# EDGAR Filing Document

**Accession Number:** 0001506213
**File Stem:** 0001580642-26-000165
**Filing Date:** 2026-1
**Character Count:** 321540
**Document Hash:** 5dd35a1baa1a410f6c7d152e7195e94c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000165.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001580642-26-000165

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strategy Shares
- **CENTRAL INDEX KEY:** 0001506213

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22497
- **FILM NUMBER:** 26520685

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MFUND SERVICES LLC
- **STREET 2:** 36 NORTH NEW YORK AVENUE
- **CITY:** HUNTINGTON
- **STATE:** NY
- **ZIP:** 11743
- **BUSINESS PHONE:** 855-477-3837

**MAIL ADDRESS:**
- **STREET 1:** C/O MFUND SERVICES LLC
- **STREET 2:** 36 NORTH NEW YORK AVENUE
- **CITY:** HUNTINGTON
- **STATE:** NY
- **ZIP:** 11743

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Huntington Strategy Shares
- **DATE OF NAME CHANGE:** 20101119

## Series and Classes Contracts Data

### Strategy Shares Nasdaq 7 HANDL(TM) Index ETF (Series ID: S000059719)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000195439 | Strategy Shares Nasdaq 7 HANDL(TM) Index ETF | HNDL            |

### Day Hagan Smart Sector ETF (Series ID: S000066772)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000215105 | Day Hagan Smart Sector ETF | SSUS            |

### Strategy Shares Newfound/Resolve Robust Momentum ETF (Series ID: S000066847)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000215207 | Strategy Shares Newfound/Resolve Robust Momentum ETF | ROMO            |

### Strategy Shares Gold Enhanced Yield ETF (Series ID: S000070448)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000223943 | Strategy Shares Gold Enhanced Yield ETF | GOLY            |

### Day Hagan Smart Sector Fixed Income ETF (Series ID: S000073631)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000230670 | Day Hagan Smart Sector Fixed Income ETF | SSFI            |

### Day Hagan Smart Sector International ETF (Series ID: S000076645)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000236642 | Day Hagan Smart Sector International ETF | SSXU            |

### Eventide High Dividend ETF (Series ID: S000086526)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000252108 | Eventide High Dividend ETF | ELCV            |

### Day Hagan Smart Buffer ETF (Series ID: S000089262)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000255777 | Day Hagan Smart Buffer ETF | DHSB            |

### Eventide US Market ETF (Series ID: S000089355)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000255876 | Eventide US Market ETF | ESUM            |

### MONOPOLY ETF (Series ID: S000092393)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000260368 | MONOPOLY ETF | MPLY            |

### Eventide Large Cap Growth ETF (Series ID: S000095401)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000264122 | Eventide Large Cap Growth ETF | ESLG            |

### Eventide Large Cap Value ETF (Series ID: S000095402)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000264123 | Eventide Large Cap Value ETF | ESLV            |

### Eventide Small Cap ETF (Series ID: S000095403)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000264124 | Eventide Small Cap ETF | ESSC            |

?xml version='1.0' encoding='ASCII'?

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: 811-22497

<u>Strategy Shares</u> <br> (Exact name of registrant as specified in charter)

<u>36 North New York Avenue, Huntington, NY</u> <u>11743</u> <br> (Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

Registrant's telephone number, including area code: <u>(855) 477-3837</u>

Date of fiscal year end: <u>October 31</u>

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

**Item 1. Reports to Stockholders.**

(a) ![Image](i141b211dcdfaf1360a418a5e.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Day Hagan Smart Sector ETF (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.dhfunds.com/literature. You can also request this information by contacting us at 1-800-594-7930. **This report describes changes to the Fund that occurred during the reporting period**.

#### Day Hagan Smart Sector ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### SSUS ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector ETF | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.68% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $572833836 |
| Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 58% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i3c72978d0a0c7b8120b6201a.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Utilities Select Sector SPDR Fund ETF | 1.5% |
| Industrial Select Sector SPDR Fund ETF | 2.3% |
| Invesco S&P 500 Equal Weight ETF | 3.4% |
| Consumer Staples Select Sector SPDR Fund ETF | 4.8% |
| Communication Services Select Sector SPDR Fund ETF | 6.5% |
| Vanguard Health Care ETF | 7.0% |
| Consumer Discretionary Select Sector SPDR Fund ETF | 8.7% |
| Financial Select Sector SPDR Fund ETF | 8.9% |
| iShares Core S&P 500 ETF | 25.1% |
| Vanguard Information Technology ETF | 26.5% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](id4a240d9d251a9e0509acc2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 1.2% |
| Exchange-Traded Funds | 96.5% |
| Other Assets less Liabilities | 2.3% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

**This is a summary of certain changes to the Fund since April 31, 2025. Effective October 1, 2025, Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management became the Fund's investment adviser.**

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](i141b211dcdfaf1360a418a5e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.dhfunds.com/literature](ie2455f1cddfc33d6e006a3a5.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, www.dhfunds.com/literature, or upon request by calling 1-800-594-7930.

#### Day Hagan Smart Sector ETF
SSUS-10/25-SAR

![Image](i141b211dcdfaf1360a418a5e.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Day Hagan Smart Sector Fixed Income ETF (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.dhfunds.com/literature. You can also request this information by contacting us at 1-800-594-7930. **This report describes changes to the Fund that occurred during the reporting period**.

#### Day Hagan Smart Sector Fixed Income ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### SSFI ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector Fixed Income ETF | &nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;0.68% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35567824 |
| Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 20% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](iacb7e6283db4b58381cc9e9e.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Vanguard Emerging Markets Government Bond ETF | 1.0% |
| State Street SPDR Portfolio High Yield Bond ETF | 2.9% |
| Vanguard Total International Bond ETF | 5.1% |
| State Street SPDR Portfolio Long Term Treasury ETF | 10.1% |
| State Street SPDR Portfolio Corporate Bond ETF | 16.3% |
| State Street SPDR Portfolio Short Term Treasury ETF | 18.7% |
| State Street SPDR Portfolio Intermediate Term Treasury ETF | 19.8% |
| State Street SPDR Portfolio Mortgage Backed Bond ETF | 25.3% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](i1029378dedcaf0938344c933.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.2% |
| Other Assets less Liabilities | 0.8% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

**This is a summary of certain changes to the Fund since April 31, 2025. Effective October 1, 2025, Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management became the Fund's investment adviser.** 

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](i141b211dcdfaf1360a418a5e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.dhfunds.com/literature](ie2455f1cddfc33d6e006a3a5.jpg)

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, www.dhfunds.com/literature, or upon request by calling 1-800-594-7930.

#### Day Hagan Smart Sector Fixed Income ETF
SSFI-10/25-SAR

![Image](i141b211dcdfaf1360a418a5e.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Day Hagan Smart Sector International ETF (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.dhfunds.com/literature. You can also request this information by contacting us at 1-800-594-7930. **This report describes changes to the Fund that occurred during the reporting period**.

#### Day Hagan Smart Sector International ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### SSXU ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector International ETF | &nbsp;&nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;0.68% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $37169109 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 158% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i0f4498cba0c0da281a2180fe.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| iShares MSCI Philippines ETF | 5.9% |
| iShares MSCI Germany ETF | 5.9% |
| iShares MSCI Thailand ETF | 6.1% |
| iShares MSCI Poland ETF | 6.1% |
| iShares MSCI India ETF | 6.2% |
| iShares MSCI Chile ETF | 6.5% |
| iShares MSCI Canada ETF | 7.5% |
| Franklin FTSE United Kingdom ETF | 7.6% |
| iShares MSCI China ETF | 13.5% |
| Franklin FTSE Japan ETF | 19.2% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](i311b8351f009aab5b4605fc3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.1% |
| Other Assets less Liabilities | 0.9% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

**This is a summary of certain changes to the Fund since April 31, 2025. Effective October 1, 2025, Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management became the Fund's investment adviser.**

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](i141b211dcdfaf1360a418a5e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.dhfunds.com/literature](ie2455f1cddfc33d6e006a3a5.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, www.dhfunds.com/literature, or upon request by calling 1-800-594-7930.

#### Day Hagan Smart Sector International ETF
SSXU-10/25-SAR

![Image](i141b211dcdfaf1360a418a5e.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Day Hagan Smart Buffer ETF (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.dhfunds.com/literature. You can also request this information by contacting us at 1-800-594-7930. **This report describes changes to the Fund that occurred during the reporting period**.

#### Day Hagan Smart Buffer ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### DHSB ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Day Hagan Smart Buffer ETF | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.81% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39532970 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 16% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** ^
(% of Net Assets)

![Group By Sector Chart](i25686926c82250afb3777d5f.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| SPDR S&P 500 ETF Trust | 102.6% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](i2c8244febeeb0ff116ba09a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Fund | 102.6% |
| Written Call Options | (5.4)% |
| Purchased Put Option | 5.5% |
| Liabilities less Other Assets | (2.7)% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

^ Percentages exclude derivative securities.

**This is a summary of certain changes to the Fund since April 31, 2025. Effective October 1, 2025, Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management became the Fund's investment adviser.** 

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](i141b211dcdfaf1360a418a5e.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.dhfunds.com/literature](ie2455f1cddfc33d6e006a3a5.jpg)

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, www.dhfunds.com/literature, or upon request by calling 1-800-594-7930.

#### Day Hagan Smart Buffer ETF
DHSB-10/25-SAR

![Image](ia52df7c090e566010aef2a40.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Eventide High Dividend ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://EventideETFs.com. You can also request this information by contacting us at 1-877-771-3836.

#### Eventide High Dividend ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ELCV ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Eventide High Dividend ETF | &nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;0.49% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $150046722 |
| Number of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 40% |

---

# What did the Fund invest in?

# Sector Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](ie34d62ae2ef8fb72b8e42c0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Allocation header row for footnote (Will not show in TSR output)<sup>Footnote Reference\*</sup> |  |
| Utilities | 20.3% |
| Energy | 19.9% |
| Financials | 15.7% |
| Information Technology | 12.5% |
| Industrials | 8.1% |
| Consumer Discretionary | 7.1% |
| Real Estate | 6.6% |
| Health Care | 6.2% |
| Materials | 3.0% |
| Other Assets/Liabilities | 0.6% |

---

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i7f05cba29808fa3aa9814e82.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Exxon Mobil Corp. | 3.1% |
| Amgen, Inc. | 3.2% |
| Regions Financial Corp. | 3.6% |
| Enbridge, Inc. | 3.8% |
| American Express Co | 4.1% |
| Williams Cos., Inc. (The) | 4.1% |
| Entergy Corp. | 4.7% |
| Home Depot, Inc. (The) | 4.9% |
| Southern Co. (The) | 5.0% |
| Prologis, Inc. | 5.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100% . Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities. |

---

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](ia52df7c090e566010aef2a40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eventideetfs.com/](if97c217ed3e4495947e4305e.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, https://www.eventideinvestments.com/etfs/elcv, or upon request by calling 1-877-771-3836.

#### Eventide High Dividend ETF
ELCV-10/25-SAR

![Image](ia52df7c090e566010aef2a40.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Eventide Large Cap Growth ETF (the "Fund") for the period of September 29, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://EventideETFs.com. You can also request this information by contacting us at 1-877-771-3836.

#### Eventide Large Cap Growth ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ESLG ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Eventide Large Cap Growth ETF | &nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;0.38% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1031765 |
| Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 1% |

---

# What did the Fund invest in?

# Sector Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](idddba51bd3141d9023a98a6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Allocation header row for footnote (Will not show in TSR output)<sup>Footnote Reference\*</sup> |  |
| Information Technology | 46.6% |
| Industrials | 16.4% |
| Financials | 12.6% |
| Consumer Discretionary | 7.9% |
| Health Care | 7.8% |
| Materials | 3.1% |
| Other | 3.1% |
| Other Assets/Liabilities | 2.5% |

---

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i7d4020a0314d88101ea7d691.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| O'Reilly Automotive, Inc. | 2.2% |
| Intuit, Inc. | 2.3% |
| Moody's Corp. | 2.5% |
| Home Depot, Inc. (The) | 2.5% |
| Arista Networks, Inc. | 2.6% |
| S&P Global, Inc. | 2.6% |
| American Express Co | 2.8% |
| Caterpillar, Inc. | 3.4% |
| Broadcom, Inc. | 4.9% |
| NVIDIA Corp. | 11.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100% . Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities. |

---

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](ia52df7c090e566010aef2a40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eventideetfs.com/](if97c217ed3e4495947e4305e.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, https://www.eventideinvestments.com/etfs/eslg, or upon request by calling 1-877-771-3836.

#### Eventide Large Cap Growth ETF
ESLG-10/25-SAR

![Image](ia52df7c090e566010aef2a40.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Eventide Large Cap Value ETF (the "Fund") for the period of September 29, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://EventideETFs.com. You can also request this information by contacting us at 1-877-771-3836.

#### Eventide Large Cap Value ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ESLV ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Eventide Large Cap Value ETF | &nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;0.38% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $733347 |
| Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 0% |

---

# What did the Fund invest in?

# Sector Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](i6107dc522177f51f989760a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Allocation header row for footnote (Will not show in TSR output)<sup>Footnote Reference\*</sup> |  |
| Financials | 21.7% |
| Health Care | 14.0% |
| Energy | 12.8% |
| Utilities | 9.9% |
| Industrials | 9.8% |
| Consumer Discretionary | 9.6% |
| Information Technology | 8.4% |
| Materials | 7.0% |
| Real Estate | 3.5% |
| Other | 1.8% |
| Other Assets/Liabilities | 1.5% |

---

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i2c1baa288f0cca410ed0a404.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Huntington Bancshares, Inc. | 2.4% |
| Regions Financial Corp. | 2.5% |
| Fifth Third Bancorp | 2.6% |
| Lowe's Cos, Inc. | 2.6% |
| Union Pacific Corp. | 3.1% |
| Medtronic plc | 3.1% |
| Amgen, Inc. | 3.2% |
| Duke Energy Corp. | 3.2% |
| Home Depot, Inc. (The) | 3.4% |
| Exxon Mobil Corp. | 5.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100% . Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities. |

---

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](ia52df7c090e566010aef2a40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eventideetfs.com/](if97c217ed3e4495947e4305e.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, https://www.eventideinvestments.com/etfs/eslv, or upon request by calling 1-877-771-3836.

#### Eventide Large Cap Value ETF
ESLV-10/25-SAR

![Image](ia52df7c090e566010aef2a40.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Eventide Small Cap ETF (the "Fund") for the period of September 29, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://EventideETFs.com. You can also request this information by contacting us at 1-877-771-3836.

#### Eventide Small Cap ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ESSC ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Eventide Small Cap ETF | &nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;0.48% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1011194 |
| Number of Portfolio Holdings | 342 |
| Portfolio Turnover Rate | 0% |

---

# What did the Fund invest in?

# Sector Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](i330fe5ed866819286c40e1a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Allocation header row for footnote (Will not show in TSR output)<sup>Footnote Reference\*</sup> |  |
| Health Care | 20.3% |
| Financials | 19.5% |
| Industrials | 17.3% |
| Information Technology | 16.5% |
| Consumer Discretionary | 10.1% |
| Utilities | 4.1% |
| Materials | 3.5% |
| Real Estate | 3.2% |
| Energy | 2.7% |
| Other | 1.8% |
| Other Assets/Liabilities | 1.0% |

---

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](ic2d78aa715500ce5ae49dfa4.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| FNB Corp. | 0.7% |
| Associated Bancorp | 0.7% |
| Southwest Gas Holdings, Inc. | 0.7% |
| InterDigital, Inc. | 0.7% |
| Newmark Group, Inc. | 0.7% |
| Argan, Inc. | 0.7% |
| Archrock, Inc. | 0.8% |
| Marcus & Millichap, Inc. | 0.8% |
| Element Solutions, Inc. | 0.8% |
| Celcuity, Inc. | 0.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100% . Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities. |

---

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](ia52df7c090e566010aef2a40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eventideetfs.com/](if97c217ed3e4495947e4305e.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, https://www.eventideinvestments.com/etfs/essc, or upon request by calling 1-877-771-3836.

#### Eventide Small Cap ETF
ESSC-10/25-SAR

![Image](ia52df7c090e566010aef2a40.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Eventide US Market ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://EventideETFs.com. You can also request this information by contacting us at 1-877-771-3836.

#### Eventide US Market ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ESUM ︳ NYSE Arca

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Eventide US Market ETF | &nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;&nbsp;0.39% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $128339290 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 26% |

---

# What did the Fund invest in?

# Sector Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](ic655980445394fa6e438d347.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sector Allocation header row for footnote (Will not show in TSR output)<sup>Footnote Reference\*</sup> |  |
| Information Technology | 36.6% |
| Industrials | 16.3% |
| Financials | 12.6% |
| Health Care | 9.3% |
| Consumer Discretionary | 8.7% |
| Utilities | 5.3% |
| Materials | 3.7% |
| Energy | 2.5% |
| Real Estate | 2.0% |
| Other | 1.8% |
| Other Assets/Liabilities | 1.2% |

---

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i96f2dfc052c907f418d38ab2.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| ServiceNow, Inc. | 1.5% |
| American Express Co | 1.6% |
| Arista Networks, Inc. | 1.6% |
| Exxon Mobil Corp. | 1.6% |
| Eli Lilly & Co. | 1.6% |
| Lam Research Corp. | 1.6% |
| Home Depot, Inc. (The) | 1.7% |
| Caterpillar, Inc. | 1.8% |
| Broadcom, Inc. | 3.4% |
| NVIDIA Corp. | 7.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Percentages are of the net assets of the Fund and may not equal 100% . Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities. |

---

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

![Image](ia52df7c090e566010aef2a40.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eventideetfs.com/](if97c217ed3e4495947e4305e.jpg)

Additional information about the Fund including the Annual and Semi-Annual Financial Statements and Additional Information, Holdings, Prospectus, and Statement of Additional Information is available on the Fund's website, https://www.eventideinvestments.com/etfs/esum, or upon request by calling 1-877-771-3836.

#### Eventide US Market ETF
ESUM-10/25-SAR

![Image](id31d289900da696d71a7e06f.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Strategy Shares Gold Enhanced Yield ETF (the "Fund") (formerly "Strategy Shares Gold-Hedged Bond ETF") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://strategysharesetfs.com/goly/. You can also request this information by contacting 1-855-477-3837.

#### Strategy Shares Gold Enhanced Yield ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### GOLY ︳ Cboe BZX Exchange

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Strategy Shares Gold Enhanced Yield ETF | &nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;0.78% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122152439 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 9% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** ^
(% of Net Assets)

![Group By Sector Chart](ifd2afb51a4760711562dcef6.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Orange SA | 3.3% |
| Boeing Co. (The) | 3.4% |
| Goldman Sachs Group, Inc. (The) | 3.4% |
| JPMorgan Chase & Co. | 3.6% |
| Walt Disney Co. (The) | 3.6% |
| Equinix, Inc. | 3.7% |
| Verizon Communications, Inc. | 3.8% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 3.7% |
| Wells Fargo & Co. | 3.8% |
| Citigroup, Inc. | 3.8% |

---

# Asset Allocation\*
(% of Net Assets)

![Group By Asset Type Chart](i6a85d256d7a4f043fee63fda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 89.9% |
| Yankee Dollars | 6.3% |
| Other Assets less Liabilities | 2.6% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

^ Percentages exclude derivative securities.

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements, Prospectus, and Statement of Additional Information, is available on the Fund's website, www.strategysharesetfs.com/goly/, or upon request by calling 1-855-477-3837.

![Image](id31d289900da696d71a7e06f.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.strategysharesetfs.com/goly](id849f9cb66039b5b8f493214.jpg)

#### Strategy Shares Gold Enhanced Yield ETF
GOLY-10/25-SAR

![Image](id31d289900da696d71a7e06f.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Strategy Shares Nasdaq 7HANDL<sup>TM</sup> Index ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://strategysharesetfs.com/hndl/. You can also request this information by contacting us at 1-855-477-3837.

#### Strategy Shares Nasdaq 7HANDL™ Index ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### HNDL ︳ NASDAQ

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Strategy Shares Nasdaq 7HANDL™ Index ETF | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.79% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $665313517 |
| Number of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 11% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** ^
(% of Net Assets)

![Group By Sector Chart](ia76af028eca7f85a8ade6f5c.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| JPMorgan Equity Premium Income ETF | 4.3% |
| Schwab U.S. REIT ETF | 4.8% |
| WisdomTree U.S. Efficient Core Fund ETF | 5.7% |
| Vanguard Dividend Appreciation ETF | 6.1% |
| Global X MLP & Energy Infrastructure ETF | 6.9% |
| Utilities Select Sector SPDR Fund ETF | 6.9% |
| Invesco NASDAQ 100 ETF | 7.6% |
| Vanguard Total Bond Market ETF | 11.3% |
| iShares Core U.S. Aggregate Bond ETF | 11.3% |
| State Street SPDR Portfolio Aggregate Bond ETF | 11.3% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](ie5ecce748289d7e01b773e21.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 96.1% |
| U.S. Treasury Obligations | 3.0% |
| Other Assets less Liabilities | 0.9% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

^ Percentages exclude derivative securities.

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements, Prospectus, and Statement of Additional Information, is available on the Fund's website, www.strategysharesetfs.com/hndl/, or upon request by calling 1-855-477-3837.

![Image](id31d289900da696d71a7e06f.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.strategysharesetfs.com/hndl](i54b21af05e31e13bb25393c5.jpg)

#### Strategy Shares Nasdaq 7HANDL™ Index ETF
HNDL-10/25-SAR

![Image](id31d289900da696d71a7e06f.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Strategy Shares Newfound/ReSolve Robust Momentum ETF (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://strategysharesetfs.com/romo/. You can also request this information by contacting us at 1-855-477-3837.

#### Strategy Shares Newfound/ReSolve Robust Momentum ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### ROMO ︳ Cboe BZX Exchange

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Strategy Shares Newfound/ReSolve Robust Momentum ETF | &nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;0.75% |

---

\* Annualized for periods less than one year

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29528175 |
| Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 163% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i82b0ca912746e61f38328fba.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| iShares 7-10 Year Treasury Bond ETF | 0.4% |
| iShares Core MSCI Emerging Markets ETF | 25.0% |
| iShares Core MSCI EAFE ETF | 34.7% |
| iShares Core S&P 500 ETF | 39.5% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](i9fd8d05294d5160bb17ccfd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.6% |
| Other Assets less Liabilities | 0.4% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements, Prospectus, and Statement of Additional Information, is available on the Fund's website, www.strategysharesetfs.com/romo/, or upon request by calling 1-855-477-3837.

![Image](id31d289900da696d71a7e06f.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.strategysharesetfs.com/romo](i0ef716af8b3185d9580dff5b.jpg)

#### Strategy Shares Newfound/ReSolve Robust Momentum ETF
ROMO-10/25-SAR

![Image](id31d289900da696d71a7e06f.jpg)

# **Fund Overview** 
This Semi-Annual shareholder report contains important information about Monopoly ETF (the "Fund") for the period of May 15, 2025 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://strategysharesetfs.com/mply/. You can also request this information by contacting us at 1-855-477-3837.

#### Monopoly ETF

#### Semi-Annual Shareholder Report October 31, 2025

#### MPLY ︳ Cboe BZX Exchange

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund name** | &nbsp;&nbsp;**Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Monopoly ETF | &nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;0.78% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Key Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11309002 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 5% |

---

# What did the Fund invest in?

# **Top 10 Holdings\*** 
(% of Net Assets)

![Group By Sector Chart](i52f73b083c75a74a00326c74.jpg)

---

| | |
|:---|:---|
| **Security** | **Percent of Net Assets** |
| Walmart, Inc. | 2.1% |
| Tesla, Inc. | 3.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.1% |
| Meta Platforms, Inc. | 4.1% |
| Broadcom, Inc. | 4.6% |
| Amazon.com, Inc. | 6.2% |
| Alphabet, Inc. | 8.6% |
| Microsoft Corp. | 9.0% |
| NVIDIA Corp. | 10.1% |
| Apple, Inc. | 10.3% |

---

# Asset Allocation
(% of Net Assets)

![Group By Asset Type Chart](ie745f8df0dcbb624b9e07a53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Other Assets less Liabilities | 1.4% |

---

\* Percentages are of the net assets of the Fund and may not equal 100%. Please utilize the link below to refer to the Fund's Schedule of Portfolio Investments for a complete list of securities.

You may elect to receive shareholder reports through electronic delivery or in paper, free of charge. You can contact your financial intermediary to request electronic delivery of your reports or to receive paper copies of your reports. Your election to receive reports, whether through electronic delivery or in paper, will apply to all funds held with your financial intermediary.

Additional information about the Fund, including the Annual and Semi-Annual Financial Statements, Prospectus, and Statement of Additional Information, is available on the Fund's website, https://strategysharesetfs.com/mply/, or upon request, by calling 1-855-477-3837.

![Image](id31d289900da696d71a7e06f.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.strategysharesetfs.com/mply](ie4049aa000a074ebe7ae55a8.jpg)

#### Monopoly ETF
MPLY-10/25-SAR

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

**Item 2. Code of Ethics.**

Not applicable to this semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable to this semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to this semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7 of this Form.

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial
 Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial
 Highlights are attached herewith.

