# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-25-012616
**Filing Date:** 2025-9
**Character Count:** 86276
**Document Hash:** 685e1820143d93d2a6f50a01dfae220b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012616.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001999371-25-012616

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 251294370

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

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

## Series and Classes Contracts Data

### Applied Finance Valuation Large Cap ETF (Series ID: S000071288)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000226210 | Applied Finance Valuation Large Cap ETF | VSLU            |

?xml version='1.0' encoding='ASCII'? Applied Finance Valuation Large Cap ETF

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | **811-23439** |
| Exact name of registrant as specified in charter: | **ETF Opportunities Trust** |
| Address of principal executive offices: | **8730 Stony Point Parkway,** <br> **Suite 205**<br> **Richmond, VA 23235** |
| Name and address of agent for service | **The Corporation Trust Co.,**<br> **Corporation Trust Center,**<br> **1209 Orange St.,**<br> **Wilmington, DE 19801**<br>With Copy to:<br>**Practus, LLP**<br> **11300 Tomahawk Creek Parkway,**<br> **Suite 310**<br> **Leawood, KS 66211**  |
| Registrant's telephone number, including area code: | **(804) 267-7400** |
| Date of fiscal year end: | **December 31** |
| Date of reporting period: | **June 30, 2025** |
|  | **Applied Finance Valuation Large Cap ETF** |

---

ITEM 1.(a). Reports to Stockholders.

 **Applied Finance Valuation Large Cap ETF Tailored Shareholder Report** 

semi-annual Shareholder Report June 30, 2025 <br> **Applied Finance Valuation Large Cap ETF** <br> **ticker: VSLU (Listed on the NYSE Arca)** <br>

This semi-annual shareholder report contains important information about the Applied Finance Valuation Large Cap ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at appliedfinancefunds.com/ETF/InvestorResources. You can also contact us at (833) 356-0909.

**What were the Fund costs for the period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Applied Finance Valuation Large Cap ETF  | $25  | 0.49%¹  |

---

<sup>1</sup> Annualized.

**Sector Breakdown** ![bar](qes1bxfai1mdhkd7cj.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** <br>  | <br>  |
| Nvidia Corp.  | 9.09%  |
| Microsoft Corp.  | 7.42%  |
| Alphabet, Inc. Class A  | 6.39%  |
| Apple, Inc.  | 5.84%  |
| Broadcom, Inc.  | 5.12%  |
| Meta Platforms, Inc.  | 4.78%  |
| Amazon.com, Inc.  | 4.44%  |
| Visa, Inc. Class A  | 4.33%  |
| Mastercard, Inc. Class A  | 4.31%  |
| Johnson & Johnson  | 1.54%  |

---

For additional information about the Fund; including its summary prospectus, financial information, holdings and proxy information, visit **appliedfinancefunds.com/ETF/InvestorResources.**

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Net Assets  | $256282558  |
| Number of Holdings  | 322  |
| Total Advisory Fee Paid  | $559308  |
| Portfolio Turnover Rate  | 11.66%  |

---

**What did the Fund invest in?**

(% of Net Assets as of June 30, 2025)

ITEM 1.(b).

Not applicable.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Six Months Ended June 30, 2025 (unaudited)

![](af-fs_063025img001.jpg)

Applied Finance Valuation Large Cap ETF

**1**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.44%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.84%** | **COMMUNICATION SERVICES** |  |  |
|  | Alphabet, Inc. Class A  | 92861 | $16364894<br>|
|  | AT&T, Inc.  | 19504 | 564446 |
|  | Charter Communications, Inc.<sup>(A)</sup>  | 1132 | 462773 |
|  | Comcast Corp. Class A  | 20633 | 736392 |
|  | Electronic Arts, Inc.  | 679 | 108436 |
|  | Fox Corp. Class A  | 2855 | 159994 |
|  | The Interpublic Grou  | 3004 | 73538 |
|  | Live Nation Entertainment<sup>(A)</sup>  | 608 | 91978 |
|  | Match Group, Inc.  | 3007 | 92886 |
|  | Meta Platforms, Inc.  | 16588 | 12243437 |
|  | Omnicom Group, Inc.  | 2154 | 154959 |
|  | TKO Group Holdings, Inc.  | 195 | 35480 |
|  | T-Mobile US, Inc.  | 4064 | 968289 |
|  | Verizon Communications, Inc.  | 16530 | 715253 |
|  | Warner Bros. Discovery, Inc.<sup>(A)</sup>  | 12737 | 145966 |
|  |  |  | 32918721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.23%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Williams-Sonoma, Inc.  | 622 | 101616 |
|  | Airbnb, Inc.<sup>(A)</sup>  | 2628 | 347790 |
|  | Amazon.com, Inc.<sup>(A)</sup>  | 51902 | 11386780 |
|  | Aptiv plc<sup>(A)</sup>  | 1862 | 127026 |
|  | Autozone, Inc.<sup>(A)</sup>  | 275 | 1020863 |
|  | Best Buy Co., Inc.  | 2078 | 139496 |
|  | Booking Holdings, Inc.  | 420 | 2431481 |
|  | Caesars Entertainment, Inc.<sup>(A)</sup>  | 1135 | 32223 |
|  | Carnival Corporation ADR <sup>(A)</sup>  | 12451 | 350122 |
|  | Darden Restaurants, Inc.  | 420 | 91547 |
|  | Deckers Outdoor Corp.<sup>(A)</sup>  | 1147 | 118221 |
|  | Domino's Pizza, Inc.  | 615 | 277119 |
|  | DR Horton, Inc.  | 2679 | 345377 |
|  | eBay, Inc.  | 2631 | 195904 |
|  | Expedia Group, Inc.  | 1435 | 242056 |
|  | Garmin Ltd. ADR  | 832 | 173655 |
|  | Genuine Parts Co.  | 758 | 91953 |
|  | Hasbro, Inc.  | 554 | 40896 |
|  | Hilton Worldwide Holdings, Inc.  | 4138 | 1102115 |
|  | Home Depot, Inc.  | 5159 | 1891496 |
|  | Las Vegas Sands Corp.  | 3582 | 155853 |

