investments** | $364542636 | $499521 | $— | $365042157  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $4002665 | $— | $4002665  |
|  **Total Other Financial Instruments** | $— | $4002665 | $— | $4002665 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

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

**Aptus Large Cap Enhanced Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $249525100 | $— | $— | $249525100  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 12721279 |  |  | 12721279  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3895501 |  |  | 3895501  |
| **Total Investments** | $266141880 | $— | $— | $266141880  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $3113181 | $— | $3113181  |
|  **Total Other Financial Instruments** | $— | $3113181 | $— | $3113181 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

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

**Aptus Large Cap Upside ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $87231248 | $— | $— | $87231248  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2820055 |  |  | 2820055  |
| **Total Investments** | $90051303 | $— | $— | $90051303  |
| **<u>Other Financial Instruments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $4804062 | $— | $4804062  |
|  **Total Other Financial Instruments** | $— | $4804062 | $— | $4804062 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of October 31, 2025.

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

62<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**Opus Small Cap Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $623288401 | $— | $— | $623288401  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 24187512 |  |  | 24187512  |
| **Total Investments** | $647475913 | $— | $— | $647475913 |

---

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

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

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

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

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

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

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

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

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

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

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

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

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

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncements.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund.
 The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed
 by a committee of certain individuals on the Investment and Operations Teams of the Adviser, who serves as the chief operating decision
 maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

64<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

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

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

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

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aptus Collared Investment Opportunity ETF | $289742567 | $358011263  |
| Aptus Deferred Income ETF |  | —  |
| Aptus Defined Risk ETF | 117258662 | 96925831  |
| Aptus Drawdown Managed Equity ETF | 32462993 | 37645802  |
| Aptus Enhanced Yield ETF |  | 44429688  |
| Aptus International Enhanced Yield ETF | 193951528 | 169320241  |
| Aptus Large Cap Enhanced Yield ETF | 26616017 | 8541107  |
| Aptus Large Cap Upside ETF | 17072180 | 12975772  |
| Opus Small Cap Value ETF | 36980308 | 40825883 |

---

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

There were no purchases or sales of U.S. Government securities, excluding short-term securities, in Aptus Collared Investment Opportunity ETF, Aptus Deferred Income ETF, Aptus Defined Risk ETF, Aptus Drawdown Managed Equity ETF, Aptus International Enhanced Yield ETF, Aptus Large Cap Enhanced Yield ETF, Aptus Large Cap Upside ETF, and Opus Small Cap Value ETF during the current fiscal period. Included in the amounts for Aptus Enhanced Yield ETF there were $44,429,688 of sales of long-term U.S. Government securities during the current fiscal period.

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind Sales**  |
| Aptus Collared Investment Opportunity ETF | $274825126 | $76933529  |
| Aptus Deferred Income ETF |  | —  |
| Aptus Defined Risk ETF | 192605117 | 17703938  |
| Aptus Drawdown Managed Equity ETF | 19362368 | 28751035  |
| Aptus Enhanced Yield ETF |  | —  |
| Aptus International Enhanced Yield ETF | 48751224 | 1132705  |
| Aptus Large Cap Enhanced Yield ETF | 15734295 | 11520777  |
| Aptus Large Cap Upside ETF | 42801133 | 5790854  |
| Opus Small Cap Value ETF . | 128943616 | 47874816 |

---

**NOTE 5 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

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

**Aptus Defined Risk ETF** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuer** | **Value at** <br>**4/30/2025** | **Purchases** <br>**at Cost** | **Proceeds** <br>**from Sales** | **Net Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value at** <br>**10/31/2025**  |
|  Invesco BulletShares 2030 Corporate Bond ETF | $126560646 | $21992828 | $(2024601) | &nbsp;&nbsp; $96361 | &nbsp;&nbsp; $1863640 | $148488874  |
|  Invesco BulletShares 2031 Corporate Bond ETF | 126714642 | 41857385 | (2237060) | &nbsp;&nbsp; 122193 | &nbsp;&nbsp; 2876946 | 169334106  |
|  Invesco BulletShares 2032 Corporate Bond ETF | 107820948 | 64454634 | (2209476) | &nbsp;&nbsp; 103636 | &nbsp;&nbsp; 3977902 | 174147644  |
|  Invesco BulletShares 2033 Corporate Bond ETF | 81927399 | 59948838 | (1793248) | &nbsp;&nbsp; 56024 | &nbsp;&nbsp; 3481783 | 143620796  |
|  iShares iBonds Dec 2030 Term Corporate ETF | 109062186 | 18902810 | (1738669) | &nbsp;&nbsp; 84798 | &nbsp;&nbsp; 1618953 | 127930078  |
|  iShares iBonds Dec 2031 Term Corporate ETF | 127403196 | 22117980 | (2036161) | &nbsp;&nbsp; 112255 | &nbsp;&nbsp; 2372823 | 149970093  |
|  iShares Bonds Dec 2032 Term Corporate ETF | 102371837 | 17847379 | (1643928) | &nbsp;&nbsp; 90405 | &nbsp;&nbsp; 2624586 | 121290279  |
|  | $781860854 |  |  | &nbsp;&nbsp; $665672 | &nbsp;&nbsp; $18816633 | $1034781870 |