![(LOGO)](st001_v1.jpg)

Semi-Annual Financial Statements

and Other Information

Day Hagan Smart Sector ETF (SSUS)

Day Hagan Smart Sector Fixed Income ETF (SSFI)

Day Hagan Smart Sector International ETF (SSXU)

Day Hagan Smart Buffer ETF (DHSB)

**OCTOBER 31, 2025**

![(LOGO)](st001_v1.jpg)

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| | | |
|:---|:---|:---|
| **Item 7 –** | **Financial Statements and Additional Information** |  |
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  |  | **Page** |
|  | **Portfolios of Investments** |  |
|  | &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector ETF (SSUS) | 1 |
|  | &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector Fixed Income ETF (SSFI) | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Day Hagan Smart Sector International ETF (SSXU) | 3 |
|  | &nbsp;&nbsp;&nbsp;Day Hagan Smart Buffer ETF (DHSB) | 4 |
|  | **Statements of Assets and Liabilities** | **5** |
|  | **Statements of Operations** | **7** |
|  | **Statements of Changes in Net Assets** | **9** |
|  | **Financial Highlights** | **11** |
|  | **Notes to Financial Statements** | **12** |
| **Item 8 –** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **17** |
| **Item 9 –** | **Proxy Disclosures for Open-End Management Investment Companies** | **17** |
| **Item 10 –** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **17** |
| **Item 11 –** | **Statement Regarding Basis for Approval of Investment Advisory Contract** | **18** |

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| | |
|:---|:---|
| **Day Hagan Smart Sector ETF** | October 31, 2025 (Unaudited) |

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**Portfolio of Investments**

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| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 1.2%** | **Common Stocks — 1.2%** | |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | |
| 8318 | Alphabet, Inc., Class A | $2338939 |
| 2121 | Meta Platforms, Inc., Class A | 1375150 |
|  |  | 3714089 |
| **Information Technology — 0.5%** | **Information Technology — 0.5%** |  |
| 15111 | NVIDIA Corp. | 3059826 |
|  |  | 3059826 |
| **Total Common Stocks (Cost $3,969,849)** | **Total Common Stocks (Cost $3,969,849)** | $**6773915** |
| **Exchange-Traded Funds — 96.5%** | **Exchange-Traded Funds — 96.5%** |  |
| 323141 | Communication Services Select Sector SPDR Fund ETF | 37099818 |
| 208541 | Consumer Discretionary Select Sector SPDR Fund ETF | 50035242 |
| 359544 | Consumer Staples Select Sector SPDR Fund ETF | 27426016 |
| 10691 | Energy Select Sector SPDR Fund ETF | 942198 |
| 978662 | Financial Select Sector SPDR Fund ETF | 51252529 |
| 84549 | Industrial Select Sector SPDR Fund ETF | 13110168 |
| 104422 | Invesco S&P 500 Equal Weight ETF | 19624026 |
| 209618 | iShares Core S&P 500 ETF<sup>(a)</sup> | 143636542 |
| 21381 | Materials Select Sector SPDR Fund ETF | 1831710 |
| 183973 | Real Estate Select Sector SPDR Fund ETF | 7524496 |
| 94468 | Utilities Select Sector SPDR Fund ETF | 8417099 |
| 149151 | Vanguard Health Care ETF | 40327447 |
| 191289 | Vanguard Information Technology ETF<sup>(b)</sup> | 151732349 |
| **Total Exchange-Traded Funds (Cost $483,810,071)** | **Total Exchange-Traded Funds (Cost $483,810,071)** | $**552959640** |
| **Total Investments — 97.7% (Cost $487,779,920)** | **Total Investments — 97.7% (Cost $487,779,920)** | $**559733555** |
| **Net other assets (liabilities) — 2.3%** | **Net other assets (liabilities) — 2.3%** | **13100281** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**572833836** |

---

(a) As of October 31, 2025, investment
 is 25.1%. of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

(b) As of October 31, 2025, investment
 is 26.4% of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

S&P — Standard and Poor's

SPDR — Standard and Poor's Depositary Receipts

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **1**

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| | |
|:---|:---|
| **Day Hagan Smart Sector Fixed Income ETF** | October 31, 2025 (Unaudited) |

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**Portfolio of Investments**

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| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Exchange-Traded Funds — 99.2%** | **Exchange-Traded Funds — 99.2%** |  |
| 195649 | State Street SPDR Portfolio Corporate Bond ETF | $5785341 |
| 43072 | State Street SPDR Portfolio High Yield Bond ETF | 1025114 |
| 243757 | State Street SPDR Portfolio Intermediate Term Treasury ETF | 7059203 |
| 131649 | State Street SPDR Portfolio Long Term Treasury ETF | 3580853 |
| 399447 | State Street SPDR Portfolio Mortgage Backed Bond ETF<sup>(a)</sup> | 9007529 |
| 226257 | State Street SPDR Portfolio Short Term Treasury ETF | 6636118 |
| 5353 | Vanguard Emerging Markets Government Bond ETF | 364004 |
| 36645 | Vanguard Total International Bond ETF | 1826753 |
| **Total Exchange-Traded Funds (Cost $34,419,969)** | **Total Exchange-Traded Funds (Cost $34,419,969)** | $**35284915** |
| **Total Investments — 99.2% (Cost $34,419,969)** | **Total Investments — 99.2% (Cost $34,419,969)** | $**35284915** |
| **Net other assets (liabilities) — 0.8%** | **Net other assets (liabilities) — 0.8%** | **282909** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**35567824** |

---

(a) As of October 31, 2025, investment
 is 25.3% of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

SPDR — Standard and Poor's Depositary Receipts

See notes which are an integral part of the Financial Statements

**2** \| Semi-Annual Financial Statements and Other Information

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| | |
|:---|:---|
| **Day Hagan Smart Sector International ETF** | October 31, 2025 (Unaudited) |

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**Portfolio of Investments**

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| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Exchange-Traded Funds — 99.1%** | **Exchange-Traded Funds — 99.1%** |  |
| 199286 | Franklin FTSE Japan ETF | $7104546 |
| 86645 | Franklin FTSE United Kingdom ETF | 2840223 |
| 79605 | iShares MSCI Australia ETF | 2131026 |
| 55042 | iShares MSCI Canada ETF | 2792831 |
| 68179 | iShares MSCI Chile ETF | 2408082 |
| 79098 | iShares MSCI China ETF | 5028260 |
| 25558 | iShares MSCI France ETF | 1131708 |
| 54140 | iShares MSCI Germany ETF | 2205122 |
| 42549 | iShares MSCI India ETF | 2296370 |
| 88641 | iShares MSCI Philippines ETF | 2176137 |
| 67579 | iShares MSCI Poland ETF | 2278088 |
| 16867 | iShares MSCI Switzerland ETF | 933757 |
| 37341 | iShares MSCI Thailand ETF | 2266599 |
| 13658 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 1253258 |
| **Total Exchange-Traded Funds (Cost $33,918,027)** | **Total Exchange-Traded Funds (Cost $33,918,027)** | $**36846007** |
| **Total Investments — 99.1% (Cost $33,918,027)** | **Total Investments — 99.1% (Cost $33,918,027)** | $**36846007** |
| **Net other assets (liabilities) — 0.9%** | **Net other assets (liabilities) — 0.9%** | **323102** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**37169109** |

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ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

SPDR — Standard and Poor's Depositary Receipts

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **3**

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| | |
|:---|:---|
| **Day Hagan Smart Buffer ETF** | October 31, 2025 (Unaudited) |

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**Portfolio of Investments**

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| | |
|:---|:---|
| ***Shares*** | ***Value*** |
| **Purchased Put Option — 5.5%** |  |
| 578 SPDR S&P 500 ETF Trust, 9/18/26<sup>(a)</sup> | $2161142 |
|  | 2161142 |
| **Total Purchased Put Option (Cost $2,122,438)** | $**2161142** |
| **Exchange-Traded Funds — 102.6%** |  |
| 59500 SPDR S&P 500 ETF Trust<sup>(b)</sup> | 40582570 |
| **Total Exchange-Traded Funds (Cost $35,757,539)** | $**40582570** |
| **Total Investments — 108.1% (Cost $37,879,977)** | $**42743712** |
| **Net other assets (liabilities) — (8.1)%** | **(3210742)** |
| **Net Assets — 100.0%** | $**39532970** |

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(a) See Purchased Options Contracts.

(b) As of October 31, 2025, investment
 is 102.6% of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

S&P — Standard and Poor's

SPDR — Standard and Poor's Depositary Receipts

**<u>Written Options Contacts</u>**

**Exchange-traded options on future contracts written as of October 31, 2025 were as follows:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount<br> (000)($)** | **Premiums<br> Received<br> ($)** | **Strike Price<br> ($)** | **Expiration<br> Date** | **Value<br> ($)** |
| SPDR S&P 500 ETF Trust Call | 578 | 42772 | 1493374 | 740.00 | 9/17/26 | (1492974) |
| SPDR S&P 500 ETF Trust Call | 578 | 31501 | 657964 | 545.00 | 9/17/26 | (657764) |
| **(Total Premiums Received $2,151,338)** | **(Total Premiums Received $2,151,338)** | **(Total Premiums Received $2,151,338)** | **(Total Premiums Received $2,151,338)** |  |  | (2150738) |

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**<u>Purchased Options Contracts</u>**

**Exchange-traded options on futures contracts purchased as of October 31, 2025 were as follows:**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of<br> Contracts** | **Notional <br> Amount <br> (000)($)** | **Cost<br> ($)** | **Strike Price <br> ($)** | **Expiration <br> Date** | **Value<br> ($)** |
| SPDR S&P 500 ETF Trust | Put | 578 | 39304 | 2122438 | 680.00 | 9/17/26 | 2161142 |
| **(Total Cost $2,122,438)** | **(Total Cost $2,122,438)** | **(Total Cost $2,122,438)** | **(Total Cost $2,122,438)** |  |  |  | 2161142 |

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See notes which are an integral part of the Financial Statements

**4** \| Semi-Annual Financial Statements and Other Information

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| | |
|:---|:---|
| **Statements of Assets and Liabilities** | October 31, 2025 (Unaudited) |

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| | | | |
|:---|:---|:---|:---|
| |<br>**Day Hagan Smart**<br>**Sector ETF** | **Day Hagan Smart**<br>**Sector Fixed**<br>**Income ETF** | **Day Hagan Smart**<br>**Sector International**<br>**ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $487,779,920, $34,419,969 and $33,918,027) | $559733555 | $35284915 | $36846007 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 13427648 | 303840 | 344490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 573161203 | 35588755 | 37190497 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 327367 | 20931 | 21388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 327367 | 20931 | 21388 |
| **Net Assets** | $572833836 | $35567824 | $37169109 |
| **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $551319161 | $39131645 | $31922426 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Loss) | 21514675 | (3563821) | 5246683 |
| **Net Assets** | $572833836 | $35567824 | $37169109 |
| **Net Assets:** | $572833836 | $35567824 | $37169109 |
| &nbsp;&nbsp;&nbsp;**Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 11650000 | 1640000 | 1080000 |
| **Net Asset Value (offering and redemption price per share):** | $49.17 | $21.69 | $34.42 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **5**

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| | |
|:---|:---|
| **Statements of Assets and Liabilities** (Continued) | October 31, 2025 (Unaudited) |

---

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| | |
|:---|:---|
| | **Day Hagan Smart**<br>**Buffer ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,879,977) | $42743712 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 113928 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2753088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 45610728 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Written options, at fair value | 2150738 |
| &nbsp;&nbsp;&nbsp;(Premiums received $2,151,338) |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 3905263 |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 21757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 6077758 |
| **Net Assets** | $39532970 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $37702171 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings (Loss) | 1830799 |
| **Net Assets** | $39532970 |
| **Net Assets:** | $39532970 |
| &nbsp;&nbsp;&nbsp;**Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 1525000 |
| **Net Asset Value (offering and redemption price per share):** | $25.92 |

---

See notes which are an integral part of the Financial Statements

**6** \| Semi-Annual Financial Statements and Other Information

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| | |
|:---|:---|
| **Statements of Operations** | For the period ended October 31, 2025 |

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| | | | |
|:---|:---|:---|:---|
|  |<br>**Day Hagan Smart**<br>**Sector ETF** | **Day Hagan Smart**<br>**Sector Fixed**<br>**Income ETF** | **Day Hagan Smart**<br>**Sector International**<br>**ETF** |
| | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $3231838 | $723792 | $546702 |
| &nbsp;&nbsp;&nbsp;Interest income | 535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 3232373 | 723792 | 546702 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory | 1902656 | 122303 | 133126 |
| **Total Net Expenses** | 1902656 | 122303 | 133126 |
| **Net Investment Income** | 1329717 | 601489 | 413576 |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (3097362) | (85007) | 1576636 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from in-kind transactions | 46931983 | 182826 | 2907469 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 61798545 | 325171 | 920143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 105633166 | 422990 | 5404248 |
| **Change in Net Assets Resulting From Operations** | $106962883 | $1024479 | $5817824 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **7**

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| | |
|:---|:---|
| **Statements of Operations** (Continued) | For the period ended October 31, 2025 |

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| | |
|:---|:---|
|  | **Day Hagan Smart**<br>**Buffer ETF** |
| | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $196328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 196328 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory | 121071 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 29472 |
| **Total Net Expenses** | 150543 |
| **Net Investment Income** | 45785 |
| **Realized and Unrealized Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (1708668) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from written options transactions | (1864461) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 5565496 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on written options | 419351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 2411718 |
| **Change in Net Assets Resulting From Operations** | $2457503 |

---

See notes which are an integral part of the Financial Statements

**8** \| Semi-Annual Financial Statements and Other Information

**Statements of Changes in Net Assets**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Day Hagan Smart Sector** | **Day Hagan Smart Sector** |
|  | **Day Hagan Smart Sector ETF** | **Day Hagan Smart Sector ETF** | **Fixed Income ETF** | **Fixed Income ETF** |
| | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year ended**<br>**April 30,**<br>**2025** | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year ended**<br>**April 30,**<br>**2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1329717 | $3842503 | $601489 | $1332732 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investment, in-kind transactions | 43834621 | 60870550 | 97819 | 190554 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 61798545 | (6081653) | 325171 | 1129015 |
| &nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 106962883 | 58631400 | 1024479 | 2652301 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (4164342) | (590455) | (1365767) |
| &nbsp;&nbsp;&nbsp;Change in net assets from distributions |  | (4164342) | (590455) | (1365767) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 196408120 | 449733025 | 5377188 | 12298475 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (272234826) | (571272290) | (7192609) | (16004572) |
| &nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | (75826706) | (121539265) | (1815421) | (3706097) |
| &nbsp;&nbsp;&nbsp;Change in net assets | 31136177 | (67072207) | (1381397) | (2419563) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 541697659 | 608769866 | 36949221 | 39368784 |
| End of period | $572833836 | $541697659 | $35567824 | $36949221 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4325000 | 11075000 | 250000 | 575000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6075000) | (14225000) | (335000) | (750000) |
| &nbsp;&nbsp;&nbsp;Change in shares | (1750000) | (3150000) | (85000) | (175000) |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **9**

**Statements of Changes in Net Assets** (Continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Day Hagan Smart Sector** | **Day Hagan Smart Sector** | | |
|  | **International ETF** | **International ETF** | **Day Hagan Smart Buffer ETF** | **Day Hagan Smart Buffer ETF** |
| |<br>**Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br><br>**Year ended**<br>**April 30,**<br>**2025** |<br>**Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **For the period**<br>**February 13,**<br>**2025<sup>(a)</sup>**<br>**through**<br>**April 30,**<br>**2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $413576 | $858271 | $45785 | $46286 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment, in-kind, and written options transactions | 4484105 | 687310 | (3573129) | 382722 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and written options | 920143 | 1783606 | 5984847 | (1120512) |
| &nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 5817824 | 3329187 | 2457503 | (691504) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (931752) |  |  |
| &nbsp;&nbsp;&nbsp;Change in net assets from distributions |  | (931752) |  |  |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 20716819 | 27489541 | 3791448 | 36423515 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (27950151) | (25347859) |  | (2447992) |
| &nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | (7233332) | 2141682 | 3791448 | 33975523 |
| &nbsp;&nbsp;&nbsp;Change in net assets | (1415508) | 4539117 | 6248951 | 33284019 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 38584617 | 34045500 | 33284019 |  |
| End of period | $37169109 | $38584617 | $39532970 | $33284019 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 640000 | 950000 | 150000 | 1475000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (860000) | (875000) |  | (100000) |
| &nbsp;&nbsp;&nbsp;Change in shares | (220000) | 75000 | 150000 | 1375000 |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

**10** \| Semi-Annual Financial Statements and Other Information

**Financial Highlights**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset**<br> **Value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net**<br> **realized**<br> **and**<br> **unrealized**<br> **gains**<br> **(losses)** | **Total from**<br> **investment**<br> **activities** | **Distributions**<br> **from net**<br> **investment**<br> **income** | **Total**<br> **distributions** | **Net Asset**<br> **Value,**<br> **end of**<br> **period** | **Total**<br> **return at**<br> **Net Asset**<br> **Value<sup>(b)(c)</sup>** | **Ratio of Net**<br> **Expenses**<br> **to Average**<br> **Net Assets<sup>(d)</sup>** | **Ratio of**<br> **Gross**<br> **Expenses**<br> **to Average**<br> **Net Assets<sup>(d)</sup>** | **Ratio of Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br> **to Average**<br> **Net Assets<sup>(d)</sup>** | **Net**<br> **Assets**<br> **at end of**<br> **period**<br> **(000's)** | **Portfolio**<br> **turnover<sup>(b)</sup>** |
| **Day Hagan Smart Sector ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $40.43 | 0.11 | 8.63 | 8.74 |  |  | $49.17 | 21.62% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.48% | $572834 | 58% |
| Year Ended April 30, 2025 | $36.78 | 0.26 | 3.68 | 3.94 | (0.29) | (0.29) | $40.43 | 10.67% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.64% | $541698 | 96% |
| Year Ended April 30, 2024 | $33.42 | 0.43 | 3.31 | 3.74 | (0.38) | (0.38) | $36.78 | 11.23% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 1.21% | $608770 | 296% |
| Year Ended April 30, 2023 | $32.69 | 0.23 | 0.69 | 0.92 | (0.19) | (0.19) | $33.42 | 2.89% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.74% | $425303 | 207% |
| Year Ended April 30, 2022 | $32.46 | 0.18 | 0.25 | 0.43 | (0.20) | (0.20) | $32.69 | 1.26% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.52% | $467407 | 111% |
| Year Ended April 30, 2021 | $22.04 | 0.20 | 10.36 | 10.56 | (0.14) | (0.14) | $32.46 | 48.02% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.71% | $221537 | 84% |
| **Day Hagan Smart Sector Fixed Income ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $21.42 | 0.36 | 0.25 | 0.61 | (0.34) | (0.34) | $21.69 | 2.89% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 3.34% | $35568 | 20% |
| Year Ended April 30, 2025 | $20.72 | 0.74 | 0.73 | 1.47 | (0.77) | (0.77) | $21.42 | 7.17% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 3.46% | $36949 | 123% |
| Year Ended April 30, 2024 | $21.91 | 0.80 | (1.13) | (0.33) | (0.86) | (0.86) | $20.72 | (1.55)% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 3.75% | $39369 | 124% |
| Year Ended April 30, 2023 | $22.89 | 0.60 | (1.12) | (0.52) | (0.46) | (0.46) | $21.91 | (2.21)% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 2.72% | $42717 | 174% |
| September 28, 2021<sup>(g)</sup> through April 30, 2022 | $24.85 | 0.27 | (2.02) | (1.75) | (0.21) | (0.21) | $22.89 | (7.10)% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 1.87% | $24611 | 85% |
| **Day Hagan Smart Sector International ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $29.68 | 0.34 | 4.40 | 4.74 |  |  | $34.42 | 15.97% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 2.11% | $37169 | 158% |
| Year Ended April 30, 2025 | $27.79 | 0.68 | 1.97 | 2.65 | (0.76) | (0.76) | $29.68 | 9.71% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 2.35% | $38585 | 321% |
| Year Ended April 30, 2024 | $27.46 | 0.66 | 0.23 | 0.89 | (0.56) | (0.56) | $27.79 | 3.29% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 2.42% | $34046 | 378% |
| June 30, 2022<sup>(g)</sup> through April 30, 2023 | $24.82 | 0.09 | 2.71 | 2.80 | (0.16) | (0.16) | $27.46 | 11.36% | 0.68 %<sup>(e)</sup> | 0.68 %<sup>(e)</sup> | 0.40% | $17852 | 231% |
| **Day Hagan Smart Buffer ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $24.21 | 0.03 | 1.68 | 1.71 |  |  | $25.92 | 7.06% | 0.81 %<sup>(e)(f)</sup> | 0.81 %<sup>(e)(f)</sup> | 0.25% | $39533 | 16% |
| February 13, 2025<sup>(g)</sup> through April 30, 2025 | $25.00 | 0.04 | (0.83) | (0.79) |  |  | $24.21 | (3.16)% | 0.79 %<sup>(e)(f)</sup> | 0.79 %<sup>(e)(f)</sup> | 0.81% | $33284 | —% |

---

(a) Calculated
 using the average shares method.

(b) Not
 annualized for periods less than one year.

(c) Net
 asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment
 of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last
 day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the
 Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Annualized
 for periods less than one year.

(e) The
 Fund invests in other funds and indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which
 the Fund is invested. This ratio does not include these indirect fees and expenses.

(f) Excluding
 interest expense, the net expense ratio would have been 0.65%.

(g) Commencement
 of operations.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **11**

---

| | |
|:---|:---|
| **Notes to Financial Statements** | October 31, 2025 (Unaudited) |

---

**(1) Organization**

Strategy Shares (the "Trust") was organized on September 7, 2010 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as an open-end management investment company. The Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. Currently, the Trust offers its Shares in thirteen separate series. The accompanying Financial Statements relate to the following series: Day Hagan Smart Sector ETF (SSUS), Day Hagan Smart Sector Fixed Income ETF (SSFI), Day Hagan Smart Sector International ETF (SSXU), and the Day Hagan Smart Buffer ETF (DHSB) (individually referred to as a "Fund," or collectively as the "Funds"). On September 28, 2024, the Day Hagan Smart Sector Fixed Income ETF (SSFI) changed from a non-diversified fund to a diversified fund under the 1940 Act. Day Hagan Smart Sector ETF (SSUS) is also classified as a diversified fund under the 1940 Act, while Day Hagan Smart Sector International ETF (SSXU) and Day Hagan Smart Buffer ETF (DHSB) are classified as non-diversified under the 1940 Act. Each Fund is an actively-managed exchange-traded fund. The investment objective of the Day Hagan Smart Sector ETF and the Day Hagan Smart Buffer ETF is to seek long-term capital appreciation and preservation of capital. The investment objective of the Day Hagan Smart Sector Fixed Income ETF and the Day Hagan Smart Sector International ETF is to seek total return, consisting of income and capital appreciation. The Funds' prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held.

Shares of each Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of shares, or multiples thereof, 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 in amounts less than a Creation Unit.

Effective October 1, 2025, Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management (the "Advisor") is the Funds' investment adviser.

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

**(2) Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the

investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services pursuant to procedures approved by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds' securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined in accordance with procedures approved by the Board. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust has a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

● Level 1 – Quoted prices in active markets for identical assets

● Level 2 – Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – Significant unobservable pricing inputs at the measurement date (including the Funds' own assumptions in determining the fair value of investments)

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

Equity securities (including foreign equity securities) traded on a securities exchange are valued at the last reported sales price on the principal exchange, except that equity securities traded on the Nasdaq are valued at the Nasdaq official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are valued at the mean of the quoted bid and asked prices. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

**12** \| Semi-Annual Financial Statements and Other Information

**Notes to Financial Statements** (Continued)<sup>October 31, 2025 (Unaudited)</sup>

Debt securities traded on a national securities exchange or in the over-the-counter market are valued at the last reported sales price on the principal exchange. If there is no reported sale on the principal exchange, and for all other debt securities, debt securities are valued at a price supplied by a security pricing service. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The following table provides the fair value measurement as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Level 1** | **Total<br> Investments** |
| **Day Hagan Smart Sector ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $6773915 | $6773915 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 552959640 | 552959640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $559733555 | $559733555 |
| **Day Hagan Smart Sector** |  |  |
| **Fixed Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 35284915 | 35284915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $35284915 | $35284915 |
| **Day Hagan Smart Sector** |  |  |
| **International ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 36846007 | 36846007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $36846007 | $36846007 |
| **Day Hagan Smart Buffer ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Put Option | 2161142 | 2161142 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 40582570 | 40582570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $42743712 | $42743712 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Written Options Contracts |  | (2150738) |
| &nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | $(2150738) | $(2150738) |

---

(a) Other financial instruments include
 derivative instruments, such as written options, which are valued at fair value.

For the period ended October 31, 2025, there were no Level 2 or Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers into or out of Level 3 during the period.

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective interest method. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

**C. Cash and Cash Equivalents**

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Derivative Instruments**

**Options Contracts:**

Purchased Options: The Funds pay a premium which is included in "Investments, at value" on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options: The Funds receive a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of October 31, 2025, the Funds hold deposits at brokers for written options collateral, which is reported on the Statements of Assets and Liabilities.

The gross notional amount of purchased and written options outstanding as of October 31, 2025, and the monthly average notional amount for these contracts for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding<br> Notional<br> Amount** | **Monthly<br> Average<br> Notional<br> Amount** |
| **Purchased Options:** |  |  |
| Day Hagan Smart Buffer ETF | $39304000 | $35707583 |
| **Written Options:** |  |  |
| Day Hagan Smart Buffer ETF | 74273000 | 66347917 |

---

**Summary of Derivative Instruments:**

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  | **Investments,<br> at Value for<br> Purchased<br> Options** | **Written<br> Options, at<br> Value** |
| **Equity Risk Exposure** |  |  |
| Day Hagan Smart Buffer ETF | $2161142 | $2150738 |

---

Semi-Annual Financial Statements and Other Information \| **13**

**Notes to Financial Statements** (Continued)<sup>October 31, 2025 (Unaudited)</sup>

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Realized Gains<br> (Losses) from** | **Net Realized Gains<br> (Losses) from** | **Net Change in<br> Unrealized Appreciation<br> (Depreciation) on** | **Net Change in<br> Unrealized Appreciation<br> (Depreciation) on** |
|  | **Purchased<br> Options<sup>(a)</sup>** | **Written<br> Options** | **Purchased<br> Options<sup>(b)</sup>** | **Written<br> Options** |
| **Equity Risk Exposure:** |  |  |  |  |
| Day Hagan Smart Buffer ETF | $(2403010) | $(1864461) | $(1248985) | $(419351) |

---

(a) These are included with realized gains
 (losses) from investment transactions on the Statements of Operations.