---

**2**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Lennar Corp.  | 1195 | $132179<br>|
|  | LKQ Corp.  | 1547 | 57254 |
|  | Lowe's Companies, Inc.  | 5566 | 1234928 |
|  | Lululemon Athletica, Inc. ADR <sup>(A)</sup>  | 1429 | 339502 |
|  | Marriott International Class A  | 4748 | 1297201 |
|  | McDonald's Corp.  | 3576 | 1044800 |
|  | MGM Resorts International<sup>(A)</sup>  | 2857 | 98252 |
|  | Mohawk Industries, Inc.<sup>(A)</sup>  | 51 | 5347 |
|  | NIKE, Inc.  | 7456 | 529674 |
|  | Norwegian Cruise Line Holdings Ltd.<sup>(A)</sup>  | 5911 | 119875 |
|  | NVR, Inc.<sup>(A)</sup>  | 39 | 288041 |
|  | O'Reilly Automotive, Inc.<sup>(A)</sup>  | 13599 | 1225678 |
|  | Polo Ralph Lauren Corp.  | 274 | 75153 |
|  | Pulte Group, Inc.  | 2227 | 234859 |
|  | Royal Caribbean Cruises  | 1735 | 543298 |
|  | Ulta Beauty, Inc.<sup>(A)</sup>  | 480 | 224554 |
|  | Wynn Resorts Ltd.  | 699 | 65475 |
|  | Yum! Brands, Inc.  | 4089 | 605908 |
|  |  |  | 28785567 |
| &nbsp;&nbsp;&nbsp;&nbsp; **4.45%** | **CONSUMER STAPLES** |  |  |
|  | Altria Group, Inc.  | 9081 | 532419 |
|  | Archer-Daniels-Midland Co.  | 1947 | 102763 |
|  | Brown-Forman Corp. Class B  | 1958 | 52690 |
|  | Bunge Global Shares ADR  | 866 | 69522 |
|  | Church & Dwight Co.  | 1158 | 111295 |
|  | The Coca-Cola Co  | 17563 | 1242582 |
|  | Colgate-Palmolive Co.  | 3236 | 294152 |
|  | Conagra Brands, Inc.  | 313 | 6407 |
|  | Constellation Brands, Inc.  | 1845 | 300145 |
|  | Dollar General Corp.  | 849 | 97109 |
|  | Dollar Tree, Inc.<sup>(A)</sup>  | 849 | 84085 |
|  | General Mills, Inc.  | 2061 | 106780 |
|  | The Hershey Compan  | 1117 | 185366 |
|  | Kenvue, Inc.  | 5369 | 112373 |
|  | Keurig Dr Pepper, Inc.  | 6568 | 217138 |
|  | The Kraft Heinz Co  | 6029 | 155669 |
|  | Kroger Co.  | 2608 | 187072 |
|  | Lamb Weston Holdings, Inc.  | 1055 | 54702 |
|  | McCormick & Co., Inc.  | 582 | 44127 |
|  | Molson Coors Beverage Co. Class B  | 655 | 31499 |
|  | Mondelez International Inc. Class A  | 5088 | 343135 |

---

**3**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Monster Beverage Corp.<sup>(A)</sup>  | 5150 | $322596<br>|
|  | PepsiCo, Inc.  | 5765 | 761211 |
|  | Philip Morris International, Inc.  | 8490 | 1546284 |
|  | The Procter & Gamble Co  | 9453 | 1506052 |
|  | Sysco Corp.  | 2036 | 154207 |
|  | Target Corp.  | 3232 | 318837 |
|  | Walgreens Boots Alliance, Inc.<sup>(A)</sup>  | 1736 | 19929 |
|  | Walmart, Inc.  | 25054 | 2449780 |
|  |  |  | 11409926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.97%** | **ENERGY** |  |  |
|  | APA Corp.  | 4355 | 79653 |
|  | Chevron Corp.  | 5254 | 752320 |
|  | ConocoPhillips  | 6759 | 606553 |
|  | EOG Resources, Inc.  | 3441 | 411578 |
|  | Exxon Mobil Corp.  | 17466 | 1882835 |
|  | Halliburton Co.  | 6049 | 123279 |
|  | Hess Corp.  | 1178 | 163200 |
|  | Kinder Morgan, Inc.  | 4083 | 120040 |
|  | Marathon Petroleum Corp.  | 1980 | 328898 |
|  | Phillips 66  | 1074 | 128128 |
|  | Schlumberger Ltd. ADR  | 7109 | 240284 |
|  | Valero Energy Corp.  | 1609 | 216282 |
|  |  |  | 5053050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **14.47%** | **FINANCIALS** |  |  |
|  | Aflac, Inc.  | 2330 | 245722 |
|  | Allstate Corp.  | 2001 | 402821 |
|  | American Express Co.  | 6087 | 1941631 |
|  | American International Group  | 106 | 9073 |
|  | Ameriprise Financial, Inc.  | 2040 | 1088809 |
|  | Arch Capital Group Ltd. ADR  | 2118 | 192844 |
|  | Assurant, Inc.  | 197 | 38906 |
|  | Bank Of New York Mellon  | 1387 | 126370 |
|  | Capital One Financial  | 2175 | 462753 |
|  | CBOE Global Markets, Inc.  | 946 | 220617 |
|  | Chubb Ltd. ADR  | 1684 | 487888 |
|  | Everest RE Group, Ltd.  | 196 | 66611 |
|  | FactSet Research Systems, Inc.  | 314 | 140446 |
|  | Fidelity National Information Services, Inc.  | 1274 | 103716 |
|  | Fifth Third Bancorp  | 1103 | 45366 |
|  | Fiserv, Inc.<sup>(A)</sup>  | 10839 | 1868752 |