---

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**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Affiliated Issuer (continued)** | **Shares Held at** <br>**10/31/2025** | **Dividend** <br>**Income** | **Capital Gain** <br>**Distributions from** <br>**Underlying Funds**  |
| Invesco BulletShares 2030 Corporate Bond ETF | 8791526 | $3239511 | &nbsp;&nbsp;&nbsp; $—  |
| Invesco BulletShares 2031 Corporate Bond ETF | 10164112 | 3668438 | &nbsp;&nbsp;&nbsp; —  |
| Invesco BulletShares 2032 Corporate Bond ETF | 8352405 | 3786276 | &nbsp;&nbsp;&nbsp; —  |
| Invesco BulletShares 2033 Corporate Bond ETF | 6701857 | 3124537 | &nbsp;&nbsp;&nbsp; —  |
| iShares iBonds Dec 2030 Term Corporate ETF | 5780844 | 2688526 | &nbsp;&nbsp;&nbsp; —  |
| iShares iBonds Dec 2031 Term Corporate ETF | 7074061 | 3276351 | &nbsp;&nbsp;&nbsp; —  |
| iShares iBonds Dec 2032 Term Corporate ETF | 4739753 | 2692472 | &nbsp;&nbsp;&nbsp; —  |
|  |  | $22476111 | &nbsp;&nbsp;&nbsp; $— |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The amount and tax 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, 2025 were as follows:

---

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

---

<sup>(a)</sup>

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

<sup>(b)</sup>

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

---

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

---

67<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

Aptus Deferred Income ETF commenced operations on May 13, 2025, and therefore did not appear in the previous 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. Unrealized appreciation (depreciation) on written equity options is included in gross tax unrealized appreciation (depreciation) on investments for Aptus Collared Investment Opportunity ETF and Aptus Defined Risk ETF.

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

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

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

---

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

---

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

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

---

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

---

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

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

68<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (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 Investment Opportunity ETF's options collar strategy typically consists of two components: (i) selling covered call options on up to 100% of the equity securities held by the Fund to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy put options on the same underlying equity securities, a U.S. equity ETF, or the U.S. Equity Index to "hedge" or mitigate the downside risk associated with owning equity securities. The Fund seeks to generate income from the combination of dividends received from the equity securities held by the Fund and premiums received from the sale of options. Additionally, the Fund may purchase put options or utilize a combination of purchased and written (sold) put options (known as a "spread") on one or more equity securities, a U.S. equity ETF, or a U.S. Equity Index to "hedge" or mitigate the downside risk associated with owning equity securities.

Aptus Deferred Income ETF gains and manages duration exposure through investment in option combinations, employing either standard exchange-listed options or FLEX Options, on Treasury and/or fixed-income ETFs. The Fund will purchase at-the-market call options and sell at-the-market put options on the same Treasury and/or fixed-income ETF issuer to achieve notional long exposure to the particular Treasury and/or fixed-income ETF issuer, and thus achieve a synthetic exposure to Treasuries. The Fund gains exposure to the spread component of a traditional bond allocation by selling (writing) put options with a notional value expected to align with the return profile of bond spreads over time. To implement this put writing strategy, rather than directly selling put options, the Fund expects to enter into total return swaps, which have the potential of deferring the return generated by this trading strategy.

The Fund will also hold box spreads to provide a return on cash used as collateral for the options and total return swaps. An options contract provides a buyer the option to buy (call option) or sell (put option) an asset at a strike price on a future date. A box spread involves creating a synthetic long position in the asset by buying a call option and selling a put option with the same strike price and expiration date, paired with a synthetic short position in the same asset by selling a call option and buying a put option with the same strike price and expiration date, but with a different strike price than the synthetic long position in the asset. The difference in the strike prices between the synthetic long and synthetic short positions in the asset defines the box spread's return.

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.

69<br>

------

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

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

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

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

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

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

70<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Fund** | <br>**Derivatives Investment Type** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
|  Aptus Collared Investment Opportunity ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Purchased <br>Options | &nbsp;&nbsp;&nbsp; Investments in unaffiliated <br>securities, at value | $17600250  |
| Aptus Deferred Income ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Purchased <br>Options | &nbsp;&nbsp;&nbsp; Investments in unaffiliated <br>securities, at value | 80552635  |
| Aptus Deferred Income ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Total <br>Return Swaps | &nbsp;&nbsp;&nbsp; Receivable for swap <br>contracts | 1594720  |
| Aptus Defined Risk ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Purchased <br>Options | &nbsp;&nbsp;&nbsp; Investments in unaffiliated <br>securities, at value | 134214250  |
|  Aptus Drawdown Managed Equity ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Purchased <br>Options | &nbsp;&nbsp;&nbsp; Investments in unaffiliated <br>securities, at value | 2537500  |
| Aptus Enhanced Yield ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Total <br>Return Swaps | &nbsp;&nbsp;&nbsp; Receivable for swap <br>contracts | 2996022  |
|  Aptus International Enhanced Yield ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Total <br>Return Swaps | &nbsp;&nbsp;&nbsp; Receivable for swap <br>contracts | 4002665  |
| Aptus Large Cap Enhanced Yield ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Total <br>Return Swaps | &nbsp;&nbsp;&nbsp; Receivable for swap <br>contracts | 3113181  |
| Aptus Large Cap Upside ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Total <br>Return Swaps | &nbsp;&nbsp;&nbsp; Receivable for swap <br>contracts | 4804062 |