(b) These are included with change in
 unrealized appreciation (depreciation) on investments on the Statements of Operations.

**E. Dividends and Distributions to Shareholders**

Dividends to shareholders are recorded on the ex-dividend date. For the Day Hagan Smart Sector ETF, Day Hagan Smart Sector International ETF and Day Hagan Smart Buffer ETF, dividends from net investment income, if any, are declared and paid annually. For the Day Hagan Smart Sector Fixed Income ETF, dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed at least annually.

The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e. g., distributions and income received from pass-through investments, differing treatment of income relating to swap agreements), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to wash sales and differing treatment on certain investments. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distribution of capital.

**F. Allocation of Expenses**

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all series of the Trust in relation to the net assets of each series or on another reasonable basis. The Trust may share expenses with Mutual Fund and Variable Insurance Trust, an open-end management investment company managed by Rational Advisors, Inc. Those expenses that are shared are allocated proportionally among each of the trusts or on another reasonable basis.

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Ashton Thomas Private Wealth, LLC d.b.a Day Hagan Asset Management (the "Advisor"), serves as the Funds' investment advisor pursuant to an Investment Advisory Agreement. Subject at all times to the oversight of the Board, the Advisor is responsible for the overall management of the Funds' portfolios. The Trust has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for each Fund to operate to be provided by

other service providers. Day Hagan Smart Sector ETF, Day Hagan Smart Sector Fixed Income ETF and Day Hagan Smart Sector International ETF pay 0.68%, while Day Hagan Smart Buffer ETF pays 0.65% of its average daily net assets, computed daily and paid monthly, for advisory services it receives from the Advisor. These fees are each structured as a "Unified Fee," pursuant to which the Advisor is obligated to pay or arrange for the payment of substantially all expenses of the Funds (including, without limitation, transfer agent fees, administrative fees and expenses, custodian fees, legal fees, accounting fees, any other expenses (including clerical expenses) of issue, sale, repurchase or redemption of shares, expenses of registering or qualifying shares for sale, transfer taxes, all expenses of preparing the Trust's registration statements and prospectuses for the Funds, and the cost of printing and delivering to shareholders prospectuses and reports), except the Funds' Advisory fee; taxes; brokerage commissions and trading costs; interest expense (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Funds (such as litigation or reorganizational costs), each of which is paid by the Funds. The Advisor's Unified Fee is designed to cause substantially all of each Fund's expenses to be paid and to compensate the Advisor for providing services for the Funds.

**B. Distribution and Shareholder Services Fees**

Foreside Fund Services, LLC (the "Distributor") is the principal underwriter and distributor of each Fund's Shares. The Distributor is compensated by the Advisor in accordance with a Distribution Services Agreement between the Advisor and the Distributor. The Trust has adopted but has yet to implement a Rule 12b-1 Distribution Plan (the "Plan"). The Plan is designed to compensate or reimburse financial intermediaries (including the Distributor, the Advisor, and their affiliates) for activities principally intended to result in the sale of Fund shares, such as advertising and marketing of shares (including printing and disseminating prospectuses and sales literature to prospective shareholders and financial intermediaries) and providing incentives to financial intermediaries to sell shares. The Plan is also designed to cover the cost of administrative services performed in conjunction with the sale of shares, including, but not limited to, shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. In accordance with the Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Funds. Pursuant to the Plan, each Fund may pay a 12b-1 fee not to exceed 0.25% per year of its average daily net assets. No 12b-1 fee is currently paid by the Funds and the Board has not approved any payments under the Plan.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Day Hagan Smart Sector ETF | $313670990 | $324569465 |
| Day Hagan Smart Sector Fixed Income ETF | 7312128 | 6972258 |
| Day Hagan Smart Sector International ETF | 61762798 | 59698492 |
| Day Hagan Smart Buffer ETF | 5675220 | 7532487 |

---

**14** \| Semi-Annual Financial Statements and Other Information

**Notes to Financial Statements** (Continued)<sup>October 31, 2025 (Unaudited)</sup>

Purchases and sales of in-kind transactions for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Day Hagan Smart Sector ETF | $194129441 | $271119915 |
| Day Hagan Smart Sector Fixed Income ETF | 5305193 | 7127598 |
| Day Hagan Smart Sector International ETF | 20207910 | 28150617 |
| Day Hagan Smart Buffer ETF | 3587628 |  |

---

**(5) Capital Share Transactions**

Shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe, and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard charge and maximum transaction fee for each Fund are $250 and $1,000, respectively.

From time to time, settlement of securities related to subscriptions-in-kind or redemptions-in-kind may be delayed. In such cases, securities related to in-kind contributions are reflected as "Due from custodian" and securities related to in-kind redemptions are reflected as "Securities payable related to in-kind transactions" on the Statements of Assets and Liabilities.

**(6) Federal Income Taxes**

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Trust has evaluated tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether it is more-likely-than not (i. e., greater than 50-percent chance) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Tax positions taken in tax years remain subject to examination by tax authorities (generally three years plus the interim tax period since then for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Fund's financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended October 31, 2025, the Funds did not incur any interest or penalties. The tax year end for the Funds is April 30.

As of tax year ended April 30, 2025, the tax cost of securities including written options and the breakdown of unrealized appreciation (depreciation) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Securities** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Day Hagan Smart Sector ETF | $533262398 | $16298196 | $(7571256) | $8726940 |
| Day Hagan Smart Sector Fixed Income ETF | 35871358 | 547801 | (74699) | 473102 |
| Day Hagan Smart Sector International ETF | 35441228 | 2354118 | (475186) | 1878932 |
| Day Hagan Smart Buffer ETF | 34000337 | 1287689 | (2408201) | (1120512) |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to basis adjustments for wash sales.

The tax character of distributions paid during the tax year ended April 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
| <br>**Fund** | **Ordinary<br> Income** | **Net Long-Term<br> Capital Gains** | **Total Taxable<br> Distributions** | **Return of<br> Capital** | **Total Distributions<br> Paid** |
| Day Hagan Smart Sector ETF | $4164342 | $— | $4164342 | $— | $4164342 |
| Day Hagan Smart Sector Fixed Income ETF | 1365767 |  | 1365767 |  | 1365767 |
| Day Hagan Smart Sector International ETF | 931752 |  | 931752 |  | 931752 |
| Day Hagan Smart Buffer ETF |  |  |  |  |  |

---

As of tax year ended April 30, 2025, the components of distributed earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long Term<br> Capital Gains** | **Distributed<br> Earnings** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributed<br> Earnings (Loss)** |
| Day Hagan Smart Sector ETF | $442663 | $— | $442663 | $(94617811) | $8726940 | $(85448208) |
| Day Hagan Smart Sector Fixed Income ETF | 86935 |  | 86935 | (4557881) | 473102 | (3997844) |
| Day Hagan Smart Sector International ETF |  |  |  | (2450073) | 1878932 | (571141) |
| Day Hagan Smart Buffer ETF | 496579 |  | 496579 | (2771) <sup>(a)</sup> | (1120512) | (626704) |

---

(a) Includes a straddle loss deferral
 in the amount of $2,771.

Semi-Annual Financial Statements and Other Information \| **15**

**Notes to Financial Statements** (Continued)<sup>October 31, 2025 (Unaudited)</sup>

**Permanent Tax Differences:**

As of the tax year ended April 30, 2025, the following reclassifications relating primarily to redemptions in-kind and taxable overdistributions have been made to increase (decrease) such accounts with offsetting adjustments as indicated.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br> Earnings (Loss)** | **Paid-In<br> Capital** |
| Day Hagan Smart Sector ETF | $(59278461) | $59278461 |
| Day Hagan Smart Sector Fixed Income ETF | (294336) | 294336 |
| Day Hagan Smart Sector International ETF | (1444138) | 1444138 |
| Day Hagan Smart Buffer ETF | 64800 | (64800) |

---

Temporary tax differences (e.g. wash sales) do not require a reclassification.

Under current tax law, certain ordinary losses arising after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following tax year for tax purposes. The following Fund's deferred losses are as follows:

---

| | |
|:---|:---|
| **Fund** | **Late Year<br> Ordinary Loss Deferrals** |
| Day Hagan Smart Sector International ETF | $76873 |

---

As of tax year ended April 30, 2025, the following Funds utilized capital loss carryforwards ("CLCF") to offset capital gains as follows:

---

| | |
|:---|:---|
| **Fund** | **CLCF Utilized** |
| Day Hagan Smart Sector ETF | $764778 |

---

The Funds have net CLCF as summarized in the table below. These CLCF's are not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| Day Hagan Smart Sector ETF | $91433011 | $3184800 | $94617811 |
| Day Hagan Smart Sector Fixed Income ETF | 3440177 | 1117704 | 4557881 |
| Day Hagan Smart Sector International ETF | 2351724 | 21476 | 2373200 |
| Day Hagan Smart Buffer ETF |  |  |  |

---

**(7) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the Funds' Advisor acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(8) New Accounting Pronouncement**

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.

**(9) Underlying Fund Investments**

The ETFs in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the ETFs and may be higher than other funds that invest directly in stocks and bonds. As of October 31, 2025, the following underlying funds comprised 25% or more of the net assets:

---

| | |
|:---|:---|
| | **Percentage (%)** |
| **Day Hagan Smart Sector ETF** |  |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 25.1% |
| &nbsp;&nbsp;&nbsp;Vanguard Information Technology ETF | 26.5% |
| **Day Hagan Smart Sector Fixed Income ETF** |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR Portfolio Mortgage Backed Bond ETF | 25.3% |
| **Day Hagan Smart Buffer ETF** |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 102.6% |

---

The financial statements of these underlying funds, including their portfolio of investments, can be found at the SEC's website www.sec. gov and should be read in conjunction with these financial statements.

**(10) Subsequent Events**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of October 31, 2025.

**16** \| Semi-Annual Financial Statements and Other Information

**Items 8-10** (Unaudited)

**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**

Because 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 for services to the Funds from the Advisor's investment advisory fees.

Semi-Annual Financial Statements and Other Information \| **17**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited)

**Approval of the Investment Advisory Agreement between Strategy Shares (the "Trust") and Ashton Thomas Advisors LLC, doing business as Day Hagan Asset Management ("Ashton Thomas"), with respect to Day Hagan Smart Sector ETF ("Day Hagan ETF"), Day Hagan Smart Sector Fixed Income ETF ("Day Hagan Income ETF"), Day Hagan Smart Sector International ETF ("Day Hagan International ETF"), and Day Hagan Smart Buffer ETF (collectively, the "Day Hagan-Advised ETFs")**

At a meeting of the Board of Trustees (the "Board") of the Trust held on March 25, 2025, the Board, a majority of which is composed of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), approved a new investment advisory agreement between the Trust and Ashton Thomas with respect to the Day Hagan-Advised ETFs (the "Ashton Thomas Advisory Agreement").

The Board considered that Ashton Thomas was proposed to serve as the investment advisor of the Day Hagan-Advised ETFs as a result of a transaction pursuant to which Ashton Thomas Private Wealth LLC, the parent company of Ashton Thomas, would acquire the investment advisory business of Day Hagan Asset Management ("Day Hagan"), the Day Hagan-Advised ETFs' then current investment advisor, and would hire Day Hagan's employees to continue to provide investment advisory services to the Day Hagan-Advised ETFs as employees of Ashton Thomas, subject to approval by the shareholders of the Day Hagan-Advised ETFs (the "Transaction"). The shareholders of the Day Hagan-Advised ETFs subsequently approved the appointment of Ashton Thomas as the investment advisor of the Day Hagan-Advised ETFs.

In connection with the Board's consideration of the approval of the Ashton Thomas Advisory Agreement, as required by Section 15(c) of the 1940 Act, the Board requested and received due diligence materials prepared by Ashton Thomas. The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in evaluating the Ashton Thomas Advisory Agreement. Below is a summary of the Board's considerations.

*Nature, Extent, and Quality of Services.* With respect to the nature, extent and quality of the services to be provided under the new agreement, the Board considered Ashton Thomas's financial condition and the capabilities of the portfolio management, compliance and other personnel who would provide services to the funds. The Board noted that the same portfolio management teams then providing services to the Day Hagan-Advised ETFs would continue to provide services to the Day Hagan-Advised ETFs through Ashton Thomas. Further, the Board evaluated Ashton Thomas's current and anticipated personnel and the ability of such personnel to manage each Day Hagan-Advised ETF's investments in accordance with its stated investment objective and policies after the Transaction. The Board further considered whether the Day Hagan-Advised ETFs may benefit from the infrastructure and resources to be provided by Ashton Thomas after the Transaction.

*Investment Performance.* The Board noted that the investment objectives and principal investment strategies of the Day Hagan-Advised ETFs would remain the same after the Transaction. The Board also considered that investment team's ability to implement the investment strategies of the Day Hagan-Advised ETFs is expected to be unchanged by the Transaction. The Board compared each Day Hagan-Advised ETF's performance for various periods ended December 31, 2024, to its benchmark, peer group, and Morningstar category.

The Day Hagan ETF underperformed its benchmark, the S&P 500 Index, and the Morningstar Large Blend category for the one- and three-year, and since-inception (January 17, 2020) periods. The Day Hagan ETF outperformed its peer group for the since-inception period and underperformed for the one- and three-year periods.

The Day Hagan Income ETF underperformed its benchmark, the Bloomberg US Aggregate Bond Index, its peer group, and the Morningstar Nontraditional Fixed Income category for the one- and three-year and since-inception (September 27, 2021) periods.

The Day Hagan International ETF outperformed its benchmark, the MSCI ACWI ex USA Index, for the one-year and since-inception (June 27, 2022) periods, outperformed its peer group and the Morningstar Foreign Large Blend category for the since-inception period, and underperformed the peer group and Morningstar category for the one-year period.

The Board noted that the principal investment strategy of Day Hagan Smart Buffer ETF was similar to that used to manage a composite of separately managed accounts that outperformed the Bloomberg US Aggregate Bond Index for the one-, three-, five- and ten-year periods ended December 31, 2024, and underperformed Day Hagan Smart Buffer ETF's peer group and Morningstar US Derivative Income category averages for the same periods.

*Fees and Expenses.* The Board considered that there would be no changes to the advisory fees under the Ashton Thomas Advisory Agreement and noted that unitary advisory fee for each of the Day Hagan ETF, Day Hagan Income ETF, and Day Hagan International ETF was 0.68% of its average daily net assets, and that the unitary advisory fee of Day Hagan Smart Buffer ETF was 0.65% of its average daily net assets. The Board also considered that Ashton Thomas does not expect changes to the fees charged to the Day Hagan-Advised ETFs after the Transaction.

**18** \| Semi-Annual Financial Statements and Other Information

**Item 11.** (Unaudited) (Continued)

The Board also considered information comparing each Day Hagan-Advised ETF's advisory fee and expense ratio to the advisory fees and expense ratios of each Day Hagan-Advised ETF's respective peer group and Morningstar category.

The Day Hagan ETF's unitary advisory fee was higher than the median and average advisory fees and expense ratios of the peer group and Morningstar Large Blend category, but within the ranges of both, even when factoring in acquired fund fees and expenses. The fees and expenses were considered higher due to the research and investment analysis associated with the investment model and acquired fund fees and expenses.

The Day Hagan Income ETF's unitary advisory fee was higher than the median advisory fees of its peer group but equal to the median of its Morningstar Nontraditional Fixed Income category, higher than the average advisory fees of the peer group and Morningstar category, but within the ranges of both. The Day Hagan Income ETF's unitary advisory fee was also lower than the median and average expense rations of the peer group and Morningstar category. When factoring in acquired fund fees and expenses, the Day Hagan Income ETF's expense ratio was lower than the median but equal to the average expense ratio of the peer group, higher than the median but lower than the average expense ratio of the Morningstar category, but within the ranges of both. The fees and expenses were considered higher due to the research and investment analysis associated with the investment model and acquired fund fees and expenses.

The Day Hagan International ETF's unitary advisory fee was higher than the median and average advisory fees and expense ratios of its peer group and Morningstar Foreign Large Blend category, but within the ranges of both. When factoring in acquired fund fees and expenses, the Day Hagan International ETF's expense ratio was higher than the median and average expense ratio of the peer group and Morningstar category, although the highest for the peer group and within the range of the Morningstar category. The fees and expenses were considered higher due to the research and investment analysis associated with the investment model and acquired fund fees and expenses.

Day Hagan Smart Buffer ETF's unitary advisory fee was lower than the median advisory fees of its peer group and Morningstar US Derivative Income category, higher than the average advisory fees of the peer group but lower than the average advisory fees for the Morningstar category, and lower than the net expenses of both the peer group and Morningstar category.

*Profitability.* The Board also reviewed the estimated compensation and benefits to be received by Ashton Thomas from its potential relationship with the Day Hagan-Advised ETFs. In this regard, the Board took into consideration that the advisory fee for each Day Hagan-Advised ETF was, and will continue to be after the Transaction, structured as a "unified fee," pursuant to which Ashton Thomas would, as Day Hagan had to date, pay all routine expenses of each Day Hagan-Advised ETF, except for the management fee; payments under any Rule 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Day Hagan-Advised ETF (such as litigation or reorganizational costs, each of which is paid by the Day Hagan-Advised ETF), and considered the benefits that accrue to each Day Hagan-Advised ETF as a result of this fee structure. The Board noted that Ashton Thomas will therefore be contractually responsible for compensating the Trust's other service providers and paying each Day Hagan-Advised ETF's other expenses out of its own fees and resources.

*"Fall-out" Benefits.* The Board then considered the extent to which Ashton Thomas might derive ancillary (or fall-out) benefits as a result of its relationships with the Day Hagan-Advised ETFs. For example, the Board noted that Ashton Thomas may engage in soft dollar transactions in the future, although it currently does not plan to do so. The Board also noted that Ashton Thomas may obtain a reputational benefit from the success of the Day Hagan-Advised ETFs.

*Economies of Scale.* The Board considered information provided by Ashton Thomas pertaining to economies of scale. The Board also considered whether economies of scale could be realized with the Day Hagan-Advised ETFs being part of a larger organization, which could increase Ashton Thomas's profitability compared to that of Day Hagan. Notwithstanding the potential for Ashton Thomas to realize higher profitability than Day Hagan after the Transaction, the Board noted that each Day Hagan-Advised ETF would continue to benefit from the unified fee structure, which provides a level of certainty in expenses for each Day Hagan-Advised ETF.

*Conclusion.* Based on its review of the facts and circumstances related to the Ashton Thomas Advisory Agreement, the Board, including the Independent Trustees, concluded that each Day Hagan-Advised ETF and its shareholders could benefit from Ashton Thomas's management under the Agreement. Thus, the Board determined that the approval of the Agreement with respect to each Day Hagan-Advised ETF was appropriate and in the best interest of each Day Hagan-Advised ETF and its shareholders. In its deliberations, the Board did not identify any particular information that was all-important or controlling, and each Trustee may have attributed different weights to different factors. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements for each Day Hagan-Advised ETF, as outlined in the Ashton Thomas Advisory Agreement, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the Board considered relevant.

Semi-Annual Financial Statements and Other Information \| **19**

---

| |
|:---|
| ![(EVENTIDE LOGO)](ev001_v1.jpg) |
| Semi-Annual Financial Statements <br> and Other Information |
| Eventide High Dividend ETF (ELCV) |
| Eventide Large Cap Growth ETF (ESLG) |
| Eventide Large Cap Value ETF (ESLV) |
| Eventide Small Cap ETF (ESSC) |
| Eventide US Market ETF (ESUM) |
| **OCTOBER 31, 2025** |

---

![(EVENTIDE LOGO)](ev001_v1.jpg)

**Item 7 – Financial Statements and Additional Information**

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **Page** |
|  | **Portfolios of Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eventide High Dividend ETF (ELCV) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eventide Large Cap Growth ETF (ESLG) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eventide Large Cap Value ETF (ESLV) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eventide Small Cap ETF (ESSC) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eventide US Market ETF (ESUM) | 9 |
|  | **Statements of Assets and Liabilities** | **11** |
|  | **Statements of Operations** | **13** |
|  | **Statements of Changes in Net Assets** | **15** |
|  | **Financial Highlights** | **17** |
|  | **Notes to Financial Statements** | **18** |
| **Item 8 –** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **22** |
| **Item 9 –** | **Proxy Disclosures for Open-End Management Investment Companies** | **22** |
| **Item 10 –** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **22** |
| **Item 11 –** | **Statement Regarding Basis for Approval of Investment Advisory Contract** | **23** |

---

---

| | |
|:---|:---|
| **Eventide High Dividend ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |  |
| **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** |  |
| 19340 | Home Depot, Inc. (The) | $7341271 |
| 13672 | Lowe's Cos, Inc. | 3255713 |
|  |  | 10596984 |
| **Energy — 19.9%** | **Energy — 19.9%** |  |
| 37258 | Atlas Energy Solutions, Inc. | 461254 |
| 31656 | Baker Hughes Co. | 1532467 |
| 33220 | ConocoPhillips | 2951929 |
| 10039 | Diamondback Energy, Inc. | 1437484 |
| 123320 | Enbridge, Inc. | 5749178 |
| 28345 | EQT Corp. | 1518725 |
| 40480 | Exxon Mobil Corp. | 4629293 |
| 47801 | Halliburton Co. | 1282979 |
| 21333 | ONEOK, Inc. | 1429311 |
| 12680 | Targa Resources Corp. | 1953227 |
| 5245 | Valero Energy Corp. | 889342 |
| 106567 | Williams Cos., Inc. (The) | 6167032 |
|  |  | 30002221 |
| **Financials — 15.7%** | **Financials — 15.7%** |  |
| 17084 | American Express Co. | 6162711 |
| 298554 | Huntington Bancshares, Inc. | 4609674 |
| 50721 | Nasdaq, Inc. | 4336139 |
| 224776 | Regions Financial Corp. | 5439579 |
| 6268 | S&P Global, Inc. | 3053832 |
|  |  | 23601935 |
| **Health Care — 6.2%** | **Health Care — 6.2%** |  |
| 15892 | Amgen, Inc. | 4742650 |
| 15363 | Medtronic plc | 1393424 |
| 81982 | Royalty Pharma plc, Class A | 3077604 |
|  |  | 9213678 |
| **Industrials — 8.1%** | **Industrials — 8.1%** |  |
| 5991 | Caterpillar, Inc. | 3458365 |
| 59808 | Fastenal Co. | 2461099 |
| 2421 | GE Vernova, Inc. | 1416624 |
| 1667 | Quanta Services, Inc. | 748700 |
| 6827 | Trane Technologies plc | 3062934 |
| 5331 | Waste Management, Inc. | 1064974 |
|  |  | 12212696 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.4% - (Continued)** | **Common Stocks — 99.4% - (Continued)** |  |
| **Information Technology — 12.5%** | **Information Technology — 12.5%** |  |
| 8758 | Broadcom, Inc. | $3237220 |
| 10066 | Dell Technologies, Inc., Class C | 1630793 |
| 1935 | Intuit, Inc. | 1291709 |
| 2012 | KLA Corp. | 2431985 |
| 21629 | Lam Research Corp. | 3405701 |
| 8226 | NVIDIA Corp. | 1665683 |
| 8972 | SAP SE ADR | 2332810 |
| 3493 | Seagate Technology Holdings PLC | 893789 |
| 6205 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1864168 |
|  |  | 18753858 |
| **Materials — 3.0%** | **Materials — 3.0%** |  |
| 85733 | International Paper Co. | 3312723 |
| 2740 | Linde plc | 1146142 |
|  |  | 4458865 |
| **Real Estate — 6.6%** | **Real Estate — 6.6%** |  |
| 9375 | American Tower Corp. | 1677938 |
| 65964 | Prologis, Inc. | 8185473 |
|  |  | 9863411 |
| **Utilities — 20.3%** | **Utilities — 20.3%** |  |
| 8170 | Constellation Energy Corp. | 3080090 |
| 32380 | Duke Energy Corp. | 4024834 |
| 74110 | Entergy Corp. | 7121229 |
| 18239 | NextEra Energy, Inc. | 1484655 |
| 9421 | Public Service Enterprise Group, Inc. | 758956 |
| 80248 | Southern Co. (The) | 7546521 |
| 14742 | Vistra Corp. | 2775919 |
| 32830 | WEC Energy Group, Inc. | 3668096 |
|  |  | 30460300 |
| **Total Common Stocks (Cost $137,841,224)** | **Total Common Stocks (Cost $137,841,224)** | $**149163948** |
| **Total Investments — 99.4% (Cost $137,841,224)** | **Total Investments — 99.4% (Cost $137,841,224)** | $**149163948** |
| **Net other assets (liabilities) — 0.6%** | **Net other assets (liabilities) — 0.6%** | **882774** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**150046722** |