---

**4**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Global Payments, Inc.  | 3035 | $242921<br>|
|  | Globe Life, Inc.  | 601 | 74698 |
|  | Hartford Financial Services Group, Inc.  | 1703 | 216060 |
|  | Intercontinental Exchange  | 3395 | 622881 |
|  | Jack Henry & Associates, Inc.  | 311 | 56033 |
|  | Loews Corp.  | 424 | 38864 |
|  | M & T Bank Corp.  | 143 | 27741 |
|  | Mastercard, Inc. Class A  | 19665 | 11050550 |
|  | MetLife, Inc.  | 4998 | 401939 |
|  | Moody's Corporation  | 2410 | 1208832 |
|  | Nasdaq, Inc.  | 5276 | 471780 |
|  | Northern Trust Corp.  | 442 | 56041 |
|  | PayPal Holdings, Inc.<sup>(A)</sup>  | 9526 | 707972 |
|  | The PNC Financial Services Group, Inc  | 894 | 166659 |
|  | Principal Financial Group, Inc.  | 545 | 43289 |
|  | The Progressive Corp  | 4679 | 1248638 |
|  | S&P 500 Global, Inc.  | 1362 | 718169 |
|  | Synchrony Financial  | 3845 | 256615 |
|  | T Rowe Price Group, Inc.  | 1216 | 117344 |
|  | The Travelers Companies, Inc  | 484 | 129489 |
|  | Visa, Inc. Class A  | 31231 | 11088567 |
|  | W. R. Berkley Corp.  | 1656 | 121666 |
|  | Wells Fargo & Co.  | 7191 | 576143 |
|  |  |  | 37085216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **10.79%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories  | 5341 | 726429 |
|  | Abbvie, Inc.  | 20607 | 3825071 |
|  | Agilent Technologies, Inc.  | 2466 | 291013 |
|  | Align Technology, Inc.<sup>(A)</sup>  | 158 | 29914 |
|  | Amgen, Inc.  | 5638 | 1574186 |
|  | Biogen, Inc.<sup>(A)</sup>  | 1404 | 176328 |
|  | Bio-Techne Corp.  | 397 | 20426 |
|  | Cardinal Health, Inc.  | 1292 | 217056 |
|  | Cencora, Inc.  | 2901 | 869865 |
|  | Centene Corp.<sup>(A)</sup>  | 1362 | 73929 |
|  | Charles River Laboratories <br>International, Inc.<sup>(A)</sup>  | 211 | 32015 |
|  | The Cigna Grou  | 702 | 232067 |
|  | CVS Health Corp.  | 1154 | 79603 |
|  | DaVita, Inc.<sup>(A)</sup>  | 1001 | 142592 |
|  | Edwards Lifescience Corp.<sup>(A)</sup>  | 3045 | 238149 |
|  | GE Healthcare Technologies  | 4178 | 309464 |

---

**5**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Gilead Sciences, Inc.  | 13555 | $1502843<br>|
|  | HCA Healthcare, Inc.  | 2588 | 991463 |
|  | Henry Schein, Inc.<sup>(A)</sup>  | 441 | 32215 |
|  | Hologic, Inc.<sup>(A)</sup>  | 920 | 59947 |
|  | Humana, Inc.  | 120 | 29338 |
|  | ICON plc<sup>(A)</sup>  | 433 | 151134 |
|  | Idexx Laboratories, Inc.<sup>(A)</sup>  | 628 | 336822 |
|  | Incyte Corp.<sup>(A)</sup>  | 1928 | 131297 |
|  | Iqvia Holdings, Inc.<sup>(A)</sup>  | 2691 | 424075 |
|  | Johnson & Johnson  | 25860 | 3950115 |
|  | McKesson Corp.  | 1883 | 1379825 |
|  | Medtronic plc ADR  | 3776 | 329154 |
|  | Merck & Company, Inc.  | 37926 | 3002222 |
|  | Mettler-Toledo International, Inc.<sup>(A)</sup>  | 359 | 421724 |
|  | Molina Healthcare, Inc.<sup>(A)</sup>  | 391 | 116479 |
|  | Pfizer, Inc.  | 30712 | 744459 |
|  | Regeneron Pharmaceuticals, Inc.  | 1014 | 532350 |
|  | ResMed, Inc.  | 704 | 181632 |
|  | Revvity, Inc.  | 271 | 26211 |
|  | Solventum Corp.<sup>(A)</sup>  | 1274 | 96620 |
|  | Stryker Corp.  | 2208 | 873551 |
|  | Thermo Fisher Scientific, Inc.  | 2709 | 1098391 |
|  | UnitedHealth Group, Inc.  | 3635 | 1134011 |
|  | Universal Health Services, Inc.  | 204 | 36955 |
|  | Vertex Pharmaceuticals<sup>(A)</sup>  | 1166 | 519103 |
|  | Viatris, Inc.  | 6032 | 53866 |
|  | Zimmer Biomet Holdings  | 760 | 69320 |
|  | Zoetis, Inc.  | 3796 | 591986 |
|  |  |  | 27655215 |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.62%** | **INDUSTRIALS** |  |  |
|  | A O Smith Corp.  | 372 | 24392 |
|  | Allegion plc ADR  | 856 | 123367 |
|  | Amentum Holdings, Inc.<sup>(A)</sup>  | 39 | 921 |
|  | Ametek, Inc.  | 1548 | 280126 |
|  | Automatic Data Processing, Inc.  | 1713 | 528289 |
|  | Broadridge Financial Solutions, Inc.  | 279 | 67805 |
|  | Builders FirstSource, Inc.<sup>(A)</sup>  | 1240 | 144696 |
|  | Carrier Global Corp.  | 906 | 66310 |
|  | Caterpillar, Inc.  | 3519 | 1366111 |
|  | CH Robinson Worldwide, Inc.  | 400 | 38380 |
|  | Cintas Corp.  | 905 | 201697 |