---

71<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | | **Liability Derivatives**  | **Liability Derivatives**  |
| <br>**Fund** | <br>**Derivatives Investment Type** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
|  Aptus Collared Investment Opportunity ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Written <br>Options | &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | $(26784085)  |
| Aptus Deferred Income ETF | &nbsp;&nbsp;&nbsp; Equity Options - Written <br>Options | &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | (37769)  |
| Aptus Defined Risk ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Written <br>Options | &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | (24382000)  |
|  Aptus Drawdown Managed Equity ETF | &nbsp;&nbsp;&nbsp; Equity Contracts - Written <br>Options | &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | (1415000) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Net Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Aptus Collared Investment Opportunity ETF | Equity Contracts - Purchased Options | $(154040709)\* | $893,801\*\*  |
|  Aptus Collared Investment Opportunity ETF | Equity Contracts - Written Options | 55351345 | (4334571)  |
| Aptus Deferred Income ETF | Equity Contracts - Purchased Options | 710,375\* | 776,600\*\*  |
| Aptus Deferred Income ETF | Equity Contracts - Written Options | 60,152\*\*\* | 656399  |
| Aptus Deferred Income ETF | Equity Contracts - Total Return Swaps |  | 1594720  |
| Aptus Defined Risk ETF | Equity Contracts - Purchased Options | 15,554,014\* | 24,988,582\*\*  |
| Aptus Defined Risk ETF | Equity Contracts - Written Options | 34877502 | (2840605)  |
|  Aptus Drawdown Managed Equity ETF | Equity Contracts - Purchased Options | (8652403)\* | (1418307)\*\*  |
|  Aptus Drawdown Managed Equity ETF. | Equity Contracts - Written Options | 3867254 | 1373696  |
| Aptus Enhanced Yield ETF | Equity Contracts - Total Return Swaps | 74146 | 2996022  |
|  Aptus International Enhanced Yield ETF | Equity Contracts - Total Return Swaps |  | 4002665  |
|  Aptus Large Cap Enhanced Yield ETF | Equity Contracts - Total Return Swaps |  | 3113181  |
| Aptus Large Cap Upside ETF | Equity Contracts - Total Return Swaps |  | 7518238 |

---

\* Included in net realized gain (loss) from 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.

\*\*\* Included in net realized gain (loss) from In-kind redemptions – unaffiliated securities and Written option contracts expired or closed as reported in the Statements of Operations.

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

---

| | |
|:---|:---|
| **Purchased Options** | **Average Value**  |
| Aptus Collared Investment Opportunity ETF | $21055508  |
| Aptus Deferred Income ETF | 56845737  |
| Aptus Defined Risk ETF | 85343496  |
| Aptus Drawdown Managed Equity ETF | 1957500 |

---

72<br>

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Written Options** |  |
| Aptus Collared Investment Opportunity ETF | $(19652379)  |
| Aptus Deferred Income ETF | (372975)  |
| Aptus Defined Risk ETF | (18656004)  |
| Aptus Drawdown Managed Equity ETF | (875833) |

---

---

| | |
|:---|:---|
| **Total Return Swaps** | **Average** <br>**Notional Value**  |
| Aptus Deferred Income ETF | $33371287  |
| Aptus Enhanced Yield ETF | 239403625  |
| Aptus International Enhanced Yield ETF | 339414706  |
| Aptus Large Cap Enhanced Yield ETF | 245914975  |
| Aptus Large Cap Upside ETF | 81657469 |

---

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the** <br>**Statement of** <br>**Assets and Liabilities** | **Gross Amounts not** <br>**Offset in the** <br>**Statement of** <br>**Assets and Liabilities** | **Net** <br>**Amount**  |
| <br>**Liabilities** <br>**Description/Counterparty** | **Gross Amounts** <br>**of Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | **Net** <br>**Amount**  |
| **Aptus Deferred Income ETF**<br>|  |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs | $1594720 | &nbsp;&nbsp;&nbsp; $— | $1594720 | $1594720 | &nbsp;&nbsp; $— | $—  |
| **Aptus Enhanced Yield ETF** | **Aptus Enhanced Yield ETF** |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs | $2996022 | &nbsp;&nbsp;&nbsp; $— | $2996022 | $2996022 | &nbsp;&nbsp; $— | $—  |
| **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs | $4002665 | &nbsp;&nbsp;&nbsp; $— | $4002665 | $4002665 | &nbsp;&nbsp; $— | $—  |
| **Aptus Large Cap Enhanced Yield ETF**<br>|  |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs | $3113181 | &nbsp;&nbsp;&nbsp; $— | $3113181 | $3113181 | &nbsp;&nbsp; $— | $—  |
| **Aptus Large Cap Upside ETF**<br>|  |  |  |  |  |  |
| Total Return Swaps - Goldman Sachs | $4804062 | &nbsp;&nbsp;&nbsp; $— | $4804062 | $4804062 | &nbsp;&nbsp; $— | $— |

---

**NOTE 8 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do

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

**APTUS ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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, with the exception of Aptus Large Cap Enhanced Yield ETF which is $500, each payable to the Custodian. The fixed creation fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions fees. Variable fees received by each Fund, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets.