---

ADR — American Depositary Receipt

PLC — Public Liability Company

S&P — Standard and Poor's

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **1**

---

| | |
|:---|:---|
| **Eventide Large Cap Growth ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |  |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** |  |
| 64 | Trade Desk, Inc. (The), Class A <sup>†</sup> | $3218 |
|  |  | 3218 |
| **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** |  |
| 29 | Aptiv plc <sup>†</sup> | 2352 |
| 120 | Chewy, Inc., Class A <sup>†</sup> | 4046 |
| 40 | Deckers Outdoor Corp. <sup>†</sup> | 3260 |
| 4 | Garmin, Ltd. | 856 |
| 68 | Home Depot, Inc. (The) | 25813 |
| 96 | Lowe's Cos, Inc. | 22860 |
| 4 | Magna International, Inc. | 189 |
| 244 | O'Reilly Automotive, Inc. <sup>†</sup> | 23043 |
|  |  | 82419 |
| **Energy — 0.1%** | **Energy — 0.1%** |  |
| 5 | Exxon Mobil Corp. | 572 |
|  |  | 572 |
| **Financials — 12.6%** | **Financials — 12.6%** |  |
| 80 | American Express Co. | 28859 |
| 32 | Arthur J. Gallagher & Co. | 7984 |
| 41 | Houlihan Lokey, Inc. | 7342 |
| 112 | Huntington Bancshares, Inc. | 1730 |
| 53 | Moody's Corp. | 25456 |
| 124 | Nasdaq, Inc. | 10601 |
| 53 | Progressive Corp. (The) | 10918 |
| 12 | Regions Financial Corp. | 290 |
| 56 | S&P Global, Inc. | 27284 |
| 180 | SoFi Technologies, Inc. <sup>†</sup> | 5342 |
| 113 | Toast, Inc., Class A <sup>†</sup> | 4084 |
|  |  | 129890 |
| **Health Care — 7.8%** | **Health Care — 7.8%** |  |
| 188 | Boston Scientific Corp. <sup>†</sup> | 18935 |
| 48 | Doximity, Inc., Class A <sup>†</sup> | 3168 |
| 25 | Eli Lilly & Co. | 21572 |
| 8 | GeneDx Holdings Corp. <sup>†</sup> | 1095 |
| 25 | Intuitive Surgical, Inc. <sup>†</sup> | 13357 |
| 48 | Stryker Corp. | 17100 |
| 17 | Veeva Systems, Inc., Class A <sup>†</sup> | 4950 |
|  |  | 80177 |
| **Industrials — 16.4%** | **Industrials — 16.4%** |  |
| 61 | Automatic Data Processing, Inc. | 15878 |
| 17 | Builders FirstSource, Inc. <sup>†</sup> | 1975 |
| 60 | Caterpillar, Inc. | 34636 |
| 192 | Copart, Inc. <sup>†</sup> | 8258 |
| 104 | Fastenal Co. | 4280 |
| 32 | Ferguson Enterprises, Inc. | 7952 |
| 21 | GE Vernova, Inc. | 12288 |
| 49 | Illinois Tool Works, Inc. | 11952 |
| 24 | Paycom Software, Inc. | 4490 |
| 9 | Quanta Services, Inc. | 4042 |
| 16 | RB Global, Inc. | 1588 |
| 13 | Rockwell Automation, Inc. | 4789 |
| 49 | Thomson Reuters Corp. | 7500 |
| 36 | Trane Technologies plc | 16151 |
| 76 | Union Pacific Corp. | 16748 |
| 80 | Waste Management, Inc. | 15981 |
|  |  | 168508 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 97.5% - (Continued)** | **Common Stocks — 97.5% - (Continued)** |  |
| **Information Technology — 46.6%** | **Information Technology — 46.6%** |  |
| 64 | Advanced Micro Devices, Inc. <sup>†</sup> | $16392 |
| 168 | Arista Networks, Inc. <sup>†</sup> | 26492 |
| 136 | Broadcom, Inc. | 50270 |
| 64 | Cadence Design Systems, Inc. <sup>†</sup> | 21676 |
| 76 | Ciena Corp. <sup>†</sup> | 14434 |
| 37 | Credo Technology Group Holding, Ltd. <sup>†</sup> | 6942 |
| 28 | Crowdstrike Holdings, Inc., Class A <sup>†</sup> | 15204 |
| 36 | Datadog, Inc., Class A <sup>†</sup> | 5861 |
| 56 | Dell Technologies, Inc., Class C | 9072 |
| 64 | Docusign, Inc. <sup>†</sup> | 4681 |
| 61 | Dynatrace, Inc. <sup>†</sup> | 3085 |
| 45 | Flex, Ltd. <sup>†</sup> | 2813 |
| 100 | Fortinet, Inc. <sup>†</sup> | 8643 |
| 16 | Guidewire Software, Inc. <sup>†</sup> | 3738 |
| 4 | HubSpot, Inc. <sup>†</sup> | 1968 |
| 36 | Intuit, Inc. | 24031 |
| 5 | KLA Corp. | 6044 |
| 104 | Lam Research Corp. | 16376 |
| 16 | Manhattan Associates, Inc. <sup>†</sup> | 2913 |
| 24 | Micron Technology, Inc. | 5370 |
| 52 | Motorola Solutions, Inc. | 21149 |
| 36 | Nutanix, Inc., Class A <sup>†</sup> | 2565 |
| 568 | NVIDIA Corp. | 115013 |
| 41 | Okta, Inc. <sup>†</sup> | 3753 |
| 96 | Palo Alto Networks, Inc. <sup>†</sup> | 21143 |
| 4 | Roper Technologies, Inc. | 1785 |
| 13 | Rubrik, Inc., Class A <sup>†</sup> | 979 |
| 17 | SAP SE ADR | 4420 |
| 12 | Seagate Technology Holdings PLC | 3071 |
| 25 | ServiceNow, Inc. <sup>†</sup> | 22982 |
| 29 | Shopify, Inc., Class A <sup>†</sup> | 5042 |
| 25 | Snowflake, Inc. <sup>†</sup> | 6872 |
| 28 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 8412 |
| 32 | Workday, Inc., Class A <sup>†</sup> | 7677 |
| 32 | Zscaler, Inc. <sup>†</sup> | 10596 |
|  |  | 481464 |
| **Materials — 3.1%** | **Materials — 3.1%** |  |
| 45 | Ecolab, Inc. | 11538 |
| 29 | Linde plc | 12130 |
| 24 | Sherwin-Williams Co. (The) | 8279 |
|  |  | 31947 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** |  |
| 69 | Prologis, Inc. | 8562 |
|  |  | 8562 |
| **Utilities — 1.9%** | **Utilities — 1.9%** |  |
| 17 | Constellation Energy Corp. | 6409 |
| 56 | NextEra Energy, Inc. | 4558 |
| 17 | NRG Energy, Inc. | 2922 |
| 5 | Talen Energy Corp. <sup>†</sup> | 1999 |
| 20 | Vistra Corp. | 3766 |
|  |  | 19654 |
| **Total Common Stocks (Cost $980,758)** | **Total Common Stocks (Cost $980,758)** | $**1006411** |
| **Total Investments — 97.5% (Cost $980,758)** | **Total Investments — 97.5% (Cost $980,758)** | $**1006411** |
| **Net other assets (liabilities) — 2.5%** | **Net other assets (liabilities) — 2.5%** | **25354** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**1031765** |

---

ADR — American Depositary Receipt

PLC — Public Liability Company

S&P — Standard and Poor's

<sup>†</sup> Non-income producing security

See notes which are an integral part of the Financial Statements

**2** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Eventide Large Cap Value ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |  |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** |  |
| 45 | Trade Desk, Inc. (The), Class A <sup>†</sup> | $2263 |
|  |  | 2263 |
| **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** |  |
| 69 | Aptiv plc <sup>†</sup> | 5596 |
| 18 | Chewy, Inc., Class A <sup>†</sup> | 607 |
| 54 | D.R. Horton, Inc. | 8050 |
| 10 | Garmin, Ltd. | 2139 |
| 66 | Home Depot, Inc. (The) | 25053 |
| 81 | Lowe's Cos, Inc. | 19289 |
| 87 | Magna International, Inc. | 4107 |
| 28 | O'Reilly Automotive, Inc. <sup>†</sup> | 2644 |
| 9 | PulteGroup, Inc. | 1079 |
| 9 | Toll Brothers, Inc. | 1215 |
|  |  | 69779 |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |  |
| 465 | Kenvue, Inc. | 6682 |
| 66 | McCormick & Co., Inc. | 4235 |
|  |  | 10917 |
| **Energy — 12.8%** | **Energy — 12.8%** |  |
| 13 | Canadian Natural Resources, Ltd. | 416 |
| 7 | Cheniere Energy, Inc. | 1484 |
| 159 | ConocoPhillips | 14129 |
| 45 | Coterra Energy, Inc. | 1065 |
| 117 | Devon Energy Corp. | 3801 |
| 16 | Diamondback Energy, Inc. | 2291 |
| 273 | Enbridge, Inc. | 12728 |
| 42 | EOG Resources, Inc. | 4445 |
| 27 | Expand Energy Corp. | 2789 |
| 366 | Exxon Mobil Corp. | 41856 |
| 120 | ONEOK, Inc. | 8040 |
| 24 | Williams Cos., Inc. (The) | 1389 |
|  |  | 94433 |
| **Financials — 21.7%** | **Financials — 21.7%** |  |
| 114 | Aflac, Inc. | 12220 |
| 33 | American Express Co. | 11904 |
| 118 | Arch Capital Group, Ltd. | 10185 |
| 24 | Arthur J. Gallagher & Co. | 5988 |
| 13 | Cincinnati Financial Corp. | 2010 |
| 72 | East West Bancorp, Inc. | 7315 |
| 453 | Fifth Third Bancorp | 18854 |
| 114 | Global Payments, Inc. | 8865 |
| 1162 | Huntington Bancshares, Inc. | 17941 |
| 66 | Intercontinental Exchange, Inc. | 9655 |
| 46 | Nasdaq, Inc. | 3933 |
| 58 | Progressive Corp. (The) | 11948 |
| 759 | Regions Financial Corp. | 18368 |
| 64 | Reinsurance Group of America, Inc. | 11677 |
| 15 | S&P Global, Inc. | 7308 |
| 22 | Sun Life Financial, Inc. | 1339 |
|  |  | 159510 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.5% - (Continued)** | **Common Stocks — 98.5% - (Continued)** |  |
| **Health Care — 14.0%** | **Health Care — 14.0%** |  |
| 21 | Alcon AG ADR | $1552 |
| 78 | Amgen, Inc. | 23277 |
| 88 | Boston Scientific Corp. <sup>†</sup> | 8863 |
| 22 | Dexcom, Inc. <sup>†</sup> | 1281 |
| 7 | Eli Lilly & Co. | 6040 |
| 46 | ICON plc <sup>†</sup> | 7904 |
| 22 | Incyte Corp. <sup>†</sup> | 2057 |
| 7 | Intuitive Surgical, Inc. <sup>†</sup> | 3740 |
| 252 | Medtronic plc | 22856 |
| 126 | Royalty Pharma plc, Class A | 4730 |
| 33 | Stryker Corp. | 11756 |
| 58 | Zoetis, Inc. | 8357 |
|  |  | 102413 |
| **Industrials — 9.8%** | **Industrials — 9.8%** |  |
| 7 | Automatic Data Processing, Inc. | 1822 |
| 19 | Builders FirstSource, Inc. <sup>†</sup> | 2207 |
| 40 | Canadian Pacific Kansas City, Ltd. | 2878 |
| 18 | Caterpillar, Inc. | 10391 |
| 4 | Ferguson Enterprises, Inc. | 994 |
| 37 | Illinois Tool Works, Inc. | 9025 |
| 15 | JB Hunt Transport Services, Inc. | 2533 |
| 16 | Otis Worldwide Corp. | 1484 |
| 10 | Republic Services, Inc. | 2082 |
| 22 | Thomson Reuters Corp. | 3367 |
| 102 | Union Pacific Corp. | 22478 |
| 19 | Waste Connections, Inc. | 3186 |
| 51 | Waste Management, Inc. | 10189 |
|  |  | 72636 |
| **Information Technology — 8.4%** | **Information Technology — 8.4%** |  |
| 13 | Advanced Micro Devices, Inc. <sup>†</sup> | 3330 |
| 24 | CDW Corp. | 3825 |
| 30 | Dell Technologies, Inc., Class C | 4860 |
| 99 | Flex, Ltd. <sup>†</sup> | 6189 |
| 10 | Intuit, Inc. | 6676 |
| 72 | Micron Technology, Inc. | 16111 |
| 6 | Motorola Solutions, Inc. | 2440 |
| 13 | NVIDIA Corp. | 2632 |
| 19 | NXP Semiconductors N.V. | 3973 |
| 15 | Roper Technologies, Inc. | 6691 |
| 7 | Shopify, Inc., Class A <sup>†</sup> | 1217 |
| 7 | Snowflake, Inc. <sup>†</sup> | 1924 |
| 4 | Workday, Inc., Class A <sup>†</sup> | 960 |
|  |  | 60828 |
| **Materials — 7.0%** | **Materials — 7.0%** |  |
| 21 | Air Products and Chemicals, Inc. | 5094 |
| 31 | Ecolab, Inc. | 7948 |
| 90 | International Paper Co. | 3478 |
| 37 | Linde plc | 15478 |
| 76 | PPG Industries, Inc. | 7429 |
| 18 | Sherwin-Williams Co. (The) | 6209 |
| 36 | Steel Dynamics, Inc. | 5645 |
|  |  | 51281 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **3**

---

| | |
|:---|:---|
| **Eventide Large Cap Value ETF** (Continued) | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.5% - (Continued)** | **Common Stocks — 98.5% - (Continued)** |  |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** |  |
| 52 | American Tower Corp. | $9307 |
| 15 | Equity Residential | 892 |
| 126 | Prologis, Inc. | 15635 |
|  |  | 25834 |
| **Utilities — 9.9%** | **Utilities — 9.9%** |  |
| 72 | American Electric Power Co, Inc. | 8659 |
| 45 | Consolidated Edison, Inc. | 4383 |
| 129 | Dominion Energy, Inc. | 7571 |
| 189 | Duke Energy Corp. | 23492 |
| 174 | NextEra Energy, Inc. | 14164 |
| 153 | Southern Co. (The) | 14388 |
|  |  | 72657 |
| **Total Common Stocks (Cost $739,439)** | **Total Common Stocks (Cost $739,439)** | $**722551** |
| **Total Investments — 98.5% (Cost $739,439)** | **Total Investments — 98.5% (Cost $739,439)** | $**722551** |
| **Net other assets (liabilities) — 1.5%** | **Net other assets (liabilities) — 1.5%** | **10796** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**733347** |

---

ADR — American Depositary Receipt

AG — Aktiengesellschaft (German Stock Company)

PLC — Public Liability Company

S&P — Standard and Poor's

<sup>†</sup> Non-income producing security

See notes which are an integral part of the Financial Statements

**4** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Eventide Small Cap ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |  |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** |  |
| 92 | Cargurus, Inc. <sup>†</sup> | $3231 |
| 76 | Cogent Communications Holdings, Inc. | 3135 |
| 12 | Ibotta, Inc., Class A <sup>†</sup> | 387 |
| 168 | MediaAlpha, Inc., Class A <sup>†</sup> | 2142 |
| 188 | Uniti Group, Inc. <sup>†</sup> | 1083 |
|  |  | 9978 |
| **Consumer Discretionary — 10.1%** | **Consumer Discretionary — 10.1%** |  |
| 24 | Asbury Automotive Group, Inc. <sup>†</sup> | 5629 |
| 72 | Beazer Homes USA, Inc. <sup>†</sup> | 1613 |
| 60 | Cava Group, Inc. <sup>†</sup> | 3224 |
| 16 | Century Communities, Inc. | 950 |
| 28 | Champion Homes, Inc. <sup>†</sup> | 1910 |
| 28 | Cooper-Standard Holdings, Inc. <sup>†</sup> | 846 |
| 472 | Coursera, Inc. <sup>†</sup> | 3974 |
| 280 | Dana, Inc. | 5684 |
| 256 | EVgo, Inc. <sup>†</sup> | 1052 |
| 24 | Floor & Decor Holdings, Inc., Class A <sup>†</sup> | 1500 |
| 72 | Frontdoor, Inc. <sup>†</sup> | 4783 |
| 48 | Gentherm, Inc. <sup>†</sup> | 1766 |
| 8 | Group 1 Automotive, Inc. | 3180 |
| 76 | Helen of Troy, Ltd. <sup>†</sup> | 1416 |
| 8 | Hovnanian Enterprises, Inc., Class A <sup>†</sup> | 962 |
| 76 | KB Home | 4744 |
| 24 | LGI Homes, Inc. <sup>†</sup> | 979 |
| 104 | Lincoln Educational Services Corp. <sup>†</sup> | 2020 |
| 12 | Lithia Motors, Inc. | 3769 |
| 32 | Modine Manufacturing Co. <sup>†</sup> | 4903 |
| 32 | Patrick Industries, Inc. | 3340 |
| 12 | Pool Corp. | 3205 |
| 244 | QuantumScape Corp. <sup>†</sup> | 4499 |
| 100 | Savers Value Village, Inc. <sup>†</sup> | 921 |
| 452 | Solid Power, Inc. <sup>†</sup> | 2839 |
| 52 | Sonic Automotive, Inc., Class A | 3304 |
| 216 | Sonos, Inc. <sup>†</sup> | 3709 |
| 60 | Strategic Education, Inc. | 4559 |
| 36 | Stride, Inc. <sup>†</sup> | 2449 |
| 28 | Thor Industries, Inc. | 2922 |
| 88 | ThredUp, Inc., Class A <sup>†</sup> | 774 |
| 396 | Udemy, Inc. <sup>†</sup> | 2255 |
| 132 | Universal Technical Institute, Inc. <sup>†</sup> | 3923 |
| 44 | Visteon Corp. | 4715 |
| 84 | Warby Parker, Inc., Class A <sup>†</sup> | 1646 |
| 64 | YETI Holdings, Inc. <sup>†</sup> | 2175 |
|  |  | 102139 |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |  |
| 40 | BellRing Brands, Inc. <sup>†</sup> | 1205 |
| 64 | Lamb Weston Holdings, Inc. | 3951 |
| 56 | Vita Coco Co, Inc. (The) <sup>†</sup> | 2306 |
| 72 | Vital Farms, Inc. <sup>†</sup> | 2365 |
|  |  | 9827 |
| **Energy — 2.7%** | **Energy — 2.7%** |  |
| 320 | Antero Midstream Corp. | 5519 |
| 136 | Antero Resources Corp. <sup>†</sup> | 4204 |
| 308 | Archrock, Inc. | 7783 |
| 32 | Devon Energy Corp. | 1040 |
| 48 | DT Midstream, Inc. | 5256 |
| 92 | Kinetik Holdings, Inc. | 3543 |
|  |  | 27345 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Financials — 19.5%** | **Financials — 19.5%** |  |
| 151 | Amerant Bancorp, Inc. | $2532 |
| 68 | American Coastal Insurance Corp. | 805 |
| 288 | Associated Bancorp | 7133 |
| 140 | BankUnited, Inc. | 5611 |
| 163 | Beacon Financial Corp. | 3967 |
| 724 | Capitol Federal Financial, Inc. | 4373 |
| 104 | Central Pacific Financial Corp. | 2965 |
| 255 | Columbia Financial, Inc. <sup>†</sup> | 3761 |
| 112 | ConnectOne Bancorp, Inc. | 2695 |
| 175 | CVB Financial Corp. | 3215 |
| 136 | Dime Community Bancshares, Inc. | 3570 |
| 132 | Donegal Group, Inc., Class A | 2475 |
| 220 | Eastern Bankshares, Inc. | 3857 |
| 152 | Enact Holdings, Inc. | 5430 |
| 44 | Financial Institutions, Inc. | 1251 |
| 260 | First Horizon Corp. | 5554 |
| 164 | Flywire Corp. <sup>†</sup> | 2184 |
| 452 | FNB Corp. | 7105 |
| 408 | Genworth Financial, Inc. <sup>†</sup> | 3444 |
| 28 | Goosehead Insurance, Inc., Class A | 1923 |
| 120 | HA Sustainable Infrastructure Capital, Inc. | 3325 |
| 8 | HCI Group, Inc. | 1632 |
| 184 | Heritage Financial Corp. | 4083 |
| 28 | Hippo Holdings, Inc. <sup>†</sup> | 1030 |
| 220 | Horizon Bancorp, Inc. | 3432 |
| 68 | I3 Verticals, Inc., Class A <sup>†</sup> | 2091 |
| 72 | Independent Bank Corp. | 4845 |
| 24 | Jack Henry & Associates, Inc. | 3575 |
| 56 | Lemonade, Inc. <sup>†</sup> | 3364 |
| 40 | LendingTree, Inc. <sup>†</sup> | 2560 |
| 92 | Live Oak Bancshares, Inc. | 2865 |
| 60 | Mercury General Corp. | 4638 |
| 20 | MGIC Investment Corp. | 548 |
| 88 | NCR Atleos Corp. <sup>†</sup> | 3247 |
| 192 | NerdWallet, Inc., Class A <sup>†</sup> | 2241 |
| 260 | Northwest Bancshares, Inc. | 3045 |
| 24 | Palomar Holdings, Inc. <sup>†</sup> | 2736 |
| 448 | Payoneer Global, Inc. <sup>†</sup> | 2594 |
| 28 | PennyMac Financial Services, Inc. | 3523 |
| 44 | Pinnacle Financial Partners, Inc. | 3749 |
| 200 | Priority Technology Holdings, Inc. <sup>†</sup> | 1392 |
| 212 | Remitly Global, Inc. <sup>†</sup> | 3400 |
| 84 | RLI Corp. | 4954 |
| 12 | Root, Inc., Class A <sup>†</sup> | 966 |
| 132 | Seacoast Banking Corp. of Florida | 4000 |
| 60 | Selective Insurance Group, Inc. | 4520 |
| 40 | Shift4 Payments, Inc., Class A <sup>†</sup> | 2764 |
| 156 | Shore Bancshares, Inc. | 2435 |
| 328 | Simmons First National Corp., Class A | 5701 |
| 56 | Skyward Specialty Insurance Group, Inc. <sup>†</sup> | 2553 |
| 155 | Southside Bancshares, Inc. | 4359 |
| 447 | TFS Financial Corp. | 5945 |
| 52 | Trupanion, Inc. <sup>†</sup> | 2079 |
| 60 | Universal Insurance Holdings, Inc. | 1849 |
| 104 | Univest Financial Corp. | 3053 |
| 679 | UWM Holdings Corp. | 3823 |
| 44 | Walker & Dunlop, Inc. | 3516 |
| 192 | WesBanco, Inc. | 5779 |
|  |  | 196061 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **5**