---

**6**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CSX Corp.  | 15817 | $516109<br>|
| Cummins, Inc.  | 1039 | 340272 |
| Deere & Co.  | 1169 | 594425 |
| Delta Air Lines, Inc.  | 6187 | 304277 |
| Dover Corp.  | 513 | 93997 |
| Eaton Corp. plc  | 1174 | 419106 |
| Emerson Electric Co.  | 487 | 64932 |
| Equifax, Inc.  | 585 | 151731 |
| Expeditors International of <br>Washington, Inc.  | 335 | 38274 |
| FedEx Corp.  | 556 | 126384 |
| Fortive Corporation  | 2521 | 131420 |
| Generac Holdings, Inc.<sup>(A)</sup>  | 293 | 41961 |
| General Dynamics Corp.  | 1040 | 303326 |
| Grainger WW, Inc.  | 276 | 287106 |
| Hubbell, Inc.  | 244 | 99652 |
| Illinois Tool Works, Inc.  | 1262 | 312030 |
| Jacobs Solutions, Inc.  | 657 | 86363 |
| JB Hunt Transport Services, Inc.  | 344 | 49398 |
| Johnson Controls International ADR  | 550 | 58091 |
| L3Harris Technologies, Inc.  | 1002 | 251342 |
| Leidos Holdings, Inc.  | 1465 | 231118 |
| Lennox International, Inc.  | 219 | 125540 |
| Lockheed Martin Corp.  | 929 | 430257 |
| Masco Corp.  | 2441 | 157103 |
| Norfolk Southern Corp.  | 1322 | 338392 |
| Northrop Grumman Corp.  | 483 | 241490 |
| Old Dominion Freight  | 570 | 92511 |
| Otis Worldwide Corp.  | 5669 | 561344 |
| PACCAR, Inc.  | 2085 | 198200 |
| Parker-Hannifin Corp.  | 536 | 374380 |
| Paychex, Inc.  | 847 | 123205 |
| Pentair plc ADR  | 1327 | 136230 |
| Quanta Services, Inc.  | 472 | 178454 |
| Rockwell Automation, Inc.  | 319 | 105962 |
| RTX Corp.  | 3980 | 581160 |
| Snap-on, Inc.  | 315 | 98022 |
| Southwest Airlines Co.  | 832 | 26990 |
| Textron, Inc.  | 309 | 24810 |
| Trane Technologies plc ADR  | 1243 | 543701 |
| Uber Technologies, Inc.<sup>(A)</sup>  | 3941 | 367695 |
| Union Pacific Corp.  | 3518 | 809421 |

---

**7**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | United Airlines Holdings<sup>(A)</sup>  | 3071 | $244544<br>|
|  | United Rentals, Inc.  | 667 | 502518 |
|  | UPS, Inc. Class B  | 1922 | 194007 |
|  | Veralto Corp.  | 1914 | 193218 |
|  | Verisk Analytics, Inc.  | 383 | 119304 |
|  | Wabtec Corp.  | 1217 | 254779 |
|  | Xylem, Inc.  | 336 | 43465 |
|  |  |  | 14410110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **24.02%** | **INFORMATION TECHNOLOGY - HARDWARE** | **INFORMATION TECHNOLOGY - HARDWARE** |  |
|  | Advanced Micro Devices<sup>(A)</sup>  | 2528 | 358723 |
|  | Apple, Inc.  | 72974 | 14972076 |
|  | Applied Materials, Inc.  | 9649 | 1766442 |
|  | Broadcom, Inc.  | 47581 | 13115703 |
|  | Corning, Inc.  | 1718 | 90350 |
|  | Dell Technologies  | 7650 | 937890 |
|  | Enphase Energy, Inc.<sup>(A)</sup>  | 692 | 27438 |
|  | HP, Inc.  | 14742 | 360589 |
|  | International Business Machines Corp.  | 3427 | 1010211 |
|  | Jabil, Inc.  | 329 | 71755 |
|  | Keysight Technologies, Inc.<sup>(A)</sup>  | 859 | 140756 |
|  | KLA Corp.  | 1451 | 1299719 |
|  | Lam Research Corp.  | 11452 | 1114738 |
|  | Microchip Technology, Inc.  | 6187 | 435379 |
|  | Motorola Solutions, Inc.  | 872 | 366641 |
|  | Nvidia Corp.  | 147490 | 23301942 |
|  | NXP Semiconductors NV  | 1028 | 224608 |
|  | ON Semiconductor Corp.<sup>(A)</sup>  | 3361 | 176150 |
|  | Qualcomm, Inc.  | 6390 | 1017671 |
|  | Ralliant Corp.<sup>(A)</sup>  | 840 | 40748 |
|  | Skyworks Solutions, Inc.  | 330 | 24592 |
|  | TE Connectivity plc ADR  | 900 | 151803 |
|  | Teledyne Technologies, Inc.<sup>(A)</sup>  | 97 | 49694 |
|  | Teradyne, Inc.  | 418 | 37587 |
|  | Texas Instruments, Inc.  | 2190 | 454688 |
|  |  |  | 61547893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.85%** | **INFORMATION TECHNOLOGY - SOFTWARE & SERVICES** | **INFORMATION TECHNOLOGY - SOFTWARE & SERVICES** | **INFORMATION TECHNOLOGY - SOFTWARE & SERVICES** |
|  | Accenture plc Class A ADR  | 4816 | 1439454 |
|  | Adobe, Inc.<sup>(A)</sup>  | 5583 | 2159951 |
|  | Akamai Technologies, Inc.<sup>(A)</sup>  | 237 | 18903 |
|  | Arista Networks, Inc.<sup>(A)</sup>  | 8284 | 847536 |

---

**8**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Autodesk, Inc.<sup>(A)</sup>  | 858 | $265611<br>|
|  | CDW Corp.  | 1714 | 306103 |
|  | Cognizant Tech Solutions  | 2452 | 191330 |
|  | EPAM Systems, Inc.<sup>(A)</sup>  | 133 | 23517 |
|  | F5, Inc.<sup>(A)</sup>  | 176 | 51800 |
|  | Fair Isaac Corp.<sup>(A)</sup>  | 233 | 425915 |
|  | Fortinet, Inc.<sup>(A)</sup>  | 4672 | 493924 |
|  | Gartner Group, Inc.<sup>(A)</sup>  | 1006 | 406645 |
|  | GoDaddy, Inc.<sup>(A)</sup>  | 645 | 116139 |
|  | Juniper Networks, Inc.  | 1204 | 48076 |
|  | Microsoft Corp.  | 38244 | 19022948 |
|  | NetApp, Inc.  | 1082 | 115287 |
|  | NortonLifeLock, Inc.  | 3859 | 113455 |
|  | Oracle Corp.  | 13843 | 3026495 |
|  | Salesforce, Inc.  | 2529 | 689633 |
|  | Synopsys, Inc.<sup>(A)</sup>  | 513 | 263005 |
|  | Verisign, Inc.  | 1214 | 350603 |
|  |  |  | 30376330 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.85%** | **MATERIALS** |  |  |
|  | Amcor plc ADR  | 3544 | 32569 |
|  | Avery Dennison Corp.  | 295 | 51764 |
|  | Ball Corporation  | 1185 | 66467 |
|  | CF Industries Holdings, Inc.  | 692 | 63664 |
|  | Corteva, Inc.  | 817 | 60891 |
|  | Dow, Inc.  | 697 | 18457 |
|  | Eastman Chemical Co.  | 129 | 9631 |
|  | Freeport-McMoran, Inc.  | 9273 | 401985 |
|  | International Paper Co.  | 1703 | 79751 |
|  | LyondellBasell Industries NV ADR  | 1705 | 98651 |
|  | The Mosaic Co  | 561 | 20465 |
|  | Newmont Goldcorp Corp.  | 3690 | 214979 |
|  | Nucor Corp.  | 685 | 88735 |
|  | PPG Industries, Inc.  | 1099 | 125011 |
|  | The Sherwin-Williams Co  | 2148 | 737537 |
|  | Steel Dynamics, Inc.  | 804 | 102920 |
|  |  |  | 2173477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.64%** | **REAL ESTATE** |  |  |
|  | American Tower Corporate REIT  | 2173 | 480276 |
|  | AvalonBay Communities, Inc. REIT  | 194 | 39479 |
|  | BXP, Inc. REIT  | 467 | 31508 |