**NOTE 9 – RISKS** 

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

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

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

**APTUS ETFs** 

**TAX INFORMATION (Unaudited)** 

**FEDERAL TAX INFORMATION** 

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

---

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

---

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

---

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

---

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

---

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

---

75<br>

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

**APTUS ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

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

**Proxy Disclosure** 

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

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

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

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

**APTUS ETFs** 

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

**Aptus Deferred Income ETF (DEFR)** 

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

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

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

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

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

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

Cost of Services to be Provided and Economies of Scale. The Board reviewed the Fund's proposed net expense ratio, the full amount of which was anticipated to be the "unified fee" described below. The Board then compared the Fund's expense ratio to its Peer Group and Selected Peer Group (each defined below). The Board noted that the peer group selected by Barrington Partners was comprised of ETFs in the Morningstar Intermediate Core-Plus category as well as certain bond ETFs engaged in short sale activity (the "Peer Group"). In particular, the Board noted that the

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

**APTUS ETFs** 

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

Fund's net expense ratio was higher than the net expense ratio of all of the funds included in the Peer Group. The Board also compared the Fund's proposed expense ratio to that of certain competitor funds identified by the Adviser (the "Selected Peer Group") with similar investment objectives to the Fund. The Board noted that the Selected Peer Group was comprised primarily of actively managed funds seeking to provide bond exposure; however, the Board also considered that many of the peer funds were mutual funds, not ETFs. The Board also observed that the Fund's proposed net expense ratio was higher than the net expense ratio of all of the funds included in the Selected Peer Group. The Board then considered the Adviser's explanation for the Fund's higher expense ratio, noting the complexity of the Fund's strategy, the costs associated with the Fund's total return swap structure, as well as the Fund's aim to provide higher targeted returns and greater tax efficiency than its peer funds.

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

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

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

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

78<br>

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![](aptus-logo.jpg)

**Aptus April Buffer ETF (APRB)**

**Aptus January Buffer ETF (JANB)**

**Aptus July Buffer ETF (JULB)**

**Aptus October Buffer ETF (OCTB)**

Semi-Annual Financial Statements and Additional Information

October 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments and Schedules of Written Options](#tsoi) | [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | [9](#tsal) |
| [Statements of Operations](#tsop) | [10](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [11](#tscna) |
| [Financial Highlights](#tfihi) | [12](#tfihi) |
| [Notes to Financial Statements](#tnotes1) | [16](#tnotes1) |
| [Additional Information](#taddinfo) | [24](#taddinfo) |
| [Approval of Advisory Agreement & Board Considerations](#app1) | [25](#app1) |

---

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus April Buffer ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.1%<sup>(a)</sup>**  |
| **Call Options - 100.2%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $6.63<sup>(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; $6684188 | 98 | $6590500  |
| **Put Options - 2.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; <br>Exercise Price: $663.04<sup>(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 6684188 | 98 | 190708  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $6,742,270)** |  |  | 6781208  |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **Money Market Funds - 80.7%** | **Money Market Funds - 80.7%** | **Money Market Funds - 80.7%** | **Money Market Funds - 80.7%** |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(e)(f)</sup> | First American Treasury Obligations Fund - Class X, 3.98%<sup>(e)(f)</sup> | 5303319 | 5303319  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,303,319)** | &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $5,303,319)** |  | 5303319  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 183.8%** <br>**(Cost $12,045,589)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 183.8%** <br>**(Cost $12,045,589)** |  | $12084527  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (83.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (83.8)% |  | (5509977)  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $6574550 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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

1<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus April Buffer ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.6)%**  | **WRITTEN OPTIONS - (3.6)%**  | **WRITTEN OPTIONS - (3.6)%**  | **WRITTEN OPTIONS - (3.6)%**  |
| **Call Options - (2.7)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $709.98<sup>(a)(b)</sup> | $(6684188) | &nbsp;&nbsp;&nbsp;&nbsp;(98) | $(180222)  |
| **Put Options - (0.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/30/2026; Exercise Price: $563.58<sup>(a)(b)</sup> | (6684188) | &nbsp;&nbsp;&nbsp;&nbsp;(98) | (56840)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $218,856)** |  |  | $(237062) |

---

Percentages are stated as a percent of net assets.

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

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

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

2<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus January Buffer ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 97.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 97.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 97.5%<sup>(a)</sup>** | **PURCHASED OPTIONS - 97.5%<sup>(a)</sup>** |
| **Call Options - 96.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: <br>$6.63<sup>(b)(c)(d)</sup> | $1227708 | 18 | $1212587  |
| **Put Options - 1.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: <br>$663.04<sup>(b)(c)(d)</sup> | 1227708 | 18 | 18160  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,208,696)** |  |  | 1230747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.5%**<br>**(Cost $1,208,696)** |  |  | $1230747  |
|  Other Assets in Excess of Liabilities - 2.5% |  |  | 31150  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $1261897 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

3<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus January Buffer ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.5)%**  | **WRITTEN OPTIONS - (2.5)%**  | **WRITTEN OPTIONS - (2.5)%**  | **WRITTEN OPTIONS - (2.5)%**  |
| **Call Options - (2.3)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $686.64<sup>(a)(b)</sup> | $(1227708) | (18) | $(28465)  |
| **Put Options - (0.2)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/30/2025; Exercise Price: $563.58<sup>(a)(b)</sup> | (1227708) | (18) | (2731)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $21,118)** |  |  | $(31196) |

---

Percentages are stated as a percent of net assets.