---

| | |
|:---|:---|
| **Eventide Small Cap ETF** (Continued) | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Health Care — 20.3%** | **Health Care — 20.3%** |  |
| 228 | AdaptHealth Corp. <sup>†</sup> | $2050 |
| 120 | Adaptive Biotechnologies Corp. <sup>†</sup> | 2083 |
| 64 | Akero Therapeutics, Inc. <sup>†</sup> | 3469 |
| 124 | Alignment Healthcare, Inc. <sup>†</sup> | 2091 |
| 175 | Alphatec Holdings, Inc. <sup>†</sup> | 3323 |
| 72 | Amylyx Pharmaceuticals, Inc. <sup>†</sup> | 1003 |
| 56 | AnaptysBio, Inc. <sup>†</sup> | 2048 |
| 387 | Ardelyx, Inc. <sup>†</sup> | 2345 |
| 68 | ARS Pharmaceuticals, Inc. <sup>†</sup> | 609 |
| 76 | Artivion, Inc. <sup>†</sup> | 3448 |
| 136 | Arvinas, Inc. <sup>†</sup> | 1379 |
| 84 | Avidity Biosciences, Inc. <sup>†</sup> | 5867 |
| 100 | Axogen, Inc. <sup>†</sup> | 2222 |
| 32 | Axsome Therapeutics, Inc. <sup>†</sup> | 4319 |
| 72 | Beam Therapeutics, Inc. <sup>†</sup> | 1801 |
| 188 | BioCryst Pharmaceuticals, Inc. <sup>†</sup> | 1376 |
| 68 | Bruker Corp. | 2648 |
| 112 | Celcuity, Inc. <sup>†</sup> | 8642 |
| 44 | CG oncology, Inc. <sup>†</sup> | 1904 |
| 20 | Cidara Therapeutics, Inc. <sup>†</sup> | 2185 |
| 136 | Cogent Biosciences, Inc. <sup>†</sup> | 2217 |
| 72 | Collegium Pharmaceutical, Inc. <sup>†</sup> | 2592 |
| 40 | CONMED Corp. | 1760 |
| 56 | Cytokinetics, Inc. <sup>†</sup> | 3561 |
| 312 | Definitive Healthcare Corp. <sup>†</sup> | 864 |
| 16 | Disc Medicine, Inc. <sup>†</sup> | 1380 |
| 204 | Dynavax Technologies Corp. <sup>†</sup> | 2093 |
| 116 | Dyne Therapeutics, Inc. <sup>†</sup> | 2619 |
| 175 | Embecta Corp. | 2335 |
| 64 | Enliven Therapeutics, Inc. <sup>†</sup> | 1499 |
| 124 | Enovis Corp. <sup>†</sup> | 3874 |
| 204 | Envista Holdings Corp. <sup>†</sup> | 4152 |
| 176 | Evolent Health, Inc., Class A <sup>†</sup> | 1174 |
| 36 | Exact Sciences Corp. <sup>†</sup> | 2329 |
| 8 | GeneDx Holdings Corp. <sup>†</sup> | 1095 |
| 1580 | Geron Corp. <sup>†</sup> | 1991 |
| 336 | Gossamer Bio, Inc. <sup>†</sup> | 823 |
| 32 | GRAIL, Inc. <sup>†</sup> | 2942 |
| 64 | Guardant Health, Inc. <sup>†</sup> | 5952 |
| 44 | Harmony Biosciences Holdings, Inc. <sup>†</sup> | 1257 |
| 155 | HealthStream, Inc. | 3813 |
| 132 | Integra LifeSciences Holdings Corp. <sup>†</sup> | 1585 |
| 28 | iRhythm Technologies, Inc. <sup>†</sup> | 5245 |
| 36 | Janux Therapeutics, Inc. <sup>†</sup> | 1034 |
| 32 | Kestra Medical Technologies, Ltd. <sup>†</sup> | 876 |
| 60 | Kodiak Sciences, Inc. <sup>†</sup> | 1088 |
| 292 | Kura Oncology, Inc. <sup>†</sup> | 2999 |
| 44 | Kymera Therapeutics, Inc. <sup>†</sup> | 2721 |
| 52 | Liquidia Corp. <sup>†</sup> | 1267 |
| 8 | Madrigal Pharmaceuticals, Inc. <sup>†</sup> | 3351 |
| 144 | MeiraGTx Holdings plc <sup>†</sup> | 1308 |
| 44 | Mirum Pharmaceuticals, Inc. <sup>†</sup> | 3197 |
| 76 | Omnicell, Inc. <sup>†</sup> | 2551 |
| 244 | Organogenesis Holdings, Inc. <sup>†</sup> | 1037 |
| 96 | ORIC Pharmaceuticals, Inc. <sup>†</sup> | 1263 |
| 72 | Pennant Group, Inc. (The) <sup>†</sup> | 1781 |
| 84 | Phreesia, Inc. <sup>†</sup> | 1902 |
| 156 | Prime Medicine, Inc. <sup>†</sup> | 771 |
| 48 | Protagonist Therapeutics, Inc. <sup>†</sup> | 3774 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Health Care — 20.3% - (Continued)** | **Health Care — 20.3% - (Continued)** |  |
| 60 | PTC Therapeutics, Inc. <sup>†</sup> | $4099 |
| 52 | Pulse Biosciences, Inc. <sup>†</sup> | 880 |
| 48 | Rapport Therapeutics, Inc. <sup>†</sup> | 1389 |
| 340 | Recursion Pharmaceuticals, Inc., Class A <sup>†</sup> | 1877 |
| 120 | Revolution Medicines, Inc. <sup>†</sup> | 7061 |
| 104 | Sarepta Therapeutics, Inc. <sup>†</sup> | 2497 |
| 60 | Scholar Rock Holding Corp. <sup>†</sup> | 1777 |
| 92 | Schrodinger, Inc. <sup>†</sup> | 1936 |
| 104 | SI-BONE, Inc. <sup>†</sup> | 1542 |
| 32 | Soleno Therapeutics, Inc. <sup>†</sup> | 2149 |
| 68 | Spyre Therapeutics, Inc. <sup>†</sup> | 1663 |
| 28 | Stoke Therapeutics, Inc. <sup>†</sup> | 841 |
| 68 | Supernus Pharmaceuticals, Inc. <sup>†</sup> | 3749 |
| 72 | Syndax Pharmaceuticals, Inc. <sup>†</sup> | 986 |
| 32 | Tarsus Pharmaceuticals, Inc. <sup>†</sup> | 2202 |
| 328 | Taysha Gene Therapies, Inc. <sup>†</sup> | 1627 |
| 16 | TransMedics Group, Inc. <sup>†</sup> | 2105 |
| 68 | Travere Therapeutics, Inc. <sup>†</sup> | 2391 |
| 60 | Twist Bioscience Corp. <sup>†</sup> | 1973 |
| 112 | Tyra Biosciences, Inc. <sup>†</sup> | 1774 |
| 144 | Ultragenyx Pharmaceutical, Inc. <sup>†</sup> | 4982 |
| 40 | US Physical Therapy, Inc. | 3451 |
| 36 | Vaxcyte, Inc. <sup>†</sup> | 1630 |
| 96 | Veracyte, Inc. <sup>†</sup> | 3464 |
| 72 | Verastem, Inc. <sup>†</sup> | 680 |
| 208 | Xencor, Inc. <sup>†</sup> | 3060 |
|  |  | 204669 |
| **Industrials — 17.3%** | **Industrials — 17.3%** |  |
| 4 | Advanced Drainage Systems, Inc. | 560 |
| 24 | AGCO Corp. | 2476 |
| 888 | Alight, Inc., Class A | 2558 |
| 120 | Ameresco, Inc., Class A <sup>†</sup> | 4742 |
| 20 | ArcBest Corp. | 1486 |
| 56 | Arcosa, Inc. | 5712 |
| 24 | Argan, Inc. | 7350 |
| 156 | Array Technologies, Inc. <sup>†</sup> | 1351 |
| 40 | Astec Industries, Inc. | 1861 |
| 32 | AZZ, Inc. | 3195 |
| 20 | Blue Bird Corp. <sup>†</sup> | 999 |
| 140 | BrightView Holdings, Inc. <sup>†</sup> | 1725 |
| 88 | CECO Environmental Corp. <sup>†</sup> | 4302 |
| 32 | Construction Partners, Inc., Class A <sup>†</sup> | 3659 |
| 32 | CSG Systems International, Inc. | 2505 |
| 344 | Custom Truck One Source, Inc. <sup>†</sup> | 2026 |
| 156 | Deluxe Corp. | 2825 |
| 216 | DNOW, Inc. <sup>†</sup> | 3175 |
| 80 | Douglas Dynamics, Inc. | 2418 |
| 140 | Driven Brands Holdings, Inc. <sup>†</sup> | 2009 |
| 8 | Dycom Industries, Inc. <sup>†</sup> | 2302 |
| 64 | Enerpac Tool Group Corp. | 2627 |
| 148 | First Advantage Corp. <sup>†</sup> | 1869 |
| 83 | Flowserve Corp. | 5665 |
| 168 | Fluence Energy, Inc. <sup>†</sup> | 3529 |
| 44 | GATX Corp. | 6902 |
| 92 | Genco Shipping & Trading, Ltd. | 1568 |
| 12 | Generac Holdings, Inc. <sup>†</sup> | 2016 |
| 40 | Greenbrier Cos, Inc. (The) | 1671 |
| 28 | Griffon Corp. | 2072 |
| 80 | GXO Logistics, Inc. <sup>†</sup> | 4497 |

---

See notes which are an integral part of the Financial Statements

**6** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Eventide Small Cap ETF** (Continued) | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Industrials — 17.3% - (Continued)** | **Industrials — 17.3% - (Continued)** |  |
| 344 | Heartland Express, Inc. | $2683 |
| 24 | Heidrick & Struggles International, Inc. | 1401 |
| 80 | Helios Technologies, Inc. | 4429 |
| 284 | Hillman Solutions Corp. <sup>†</sup> | 2618 |
| 12 | Huron Consulting Group, Inc. <sup>†</sup> | 1973 |
| 24 | Innodata, Inc. <sup>†</sup> | 1791 |
| 196 | Janus International Group, Inc. <sup>†</sup> | 1882 |
| 28 | JBT Marel Corp. | 3531 |
| 192 | Legalzoom.com, Inc. <sup>†</sup> | 1914 |
| 12 | Limbach Holdings, Inc. <sup>†</sup> | 1134 |
| 84 | LSI Industries, Inc. | 1923 |
| 240 | Marten Transport, Ltd. | 2460 |
| 132 | Masterbrand, Inc. <sup>†</sup> | 1667 |
| 244 | MDU Resources Group, Inc. | 4680 |
| 28 | MSC Industrial Direct Co., Inc. | 2377 |
| 144 | Mueller Water Products, Inc., Class A | 3695 |
| 16 | MYR Group, Inc. <sup>†</sup> | 3483 |
| 24 | NEXTracker, Inc., Class A <sup>†</sup> | 2429 |
| 268 | Pitney Bowes, Inc. | 2648 |
| 156 | Planet Labs PBC <sup>†</sup> | 2098 |
| 8 | Powell Industries, Inc. | 3067 |
| 36 | Primoris Services Corp. | 5095 |
| 164 | Quanex Building Products Corp. | 2330 |
| 120 | Resideo Technologies, Inc. <sup>†</sup> | 5136 |
| 184 | RXO, Inc. <sup>†</sup> | 3263 |
| 240 | Shoals Technologies Group, Inc., Class A <sup>†</sup> | 2522 |
| 20 | Transcat, Inc. <sup>†</sup> | 1453 |
| 36 | Trex Co, Inc. <sup>†</sup> | 1740 |
| 12 | TriNet Group, Inc. | 720 |
| 340 | Vestis Corp. | 1785 |
| 16 | Willdan Group, Inc. <sup>†</sup> | 1512 |
| 84 | WillScot Holdings Corp. | 1827 |
| 32 | Xometry, Inc., Class A <sup>†</sup> | 1558 |
|  |  | 174476 |
| **Information Technology — 16.5%** | **Information Technology — 16.5%** |  |
| 208 | A10 Networks, Inc. | 3711 |
| 40 | ACM Research, Inc., Class A <sup>†</sup> | 1658 |
| 208 | ADTRAN Holdings, Inc. <sup>†</sup> | 2167 |
| 28 | Advanced Energy Industries, Inc. | 5676 |
| 28 | Aeva Technologies, Inc. <sup>†</sup> | 458 |
| 64 | Alarm.com Holdings, Inc. <sup>†</sup> | 3150 |
| 88 | Alkami Technology, Inc. <sup>†</sup> | 1786 |
| 48 | Allegro MicroSystems, Inc. <sup>†</sup> | 1436 |
| 72 | Alpha & Omega Semiconductor, Ltd. <sup>†</sup> | 2020 |
| 112 | Applied Digital Corp. <sup>†</sup> | 3881 |
| 144 | Arlo Technologies, Inc. <sup>†</sup> | 2785 |
| 204 | Aurora Innovation, Inc. <sup>†</sup> | 1069 |
| 147 | AvePoint, Inc. <sup>†</sup> | 2068 |
| 40 | Belden, Inc. | 4874 |
| 44 | BILL Holdings, Inc. <sup>†</sup> | 2185 |
| 99 | Braze, Inc., Class A <sup>†</sup> | 2837 |
| 44 | Calix, Inc. <sup>†</sup> | 3010 |
| 52 | Clear Secure, Inc., Class A | 1584 |
| 104 | Cohu, Inc. <sup>†</sup> | 2474 |
| 28 | Commvault Systems, Inc. <sup>†</sup> | 3898 |
| 72 | Consensus Cloud Solutions, Inc. <sup>†</sup> | 2111 |
| 72 | DigitalOcean Holdings, Inc. <sup>†</sup> | 2928 |
| 40 | Diodes, Inc. <sup>†</sup> | 2134 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Information Technology — 16.5% - (Continued)** | **Information Technology — 16.5% - (Continued)** |  |
| 68 | Domo, Inc., Class B <sup>†</sup> | $932 |
| 264 | DoubleVerify Holdings, Inc. <sup>†</sup> | 3004 |
| 56 | Enphase Energy, Inc. <sup>†</sup> | 1709 |
| 52 | ePlus, Inc. | 3804 |
| 196 | Evolv Technologies Holdings, Inc. <sup>†</sup> | 1517 |
| 132 | Five9, Inc. <sup>†</sup> | 3205 |
| 36 | FormFactor, Inc. <sup>†</sup> | 1978 |
| 131 | Freshworks, Inc., Class A <sup>†</sup> | 1454 |
| 275 | Grid Dynamics Holdings, Inc. <sup>†</sup> | 2569 |
| 40 | Hackett Group, Inc. (The) | 724 |
| 180 | Harmonic, Inc. <sup>†</sup> | 1926 |
| 104 | Ichor Holdings, Ltd. <sup>†</sup> | 2359 |
| 19 | Impinj, Inc. <sup>†</sup> | 3841 |
| 20 | InterDigital, Inc. | 7239 |
| 24 | Itron, Inc. <sup>†</sup> | 2408 |
| 100 | Kimball Electronics, Inc. <sup>†</sup> | 2908 |
| 64 | Klaviyo, Inc., Class A <sup>†</sup> | 1664 |
| 103 | Kyndryl Holdings, Inc. <sup>†</sup> | 2979 |
| 48 | Lattice Semiconductor Corp. <sup>†</sup> | 3502 |
| 36 | Life360, Inc. <sup>†</sup> | 3554 |
| 180 | Navitas Semiconductor Corp. <sup>†</sup> | 2423 |
| 147 | nCino, Inc. <sup>†</sup> | 3922 |
| 120 | NETGEAR, Inc. <sup>†</sup> | 4167 |
| 84 | NextNav, Inc. <sup>†</sup> | 1121 |
| 43 | Novanta, Inc. <sup>†</sup> | 5461 |
| 48 | Photronics, Inc. <sup>†</sup> | 1147 |
| 179 | Rapid7, Inc. <sup>†</sup> | 3313 |
| 556 | Ribbon Communications, Inc. <sup>†</sup> | 1868 |
| 52 | Rogers Corp. <sup>†</sup> | 4552 |
| 64 | ScanSource, Inc. <sup>†</sup> | 2746 |
| 32 | Silicon Laboratories, Inc. <sup>†</sup> | 4195 |
| 8 | SiTime Corp. <sup>†</sup> | 2317 |
| 235 | Sprout Social, Inc., Class A <sup>†</sup> | 2413 |
| 60 | Synaptics, Inc. <sup>†</sup> | 4257 |
| 52 | Ultra Clean Holdings, Inc. <sup>†</sup> | 1425 |
| 52 | Vertex, Inc., Class A <sup>†</sup> | 1191 |
| 80 | Vontier Corp. | 3080 |
| 204 | Weave Communications, Inc. <sup>†</sup> | 1512 |
| 147 | Zeta Global Holdings Corp., Class A <sup>†</sup> | 2645 |
|  |  | 166931 |
| **Materials — 3.5%** | **Materials — 3.5%** |  |
| 88 | Cabot Corp. | 5938 |
| 224 | Century Aluminum Co. <sup>†</sup> | 6635 |
| 316 | Element Solutions, Inc. | 8444 |
| 64 | Greif, Inc., Class A | 3641 |
| 40 | Louisiana-Pacific Corp. | 3484 |
| 48 | Sylvamo Corp. | 1949 |
| 108 | TriMas Corp. | 3837 |
| 16 | United States Lime & Minerals, Inc. | 1876 |
|  |  | 35804 |
| **Real Estate — 3.2%** | **Real Estate — 3.2%** |  |
| 796 | Compass, Inc., Class A <sup>†</sup> | 6137 |
| 172 | Forestar Group, Inc. <sup>†</sup> | 4474 |
| 20 | Jones Lang LaSalle, Inc. <sup>†</sup> | 6102 |
| 271 | Marcus & Millichap, Inc. | 7915 |
| 408 | Newmark Group, Inc., Class A | 7275 |
|  |  | 31903 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **7**

---

| | |
|:---|:---|
| **Eventide Small Cap ETF** (Continued) | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 99.0% - (Continued)** | **Common Stocks — 99.0% - (Continued)** |  |
| **Utilities — 4.1%** | **Utilities — 4.1%** |  |
| 324 | AES Corp. (The) | $4494 |
| 96 | Black Hills Corp. | 6089 |
| 72 | Clearway Energy, Inc., Class B | 2299 |
| 60 | H2O America | 2775 |
| 104 | OGE Energy Corp. | 4591 |
| 52 | Ormat Technologies, Inc. | 5531 |
| 68 | Pinnacle West Capital Corp. | 6019 |
| 91 | Southwest Gas Holdings, Inc. | 7235 |
| 256 | XPLR Infrastructure LP | 2524 |
|  |  | 41557 |
| **Total Common Stocks (Cost $983,087)** | **Total Common Stocks (Cost $983,087)** | $**1000690** |
| **Total Investments — 99.0% (Cost $983,087)** | **Total Investments — 99.0% (Cost $983,087)** | $**1000690** |
| **Net other assets (liabilities) — 1.0%** | **Net other assets (liabilities) — 1.0%** | **10504** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**1011194** |

---

LP — Limited Partnership

PBC — Public Benefit Corporation

PLC — Public Liability Company

<sup>†</sup> Non-income producing security

See notes which are an integral part of the Financial Statements

**8** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Eventide US Market ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |  |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** |  |
| 20611 | Cargurus, Inc. <sup>†</sup> | $723858 |
|  |  | 723858 |
| **Consumer Discretionary — 8.7%** | **Consumer Discretionary — 8.7%** |  |
| 4091 | Aptiv plc <sup>†</sup> | 331780 |
| 262 | AutoZone, Inc. <sup>†</sup> | 962701 |
| 10128 | CarMax, Inc. <sup>†</sup> | 424464 |
| 7461 | Chewy, Inc., Class A <sup>†</sup> | 251585 |
| 1575 | D.R. Horton, Inc. | 234801 |
| 3196 | Deckers Outdoor Corp. <sup>†</sup> | 260474 |
| 1582 | Floor & Decor Holdings, Inc., Class A <sup>†</sup> | 98843 |
| 1360 | Garmin, Ltd. | 290958 |
| 1345 | Group 1 Automotive, Inc. | 534691 |
| 5781 | Home Depot, Inc. (The) | 2194410 |
| 1676 | Lithia Motors, Inc. | 526398 |
| 6970 | Lowe's Cos, Inc. | 1659766 |
| 20008 | Magna International, Inc. | 944578 |
| 13488 | O'Reilly Automotive, Inc. <sup>†</sup> | 1273807 |
| 1902 | Pool Corp. | 507948 |
| 35925 | VF Corp. | 504387 |
|  |  | 11001591 |
| **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** |  |
| 26055 | Kenvue, Inc. | 374410 |
| 6585 | Lamb Weston Holdings, Inc. | 406492 |
| 11646 | McCormick & Co., Inc. | 747207 |
|  |  | 1528109 |
| **Energy — 2.5%** | **Energy — 2.5%** |  |
| 1978 | Cheniere Energy, Inc. | 419336 |
| 4943 | ConocoPhillips | 439235 |
| 18018 | Exxon Mobil Corp. | 2060538 |
| 5495 | Williams Cos., Inc. (The) | 317996 |
|  |  | 3237105 |
| **Financials — 12.6%** | **Financials — 12.6%** |  |
| 11014 | Aflac, Inc. | 1180591 |
| 5584 | American Express Co. | 2014316 |
| 3553 | Arthur J. Gallagher & Co. | 886438 |
| 19416 | Fifth Third Bancorp | 808094 |
| 35965 | First Horizon Corp. | 768212 |
| 4072 | Houlihan Lokey, Inc. | 729214 |
| 73565 | Huntington Bancshares, Inc. | 1135844 |
| 15219 | MGIC Investment Corp. | 417305 |
| 2742 | Moody's Corp. | 1316983 |
| 1426 | MSCI, Inc. | 839272 |
| 14056 | Nasdaq, Inc. | 1201647 |
| 6333 | Progressive Corp. (The) | 1304598 |
| 33657 | Regions Financial Corp. | 814499 |
| 2885 | S&P Global, Inc. | 1405601 |
| 18506 | SoFi Technologies, Inc. <sup>†</sup> | 549258 |
| 11240 | Synovus Financial Corp. | 501754 |
| 9018 | Toast, Inc., Class A <sup>†</sup> | 325911 |
| 854 | Tradeweb Markets, Inc., Class A | 90003 |
|  |  | 16289540 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.8% - (Continued)** | **Common Stocks — 98.8% - (Continued)** |  |
| **Health Care — 9.3%** | **Health Care — 9.3%** |  |
| 862 | Alnylam Pharmaceuticals, Inc. <sup>†</sup> | $393106 |
| 4498 | Amgen, Inc. | 1342338 |
| 13920 | Boston Scientific Corp. <sup>†</sup> | 1402023 |
| 4617 | Doximity, Inc., Class A <sup>†</sup> | 304722 |
| 3165 | Edwards Lifesciences Corp. <sup>†</sup> | 260954 |
| 2392 | Eli Lilly & Co. | 2063961 |
| 618 | GeneDx Holdings Corp. <sup>†</sup> | 84610 |
| 1057 | Guardant Health, Inc. <sup>†</sup> | 98323 |
| 312 | IDEXX Laboratories, Inc. <sup>†</sup> | 196407 |
| 538 | Insmed, Inc. <sup>†</sup> | 102005 |
| 1818 | Intuitive Surgical, Inc. <sup>†</sup> | 971321 |
| 15881 | Medtronic plc | 1440407 |
| 18278 | Royalty Pharma plc, Class A | 686156 |
| 3531 | Stryker Corp. | 1257883 |
| 2176 | Veeva Systems, Inc., Class A <sup>†</sup> | 633651 |
| 6062 | Zoetis, Inc. | 873474 |
|  |  | 12111341 |
| **Industrials — 16.3%** | **Industrials — 16.3%** |  |
| 3332 | AerCap Holdings NV | 433960 |
| 472 | Axon Enterprise, Inc. <sup>†</sup> | 345613 |
| 4546 | Builders FirstSource, Inc. <sup>†</sup> | 528109 |
| 2889 | Canadian Pacific Kansas City, Ltd. | 207864 |
| 3942 | Caterpillar, Inc. | 2275558 |
| 2394 | Dayforce, Inc. <sup>†</sup> | 164564 |
| 3260 | Expeditors International of Washington, Inc. | 397394 |
| 15462 | Fastenal Co. | 636261 |
| 4776 | Ferguson Enterprises, Inc. | 1186837 |
| 1835 | GE Vernova, Inc. | 1073732 |
| 1043 | Generac Holdings, Inc. <sup>†</sup> | 175245 |
| 5313 | Illinois Tool Works, Inc. | 1295947 |
| 2763 | Old Dominion Freight Line, Inc. | 387980 |
| 10660 | Otis Worldwide Corp. | 988822 |
| 5796 | Paychex, Inc. | 678306 |
| 1776 | Paycom Software, Inc. | 332272 |
| 1083 | Quanta Services, Inc. | 486408 |
| 2255 | RB Global, Inc. | 223741 |
| 4871 | Republic Services, Inc. | 1014337 |
| 2434 | Rockwell Automation, Inc. | 896588 |
| 1685 | Snap-on, Inc. | 565402 |
| 13737 | SS&C Technologies Holdings, Inc. | 1166546 |
| 3305 | Trane Technologies plc | 1482788 |
| 6951 | Union Pacific Corp. | 1531792 |
| 385 | United Rentals, Inc. | 335404 |
| 1748 | Verisk Analytics, Inc. | 382392 |
| 362 | Waste Connections, Inc. | 60700 |
| 5420 | Waste Management, Inc. | 1082754 |
| 3272 | Xylem, Inc. | 493581 |
|  |  | 20830897 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **9**

---

| | |
|:---|:---|
| **Eventide US Market ETF** (Continued) | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.8% - (Continued)** | **Common Stocks — 98.8% - (Continued)** |  |
| **Information Technology — 36.6%** | **Information Technology — 36.6%** |  |
| 4927 | Advanced Micro Devices, Inc. <sup>†</sup> | $1261903 |
| 12896 | Arista Networks, Inc. <sup>†</sup> | 2033571 |
| 1484 | Bentley Systems, Inc., Class B | 75432 |
| 11824 | Broadcom, Inc. | 4370505 |
| 3912 | Cadence Design Systems, Inc. <sup>†</sup> | 1324955 |
| 1440 | CDW Corp. | 229493 |
| 8532 | Ciena Corp. <sup>†</sup> | 1620397 |
| 1043 | Commvault Systems, Inc. <sup>†</sup> | 145206 |
| 6718 | Confluent, Inc., Class A <sup>†</sup> | 157000 |
| 2919 | Credo Technology Group Holding, Ltd. <sup>†</sup> | 547663 |
| 2162 | Crowdstrike Holdings, Inc., Class A <sup>†</sup> | 1173988 |
| 4807 | Datadog, Inc., Class A <sup>†</sup> | 782628 |
| 7989 | Dell Technologies, Inc., Class C | 1294298 |
| 7265 | Docusign, Inc. <sup>†</sup> | 531362 |
| 6230 | Dynatrace, Inc. <sup>†</sup> | 315051 |
| 9307 | Flex, Ltd. <sup>†</sup> | 581873 |
| 11605 | Fortinet, Inc. <sup>†</sup> | 1003020 |
| 26508 | Gen Digital, Inc. | 698751 |
| 1888 | Guidewire Software, Inc. <sup>†</sup> | 441112 |
| 741 | HubSpot, Inc. <sup>†</sup> | 364513 |
| 2405 | Intuit, Inc. | 1605457 |
| 1292 | KLA Corp. | 1561692 |
| 3696 | Klaviyo, Inc., Class A <sup>†</sup> | 96096 |
| 13170 | Lam Research Corp. | 2073748 |
| 1702 | Manhattan Associates, Inc. <sup>†</sup> | 309883 |
| 7081 | Micron Technology, Inc. | 1584515 |
| 937 | Monday.com, Ltd. <sup>†</sup> | 192310 |
| 916 | MongoDB, Inc. <sup>†</sup> | 329595 |
| 3323 | Motorola Solutions, Inc. | 1351497 |
| 3705 | NetApp, Inc. | 436375 |
| 4398 | Nutanix, Inc., Class A <sup>†</sup> | 313314 |
| 49069 | NVIDIA Corp. | 9935982 |
| 3262 | Okta, Inc. <sup>†</sup> | 298571 |
| 6456 | Palo Alto Networks, Inc. <sup>†</sup> | 1421868 |
| 4606 | Procore Technologies, Inc. <sup>†</sup> | 340015 |
| 2016 | Q2 Holdings, Inc. <sup>†</sup> | 124508 |
| 1852 | Roper Technologies, Inc. | 826270 |
| 2310 | Rubrik, Inc., Class A <sup>†</sup> | 173874 |
| 2042 | ServiceNow, Inc. <sup>†</sup> | 1877169 |
| 1669 | Shopify, Inc., Class A <sup>†</sup> | 290172 |
| 3937 | Snowflake, Inc. <sup>†</sup> | 1082203 |
| 396 | Tyler Technologies, Inc. <sup>†</sup> | 188599 |
| 4180 | Workday, Inc., Class A <sup>†</sup> | 1002866 |
| 2129 | Zscaler, Inc. <sup>†</sup> | 704997 |
|  |  | 47074297 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.8% - (Continued)** | **Common Stocks — 98.8% - (Continued)** |  |
| **Materials — 3.7%** | **Materials — 3.7%** |  |
| 1933 | Air Products and Chemicals, Inc. | $468926 |
| 3826 | Ecolab, Inc. | 980986 |
| 6459 | International Paper Co. | 249576 |
| 3610 | Linde plc | 1510064 |
| 1773 | PPG Industries, Inc. | 173311 |
| 2602 | Sherwin-Williams Co. (The) | 897534 |
| 3141 | Steel Dynamics, Inc. | 492509 |
|  |  | 4772906 |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** |  |
| 2761 | American Tower Corp. | 494164 |
| 4650 | CBRE Group, Inc., Class A <sup>†</sup> | 708800 |
| 10179 | Prologis, Inc. | 1263112 |
|  |  | 2466076 |
| **Utilities — 5.3%** | **Utilities — 5.3%** |  |
| 9230 | American Electric Power Co, Inc. | 1110000 |
| 1000 | Constellation Energy Corp. | 377000 |
| 11870 | Duke Energy Corp. | 1475440 |
| 13914 | NextEra Energy, Inc. | 1132600 |
| 2802 | NRG Energy, Inc. | 481552 |
| 8268 | Sempra | 760160 |
| 13819 | Southern Co. (The) | 1299539 |
| 990 | Vistra Corp. | 186417 |
|  |  | 6822708 |
| **Total Common Stocks (Cost $115,368,585)** | **Total Common Stocks (Cost $115,368,585)** | $**126858428** |
| **Total Investments — 98.8% (Cost $115,368,585)** | **Total Investments — 98.8% (Cost $115,368,585)** | $**126858428** |
| **Net other assets (liabilities) — 1.2%** | **Net other assets (liabilities) — 1.2%** | **1480862** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**128339290** |