---

**9**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Schedule of Investments - continued** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Camden Property Trust REIT  | 298 | $33582<br>|
|  | Equity Residential REIT  | 593 | 40022 |
|  | Essex Property Trust, Inc. REIT  | 27 | 7652 |
|  | Extra Space Storage, Inc. REIT  | 200 | 29488 |
|  | Federal Realty Investment Trust REIT  | 227 | 21563 |
|  | Healthpeak Properties, Inc. REIT  | 7571 | 132568 |
|  | Invitation Homes, Inc. REIT  | 605 | 19844 |
|  | Mid-America Apartment Communities REIT  | 305 | 45143 |
|  | Prologis, Inc.  | 715 | 75161 |
|  | Public Storage REIT  | 549 | 161088 |
|  | Regency Centers Corp. REIT  | 181 | 12893 |
|  | Simon Property Group, Inc. REIT  | 2522 | 405437 |
|  | UDR, Inc. REIT  | 1012 | 41320 |
|  | Vici Properties, Inc. REIT  | 968 | 31557 |
|  | Weyerhaeuser Co. REIT  | 854 | 21939 |
|  |  |  | 1630520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.71%** | **UTILITIES** |  |  |
|  | Constellation Energy Corp.  | 1771 | 571608 |
|  | NRG Energy, Inc.  | 3067 | 492499 |
|  | The Southern Compan  | 3605 | 331047 |
|  | Vistra Corp.  | 2142 | 415141 |
|  |  |  | 1810295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.44%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $212,411,445)  | (Cost: $212,411,445)  | 254856320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **HEALTH CARE** |  |  |
|  | Abiomed, Inc. - CVR <sup>(A)(B)</sup>  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **TOTAL WARRANTS** |  |  |
|  | (Cost: $—)  | (Cost: $—)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.44%** | **TOTAL INVESTMENTS** |  | 254856320 |
|  | (Cost: $212,411,445)  | (Cost: $212,411,445)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.56%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 1426238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **256282558**<br>|

---

<sup>(A)</sup>Non-income producing

<sup>(B)</sup>The warrant is a Level 3 Security. See Note 1.

ADR - Security represented is held by the custodian in the form of American Depoistary Receipts.

CVR - Contingent Value Right

REIT - Real Estate Investment Trust

**10**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Statement of Assets and Liablities** **June 30, 2025 (unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (cost of $212,411,445) (Note 1)  | $254856320<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 1331905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold  | 1956356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 114949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 258259530 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased  | 1878319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees  | 98653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 1976972 |
| **NET ASSETS**  | $256282558<br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $215377337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficit)  | 40905221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $256282558<br>|
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $256282558<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 6550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $39.13<br>|

---

**11**

FINANCIAL STATEMENTS \| JUNE 30, 2025

See Notes to Financial Statements

**Applied Finance Valuation Large Cap ETF**

**Statement of Operations** **Six Months Ended June 30, 2025 (unaudited)**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign tax withheld of $57)  | $1420111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1420111 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 559308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 559308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 860803 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments<sup>(1)</sup>  | (508235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 16553642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 16045407 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $16906210<br>|

---

<sup>(1)</sup> Includes realized gains (losses) as a result of in-kind transactions (Note 3).

**12**

FINANCIAL STATEMENTS \| JUNE 30, 2025

See Notes to Financial Statements

**Applied Finance Valuation Large Cap ETF**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $860803<br>| $1313422<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | (508235) | 11330270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 16553642 | 18435072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 16906210 | 31078764 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (1313421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital  |  | (18644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  | (1332065) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 23706109 | 156158924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (6453643) | (39553935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 17252466 | 116604989 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 34158676 | 146351688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 222123882 | 75772194 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $256282558<br>| $222123882<br>|

---

**13**

FINANCIAL STATEMENTS \| JUNE 30, 2025

See Notes to Financial Statements

**Applied Finance Valuation Large Cap ETF**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited)** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **April 29,<br>2021<sup>(1)</sup>** **<br>through<br>December<br>31, 2021** |
|  | **Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited)** | **2024** | **2023** | **2022** | **April 29,<br>2021<sup>(1)</sup>** **<br>through<br>December<br>31, 2021** |
| **Net asset value, beginning of period**  | $36.56<br>| $29.71<br>| $23.61<br>| $28.33<br>| $25.00<br>|
| **Investment activities**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment <br>income (loss)<sup>(2)</sup>  | 0.14 | 0.28 | 0.32 | 0.29 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.43 | 6.79 | 5.96 | (4.79) | 3.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.57 | 7.07 | 6.28 | (4.50) | 3.49 |
| **Distributions**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  |  | (0.22) | (0.18) | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital  |  |  |  | —<br><sup><sup>(3)</sup></sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions  |  | (0.22) | (0.18) | (0.22) | (0.16) |
| **Net asset value, end <br>of period**  | **$** **39.13**<br>| **$** **36.56**<br>| **$** **29.71**<br>| **$** **23.61**<br>| **$** **28.33**<br>|
| **Total Return<sup>(4)</sup>** | **7.01%** | **23.77%** | **26.59%** | **(15.82**<br>**%)** | **13.95%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average <br>net assets<sup>(5)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, gross  | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment <br>income (loss)  | 0.75% | 0.82% | 1.18% | 1.19% | 1.01% |
| Portfolio turnover rate<sup>(6)</sup>  | 11.66% | 22.82% | 23.01% | 24.94% | 30.04% |
| Net assets, end of <br>period (000's)  | $256283<br>| $222124<br>| $75772<br>| $15349<br>| $9915<br>|

---

<sup>(1)</sup> Commencement of Operations.