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

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

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus July Buffer ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.0%<sup>(a)</sup>**  |
| **Call Options - 100.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: <br>$6.63<sup>(b)(c)(d)</sup> | $11322196 | 166 | $11147730  |
| **Put Options - 3.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $663.04<sup>(b)(c)(d)</sup> | 11322196 | 166 | 440066  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS**<br>**(Cost $11,530,660)** |  |  | 11587796  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 88.5%** | **MONEY MARKET FUNDS - 88.5%** | **MONEY MARKET FUNDS - 88.5%** | **MONEY MARKET FUNDS - 88.5%** |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(e)(f)</sup> |  | 9856743 | 9856743  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $9,856,743)** |  |  | 9856743  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 192.5%** <br>**(Cost $21,387,403)** |  |  | $21444539  |
|  Liabilities in Excess of Other Assets - (92.5)% |  |  | (10306615)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $11137924 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus July Buffer ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.4)%**  | **WRITTEN OPTIONS - (4.4)%**  | **WRITTEN OPTIONS - (4.4)%**  | **WRITTEN OPTIONS - (4.4)%**  |
| **Call Options - (2.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $732.20<sup>(a)(b)</sup> | $(11322196) | &nbsp;&nbsp;&nbsp;&nbsp;(166) | $(322538)  |
| **Put Options - (1.5)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/29/2026; Exercise Price: $563.58<sup>(a)(b)</sup> | (11322196) | &nbsp;&nbsp;&nbsp;&nbsp;(166) | (168158)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $463,748)** |  |  | $(490696) |

---

Percentages are stated as a percent of net assets.

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

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

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus October Buffer ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.6%<sup>(a)</sup>**  |
| **Call Options - 99.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: <br>$6.63<sup>(b)(c)(d)</sup> | $10026282 | 147 | $9848265  |
| **Put Options - 4.8%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $663.04<sup>(b)(c)(d)</sup> | 10026282 | 147 | 473781  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS**<br>**(Cost $10,293,900)** |  |  | 10322046  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 82.1%** | **MONEY MARKET FUNDS - 82.1%** | **MONEY MARKET FUNDS - 82.1%** | **MONEY MARKET FUNDS - 82.1%** |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(e)(f)</sup> |  | 8102730 | 8102730  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $8,102,730)** |  |  | 8102730  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 186.7%**<br>**(Cost $18,396,630)** |  |  | $18424776  |
|  Liabilities in Excess of Other Assets - (86.7)% |  |  | (8555225)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $9869551 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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

7<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus October Buffer ETF** 

**Schedule of Written Options** 

**October 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.0)%**  | **WRITTEN OPTIONS - (5.0)%**  | **WRITTEN OPTIONS - (5.0)%**  | **WRITTEN OPTIONS - (5.0)%**  |
| **Call Options - (2.9)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $754.21<sup>(a)(b)</sup> | $(10026282) | &nbsp;&nbsp;&nbsp;&nbsp;(147) | $(290766)  |
| **Put Options - (2.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/29/2026; Exercise Price: $563.58<sup>(a)(b)</sup> | (10026282) | &nbsp;&nbsp;&nbsp;&nbsp;(147) | (204624)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $477,517)** |  |  | $(495390) |

---

Percentages are stated as a percent of net assets.

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

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

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

8<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**APTUS Buffer ETFs** 

**Statements of Assets and Liabilities** 

**October 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus April** <br>**Buffer ETF** | **Aptus January** <br>**Buffer ETF** | **Aptus July** <br>**Buffer ETF** | **Aptus October** <br>**Buffer ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | $12084527 | $1230747 | $21444539 | $18424776  |
| Deposit at broker for option contracts | 62339 | 62393 |  | —  |
| Receivable for investments sold | 2415 |  | 2952 | 26931  |
| Dividends receivable | 576 |  | 1070 | 879  |
| Interest receivable | 99 | 99 | 99 | —  |
| Receivable for fund shares sold |  |  |  | 506098  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 12149956 | 1293239 | 21448660 | 18958684  |
| **LIABILITIES:**<br>|  |  |  |  |
| Written option contracts, at value | 237062 | 31196 | 490696 | 495390  |
| Due to broker | 5268998 |  | 9750084 | 8031808  |
| Payable for investments purchased | 69200 |  | 69810 | 561773  |
| Payable to adviser | 146 | 146 | 146 | 162  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5575406 | 31342 | 10310736 | 9089133  |
| **NET ASSETS** | $6574550 | $1261897 | $11137924 | $9869551  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $6553319 | $1250000 | $11106743 | $9858828  |
| Total distributable earnings (accumulated deficit) | 21231 | 11897 | 31181 | 10723  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6574550 | $1261897 | $11137924 | $9869551  |
| Net assets | $6574550 | $1261897 | $11137924 | $9869551  |
| Shares issued and outstanding<sup>(a)</sup> | 260000 | 50000 | 440000 | 390000  |
| Net asset value per share | $25.29 | $25.24 | $25.31 | $25.31  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $12045589 | $1208696 | $21387403 | $18396630  |
| **Proceeds:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $218856 | $21118 | $463748 | $477517 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