---

MSCI — Morgan Stanley Capital International

NV — Naamloze Vennootschap (Dutch Stock Company)

PLC — Public Liability Company

S&P — Standard and Poor's

<sup>†</sup> Non-income producing security

See notes which are an integral part of the Financial Statements

**10** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | October 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Eventide High**<br>**Dividend ETF** | **Eventide Large**<br>**Cap Growth ETF** | **Eventide Large**<br>**Cap Value ETF** |
| **Assets:** |  |  |  |
| Investments, at value (Cost $137,841,224, $980,758 and $739,439) | $149163948 | $1006411 | $722551 |
| Cash and Cash Equivalents | 888650 | 25357 | 10824 |
| Dividends and interest receivable | 65186 | 214 | 155 |
| Receivable for investments sold | 448598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 150566382 | 1031982 | 733530 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 457953 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 61707 | 217 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 519660 | 217 | 183 |
| **Net Assets** | $150046722 | $1031765 | $733347 |
| **Net Assets consist of:** |  |  |  |
| Paid-in Capital | $143123057 | $1006507 | $749934 |
| Total Distributable Earnings (Loss) | 6923665 | 25258 | (16587) |
| **Net Assets** | $150046722 | $1031765 | $733347 |
| **Net Assets:** | $150046722 | $1031765 | $733347 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 5660000 | 40000 | 30000 |
| **Net Asset Value (offering and redemption price per share):** | $26.51 | $25.79 | $24.44 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **11**

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** (Continued) | October 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | **Eventide**<br>**Small Cap ETF** | **Eventide**<br>**US Market ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $983,087 and $115,368,585) | $1000690 | $126858428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 10650 | 1487553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 172 | 35061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 1011512 | 128381042 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 318 | 41752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 318 | 41752 |
| **Net Assets** | $1011194 | $128339290 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | $993461 | $116193691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings (Loss) | 17733 | 12145599 |
| **Net Assets** | $1011194 | $128339290 |
| **Net Assets:** | $1011194 | $128339290 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 40000 | 4665000 |
| **Net Asset Value (offering and redemption price per share):** | $25.28 | $27.51 |

---

See notes which are an integral part of the Financial Statements

**12** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Statements of Operations** | For the Periods Indicated |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Eventide**<br>**High Dividend ETF** | **Eventide**<br>**Large Cap**<br>**Growth ETF** | **Eventide**<br>**Large Cap**<br>**Value ETF** |
|  | <br>**Six months ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **For the period**<br>**September 29,**<br>**2025(a) through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **For the period**<br>**September 29,**<br>**2025(a) through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $1696165 | $325 | $490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax withholding | (37935) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1658230 | 325 | 490 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory | 329026 | 222 | 189 |
| **Total Net Expenses** | 329026 | 222 | 189 |
| **Net Investment Income** | 1329204 | 103 | 301 |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 130427 | (498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from in-kind transactions | 2222353 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 10497266 | 25653 | (16888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 12850046 | 25155 | (16888) |
| **Change in Net Assets Resulting From Operations** | $14179250 | $25258 | $(16587) |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **13**

---

| | |
|:---|:---|
| **Statements of Operations** (Continued) | For the Periods Indicated |

---

---

| | | |
|:---|:---|:---|
|  | **Eventide**<br>**Small Cap ETF** | **Eventide**<br>**US Market ETF** |
| | **For the period**<br>**September 29,**<br>**2025<sup>(a)</sup> through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**Six months ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $422 | $607824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax withholding |  | (6023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 422 | 601801 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory | 325 | 198065 |
| **Total Net Expenses** | 325 | 198065 |
| **Net Investment Income** | 97 | 403736 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 33 | 75927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from in-kind transactions |  | 1045450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 17603 | 12428227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 17636 | 13549604 |
| **Change in Net Assets Resulting From Operations** | $17733 | $13953340 |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

**14** \| Semi-Annual Financial Statements and Other Information

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Eventide** | **Eventide** | | |
|  | **High Dividend ETF** | **High Dividend ETF** | **Eventide**<br>**Large Cap**<br>**Growth ETF** | **Eventide**<br>**Large Cap**<br>**Value ETF** |
| |<br>**Six months ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**For the period**<br>**September 30,**<br>**2024<sup>(a)</sup> through**<br>**April 30,**<br>**2025** | **For the period**<br>**September 29,**<br>**2025<sup>(a)</sup> through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | **For the period**<br>**September 29,**<br>**2025<sup>(a)</sup> through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1329204 | $585998 | $103 | $301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment and in-kind transactions | 2352780 | (6340818) | (498) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 10497266 | 825458 | 25653 | (16888) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 14179250 | (4929362) | 25258 | (16587) |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1681316) | (554405) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from distributions | (1681316) | (554405) |  |  |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 57660134 | 101590221 | 1006507 | 749934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14992300) | (1225499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | 42667833 | 100364722 | 1006507 | 749934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | 55165767 | 94880955 | 1031765 | 733347 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 94880955 |  |  |  |
| End of period | $150046722 | $94880955 | $1031765 | $733347 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 2280000 | 4000000 | 40000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (570000) | (50000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares | 1710000 | 3950000 | 40000 | 30000 |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **15**

**Statements of Changes in Net Assets** (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Eventide** | **Eventide** |
|  | **Eventide**<br>**Small Cap ETF** | **US Market ETF** | **US Market ETF** |
|  | **For the period**<br>**September 29,**<br>**2025<sup>(a)</sup> through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | <br>**Six months ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** | <br>**For the period**<br>**December 17,**<br>**2024<sup>(a)</sup> through**<br>**April 30,**<br>**2025** |
| **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $97 | $403736 | $100635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment and in-kind transactions | 33 | 1121377 | (454335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 17603 | 12428227 | (938384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 17733 | 13953340 | (1292084) |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (429522) | (86135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from distributions |  | (429522) | (86135) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 993461 | 65640987 | 55549732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of shares redeemed |  | (4997028) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | 993461 | 60643959 | 55549732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | 1011194 | 74167777 | 54171513 |
| **Net Assets:** |  |  |  |
| Beginning of period |  | 54171513 |  |
| End of period | $1011194 | $128339290 | $54171513 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 40000 | 2550000 | 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed |  | (185000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares | 40000 | 2365000 | 2300000 |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

**16** \| Semi-Annual Financial Statements and Other Information

**Financial Highlights**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Asset**<br>**Value,**<br>**beginning**<br>**of period** |<br>**Net**<br>**investment**<br>**income**<br>**(loss)<sup>(a)</sup>** |<br>**Net**<br>**realized and**<br>**unrealized**<br>**gains**<br>**(losses)** |<br><br>**Total from**<br>**investment**<br>**activities** |<br>**Distributions**<br>**from net**<br>**investment**<br>**income** |<br><br>**Total**<br>**distributions** |<br>**Net Asset**<br>**Value,**<br>**end of**<br>**period** |<br>**Total**<br>**return at**<br>**Net Asset**<br>**Value<sup>(b)(c)</sup>** |<br>**Ratio of**<br>**Net**<br>**Expenses**<br>**to Average**<br>**Net Assets<sup>(d)</sup>** |<br>**Ratio of**<br>**Gross**<br>**Expenses**<br>**to Average**<br>**Net Assets<sup>(d)</sup>** | **Ratio of Net**<br>**Investment**<br>**Income**<br>**(Loss) to**<br>**Average**<br>**Net Assets<sup>(d)</sup>** |<br>**Net Assets**<br>**at end of**<br>**period**<br>**(000's)** |<br><br>**Portfolio**<br>**turnover<sup>(b)</sup>** |
| **Eventide High Dividend ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six Months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |
| October 31, 2025 (Unaudited) | $24.02 | 0.26 | 2.55 | 2.81 | (0.32) | (0.32) | $26.51 | 11.72% | 0.49% | 0.49% | 1.98% | $150047 | 40% |
| September 30, 2024<sup>(e)</sup> through April 30, 2025 | $25.00 | 0.26 | (1.05) | (0.79) | (0.19) | (0.19) | $24.02 | (3.17)% | 0.49% | 0.49% | 1.82% | $94881 | 89% |
| **Eventide Large Cap Growth ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 29, 2025<sup>(e)</sup> through October 31, 2025 (Unaudited) | $25.00 |  | 0.79 | 0.79 |  |  | $25.79 | 3.16% | 0.38% | 0.38% | 0.18% | $1032 | 1% |
| **Eventide Large Cap Value ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 29, 2025<sup>(e)</sup> through October 31, 2025 (Unaudited) | $25.00 | 0.01 | (0.57) | (0.56) |  |  | $24.44 | (2.24)% | 0.38% | 0.38% | 0.61% | $733 | —% |
| **Eventide Small Cap ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| September 29, 2025<sup>(e)</sup> through October 31, 2025 (Unaudited) | $25.00 |  | 0.28 | 0.28 |  |  | $25.28 | 1.12% | 0.48% | 0.48% | 0.14% | $1011 | —% |
| **Eventide US Market ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six Months ended October 31, 2025 (Unaudited) | $23.55 | 0.11 | 3.96 | 4.07 | (0.11) | (0.11) | $27.51 | 17.30% | 0.39% | 0.39% | 0.79% | $128339 | 26% |
| December 17, 2024<sup>(e)</sup> through April 30, 2025 | $25.00 | 0.07 | (1.47) | (1.40) | (0.05) | (0.05) | $23.55 | (5.60)% | 0.39% | 0.39% | 0.82% | $54172 | 34% |

---

Amounts designated as — are either zero or rounded to zero

(a) Calculated using the average shares
 method.

(b) Not annualized for periods less than
 one year.

(c) Net asset value total return is calculated
 assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions, including
 dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at net asset
 value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due
 to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Annualized for periods less than one
 year.

(e) Commencement of operations.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **17**

---

| | |
|:---|:---|
| **Notes to Financial Statements** | October 31, 2025 (Unaudited) |

---

**(1) Organization**

Strategy Shares (the "Trust") was organized on September 7, 2010 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as an open-end management investment company. The Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. Currently, the Trust offers its Shares in thirteen separate series. The accompanying Financial Statements relate to the following series: Eventide High Dividend ETF (ELCV), Eventide Large Cap Growth ETF (ESLG), Eventide Large Cap Value ETF (ESLV), Eventide Small Cap ETF (ESSC), and Eventide US Market ETF (EUSM) (collectively, the "Funds"). The Funds are diversified, actively-managed exchange-traded funds. The investment objective of the Eventide High Dividend ETF is to seek income, income growth and long-term capital appreciation. The investment objective of Eventide Large Cap Growth ETF, Eventide Large Cap Value ETF, Eventide Small Cap ETF, and Eventide US Market ETF is to seek long-term capital appreciation. The Funds' prospectus provides a description of each Fund's investment objective, policies, and strategies. The assets of each Fund in the Trust are segregated and a shareholder's interest is limited to the Fund in which shares are held.

The Eventide Large Cap Growth ETF, Eventide Large Cap Value ETF and Eventide Small Cap ETF commenced operations on September 29, 2025. Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of shares, or multiples thereof, 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 in amounts less than a Creation Unit.

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

**(2) Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services pursuant to procedures approved by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds' securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined in accordance with procedures approved by the Board. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust has a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

● Level 1 – Quoted prices in active markets for identical assets

● Level 2 – Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – Significant unobservable pricing inputs at the measurement date (including the Funds' own assumptions in determining the fair value of investments)

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

Equity securities (including foreign equity securities) traded on a securities exchange are valued at the last reported sales price on the principal exchange, except that equity securities traded on the Nasdaq are valued at the Nasdaq official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are valued at the mean of the quoted bid and asked prices. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities traded on a national securities exchange or in the over-the-counter market are valued at the last reported sales price on the principal exchange. If there is no reported sale on the principal exchange, and for all other debt securities, debt securities are valued at a price supplied by a security pricing service. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

**18** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

The following table provides the fair value measurement as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Level 1** | **Total<br> Investments** |
| **Eventide High Dividend ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $149163948 | $149163948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $149163948 | $149163948 |
| **Eventide Large Cap Growth ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 1006411 | 1006411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $1006411 | $1006411 |
| **Eventide Large Cap Value ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 722551 | 722551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $722551 | $722551 |
| **Eventide Small Cap ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 1000690 | 1000690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $1000690 | $1000690 |
| **Eventide US Market ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 126858428 | 126858428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $126858428 | $126858428 |

---

For the period ended October 31, 2025, there were no Level 2 or Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers into or out of Level 3 during the period.

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective interest method. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

**C. Cash and Cash Equivalents**

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to Shareholders**

Dividends to shareholders are recorded on the ex-dividend date. Distributions are recorded on the ex-dividend date. The Funds intend to distribute to their shareholders net investment income, if any, at least quarterly and net realized capital gains, if any, at least annually.

The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e. g., distributions and income received from pass-through investments, differing treatment of income relating to swap agreements), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to wash sales and differing treatment on certain investments. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distribution of capital.

The Funds may own shares of real estate investment trusts ("REITs"), which report information on the source of their distributions annually. Distributions received from investments in REITs are initially recorded as dividend income and, to the extent such distributions represent a return of capital or a capital gain for tax purposes, they are reclassified when such information becomes available.

**E. Allocation of Expenses**

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all series of the Trust in relation to the net assets of each series or on another reasonable basis. The Trust may share expenses with Mutual Fund and Variable Insurance Trust, an open-end management investment company managed by Rational Advisors, Inc. Those expenses that are shared are allocated proportionally among each of the trusts or on another reasonable basis.

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Eventide Asset Management, LLC (the "Advisor"), serves as the Funds' investment advisor pursuant to an Investment Advisory Agreement. Subject at all times to the oversight of the Board, the Advisor is responsible for the overall management of the funds' portfolios. The Trust has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for the Funds to operate to be provided by other service providers. Eventide High Dividend ETF and Eventide Small Cap ETF pay 0.49%, while Eventide Large Cap Growth ETF, Eventide Large Cap Value ETF, and Eventide US Market ETF each pay 0. 39% of their average daily net assets, computed daily and paid monthly, for advisory services they receive from the advisor. The advisory fee is structured as a "unified fee," from which the Advisor pays all routine expenses of the Fund, except the Fund's advisory fee; payments under any 12b-1 plan; taxes; brokerage commissions and trading costs; interest (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The Advisor's Unified Fee is designed to cause substantially all of the Funds' expenses to be paid and to compensate the Advisor for providing services for the Funds.

Semi-Annual Financial Statements and Other Information \| **19**

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

**B. Distribution and Shareholder Services Fees**

Foreside Fund Services, LLC (the "Distributor") is the principal underwriter and distributor of the Funds' Shares. The Distributor is compensated by the Advisor in accordance with a Distribution Services Agreement between the Advisor and the Distributor. The Trust has adopted but has yet to implement a Rule 12b- 1 Distribution Plan (the "Plan"). The Plan is designed to compensate or reimburse financial intermediaries (including the Distributor, the Advisor, and their affiliates) for activities principally intended to result in the sale of Fund shares, such as advertising and marketing of shares (including printing and disseminating prospectuses and sales literature to prospective shareholders and financial intermediaries) and providing incentives to financial intermediaries to sell shares. The Plan is also designed to cover the cost of administrative services performed in conjunction with the sale of shares, including, but not limited to, shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. In accordance with the Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/ or marketing services with respect to the Funds. Pursuant to the Plan, the Funds may pay a 12b-1 fee not to exceed 0.25% per year of its average daily net assets. No 12b-1 fee is currently paid by the Funds and the Board has not approved any payments under the Plan.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Eventide High Dividend ETF | $53555607 | $52443399 |
| Eventide Large Cap Growth ETF<sup>(a)</sup> | 24476 | 7260 |
| Eventide Large Cap Value ETF<sup>(a)</sup> | 20309 |  |
| Eventide Small Cap ETF<sup>(a)</sup> | 12003 | 1704 |
| Eventide US Market ETF | 25153750 | 26046471 |

---

Purchases and sales of in-kind transactions for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Eventide High Dividend ETF | $57010067 | $14886167 |
| Eventide Large Cap Growth ETF<sup>(a)</sup> | 964039 |  |
| Eventide Large Cap Value ETF<sup>(a)</sup> | 718943 |  |
| Eventide Small Cap ETF<sup>(a)</sup> | 972755 |  |
| Eventide US Market ETF | 65253592 | 5007643 |

---

(a) From commencement of operations, September
 29, 2025, through the period ended October 31, 2025.

**(5) Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at net asset value. Except when aggregated in Creation Units, shares of the Funds are not redeemable. Transactions in shares for the Funds are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe, and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard charge and maximum transaction fee for the Funds are $250 and $1,000, respectively.

From time to time, settlement of securities related to subscriptions-in-kind or redemptions-in-kind may be delayed. In such cases, securities related to in-kind contributions are reflected as "Due from custodian" and securities related to in-kind redemptions are reflected as "Securities payable related to in-kind transactions" on the Statements of Assets and Liabilities.

**(6) Federal Income Taxes**

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Trust has evaluated tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is more-likely-than not (i.e., greater than 50-percent chance) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Tax positions taken in tax years remain subject to examination by tax authorities (generally three years plus the interim tax period since then for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds' financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended October 31, 2025, the Funds did not incur any interest or penalties. The tax year end for the Funds is April 30.

As of tax year ended April 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Securities** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Eventide High Dividend ETF | $93662979 | $3534887 | $(4120071) | $(585184) |
| Eventide US Market ETF | 54889149 |  | (1064890) | (1064890) |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to basis adjustments for wash sales and the tax treatment of Passive Foreign Investment Companies.

**20** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

The tax character of distributions paid during the tax year ended April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Net Long-Term**<br>**Capital Gains** | **Total Taxable**<br>**Distributions** | **Total Distributions**<br>**Paid** |
| Eventide High Dividend ETF | $554405 | $— | $554405 | $554405 |
| Eventide US Market ETF | 86135 |  | 86135 | 86135 |

---

As of tax year ended April 30, 2025, the components of distributed earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** |<br>**Distributed**<br>**Earnings** | **Accumulated**<br>**Capital and**<br>**Other Losses** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Distributed**<br>**Earnings (Loss)** |
| Eventide High Dividend ETF | $382109 | $— | $382109 | $(5371194) | $(585184) | $(5574269) |
| Eventide US Market ETF | 74576 |  | 74576 | (387905) | (1064890) | (1378219) |

---

**Permanent Tax Differences:**

As of the tax year ended April 30, 2025, the following reclassifications relating primarily to redemptions in-kind have been made to increase (decrease) such accounts with offsetting adjustments as indicated.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Total Distributable**<br>**Earnings (Loss)** | **Paid-In**<br>**Capital** |
| Eventide High Dividend ETF | $(90502) | $90502 |

---

Temporary tax differences (e.g. wash sales) do not require a reclassification.

As of tax year ended April 30, 2025, the Funds have net capital loss carryforwards ("CLCF") as summarized in the table below. These CLCFs are not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| Eventide High Dividend ETF | $5371194 | $— | $5371194 |
| Eventide US Market ETF | 387905 |  | 387905 |

---

**(7) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the Funds' Advisor acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(8) New Accounting Pronouncement**

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.

**(9) Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of October 31, 2025.

Semi-Annual Financial Statements and Other Information \| **21**

**Items 8-10** (Unaudited)

**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**

Because 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 for services to the Funds from the Advisor's investment advisory fees.

**22** \| Semi-Annual Financial Statements and Other Information

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited)

**Approval of the Investment Advisory Agreement between Strategy Shares (the "Trust") and Eventide Asset Management, LLC ("Eventide") with respect to Eventide Large Cap Growth ETF, Eventide Large Cap Value ETF, and Eventide Small Cap ETF (collectively, the "New Eventide ETFs")**

At a meeting of the Board of Trustees (the "Board") of the Trust held on September 16, 2025, the Board, a majority of which was composed of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust, discussed the approval of the investment advisory agreement between the Trust and Eventide with respect to the New Eventide ETFs (the "Eventide Investment Advisory Agreement").

In connection with the Board's consideration of the approval of the Eventide Investment Advisory Agreement, as required by Section 15(c) of the 1940 Act, the Board requested and received due diligence materials prepared by Eventide (the "Eventide 15(c) Response"). The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in evaluating the Eventide Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based upon a comprehensive evaluation and discussion of all the information provided for each New Eventide ETF with respect to the approval of the Eventide Investment Advisory Agreement and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his conclusions with respect to the Eventide Investment Advisory Agreement.

Review of Eventide 15(c) Response

*Nature, Extent, and Quality of Services.* The Board reviewed the nature, extent, and quality of the services that Eventide proposed to provide to the New Eventide ETFs pursuant to the Eventide Investment Advisory Agreement. The Board reviewed information concerning Eventide's resources, personnel, and business operations. The Board considered that Eventide would oversee each New Eventide ETF's investment strategies, including fair valuation. The Board reviewed Eventide's Form ADV and proxy voting policy summary. The Board discussed the financial health of Eventide and reviewed its Statement of Financial Health dated as of December 31, 2024. The Board reviewed Eventide's compliance program, including its business continuity and cybersecurity programs. The Board considered that Eventide currently serves as the investment advisor to other series of the Trust, and as the investment sub-advisor to eight series of Mutual Fund Series Trust, an investment company affiliated with the Trust.

*Performance.* The Eventide 15(c) Response stated that Eventide does not manage any funds with investment objectives or principal investment strategies comparable to those of the New Eventide ETFs.

*Fees and Expenses.* The Board reviewed the proposed unified advisory fee under which Eventide would pay all the routine expenses of the New Eventide ETFs, except for the advisory fee, Rule 12b-1 expenses, brokerage commissions and trading costs, short sale dividends and interest expenses, acquired fund fees and expenses, and extraordinary expenses.

The Board considered that the estimated net expenses of Eventide Large Cap Growth ETF were lower than the average net expenses of its peer group and the Morningstar US Fund Large Growth category, the estimated net expenses of Eventide Large Cap Value ETF were lower than the average net expenses of its peer group and the Morningstar US Fund Large Value category, and the estimated net expenses of Eventide Small Cap ETF were lower than the average net expenses of its peer group and the Morningstar US Fund Small Blend category.

*Profitability.* A profitability analysis from Eventide demonstrated that Eventide expected to incur a loss in the first year of managing each New Eventide ETF and realize a profit in the second year.

*"Fall-out" Benefits*. The Board considered the fall-out benefits that Eventide expected to receive from its relationship with the New Eventide ETFs.

*Economies of Scale.* The Board considered whether Eventide expected to share economies of scale with the New Eventide ETF. The Board determined to revisit the matter of economies of scale as each New Eventide ETF's assets increased.

*Conclusion.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the approval of the Eventide Investment Advisory Agreement. In connection with its deliberations, the Board reviewed materials prepared by Eventide. Having requested, reviewed, and discussed in depth such information from Eventide as the Board believed to be reasonably necessary to evaluate the terms of the Eventide Investment Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Eventide Investment Advisory Agreement was in the best interest of each New Eventide ETF and its prospective shareholders.