<sup>(2)</sup> Per share amounts calculated using the average number of shares outstanding during the period.

<sup>(3)</sup> Less than $0.005 per share.

<sup>(4)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

<sup>(5)</sup> Ratios to average net assets have been annualized for the periods less than one year.

<sup>(6)</sup> Portfolio turnover rate is for the period indicated, excludes the effect of securities received or delivered from processing in-kind creations or redemptions, and has not been annualized for periods less than one year.

**14**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements** **June 30, 2025 (unaudited)**

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

The Applied Finance Valuation Large Cap ETF (the "Fund") is a non-diversified series of ETF Opportunities Trust (the "Trust"), a Delaware statutory trust which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended. The Fund commenced operations on April 29, 2021.

The Fund's objective is to seek to achieve long-term capital appreciation.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by Applied Finance Advisors, LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, is the information utilized for the day-to-day management of the Fund. Due to the significance of oversight and its role in the Fund's management, the Advisor's investment manager is deemed to be the Chief Operating Decision Maker.

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

**Security Valuation**

The Fund records its investments at fair value. Generally, the Fund's domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. Warrants which are traded on an exchange are valued at their last quoted price as of the valuation date. If market quotations are not readily

**15**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

available, securities will be valued at their fair market value as determined in good faith under procedures set by the Board of Trustees of the Trust (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

The Fund has a policy that contemplates the use of fair value pricing to determine the net asset value ("NAV") per share of the Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Fund's NAV is calculated, that is likely to have changed the value of the security. Since most of the Fund's investments are traded on U.S. securities exchanges, it is anticipated that the use of fair value pricing will be limited.

When the Fund uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Fund's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing.

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

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

**16**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

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

The following is a summary of the level of inputs used to value the Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $254856320<br>| $—<br>| $—<br>| $254856320<br>|
| Warrants  |  |  | —<br> \* |  |
|  | $254856320<br>| $—<br>| $—<br>| $254856320<br>|

---

\*The Level 3 security has zero value.

Refer to the Fund's Schedule of Investments for a listing of the securities by type and sector.

There were no transfers into or out of any levels during the six months ended June 30, 2025. On June 30, 2025, the Fund held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $— (0.00% of net assets). As the value of the Level 3 security is not material to the financial statements, no additional Level 3 disclosures are presented.

**Security Transactions and Income**

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

**Warrants**

The Fund may invest in warrants. Warrants are options to purchase equity securities at a specific price, or receive contingent payments, for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Hence, warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The value of warrants is derived solely from capital appreciation of the underlying equity securities. Warrants differ from call options in that the underlying corporation issues warrants, whereas call options may be written by anyone.

**17**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

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

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

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended June 30, 2025, there were no such reclassifications.

**Dividends and Distributions**

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

**18**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

**Creation Units**

The Fund issues and redeems shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 25,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay Citibank, N.A. (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $750. Authorized Participants wishing to redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $750.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Fund may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Fund's principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participant Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation Unit<br>Shares** | **Creation<br>Transaction<br>Fee** | **Value** |
| Applied Finance Valuation <br>Large Cap ETF  | 25000 | $750 | $978250 |

---

To the extent contemplated by a Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be

**19**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

redeemed to the Distributor, on behalf of the Fund, by the time as set forth in the Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking will be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

**Officers and Trustees Indemnification**

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

---

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

---

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to the policies adopted by the Board. In addition, the Advisor: (i) furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund; (ii) provides guidance and policy direction in connection with its daily management of the Fund's assets, subject to the authority of the Board; and (iii) is responsible for oversight of the Fund's sub-advisor. Under the Advisory Agreement, the Advisor, at its own expense and without reimbursement from the Trust, assumes and pays all ordinary expenses of the Fund, except the fee paid to the Advisor pursuant to the Advisory Agreement, distribution fees or expenses under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related

**20**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

For its services with respect to the Fund, the Advisor is entitled to receive an annual management fee, calculated daily and payable monthly as a percentage of the Fund's daily net assets, at the rate of 0.49%.

The Advisor has retained Tidal Investments LLC (the "Sub-Advisor") to serve as sub-advisor for the Fund. Pursuant to an Investment Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for the day-to-day management of the Fund's trading process, which includes Creation and/or Redemption basket processing. The Sub-Advisor does not select investments for the Fund's portfolio.

For its services, the Sub-Advisor is paid a fee by the Advisor, which fee is calculated daily and paid monthly, at an annual rate based on the daily net assets of the Fund at the following rate: 0.0350% on the first $500 million in net assets; 0.0325% on the next $500 million in net assets; and 0.0300% on any net assets in excess of $1 billion (subject to a minimum of $25,000 per year).

**Fund Administrator**

Commonwealth Fund Services, Inc. ("CFS") acts as the Fund's administrator. As administrator, CFS supervises all aspects of the operations of the Fund except those performed by the Advisor and the Sub-Advisor. For its services, fees to CFS are computed daily and paid monthly based on the daily net assets of the Fund, plus out-of-pocket expenses. The Advisor pays these fees monthly.

**Custodian**

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

**Fund Accountant and Transfer Agent**

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

**21**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

**Distributor**

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

**Trustees and Officers**

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

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus LLP, serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus LLP. J. Stephen King, Jr., Assistant Secretary of the Trust, is a Partner of Practus LLP. Neither the officers and/or directors of CFS, Mr. Lively or Mr. King receive any special compensation from the Trust or the Fund for serving as officers of the Trust.