9<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**APTUS Buffer ETFs** 

**Statements of Operations** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus April** <br>**Buffer ETF<sup>(a)</sup>** | **Aptus January** <br>**Buffer ETF<sup>(a)</sup>** | **Aptus July** <br>**Buffer ETF<sup>(a)</sup>** | **Aptus October** <br>**Buffer ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $576 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1070 | &nbsp;&nbsp; $879  |
| Interest income | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 879  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 162  |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 267  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 429  |
| **Net investment income/(loss)** | &nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; (76) | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 450  |
| **UNREALIZED GAIN (LOSS)** | **UNREALIZED GAIN (LOSS)** | **UNREALIZED GAIN (LOSS)** | **UNREALIZED GAIN (LOSS)** | **UNREALIZED GAIN (LOSS)** |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 38938 | &nbsp;&nbsp;&nbsp; 22051 | &nbsp;&nbsp; 57136 | &nbsp;&nbsp; 28146  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (18206) | &nbsp;&nbsp;&nbsp; (10078) | &nbsp;&nbsp; (26948) | &nbsp;&nbsp; (17873)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20732 | &nbsp;&nbsp;&nbsp; 11973 | &nbsp;&nbsp; 30188 | &nbsp;&nbsp; 10273  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $21231 | &nbsp;&nbsp;&nbsp; $11897 | &nbsp;&nbsp; $31181 | &nbsp;&nbsp; $10723 |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

10<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**APTUS Buffer ETFS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aptus April** <br>**Buffer ETF** | **Aptus January** <br>**Buffer ETF** | **Aptus July** <br>**Buffer ETF** | **Aptus October** <br>**Buffer ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup> | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup> | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup> | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup>  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $499 | &nbsp;&nbsp; $(76) | $993 | &nbsp;&nbsp; $450  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20732 | &nbsp;&nbsp; 11973 | 30188 | &nbsp;&nbsp; 10273  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 21231 | &nbsp;&nbsp; 11897 | 31181 | &nbsp;&nbsp; 10723  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 6553319 | &nbsp;&nbsp; 1250000 | 11106743 | &nbsp;&nbsp; 9858828  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 6553319 | &nbsp;&nbsp; 1250000 | 11106743 | &nbsp;&nbsp; 9858828  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 6574550 | &nbsp;&nbsp; 1261897 | 11137924 | &nbsp;&nbsp; 9869551  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $6574550 | &nbsp;&nbsp; $1261897 | $11137924 | &nbsp;&nbsp; $9869551  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 50000 | 440000 | &nbsp;&nbsp; 390000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 50000 | 440000 | &nbsp;&nbsp; 390000 |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

11<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus April Buffer ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.29  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6575  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

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

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

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

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

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

12<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus January Buffer ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.24  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1262  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

<sup>(c)</sup> Amount represents less than $0.005 per share.

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

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

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

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

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

13<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus July Buffer ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.31  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $11138  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.70%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

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

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

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

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

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

14<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Aptus October Buffer ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited)<sup>(a)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.31  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $9870  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% |

---

<sup>(a)</sup> Inception date of the Fund was October 13, 2025.

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

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

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

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

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

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

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Aptus April Buffer ETF, Aptus January Buffer ETF, Aptus July Buffer ETF, and Aptus October Buffer ETF are each 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 the Funds is to seek to provide investors with returns that match the share price performance of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside Cap, before fees and expenses, while providing a Buffer against a predetermined percentage, before fees and expenses, of Underlying ETF losses over typically a twelve-month period. The Funds commenced operations on October 13, 2025.

The end of the reporting period for the Funds is October 31, 2025. The current fiscal period is the period from October 13, 2025 (inception date) through October 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

FLexible EXchange Options ("FLEX Options") will be valued at a model-based price provided by the exchange on which the option is traded at the official close of that exchange's trading date.

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

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

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

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

---

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

---

---

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

---

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

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

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

**Aptus April Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $6781208 | $— | $— | $6781208  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 5303319 |  |  | 5303319  |
| **Total Investments** | $12084527 | $— | $— | $12084527  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(237062) | $— | $— | $(237062)  |
| **Total Investments** | $(237062) | $— | $— | $(237062) |

---

17<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**Aptus January Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1230747 | $— | $1230747  |
| **Total Investments** | $— | $1230747 | $— | $1230747  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options<br>| $— | $(31196) | $— | $(31196)  |
| **Total Investments** | $— | $(31196) | $— | $(31196) |

---

**Aptus July Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $11587796 | $— | $— | $11587796  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9856743 |  |  | 9856743  |
| **Total Investments** | $21444539 | $— | $— | $21444539  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(490696) | $— | $— | $(490696)  |
| **Total Investments** | $(490696) | $— | $— | $(490696) |

---

**Aptus October Buffer ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $10322046 | $— | $— | $10322046  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 8102730 |  |  | 8102730  |
| **Total Investments** | $18424776 | $— | $— | $18424776  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(495390) | $— | $— | $(495390)  |
| **Total Investments** | $(495390) | $— | $— | $(495390) |

---

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

&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 upon examination by tax authorities. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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;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. Withholdings taxes
 on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and
 regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized
 using the effective yield method.