Semi-Annual Financial Statements and Other Information \| **23**

![(LOGO)](st002_v1.jpg)

Semi-Annual Financial Statements

and Other Information

Strategy Shares Gold Enhanced Yield ETF (GOLY)

Strategy Shares Nasdaq 7HANDL<sup>TM</sup> Index ETF (HNDL)

Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO)

Monopoly ETF (MPLY)

**OCTOBER 31, 2025**

![()](st002_v1.jpg)

---

| | |
|:---|:---|
| **Item 7 –** | **Financial Highlights for Open-End Management Investment Companies** |

---

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **Page** |
|  | **Portfolios of Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Shares Gold Enhanced Yield ETF (GOLY) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Shares Nasdaq 7HANDL™ Index ETF (HNDL) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monopoly ETF (MPLY) | 5 |
|  | **Statements of Assets and Liabilities** | **7** |
|  | **Statements of Operations** | **9** |
|  | **Statements of Changes in Net Assets** | **11** |
|  | **Financial Highlights** | **13** |
|  | **Notes to Financial Statements** | **14** |
| **Item 8 –** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **21** |
| **Item 9 –** | **Proxy Disclosures for Open-End Management Investment Companies** | **21** |
| **Item 10 –** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **21** |
| **Item 11 –** | **Statement Regarding Basis for Approval of Investment Advisory Contract** | **22** |

---

[THIS PAGE INTENTIONALLY LEFT BLANK]

---

| | |
|:---|:---|
| **Strategy Shares Gold Enhanced Yield ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments\***

---

| | | |
|:---|:---|:---|
| ***Principal Amount*** | ***Principal Amount*** | ***Value*** |
| **Corporate Bonds — 89.9%** | **Corporate Bonds — 89.9%** |  |
| **Communication Services — 7.4%** | **Communication Services — 7.4%** |  |
| $5460000 | Verizon Communications, Inc., 4.52%, 9/15/48 | $4647555 |
| 4732000 | Walt Disney Co. (The), 2.65%, 1/13/31 | 4408076 |
|  |  | 9055631 |
| **Consumer Discretionary — 6.1%** | **Consumer Discretionary — 6.1%** |  |
| 4368000 | Amazon.com, Inc., 1.50%, 6/03/30 | 3916390 |
| 3276000 | Home Depot, Inc. (The), 5.88%, 12/16/36 | 3558312 |
|  |  | 7474702 |
| **Consumer Staples — 12.0%** | **Consumer Staples — 12.0%** |  |
| 4732000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/01/36 | 4685168 |
| 3640000 | BAT Capital Corp., 3.56%, 8/15/27 | 3604414 |
| 4004000 | Coca-Cola Co. (The), 1.38%, 3/15/31 | 3498142 |
| 3276000 | Costco Wholesale Corp., 1.60%, 4/20/30 | 2961346 |
|  |  | 14749070 |
| **Energy — 5.0%** | **Energy — 5.0%** |  |
| 3640000 | Chevron Corp., 2.24%, 5/11/30 | 3367266 |
| 2912000 | MPLX LP, 2.65%, 8/15/30 | 2682055 |
|  |  | 6049321 |
| **Financials — 22.5%** | **Financials — 22.5%** |  |
| 1456000 | Capital One Financial Corp., 3.80%, 1/31/28 | 1445502 |
| 4706000 | Citigroup, Inc., 4.41%, 3/31/31 | 4699542 |
| 3276000 | Fiserv, Inc., 3.50%, 7/01/29 | 3152500 |
| 4706000 | Goldman Sachs Group, Inc. (The), 1.99%, 1/27/32 | 4161398 |
| 4344000 | JPMorgan Chase & Co., 4.49%, 3/24/31 | 4386467 |
| 3640000 | MetLife, Inc., 4.55%, 3/23/30 | 3703931 |
| 1456000 | Northern Trust Corp., 1.95%, 5/01/30 | 1329842 |
| 4732000 | Wells Fargo & Co., 3.00%, 10/23/26 | 4687713 |
|  |  | 27566895 |
| **Health Care — 8.2%** | **Health Care — 8.2%** |  |
| 3640000 | AbbVie, Inc., 3.20%, 11/21/29 | 3516085 |
| 2912000 | Amgen, Inc., 2.20%, 2/21/27 | 2842857 |
| 3640000 | CVS Health Corp., 4.30%, 3/25/28 | 3644906 |
|  |  | 10003848 |
| **Industrials — 8.1%** | **Industrials — 8.1%** |  |
| 4004000 | Boeing Co. (The), 5.15%, 5/01/30 | 4118663 |
| 2548000 | General Electric Co., 5.88%, 1/14/38 | 2784125 |
| 2912000 | Southwest Airlines Co., 5.13%, 6/15/27 | 2942881 |
|  |  | 9845669 |
| **Information Technology — 8.1%** | **Information Technology — 8.1%** |  |
| 3276000 | Apple, Inc., 3.35%, 2/09/27 | 3258079 |
| 3303000 | Broadcom, Inc., 5.20%, 7/15/35 | 3402374 |
| 3276000 | Oracle Corp., 5.38%, 7/15/40 | 3121713 |
|  |  | 9782166 |

---

---

| | | |
|:---|:---|:---|
| ***Principal Amount*** | ***Principal Amount*** | ***Value*** |
| **Corporate Bonds — 89.9% — (Continued)** | **Corporate Bonds — 89.9% — (Continued)** |  |
| **Materials — 2.8%** | **Materials — 2.8%** |  |
| 2548000 | Dow Chemical Co. (The), 3.60%, 11/15/50 | $1720980 |
| 1820000 | Sherwin-Williams Co. (The), 2.95%, 8/15/29 | 1737378 |
|  |  | 3458358 |
| **Real Estate — 3.7%** | **Real Estate — 3.7%** |  |
| 4732000 | Equinix, Inc., 3.20%, 11/18/29 | 4536973 |
|  |  | 4536973 |
| **Utilities — 6.0%** | **Utilities — 6.0%** |  |
| 4004000 | NextEra Energy Capital Holdings, Inc., 2.25%, 6/01/30 | 3668503 |
| 3640000 | Pacific Gas and Electric Co., 4.55%, 7/01/30 | 3616879 |
|  |  | 7285382 |
| **Total Corporate Bonds (Cost $109,512,564)** | **Total Corporate Bonds (Cost $109,512,564)** | $**109808015** |
| **Yankee Dollars — 6.3%** | **Yankee Dollars — 6.3%** |  |
| **Communication Services — 3.3%** | **Communication Services — 3.3%** |  |
| 3276000 | Orange SA, 9.00%, 3/01/31 | 3964593 |
|  |  | 3964593 |
| **Financials — 3.0%** | **Financials — 3.0%** |  |
| 3276000 | Shell International Finance BV, 6.38%, 12/15/38 | 3707387 |
|  |  | 3707387 |
| **Total Yankee Dollars (Cost $7,633,700)** | **Total Yankee Dollars (Cost $7,633,700)** | $**7671980** |
| **U.S. Treasury Obligation — 1.2%** | **U.S. Treasury Obligation — 1.2%** |  |
| 1500000 | U.S. Treasury Bill, 4.14%(a), 3/19/26 | 1478925 |
| **Total U.S. Treasury Obligation (Cost $1,478,925)** | **Total U.S. Treasury Obligation (Cost $1,478,925)** | $**1478925** |
| **Total Investments — 97.4%<br> (Cost $118,625,189)** | **Total Investments — 97.4%<br> (Cost $118,625,189)** | $**118958920** |
| **Net other assets (liabilities) — 2.6%** | **Net other assets (liabilities) — 2.6%** | **3193519** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**122152439** |

---

\* Portfolio of Investments is presented on a consolidated basis. See Note 2.A. in the Notes to Financial Statements

^ Reflects the effective yield or interest rate in effect at October 31, 2025.

(a) All or a portion held by the Subsidiary

BV — Besloten Vennootschap (Dutch private limited company)

LLC — Limited Liability Corporation

LP — Limited Partnership

SA — Societe Anonyme (French public limited company)

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **1**

---

| | |
|:---|:---|
| **Strategy Shares Gold Enhanced Yield ETF (Continued)** | October 31, 2025 (Unaudited) |

---

**Total Return Swap Agreements\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br> **Receive<sup>(a)</sup>** | **Description** | **Counterparty** | **Payment<br> Frequency** | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Receive Effective Federal Funds Rate<sup>(b)</sup> + 60 bps | GOLY BCKTGOLY Equity Index | BNP Paribas SA | Monthly | 12/30/25 | $26106 | $121965975 |
| Pay Effective Federal Funds Rate<sup>(b)</sup> + 60 bps | GOLY BCKTGOL2 Equity Index | BNP Paribas SA | Monthly | 12/30/25 | 121967701 | (121967701) |
|  |  |  |  |  |  | $(1726) |

---

(a) Receive represents that the Fund receives
 payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference.
 Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive
 return on such underlying reference.

(b) The Effective Federal Funds Rate at
 October 31, 2025 was 3.86%.

The derivative instrument outstanding as of October 31, 2025, as disclosed in the Portfolio of Investments and the amounts of realized and changes in unrealized gains and losses on swaps during the period as disclosed in the Statement of Operation serve as indicators of the volume of derivative activity for the Fund.

See notes which are an integral part of the Financial Statements

**2** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Strategy Shares Nasdaq 7HANDL™ Index ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Principal Amount*** | ***Principal Amount*** | ***Value*** |
| **U.S. Treasury Obligations — 3.0%** | **U.S. Treasury Obligations — 3.0%** |  |
| $4985000 | U.S. Treasury Bill, 3.46%^, 11/28/25+ | $4971623 |
| 1500000 | U.S. Treasury Bill, 3.68%^, 2/19/26+ | 1483164 |
| 9960000 | U.S. Treasury Bill, 3.65%^, 1/22/26+ | 9876834 |
| 3500000 | U.S. Treasury Bill, 3.64%^, 6/11/26+ | 3422743 |
| **Total U.S. Treasury Obligations (Cost $19,735,241)** | **Total U.S. Treasury Obligations (Cost $19,735,241)** | $**19754364** |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value*** |
| **Exchange-Traded Funds — 96.1%** | **Exchange-Traded Funds — 96.1%** |  |
| 382016 | Dimensional Core Fixed Income ETF | 16361745 |
| 784931 | Global X MLP & Energy Infrastructure ETF | 45965559 |
| 1056513 | Global X U.S. Preferred ETF | 20274484 |
| 194000 | Invesco NASDAQ 100 ETF | 50238240 |
| 149225 | Invesco Taxable Municipal Bond ETF | 4090257 |
| 23876 | iShares Core S&P 500 ETF | 16360551 |
| 746125 | iShares Core U.S. Aggregate Bond ETF | 75015409 |
| 83566 | iShares MBS ETF | 7984731 |
| 501396 | JPMorgan Equity Premium Income ETF | 28519404 |
| 534226 | Schwab 5-10 Year Corporate Bond ETF | 12319252 |
| 1525080 | Schwab U.S. REIT ETF | 32163937 |
| 2891981 | State Street SPDR Portfolio Aggregate Bond ETF | 75017988 |
| 1029653 | State Street SPDR Portfolio High Yield Bond ETF | 24505741 |
| 202946 | State Street SPDR Portfolio S&P 500 ETF | 16284387 |
| 516326 | Utilities Select Sector SPDR Fund ETF | 46004647 |
| 188031 | Vanguard Dividend Appreciation ETF | 40814009 |
| 23876 | Vanguard S&P 500 ETF | 14971207 |
| 1005777 | Vanguard Total Bond Market ETF | 75010849 |
| 683458 | WisdomTree U.S. Efficient Core Fund ETF | 37713212 |
| **Total Exchange-Traded Funds (Cost $597,899,595)** | **Total Exchange-Traded Funds (Cost $597,899,595)** | $**639615609** |
| **Total Investments — 99.1% (Cost $617,634,836)** | **Total Investments — 99.1% (Cost $617,634,836)** | $**659369973** |
| **Net other assets (liabilities) — 0.9%** | **Net other assets (liabilities) — 0.9%** | **5943544** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**665313517** |

---

^ Reflects the effective yield or interest rate in effect at October 31, 2025.

---

| | |
|:---|:---|
| + | All or a portion of this security has been pledged as collateral for amounts owed by the Fund for swap agreements. |

---

ETF — Exchange-Traded Fund

MBS — Mortgage-Backed Security

MLP — Master Limited Partnership

REIT — Real Estate Investment Trust

S&P — Standard and Poor's

SPDR — Standard and Poor's Depositary Receipts

**Total Return Swap Agreements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/<br> Receive<sup>(a)</sup>** | **Description** | **Counterparty** | **Payment<br> Frequency** | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Receive Effective Federal Funds Rate<sup>(b)</sup> + 105 bps | Nasdaq 7HANDL™ Index | Canadian Imperial<br> Bank of Commerce | Monthly | 12/30/25 | $37251 | $60817770 |
| Pay Effective Federal Funds Rate<sup>(b)</sup> + 105 bps | Nasdaq 7HANDL™ Index | BNP Paribas SA | Monthly | 12/30/25 | 171732884 | (171732884) |
| Pay Effective Federal Funds Rate<sup>(b)</sup> + 105 bps | Nasdaq 7HANDL™ Index | Canadian Imperial<br> Bank of Commerce | Monthly | 12/30/25 | 60070927 | (60070927) |
| Receive Effective Federal Funds Rate<sup>(b)</sup> + 105 bps | Nasdaq 7HANDL™ Index | BNP Paribas SA | Monthly | 12/30/25 | 106496 | 173867995 |
|  |  |  |  |  |  | $2881954 |

---

(a) Receive represents that the Fund receives
 payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference.
 Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive
 return on such underlying reference.

(b) The Effective Federal Funds Rate at
 October 31, 2025 was 3.86%.

The derivative instrument outstanding as of October 31, 2025, as disclosed in the Portfolio of Investments and the amounts of realized and changes in unrealized gains and losses on swaps during the period as disclosed in the Statement of Operation serve as indicators of the volume of derivative activity for the Fund.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **3**

---

| | |
|:---|:---|
| **Strategy Shares Newfound/ReSolve Robust Momentum ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Exchange-Traded Funds — 99.6%** | **Exchange-Traded Funds — 99.6%** |  |
| 86 | iShares 1-3 Year Treasury Bond ETF | $7136 |
| 1204 | iShares 7-10 Year Treasury Bond ETF | 116607 |
| 116272 | iShares Core MSCI EAFE ETF<sup>(a)</sup> | 10242401 |
| 108016 | iShares Core MSCI Emerging Markets ETF | 7374252 |
| 17028 | iShares Core S&P 500 ETF<sup>(b)</sup> | 11668097 |
| **Total Exchange-Traded Funds (Cost $27,018,807)** | **Total Exchange-Traded Funds (Cost $27,018,807)** | $**29408493** |
| **Total Investments — 99.6% (Cost $27,018,807)** | **Total Investments — 99.6% (Cost $27,018,807)** | $**29408493** |
| **Net other assets (liabilities) — 0.4%** | **Net other assets (liabilities) — 0.4%** | **119682** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**29528175** |

---

(a) As of October 31, 2025, investment
 is 34.7% of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

(b) As of October 31, 2025, investment
 is 39.5% of the Fund's net assets. See Note 9 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

MSCI EAFE — Morgan Stanley Capital International Europe, Australasia and Far East

S&P — Standard and Poor's

See notes which are an integral part of the Financial Statements

**4** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Monopoly ETF** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |  |
| **Communication Services — 14.6%** | **Communication Services — 14.6%** |  |
| 3440 | Alphabet, Inc., Class C | $969460 |
| 66 | Live Nation Entertainment, Inc.<sup>†</sup> | 9869 |
| 720 | Meta Platforms, Inc., Class A | 466812 |
| 125 | Netflix, Inc.<sup>†</sup> | 139857 |
| 331 | T-Mobile US, Inc. | 69527 |
|  |  | 1655525 |
| **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** |  |
| 2886 | Amazon.com, Inc.<sup>†</sup> | 704819 |
| 81 | D.R. Horton, Inc. | 12075 |
| 284 | Home Depot, Inc. (The) | 107804 |
| 74 | Lennar Corp., Class A | 9159 |
| 157 | Lowe's Cos, Inc. | 37386 |
| 9 | Pool Corp. | 2404 |
| 941 | Tesla, Inc., 4/30/26<sup>†</sup> | 429623 |
|  |  | 1303270 |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |  |
| 132 | Costco Wholesale Corp. | 120311 |
| 2412 | Walmart, Inc. | 244047 |
|  |  | 364358 |
| **Financials — 6.6%** | **Financials — 6.6%** |  |
| 204 | American Express Co | 73589 |
| 62 | Aon plc, Class A | 21122 |
| 180 | Apollo Global Management, Inc. | 22376 |
| 99 | Ares Management Corp., Class A | 14722 |
| 47 | Blackrock, Inc. | 50892 |
| 354 | Blackstone, Inc. | 51912 |
| 30 | Cboe Global Markets, Inc. | 7369 |
| 106 | CME Group, Inc. | 28142 |
| 155 | Fiserv, Inc.<sup>†</sup> | 10337 |
| 173 | Intercontinental Exchange, Inc. | 25308 |
| 20 | Jack Henry & Associates, Inc. | 2979 |
| 263 | Mastercard, Inc., Class A | 145173 |
| 51 | Moody's Corp. | 24495 |
| 22 | MSCI, Inc. | 12948 |
| 131 | Nasdaq, Inc. | 11199 |
| 90 | S&P Global, Inc. | 43849 |
| 567 | Visa, Inc., Class A | 193200 |
|  |  | 739612 |
| **Health Care — 7.4%** | **Health Care — 7.4%** |  |
| 513 | Abbott Laboratories | 63418 |
| 511 | AbbVie, Inc. | 111418 |
| 74 | Agilent Technologies, Inc. | 10830 |
| 155 | Amgen, Inc. | 46257 |
| 435 | Boston Scientific Corp.<sup>†</sup> | 43813 |
| 58 | Cencora, Inc. | 19593 |
| 76 | Cigna Group (The) | 18575 |
| 272 | Eli Lilly & Co. | 234698 |
| 69 | HCA Healthcare, Inc. | 31718 |
| 24 | IDEXX Laboratories, Inc.<sup>†</sup> | 15108 |
| 104 | Intuitive Surgical, Inc.<sup>†</sup> | 55565 |
| 49 | IQVIA Holdings, Inc.<sup>†</sup> | 10607 |
| 20 | Lantheus Holdings, Inc.<sup>†</sup> | 1154 |
| 110 | Stryker Corp. | 39186 |
| 258 | UnitedHealth Group, Inc. | 88123 |
| 74 | Vertex Pharmaceuticals, Inc.<sup>†</sup> | 31492 |
| 22 | West Pharmaceutical Services, Inc. | 6206 |
| 130 | Zoetis, Inc. | 18732 |
|  |  | 846493 |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** | | ***Value*** |
| **Common Stocks — 98.6% — (Continued)** | **Common Stocks — 98.6% — (Continued)** |  |
| **Industrials — 4.1%** | **Industrials — 4.1%** |  |
| 42 | A.O. Smith Corp. | $2772 |
| 120 | Automatic Data Processing, Inc. | 31236 |
| 24 | Axon Enterprise, Inc.<sup>†</sup> | 17574 |
| 37 | Broadridge Financial Solutions, Inc. | 8155 |
| 138 | Caterpillar, Inc. | 79661 |
| 115 | Cintas Corp. | 21076 |
| 283 | Copart, Inc.<sup>†</sup> | 12172 |
| 550 | CSX Corp. | 19811 |
| 79 | Deere & Co. | 36469 |
| 33 | Equifax, Inc. | 6966 |
| 66 | Lockheed Martin Corp. | 32464 |
| 41 | Northrop Grumman Corp. | 23921 |
| 62 | Old Dominion Freight Line, Inc. | 8706 |
| 37 | Parker-Hannifin Corp. | 28595 |
| 95 | Republic Services, Inc. | 19783 |
| 148 | Rollins, Inc. | 8526 |
| 16 | TransDigm Group, Inc. | 20936 |
| 620 | Uber Technologies, Inc.<sup>†</sup> | 59830 |
| 122 | Waste Management, Inc. | 24372 |
|  |  | 463025 |
| **Information Technology — 50.1%** | **Information Technology — 50.1%** |  |
| 119 | Adobe, Inc.<sup>†</sup> | 40497 |
| 445 | Advanced Micro Devices, Inc.<sup>†</sup> | 113973 |
| 4303 | Apple, Inc. | 1163402 |
| 234 | Applied Materials, Inc. | 54545 |
| 102 | AppLovin Corp., Class A<sup>†</sup> | 65008 |
| 113 | ASML Holding NV NYS | 119693 |
| 62 | Autodesk, Inc.<sup>†</sup> | 18683 |
| 1393 | Broadcom, Inc. | 514895 |
| 80 | Cadence Design Systems, Inc.<sup>†</sup> | 27095 |
| 1174 | Cisco Systems, Inc. | 85831 |
| 7 | Fair Isaac Corp.<sup>†</sup> | 11617 |
| 222 | Fortinet, Inc.<sup>†</sup> | 19187 |
| 80 | Intuit, Inc. | 53404 |
| 38 | KLA Corp. | 45932 |
| 370 | Lam Research Corp. | 58260 |
| 1981 | Microsoft Corp. | 1025781 |
| 5684 | NVIDIA Corp. | 1150953 |
| 846 | Oracle Corp. | 222168 |
| 697 | Palantir Technologies, Inc., Class A<sup>†</sup> | 139728 |
| 311 | QUALCOMM, Inc. | 56260 |
| 278 | Salesforce, Inc | 72394 |
| 61 | ServiceNow, Inc.<sup>†</sup> | 56076 |
| 53 | Synopsys, Inc.<sup>†</sup> | 24052 |
| 1531 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 459958 |
| 265 | Texas Instruments, Inc. | 42787 |
| 27 | VeriSign, Inc. | 6475 |
|  |  | 5648654 |
| **Materials — 0.8%** | **Materials — 0.8%** |  |
| 138 | Linde plc | 57725 |
| 71 | Sherwin-Williams Co. (The) | 24491 |
| 39 | Vulcan Materials Co. | 11291 |
|  |  | 93507 |

---

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **5**

---

| | |
|:---|:---|
| **Monopoly ETF (Continued)** | October 31, 2025 (Unaudited) |

---

**Portfolio of Investments**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Common Stocks — 98.6% — (Continued)** | **Common Stocks — 98.6% — (Continued)** |  |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** |  |
| 132 | CoStar Group, Inc.<sup>†</sup> | $9083 |
| 29 | Equinix, Inc. | 24534 |
|  |  | 33617 |
| **Total Common Stocks (Cost $9,280,746)** | **Total Common Stocks (Cost $9,280,746)** | $**11148061** |
| **Total Investments — 98.6% <br> (Cost $9,280,746)** | **Total Investments — 98.6% <br> (Cost $9,280,746)** | $**11148061** |
| **Net other assets (liabilities) — 1.4%** | **Net other assets (liabilities) — 1.4%** | **160941** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $**11309002** |

---

ADR — American Depositary Receipt

NV — Naamloze Vennootschap (Dutch Stock Company)

NYS — New York Shares

PLC — Public Liability Company

S&P — Standard and Poor's

<sup>†</sup> Non-income producing security

See notes which are an integral part of the Financial Statements

**6** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | October 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| |<br>**Strategy Shares**<br>**Gold Enhanced**<br>**Yield ETF<sup>(a)</sup>** |<br>**Strategy Shares**<br>**Nasdaq 7HANDL<sup>TM</sup>**<br>**Index ETF** | **Strategy Shares**<br>**Newfound/ReSolve**<br>**Robust Momentum**<br>**ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $118,625,189, $617,634,836 and $27,018,807) | $118958920 | $659369973 | $29408493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 2044638 | 4175763 | 135958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1227137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 121965975 | 2881954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 35513 | 9538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 244196670 | 666463203 | 29553989 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 121967701 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 76530 | 342856 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration |  | 25382 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management/Legal administration |  | 18987 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance officer |  | 245 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian |  | 3695 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting |  | 19 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and audit fees |  | 8811 | 6551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 656251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing |  | 64513 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 28927 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 122044231 | 1149686 | 25814 |
| **Net Assets** | $122152439 | $665313517 | $29528175 |
| **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | $111035961 | $709692868 | $24395760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings (Loss) | 11116478 | (44379351) | 5132415 |
| **Net Assets** | $122152439 | $665313517 | $29528175 |
| **Net Assets:** | $122152439 | $665313517 | $29528175 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 3670000 | 29845000 | 860000 |
| **Net Asset Value (offering and redemption price per share):** | $33.28 | $22.29 | $34.34 |

---

(a) Statement has been consolidated. See
 Note 2.A. in the Notes to Financial Statements for the basis of consolidation.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **7**

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** (Continued) | October 31, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  | **Monopoly ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $9,280,746) | $11148061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 165486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 11316387 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 7385 |
| **Net Assets** | $11309002 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | $9262339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributable Earnings (Loss) | 2046663 |
| **Net Assets** | $11309002 |
| **Net Assets:** | $11309002 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 370000 |
| **Net Asset Value (offering and redemption price per share):** | $30.56 |

---

See notes which are an integral part of the Financial Statements

**8** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Statements of Operations** | For the Periods Indicated |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Strategy Shares**<br>**Gold Enhanced Yield**<br>**ETF<sup>(a)</sup>** |<br>**Strategy Shares**<br>**Nasdaq 7HANDL<sup>TM</sup>**<br>**Index ETF** | **Strategy Shares**<br>**Newfound/ReSolve**<br>**Robust Momentum**<br>**ETF** |
| | **Six months ended**<br>**October 31, 2025**<br>**(Unaudited)** | **Six months ended**<br>**October 31, 2025**<br>**(Unaudited)** | **Six months ended**<br>**October 31, 2025**<br>**(Unaudited)** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $— | $11530888 | $533002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1256325 | 512487 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1256325 | 12043375 | 533007 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory | 224504 | 2056606 | 73230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration |  | 143953 | 34028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management/Legal administration |  | 103179 | 15123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting |  | 395 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian |  | 18073 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee |  | 8594 | 8594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer |  | 13125 | 4776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and audit |  | 39382 | 17454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq licensing |  | 171365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing |  | 132445 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees |  | 23814 | 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses before fee reductions | 224504 | 2710931 | 162956 |
| Expenses contractually waived or reimbursed by the Advisor |  |  | (50975) |
| **Total Net Expenses** | 224504 | 2710931 | 111981 |
| **Net Investment Income** | 1031821 | 9332444 | 421026 |
| **Realized and Unrealized Gains (Losses):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | (7036) | 5014860 | 541615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from in-kind transactions |  | 5326912 | 828613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from swap agreements | 9176387 | 21155005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 161098 | 37924195 | 1394890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on swap agreements | (1726) | (5675542) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 9328723 | 63745430 | 2765118 |
| **Change in Net Assets Resulting From Operations** | $10360544 | $73077874 | $3186144 |

---

(a) Statement has been consolidated. See
 Note 2.A. in the Notes to Financial Statements for the basis of consolidation.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **9**

---

| | |
|:---|:---|
| **Statements of Operations (Continued)** | For the Periods Indicated |

---

---

| | |
|:---|:---|
|  | **Monopoly ETF** |
|  | **For the period**<br>**May 15, 2025<sup>(b)</sup>**<br>**through**<br>**October 31, 2025**<br>**(Unaudited)** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $29287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax withholding | (562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 28725 |
| **Expenses:** |  |
| Advisory | 35956 |
| **Total Net Expenses** | 35956 |
| **Net Investment Loss** | (7231) |
| **Realized and Unrealized Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from investment transactions | 25402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) from in-kind transactions | 161177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 1867315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains (Losses) | 2053894 |
| **Change in Net Assets Resulting From Operations** | $2046663 |

---

(b) Commencement of operations.