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

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than in-kind transactions and short-term investments for the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $27866669 | $27042120 |

---

The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain** |
| $22751216 | $6191728 | $1694596 |

---

**22**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

---

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

---

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

The tax character of the distributions during the six months ended June 30, 2025 and the year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025** | **Year Ended<br>December 31,<br>2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $—<br>| $1332065<br>|
|  | $—<br>| $1332065<br>|

---

As of June 30, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated undistributed net investment income (loss)  | $860803<br>|
| Accumulated net realized gain (loss) of investments  | (2400457) |
| Net unrealized appreciation (depreciation) of investments  | 42444875 |
|  | $40905221<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $212411445 | $48698286 | $(6253411) | $42444875 |

---

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

Shares of the Fund are listed for trading on NYSE Arca, Inc. (the "Exchange") and trade at market prices rather than at NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. The Fund will issue and redeem its shares at NAV only in large blocks of 25,000 shares (each block of shares

**23**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities of the Fund.

All orders to create Creation Units must be placed with the Distributor either (1) through Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the Securities and Exchange Commission, by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party or the DTC Participant must have executed a Participant Agreement; such parties are collectively referred to as "APs" or "Authorized Participants." Investors should contact the Distributor for the names of Authorized Participants. All Fund shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

Shares of beneficial interest transactions for the Fund were:

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>ended<br>June 30, 2025** | **Year ended<br>December 31,<br>2024** |
| Shares sold  | 650000 | 4700000 |
| Shares redeemed  | (175000) | (1175000) |
| Net increase (decrease)  | 475000 | 3525000 |

---

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

It is important that you closely review and understand the risks of investing in the Fund. The Fund's NAV and investment return will fluctuate based upon changes in the value of their portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A complete description of the principal risks is included in the Fund's prospectus under the heading "Principal Risks."

**24**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**Applied Finance Valuation Large Cap ETF**

**Notes to Financial Statements - continued** **June 30, 2025 (unaudited)**

**NOTE 7 – SUBSEQUENT EVENTS**

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

**25**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

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

*This semi-annual report pertains only to the to the Applied Finance Valuation Large Cap ETF; however, the disclosure below references the Applied Finance Dividend Fund, the Applied Finance Explorer Fund and the Applied Finance Select Fund, which are mutual funds that are part of the Applied Finance family of funds (collectively, the "Applied Finance Funds" for purposes of this disclosure document).* 

At meetings held on December 17-18, 2024 (the "December Meeting") and March 11-12, 2025 (the "March Meeting") (collectively, the "Meeting"), the Board of Trustees (the "Board") of the ETF Opportunities Trust (the "Trust") considered the approval of the continuation of the Investment Advisory Agreement (the "Applied Finance Advisory Agreement") between the Trust and Applied Finance Advisors, LLC ("Applied Finance") and the Investment Sub-Advisory Agreement (the "Applied Finance Sub-Advisory Agreement") between Applied Finance and Tidal Investments, LLC ("Tidal"), each with respect to the Applied Finance Valuation Large Cap ETF ("Applied Finance ETF"). The Trustees considered the most recent approvals of the Applied Finance Advisory Agreement and the Applied Finance Sub-Advisory Agreement that occurred prior to their consideration of those agreements that took place at the December Meeting. The Board reflected on its discussions with the representatives from Applied Finance and Tidal at the December Meeting regarding the manner in which the Applied Finance ETF is managed and the roles and responsibilities of

**26**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Supplemental Information (unaudited)**

Applied Finance and Tidal under the Applied Finance Advisory Agreement and the Applied Finance Sub-Advisory Agreement (collectively, the "Applied Finance Advisory Agreements"). It was noted that the consideration of the Applied Finance Advisory Agreements was being re-presented at the March Meeting to established the new renewal cycle. The Board considered the information provided to it at its December Meeting, and which was provided again by Applied Finance at the March Meeting along with certain other more updated information.

The Trustees reviewed a memorandum from Trust Counsel ("Trust Counsel") that addressed the Trustees' duties when considering the approval of the Applied Finance Advisory Agreements and the responses of Applied Finance and Tidal to requests for information from Trust Counsel on behalf of the Board. Trust Counsel noted that the responses included information on the personnel of and services to be provided by Applied Finance and Tidal, an expense comparison analysis for the Applied Finance ETF and comparable ETFs, and the Applied Finance Advisory Agreements. He discussed the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the Applied Finance Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services to be provided by Applied Finance; (ii) the investment performance of Applied Finance and Tidal; (iii) the costs of the services to be provided and profits to be realized by Applied Finance from the relationship with the Applied Finance ETF; (iv) the extent to which economies of scale would be realized if the Applied Finance ETF grows and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (v) possible conflicts of interest and other benefits.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting. The Board requested or was provided with information and reports relevant to the approval of the Applied Finance Advisory Agreements, including: (i) information regarding the services and support to be provided by Applied Finance and Tidal to the Applied Finance ETF and its shareholders; (ii) presentations by management of Applied Finance and Tidal addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the Applied Finance ETF; (iii) information pertaining to the compliance structure of Applied Finance and Tidal; (iv) disclosure information contained in the Applied Finance ETF's registration statement and Applied Finance's and Tidal's Form ADV and/or the policies and procedures of Applied Finance and Tidal; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving

**27**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Supplemental Information (unaudited)**

the Applied Finance Advisory Agreements, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

The Board considered that it also requested and received various informational materials including, without limitation: (i) documents containing information about Applied Finance and Tidal, including financial information, information on personnel and the services to be provided by Applied Finance and Tidal to the Applied Finance ETF, each firm's compliance program, information on any current legal matters, and other general information; (ii) expenses of the Applied Finance ETF and comparative expense and performance information for other ETFs with strategies similar to the Applied Finance ETF prepared by an independent third party; (iii) the anticipated effect of size on the Applied Finance ETF's performance and expenses; and (iv) benefits anticipated to be realized by Applied Finance and Tidal from their relationship with the Applied Finance ETF.