&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;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;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.

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

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by a committee of certain individuals on the Investment and Operations Teams of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

&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 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, at an annual rate of 0.25% based on each Fund's average daily net assets:

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

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

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

During the current fiscal period, there were no purchases and sales of securities by the Funds, excluding short-term securities, derivatives, and in-kind transactions.

There were no purchases or sales of U.S. Government securities in the Funds during the current fiscal period.

During the current fiscal period, there we no in-kind transactions associated with creations and redemptions.

**NOTE 5 – INCOME TAX INFORMATION** 

The Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. 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.

**NOTE 6 – 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 invest primarily in FLEX Options. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation, a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles and expiration dates, while achieving price discovery in competitive, transparent auctions

20<br>

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

markets and avoiding the counterparty exposure of the over-the-counter option positions. The Funds FLEX Option holdings will be European-style options, which are exercisable at the strike price only on the FLEX Option expiration date. The Funds intend to structure the FLEX Options so that any amount owed by the Funds on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options will be fully covered and no additional collateral will be necessary during the life of the Funds. The Funds receive premiums in exchange for the written FLEX Options and pay premiums in exchange for the purchased FLEX Options.

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 option contracts. Broker interest received and paid by the Funds, if any, is included as interest income and expense, respectively, in the Statements of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Asset Derivatives**  | **Asset Derivatives**  |
| **Fund** | **Derivatives Investment Type** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
| Aptus April Buffer ETF | Equity Contracts - Purchased Options | Investments, at value | $6781208  |
| Aptus January Buffer ETF | Equity Contracts - Purchased Options | Investments, at value | 1230747  |
| Aptus July Buffer ETF | Equity Contracts - Purchased Options | Investments, at value | 11587796  |
| Aptus October Buffer ETF | Equity Contracts - Purchased Options | Investments, at value | 10322046 |

---

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Liability Derivatives**  | **Liability Derivatives**  |
| **Fund** | **Derivatives Investment Type** | **Statement of Assets and** <br>**Liabilities Location** | **Value**  |
| Aptus April Buffer ETF | Equity Contracts - Written Options | Written option contracts, at value | $(237062)  |
| Aptus January Buffer ETF | Equity Contracts - Written Options | Written option contracts, at value | (31196)  |
| Aptus July Buffer ETF | Equity Contracts - Written Options | Written option contracts, at value | (490696)  |
| Aptus October Buffer ETF | Equity Contracts - Written Options | Written option contracts, at value | (495390) |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivatives Investment Type** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Aptus April Buffer ETF  | Equity Contracts - Purchased Options | &nbsp;&nbsp; $38,938\*  |
| Aptus April Buffer ETF  | Equity Contracts - Written Options | &nbsp;&nbsp; (18206)  |
| Aptus January Buffer ETF  | Equity Contracts - Purchased Options | &nbsp;&nbsp; 22,051\*  |
| Aptus January Buffer ETF  | Equity Contracts - Written Options | &nbsp;&nbsp; (10078)  |
| Aptus July Buffer ETF  | Equity Contracts - Purchased Options | &nbsp;&nbsp; 57,136\*  |
| Aptus July Buffer ETF  | Equity Contracts - Written Options | &nbsp;&nbsp; (26948)  |
| Aptus October Buffer ETF  | Equity Contracts - Purchased Options | &nbsp;&nbsp; 28,146\*  |
| Aptus October Buffer ETF  | Equity Contracts - Written Options | &nbsp;&nbsp; (17873) |

---

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

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

---

| | |
|:---|:---|
| **Purchased Options** | **Average Value**  |
| Aptus April Buffer ETF | $6781208  |
| Aptus January Buffer ETF | 1230747  |
| Aptus July Buffer ETF | 11587796  |
| Aptus October Buffer ETF | 10322046 |

---

---

| | |
|:---|:---|
| **Written Options** |  |
| Aptus April Buffer ETF | $(237062)  |
| Aptus January Buffer ETF | (31196)  |
| Aptus July Buffer ETF | (490696)  |
| Aptus October Buffer ETF | (495390) |

---

All of the FLEX Options held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under U.S. GAAP does not apply. 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.

**NOTE 7 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are

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**APTUS Buffer ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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 payable to the Custodian. The fixed creation fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions fees. Variable fees received by each Fund, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets.

**NOTE 8 – RISKS** 

Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to buffer against Underlying ETF losses. **Despite the intended Buffer, a shareholder could lose their entire investment.** The Fund's strategy seeks to deliver returns that match the share price performance of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available and the investor may not get the full benefit of the Buffer. The Fund might not achieve its objective in certain circumstances. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including loss of its entire investment.

Cap Change Risk. A new Cap is established at the beginning of each Investment Period and is dependent on prevailing market conditions. As a result, the Cap may rise or fall from one Investment Period to the next and is unlikely to remain the same for consecutive Investment Periods. Unlike the Cap, the Buffer and the Underlying ETF will remain the same for each Investment Period.