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

*(1) The nature, extent, and quality of the services provided by Applied Finance and Tidal.*

In this regard, the Board considered the responsibilities of Applied Finance and Tidal under their respective Applied Finance Advisory Agreements. The Board reviewed the services to be provided by each of Applied Finance and Tidal to the Applied Finance ETF, including, without limitation, Applied Finance's process for formulating investment recommendations and the processes of both Applied Finance and Tidal for assuring compliance with the Applied Finance ETF's investment objectives and limitations; Tidal's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by Applied Finance for the Applied Finance ETF among the service providers; and the anticipated efforts of Applied Finance to promote the Applied Finance ETF and grow its assets. The Board considered: the staffing, personnel, and methods of operating of Applied Finance and Tidal; the education and experience of their personnel; and information provided on their compliance programs, policies and procedures. The Board considered the methods to be utilized by Applied Finance in supervising Tidal as a sub-adviser to the Applied Finance ETF and the relationship between Applied Finance and Tidal. After reviewing the foregoing and further information from Applied Finance and Tidal,

**28**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Supplemental Information (unaudited)**

the Board concluded that the quality, extent, and nature of the services to be provided by Applied Finance and Tidal was satisfactory and adequate for the Applied Finance ETF.

*(2) The investment performance of the Applied Finance ETF and Applied Finance.*

The Board reviewed the Applied Finance ETF's performance. The Trustees considered that Applied Finance does not have any clients other than the Applied Finance ETF and three Applied Finance Funds for which the Trust's independent trustees also serve as independent trustees. In considering the investment performance of the Applied Finance ETF, the Trustees compared the performance of the Applied Finance ETF with the performance of its benchmark index, the Morningstar US Large-Mid Cap TR Index, funds in its Morningstar category, Large Blend Funds ("Category"), and a peer group selected from its Category ("Peer Group"). The Trustees noted that the Applied Finance ETF underperformed the Morningstar US Large-Mid Cap TR Index but outperformed the median of funds in its Category and the median of fund in its Peer Group for the one-year period ended October 31, 2024, and that it had outperformed its benchmark index, the Category median and Peer Group median for the three-year period ending October 31, 2024. After a detailed discussion of the Applied Finance ETF's performance, the Board concluded, in light of all the facts and circumstances, that the investment performance of the Applied Finance ETF was satisfactory.

*(3) The costs of services to be provided and profits to be realized by Applied Finance from the relationship with the Applied Finance ETF.*

In this regard, the Board considered the financial condition of Applied Finance and the level of commitment to the Applied Finance ETF by Applied Finance and Tidal. The Board also considered the assets and expenses of the Applied Finance ETF, including the nature and frequency of advisory payments. The Board noted the information on profitability provided by Applied Finance. The Trustees considered the Applied Finance ETF's unitary fee structure, and compared the unitary fee of the Applied Finance ETF to the fees of its Morningstar Category, the Large Blend, and the Peer Group. The Trustees noted that the Applied Finance ETF's gross and net expense ratio and gross and net advisory fee were each less than the Category median, and that the gross expense ratio was slightly below the Peer Group median and the net expense ratio was equal to the Peer Group median. The Board also considered the fees paid to Tidal by Applied Finance for sub-advising the Applied Finance ETF. After

**29**

FINANCIAL STATEMENTS \| JUNE 30, 2025

**APPLIED FINANCE VALUATION LARGE CAP ETF**

**Supplemental Information (unaudited)**

further consideration, the Board concluded that the profitability and fees to be paid to Applied Finance (who in turn would pay Tidal) were within an acceptable range in light of the services to be rendered by Applied Finance and Tidal.

*(4) The extent to which economies of scale would be realized as the Applied Finance ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of the Applied Finance ETF's investors.*

The Trustees considered that the Applied Finance ETF is not of sufficient size to achieve economies of scale and that there are no break points in the Applied Finance Advisory Agreement. However, they noted that the unitary fee structure limits the Applied Finance ETF shareholders' exposure to fee increases.

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

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory and sub-advisory personnel assigned to the Applied Finance ETF; the basis of decisions to buy or sell securities for the Applied Finance ETF; the substance and administration of the Code of Ethics and other relevant policies of Applied Finance and Tidal. The Board noted that Applied Finance and Tidal have each represented that it has not and does not anticipate utilizing soft dollars or commission recapture with regard to the Applied Finance ETF. The Board also considered the affiliations of Applied Finance, including its affiliate that produces and sells investment research, and that it manages the Applied Finance Funds. It was noted that Applied Finance represented that the Applied Finance Funds may invest in the Applied Finance ETF from time to time for the same reasons they would invest in other non-affiliated mutual funds or ETFs and that Applied Finance does not believe such investments will raise issues of conflict or duplicative services. The Board also considered potential benefits for Applied Finance and Tidal in managing the Applied Finance ETF. Following further consideration and discussion, the Board indicated that the standards and practices of Applied Finance and Tidal relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by each of Applied Finance and Tidal from managing the Applied Finance ETF were satisfactory.

After additional consideration of the factors delineated in the memorandum provided by Trust Counsel and further discussion and careful review by the Board, the Trustees determined that the compensation payable under the Applied Finance Advisory Agreements was fair, reasonable and within a range of what could have been negotiated at arms-length in light of all the surrounding circumstances, and they approved the renewal of the Applied Finance Advisory Agreements for another one-year period.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

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

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

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

Registrant: ETF Opportunities Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: September 4, 2025 | |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: September 4, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: September 4, 2025 |  |

---

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

## Ex-99.Cert

[ETF OPPORTUNITIES TRUST N-CSRS](af-ncsrs_063025.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the Applied Finance Valuation Large Cap ETF;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(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;

(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;

(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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(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

(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: September 4, 2025

/s/ Karen Shupe

Principal Executive Officer

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

1. I have reviewed this report on Form N-CSR of the Applied Finance Valuation Large Cap ETF;

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

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

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(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;

(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;

(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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(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

(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: September 4, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[ETF OPPORTUNITIES TRUST N-CSRS](af-ncsrs_063025.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: September 4, 2025

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| | |
|:---|:---|
| Name: | /s/ Karen Shupe |

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Karen Shupe

Title: Treasurer and Principal Executive Officer

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

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: September 4, 2025

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| | |
|:---|:---|
| Name: | /s/ Ann MacDonald |

---

Ann MacDonald

Title: Assistant Treasurer and Principal Financial Officer

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