Capped Upside Risk. The Fund's strategy seeks to provide returns that match those of the share price performance of the Underlying ETF for Shares purchased on the first day of an Investment Period and held for the entire Investment Period, subject to a pre-determined upside Cap. If an investor does not hold its Shares for an entire Investment Period, the returns realized by that investor may not match those the Fund seeks to achieve. If the Underlying ETF experiences gains during an Investment Period, the Fund will not participate in those gains beyond the Cap. In the event an investor purchases Shares after the first day of an Investment Period and the Fund has risen in share price to a level near to the Cap, there may be little or no ability for that investor to experience an investment gain on their Shares.

Sector Risk. To the extent the Underlying ETF invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Underlying ETF may invest a significant portion of its assets in the following sector and, therefore, the performance of the Fund, which invests substantially in FLEX Options that reference the market price of the Underlying ETF, could be negatively impacted by events affecting this sector.

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**APTUS Buffer ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosure** 

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

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

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

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**APTUS Buffer ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS** 

**Aptus January Buffer ETF (JANB)** 

**Aptus April Buffer ETF (APRB)** 

**Aptus July Buffer ETF (JULB)** 

**Aptus October Buffer ETF (OCTB)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on October 8-9, 2025 (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 Aptus January Buffer ETF, Aptus April Buffer ETF, Aptus July Buffer ETF, and Aptus October Buffer ETF (each, a "Fund" and, collectively, the "Funds") 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 to each Fund 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 each Fund; (iii) comparative fee and expense data for each Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares each Fund's proposed management fee and expenses to those of relevant peer groups (the "Barrington Report"); (iv) the extent to which any economies of scale might be realized as each Fund grows and whether the advisory fee for such Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Adviser and its affiliates that may result from services to be rendered to the Funds; and (vi) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to other series of the Trust. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be approved. Additionally, Adviser representatives provided an oral overview of each Fund's strategy, the services to be provided to the Funds by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials, the Adviser's oral presentation, and any other relevant information received by the Board at or prior to the Meeting, including the Adviser's presentation, with respect to the Funds, at a quarterly meeting of the Board on January 17-18, 2024. After further discussion, the Board deliberated, in light of this information, on the approval of the Advisory Agreement.

**<u>Approval of the Advisory Agreement with the Adviser</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 Funds. The Board also noted that the Adviser will monitor the Funds' adherence to their investment restrictions, the Funds' compliance with their policies and procedures and applicable securities regulations, as well as the extent to which each Fund achieves its investment objective as an actively managed fund. In addition, the Board considered its previous experience with the Adviser providing investment management services to other series of the Trust.

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 reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information, as well as details about the Funds.

Historical Performance. The Board noted that the Funds had not yet commenced operations and concluded that the performance of the Funds, thus, was not a relevant factor in the context of the Board's deliberations on the Advisory

25<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**APTUS Buffer ETFs** 

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

Agreement. The Board also considered that the Funds are actively managed. Consequently, with respect to each Fund's future performance, the Board will focus on the Adviser's services, including its day-to-day management of the Funds.

Cost of Services to be Provided and Economies of Scale. The Board then reviewed each Fund's fees and expenses. The Board compared each Fund's net expense ratio to those of a peer group of ETFs selected by Barrington Partners (each, a "Peer Group") and a peer group of competitor ETFs selected by the Adviser (each, a "Selected Peer Group"). The Board noted that each Fund's Peer Group was comprised of ETFs tied to the performance of the S&P 500<sup>®</sup> Index and each sought to provide buffer protection against losses of 15% or more. The Board further noted, however, that the ETFs included in each Peer Group differed from the Funds in various ways, such as by providing different levels of protection against losses, upside caps, and/or investment periods. In addition, the Board considered that all of the funds included in the Selected Peer Groups were actively managed ETFs that employ options strategies to provide exposure to the S&P 500<sup>®</sup> Index with a downside buffer that caps some market upside. The Board then observed that each Fund had the lowest net expense ratio among all of the funds included in both its Peer Group and Selected Peer Group.

The Board took into consideration that the Adviser would charge a "unified fee," meaning each 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 ("AFFE"), extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of the Adviser's own fee and resources.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Funds and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's anticipated profitability with respect to the Funds 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 Funds had not yet commenced operations and, consequently, the future size of the Funds and the Adviser's future profitability were generally unpredictable.

The Board also considered the Funds' expenses and the structure of each Fund's advisory fee with respect to potential economies of scale. The Board noted that each Fund's fee structure did not contain any breakpoint reductions as the Fund's assets grow but considered that each Fund's fee structure is a unified fee. The Board concluded that the unified fee structure reflects a sharing of economies of scale between the Adviser and each Fund based on the Fund's expected asset level growth during its initial two-year period. The Board also noted its intention to monitor fees as the Funds grow 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 agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Advisory Agreement was in the best interests of each Fund and its shareholders.

26<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

(a) Not Applicable.

(b) Not Applicable.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ae-efp20975_ex99cert.htm)

 

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

 

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ae-efp20975_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) ETF
 Series Solutions

---

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

---

Date <u>1/8/2026</u>

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

---

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

---

Date <u>1/8/2026</u>

---

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

---

Date <u>1/8/2026</u>

*\* 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:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

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

I, Kristen M. Weitzel, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /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, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the 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<br>| Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |

---

Dated: <u>1/8/2026</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.