See notes which are an integral part of the Financial Statements

**10** \| Semi-Annual Financial Statements and Other Information

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategy Shares** | **Strategy Shares** | **Strategy Shares** | **Strategy Shares** |
|  | **Gold Enhanced Yield ETF<sup>(a)</sup>** | **Gold Enhanced Yield ETF<sup>(a)</sup>** | **Nasdaq 7HANDL<sup>TM</sup> Index ETF** | **Nasdaq 7HANDL<sup>TM</sup> Index ETF** |
| | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year ended**<br>**April 30,**<br>**2025** | **Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br>**Year ended**<br>**April 30,**<br>**2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1031821 | $420674 | $9332444 | $22304426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment, in-kind, and swap agreements | 9169351 | 3829914 | 31496777 | 20148909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments swap agreements | 159372 | 363844 | 32248653 | 39052551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 10360544 | 4614432 | 73077874 | 81505886 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2004478) | (530369) | (23813680) | (38349453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (15883865) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from distributions | (2004478) | (530369) | (23813680) | (54233318) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 86148827 | 30467926 |  | 3727895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5497749) | (4645364) | (62755805) | (158725646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | 80651078 | 25822562 | (62755805) | (154997751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | 89007144 | 29906625 | (13491611) | (127725183) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 33145295 | 3238670 | 678805128 | 806530311 |
| End of period | $122152439 | $33145295 | $665313517 | $678805128 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 2685000 | 1175000 |  | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (165000) | (175000) | (2880000) | (7400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares | 2520000 | 1000000 | (2880000) | (7225000) |

---

(a) Statement has been consolidated. See
 Note 2.A. in the Notes to Financial Statements for the basis of consolidation.

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **11**

**Statements of Changes in Net Assets (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Strategy Shares Newfound/ReSolve** | **Strategy Shares Newfound/ReSolve** | |
|  | **Robust Momentum ETF** | **Robust Momentum ETF** |<br>**Monopoly ETF** |
| |<br>**Six months**<br>**ended**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |<br><br>**Year Ended**<br>**April 30,**<br>**2025** | **For the period**<br>**May 15,**<br>**2025<sup>(a)</sup>**<br>**through**<br>**October 31,**<br>**2025**<br>**(Unaudited)** |
| **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $421026 | $318860 | $(7231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains from investment and in-kind transactions | 1370228 | 6379013 | 186579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 1394890 | (2395501) | 1867315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets resulting from operations | 3186144 | 4302372 | 2046663 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (310837) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from distributions |  | (310837) |  |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 334380 | 3038100 | 10154246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8661623) | (9137183) | (891907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets from capital transactions | (8327243) | (6099083) | 9262339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net assets | (5141099) | (2107548) | 11309002 |
| **Net Assets:** |  |  |  |
| Beginning of period | 34669274 | 36776822 |  |
| End of period | $29528175 | $34669274 | $11309002 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 10000 | 100000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (275000) | (300000) | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in shares | (265000) | (200000) | 370000 |

---

(a) Commencement of operations.

See notes which are an integral part of the Financial Statements

**12** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Financial Highlights** | Strategy Shares |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Net Asset**<br>**Value,**<br>**beginning**<br>**of period** |<br>**Net**<br>**investment**<br>**income**<br>**(loss)<sup>(a)</sup>** |<br>**Net realized**<br>**and**<br>**unrealized**<br>**gains (losses)** |<br>**Total from**<br>**investment**<br>**activities** |<br>**Distributions**<br>**from net**<br>**investment**<br>**income** |<br>**Distributions**<br>**from Return**<br>**of Capital** |<br><br>**Total**<br>**distributions** |<br>**Net Asset**<br>**Value,**<br>**end of**<br>**period** |<br>**Total**<br>**return at**<br>**Net Asset**<br>**Value<sup>(b)(c)</sup>** | **Ratio of Net**<br>**Expenses**<br>**to Average**<br>**Net**<br>**Assets<sup>(d)</sup>** |<br>**Ratio of Gross**<br>**Expenses to**<br>**Average Net**<br>**Assets<sup>(d)(e)</sup>** | **Ratio of Net**<br>**Investment**<br>**Income (Loss)**<br>**to Average**<br>**Net Assets<sup>(d)</sup>** |<br>**Net Assets at**<br>**end of period**<br>**(000's)** |<br><br>**Portfolio**<br>**turnover<sup>(b)</sup>** |
| **Gold Enhanced Yield ETF\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $28.82 | 0.57 | 5.12 | 5.69 | (1.23) |  | (1.23) | $33.28 | 20.31% | 0.78% | 0.78% | 3.60% | $122152 | 9% |
| Year Ended April 30, 2025 | $21.59 | 0.92 | 7.42 | 8.34 | (1.11) |  | (1.11) | $28.82 | 39.59% | 0.78% | 0.78% | 3.59% | $33145 | 35% |
| Year Ended April 30, 2024 | $21.07 | 0.55 | 0.63 <sup>(l)</sup> | 1.18 | (0.56) | (0.10) | (0.66) | $21.59 | 5.91% | 0.79% | 0.79% | 2.77% | $3239 | 12% |
| Year Ended April 30, 2023 | $21.61 | 0.51 | (0.54) | (0.03) | (0.51) | (0.00) <sup>(j)</sup> | (0.51) | $21.07 | 0.09% | 0.79% | 0.79% | 2.61% | $14747 | 11% |
| May 17, 2021<sup>(i)</sup> through April 30, 2022 | $25.00 | 0.28 | (3.22) | (2.94) | (0.45) |  | (0.45) | $21.61 | (11.94)% | 0.78% | 0.78% | 1.24% | $15129 | —% |
| **Nasdaq 7HANDL<sup>TM</sup> Index ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $20.74 | 0.30 | 2.01 | 2.31 | (0.76) |  | (0.76) | $22.29 | 11.29% | 0.79 % <sup>(f)</sup> | 0.79 % <sup>(f)</sup> | 2.72% | $665314 | 11% |
| Year Ended April 30, 2025 | $20.19 | 0.62 | 1.43 | 2.05 | (1.06) | (0.44) | (1.50) | $20.74 | 10.18% | 0.79 % <sup>(f)</sup> | 0.79 % <sup>(f)</sup> | 2.88% | $678805 | 32% |
| Year Ended April 30, 2024 | $20.36 | 0.41 | 0.84 | 1.25 | (1.02) | (0.40) | (1.42) | $20.19 | 6.36% | 0.79 % <sup>(f)</sup> | 0.79 % <sup>(f)</sup> | 2.03% | $806530 | 53% |
| Year Ended April 30, 2023 | $22.25 | 0.48 | (0.93) | (0.45) | (0.43) <sup>(g)</sup> | (1.01) <sup>(g)</sup> | (1.44) | $20.36 | (1.83)% | 0.78 % <sup>(f)</sup> | 0.78 % <sup>(f)</sup> | 2.31% | $1079441 | 58% |
| Year Ended April 30, 2022 | $25.24 | 0.45 | (1.68) | (1.23) | (1.69) <sup>(h)</sup> | (0.07) <sup>(h)</sup> | (1.76) | $22.25 | (5.46)% | 0.78 % <sup>(f)</sup> | 0.78 % <sup>(f)</sup> | 1.81% | $1487948 | 119% |
| Year Ended April 30, 2021 | $23.40 | 0.45 | 3.13 | 3.58 | (1.74) |  | (1.74) | $25.24 | 15.74% | 0.95 % <sup>(f)</sup> | 0.95 % <sup>(f)</sup> | 1.82% | $465724 | 68% |
| **Newfound/ReSolve Robust Momentum ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Six months ended October 31, 2025 (Unaudited) | $30.82 | 0.46 | 3.06 | 3.52 |  |  |  | $34.34 | 11.42% | 0.75 % <sup>(f)</sup> | 1.09 % <sup>(f)</sup> | 2.82% | $29528 | 163% |
| Year Ended April 30, 2025 | $27.76 | 0.25 | 3.05 | 3.30 | (0.24) |  | (0.24) | $30.82 | 11.85% | 0.75 % <sup>(f)</sup> | 0.93 % <sup>(f)</sup> | 0.81% | $34669 | 204% |
| Year Ended April 30, 2024 | $25.64 | 0.66 | 2.10 | 2.76 | (0.64) |  | (0.64) | $27.76 | 10.88% | 0.75 % <sup>(f)</sup> | 0.94 % <sup>(f)</sup> | 2.50% | $36777 | 245% |
| Year Ended April 30, 2023 | $26.07 | 0.20 | (0.44) | (0.24) | (0.19) |  | (0.19) | $25.64 | (0.89)% | 0.76 % <sup>(f)(k)</sup> | 0.83 % <sup>(f)</sup> | 0.78% | $49348 | 246% |
| Year Ended April 30, 2022 | $27.30 | 0.17 | (1.23) | (1.06) | (0.17) |  | (0.17) | $26.07 | (3.97)% | 0.75 % <sup>(f)</sup> | 0.82 % <sup>(f)</sup> | 0.61% | $50188 | 221% |
| Year Ended April 30, 2021 | $21.55 | 0.21 | 5.78 | 5.99 | (0.24) | (0.00) <sup>(j)</sup> | (0.24) | $27.30 | 27.91% | 0.75 % <sup>(f)</sup> | 0.90 % <sup>(f)</sup> | 0.88% | $42321 | 309% |
| **Monopoly ETF** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| May 15, 2025<sup>(i)</sup> through October 31, 2025 (Unaudited) | $25.00 | (0.02) | 5.58 | 5.56 |  |  |  | $30.56 | 22.24% | 0.78% | 0.78% | (0.16)% | $11309 | 5% |

---

(a) Calculated using the average shares
 method.

(b) Not annualized for periods less than
 one year.

(c) Net asset value total return is calculated
 assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all distributions, including
 dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at net asset
 value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due
 to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Annualized for periods less than one
 year.

(e) Certain fees were waived and/or reimbursed.
 If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) The Fund invests in other funds and
 indirectly bears its proportionate shares of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio
 does not include these indirect fees and expenses.

(g) Subsequent to the issuance of the
 April 30, 2023 financial statements, an additional $0.17 of the distribution was determined to be a return of capital.

(h) Subsequent to the issuance of the
 April 30, 2022 financial statements, an additional $0.81 of the distribution was determined to be a return of capital.

(i) Commencement of operations.

(j) Amount is less than ($0.005).

(k) Excluding interest expense, the net
 expense ratio would have been 0.75%.

(l) The amount of net realized and unrealized
 gain on investments per share does not accord with the amounts in the Statements of Operations due to the timing of shareholder subscriptions
 and redemptions relative to fluctuating net asset values during the year.

\* Statement has been consolidated. See Note 2.A. in the Notes to the Financial Statements for the basis of consolidation

See notes which are an integral part of the Financial Statements

Semi-Annual Financial Statements and Other Information \| **13**

---

| | |
|:---|:---|
| **Notes to Financial Statements** | October 31, 2025 (Unaudited) |

---

**(1)** **Organization** 

Strategy Shares (the "Trust") was organized on September 7, 2010, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. The Declaration of Trust permits the Trust to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. Currently, the Trust offers its Shares in thirteen separate series. The accompanying Financial Statements relate to the following series: Strategy Shares Gold Enhanced Yield ETF (GOLY) ("Gold Enhanced Yield ETF"), Strategy Shares Nasdaq 7HANDL™ Index ETF (HNDL) ("Nasdaq 7HANDL™ Index ETF"), Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) ("Newfound/ReSolve Robust Momentum ETF"), and Monopoly ETF (MPLY) ("Monopoly ETF") (individually referred to as a "Fund," or collectively as the "Funds"). Nasdaq 7HANDL™ Index ETF and Newfound/ReSolve Robust Momentum ETF are classified as diversified under the 1940 Act, while Gold Enhanced Yield ETF and Monopoly ETF are classified as non-diversified under the 1940 Act. Gold Enhanced Yield ETF and Monopoly ETF are actively-managed exchange-traded funds. Nasdaq 7HANDL™ Index ETF and Newfound/ReSolve Robust Momentum ETF are passively-managed exchange-traded funds. The investment objective of the Gold Enhanced Yield ETF is to seek income and long-term capital appreciation. The investment objective of the Nasdaq 7HANDL™ Index ETF is to seek investment results that correlate generally, before fees and expenses, to the price and yield performance of the Nasdaq 7HANDL™ Index. The investment objective of the Newfound/ReSolve Robust Momentum ETF is to seek to provide investment returns that correspond, before fees and expenses, to the performance of the Newfound/ReSolve Robust Equity Momentum Index. The investment objective of Monopoly ETF seeks to provide long-term capital appreciation. The Funds' prospectuses provide a description of each Fund's investment objectives, policies, and strategies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held.

Monopoly ETF commenced operations on May 15, 2025. Shares of the Nasdaq 7HANDL™ Index ETF are listed and traded on the Nasdaq. Shares of the Gold Enhanced Yield ETF, Newfound/ReSolve Robust Momentum ETF and Monopoly ETF are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of shares, or multiples thereof, 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 in amounts less than a Creation Unit.

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

**(2)** **Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 *Financial Services - Investment Companies* including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Basis of Consolidation**

The accompanying Consolidated Portfolio of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, and Consolidated Financial Highlights of the Gold Enhanced Yield ETF include the accounts of its wholly owned subsidiary, SSGBI Fund Limited (the "Subsidiary"). The Subsidiary is organized under the laws of the Cayman Islands, and primarily invests in gold futures contracts, other commodities and total return swaps, as well as, cash and cash equivalents such as treasury securities, which serve as collateral for the Subsidiary's investment in gold futures contracts and total return swap investments. The Fund will invest up to 25% of its total assets in its Subsidiary. As of October 31, 2025, the net assets of the Subsidiary was 3% of the total net assets of the Fund. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

**B. Investment in a Subsidiary**

By investing in the Subsidiary, the Gold Enhanced Yield ETF is indirectly exposed to the commodities risks associated with the Subsidiary's investments in commodity-related instruments. There can be no assurance that the Subsidiary's investments will contribute to the Gold Enhanced Yield ETF's returns. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Board, however, has oversight responsibility for the investment activities of the Gold Enhanced Yield ETF including its investment in its Subsidiary and the Gold Enhanced Yield ETF's role as the sole shareholder of the Subsidiary. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Gold Enhanced Yield ETF and/or the Subsidiary to operate as described in the prospectus and could adversely affect the Gold Enhanced Yield ETF, such as by reducing the Gold Enhanced Yield ETF's investment returns. The financial statements of the Subsidiary have been consolidated with the Gold Enhanced Yield ETF's financial statements in this report.

**C. Investment Valuations**

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

**14** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

Security values are ordinarily obtained through the use of independent pricing services pursuant to procedures approved by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds' securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined in accordance with procedures approved by the Board. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust has a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

● Level 1 – Quoted prices in active markets for identical assets

● Level 2 – Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – Significant unobservable pricing inputs at the measurement date (including the Funds' own assumptions in determining the fair value of investments)

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

Equity securities (including foreign equity securities) traded on a securities exchange are valued at the last reported sales price on the principal exchange, except that equity securities traded on Nasdaq are valued at the Nasdaq official closing price. If there is no reported sale on the principal exchange, and in the case of over-the- counter securities, equity securities are valued at the mean of the quoted bid and asked prices. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities traded on a national securities exchange or in the over- the-counter market are valued at the last reported sales price on the principal exchange. If there is no reported sale on the principal exchange, and for all other debt securities, debt securities are valued at a price supplied by a security pricing service. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Swaps are generally valued at the last quoted sales price of the swap (if exchange-listed) or of the underlying security (if such security is exchange-listed), or in the absence of a sale, fair valued at the mean between the current bid and ask prices, and are typically categorized as Level 2 in the fair value hierarchy. Other types of swaps may be fair valued by a pricing agent covering the specific type of swap.

The following table provides the fair value measurement as of October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Level 1** | <br>**Level 2** | **Total**<br>**Investments** |
| **Gold Enhanced Yield ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $109808015 | $109808015 |
| &nbsp;&nbsp;&nbsp;Yankee Dollars |  | 7671980 | 7671980 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligation |  | 1478925 | 1478925 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | (1726) | (1726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $— | $118957194 | $118957194 |
| **Nasdaq 7HANDL<sup>TM</sup> Index ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $639615609 | $— | $639615609 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 19754364 | 19754364 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 2881954 | 2881954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $639615609 | $22636318 | $662251927 |
| **Newfound/Resolve Robust** |  |  |  |
| **Momentum ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $29408493 | $— | $29408493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $29408493 | $— | $29408493 |
| **Monopoly ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>(2)</sup> | $11148061 | $— | $11148061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $11148061 | $— | $11148061 |

---

(1) Other Financial Instruments are derivative
 instruments not reflected in the total investments, such as swap agreements, which are valued at fair value.

(2) Please see the Portfolio of Investments
 for industry classifications.

For the period ended October 31, 2025, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers into or out of Level 3 during this year.

**D. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective interest method. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by a Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

**E. Cash and Cash Equivalents**

Idle cash may be swept into various overnight demand deposits and is classified as cash and cash equivalents on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

Semi-Annual Financial Statements and Other Information \| **15**

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| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

**F. Derivative Instruments**

Swap Agreements: The Funds may enter into swap agreements ("swaps") in an attempt to obtain a particular desired return at a lower cost to the Funds than if it had been invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i. e., the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. A Fund's obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

Total Return Swaps: The Funds may enter into total return swaps to gain or mitigate exposure to the underlying securities or indices. In "long" total return swaps, the counterparty will generally agree to pay the Funds the amount, if any, by which the notional amount of the swaps would have increased in value had it been invested in the particular instruments, plus an amount equal to any dividends or interest that would have been received on those instruments. The Funds will agree to pay to the counterparty an amount equal to a fixed or floating rate of interest on the notional amount of the swaps plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such instruments plus, in certain instances, commissions or trading spreads on the notional amount. Total return swaps do not involve the delivery of securities or other underlying instruments. Until a total return swap is settled in cash, the gain or loss on the notional amount plus dividends or interest on the instruments less the interest paid by the Funds on the notional amount is recorded as "unrealized appreciation or depreciation on swap agreements" and, when cash is exchanged, the gain or loss realized is recorded as "realized gains or losses on swap agreements.". The Funds may enter into total return swaps that provide the opposite return of its benchmark index or security ("short" the index or security). Its operations are similar to those swaps disclosed above except that the counterparty pays interest to the Funds on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swaps plus, in certain instances, the Funds will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted against any unrealized appreciation or depreciation to determine the value of the swaps.

The primary risks associated with the use of swaps are an imperfect correlation between the prices of financial instruments and movements in the prices of the underlying investments and the inability of counterparties to perform under the agreement. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker -dealer. The Funds will bear the counterparty risk (i. e., the risk of loss of the net amount), if any,

expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. As of October 31, 2025, the Gold Enhanced Yield ETF and the Nasdaq 7HANDL™ Index ETF each invested in total return swaps. The unrealized appreciation (depreciation) as of October 31, 2025 is disclosed in the Total Return Swap Agreement tables found earlier in this report.

**Summary of Derivative Instruments**

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of October 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Assets** | **Liabilities** |
| <br>**Fund** | **Unrealized Appreciation**<br>**on Swap Agreements** | **Unrealized Depreciation**<br>**on Swap Agreements** |
| **Equity Risk Exposure:** |  |  |
| Gold Enhanced Yield ETF | $121965975 | $(121967701) |
| Nasdaq 7HANDL<sup>TM</sup> Index ETF | 234685765 | (231803811) |

---

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended October 31, 2025.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Net Realized Gains**<br>**(Losses) from Swap**<br>**Agreements**<br>**Recognized as a Result**<br>**from Operations** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on Swaps**<br>**Recognized from**<br>**Operations** |
| **Equity Risk Exposure:** | | |
| Gold Enhanced Yield ETF | $9176387 | $(1726) |
| Nasdaq 7HANDL<sup>TM</sup> Index ETF | 21155005 | (5675542) |

---

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for swap agreements as of October 31, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related swap agreements are in an appreciated or depreciated position at period end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** | **Gross Amounts Not Offset in the** |
|  | **Statement of Assets and Liabilities\*** | **Statement of Assets and Liabilities\*** | **Statement of Assets and Liabilities\*** | **Statement of Assets and Liabilities\*** |
|  | **Gross Asset**<br>**(Liability) as**<br>**presented**<br>**in the**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments**<br>**(Received)**<br>**Pledged** |<br><br>**Cash**<br>**Collateral**<br>**(Received)**<br>**Pledged** |<br><br><br>**Net**<br>**Amount** |
| **Gold Enhanced Yield ETF** |  |  |  |  |
| Swap Agreements - BNP Paribas SA | $(1726) | $— | $— | $(1726) |
| **Nasdaq 7HANDL<sup>TM</sup> Index ETF** |  |  |  |  |
| Swap Agreements - BNP Paribas SA | 2135111 |  |  | 2135111 |
| Swap Agreements - Canadian Imperial Bank of Commerce | 746843 |  |  | 746843 |

---

\* The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities

**16** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

**G. Dividends and Distributions to Shareholders**

Dividends to shareholders are recorded on the ex-dividend date. For the Gold Enhanced Yield ETF, the Nasdaq 7HANDL™ Index ETF and the Monopoly ETF, dividends from net investment income, if any, are declared and paid monthly. For the Newfound/ReSolve Robust Momentum ETF, dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

The amount of dividends from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments, differing treatment of income relating to swap agreements), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to wash sales and differing treatment on certain investments. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as a distribution of capital.

The Funds may own shares of real estate investments trusts ("REITs"), which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.

**H. Allocation of Expenses**

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all series of the Trust in relation to the net assets of each series or on another reasonable basis. The Trust may share expenses with Mutual Fund and Variable Insurance Trust, an open-end management investment company managed by Rational Advisors, Inc. Those expenses that are shared are allocated proportionally among each of the trusts or on another reasonable basis.

**(3)** **Investment Advisory and Other Contractual Services** 

**A. Investment Advisory Fees**

Rational Advisors, Inc. (the "Advisor") is the investment advisor of the Funds. The Advisor is under common control with Catalyst Capital Advisors LLC and AlphaCentric Advisors LLC, the investment advisors of other funds in the same group of investment companies also known as a "fund complex.". The Nasdaq 7HANDL™ Index ETF and the Newfound/ReSolve Robust Momentum ETF pay 0.60% and 0.49%, respectively, of each Fund's average daily net assets, computed daily and paid monthly, for the advisory services it receives from the Advisor.

The Gold Enhanced Yield ETF and Monopoly ETF each pay 0.79% of the Fund's average daily net assets, computed daily and paid monthly, for services it receives from the Advisor. This fee is structured as a "Unified Fee," pursuant to which the Advisor is obligated to pay or arrange for the payment of substantially all expenses of the Fund (including, without limitation, transfer agent fees, administrative fees and expenses, custodian fees, legal fees, accounting fees, any other expenses (including clerical expenses) of issue, sale, repurchase or redemption of shares, expenses of registering or qualifying shares for sale, transfer taxes, all expenses of preparing the Trust's registration statements and prospectuses for the Fund, and the cost of printing and delivering to shareholders prospectuses and reports), except the

Fund's Advisory fee; taxes; brokerage commissions and trading costs; interest expense (including borrowing costs and overdraft charges); short sale dividends and interest expenses; acquired fund fees and expenses; and non-routine or extraordinary expenses of the Fund (such as litigation or reorganizational costs), each of which is paid by the Fund. The Advisor's Unified Fee is designed to cause substantially all of the Fund's expenses to be paid and to compensate the Advisor for providing services for the Fund.

The Advisor has contractually agreed to waive all or a portion of its Advisory fee and/or reimburse certain operating expenses of the Nasdaq 7HANDL™ Index ETF and the Newfound/ReSolve Robust Momentum ETF (exclusive of acquired fund fees and expenses; brokerage commissions and trading costs; interest expense (including borrowing costs and overdraft charges), taxes, short sale dividends and interest expenses, and non-routine or extraordinary expenses (such as litigation or reorganizational costs)) in order to limit total annual fund operating expenses after fee waivers and expense reimbursement to 0.80% and 0.75%, respectively, of the Fund's average annual daily net assets ("Expense Cap"). The Expense Cap will remain in effect until at least August 31, 2026 for the Nasdaq 7HANDL™ Index ETF and the Newfound/ReSolve Robust Momentum ETF. The Expense Cap may be terminated earlier only upon the approval of the Board. The Advisor may recoup Advisory fees that it waived or Fund expenses that it paid under this agreement for a period of three years after the fees were waived or expenses paid, if the recoupment can be achieved without causing the expense ratio (after the recoupment is taken into account) to exceed the lesser of (i) the expense limit in effect at the time the fees were waived or expenses paid, or (ii) the expense limit in place at the time of recoupment.

As of October 31, 2025, the Advisor may recoup amounts from the Fund as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Expires**<br>**4/30/26** | **Expires**<br>**4/30/27** | **Expires**<br>**4/30/28** | **Expires**<br>**4/30/29** |<br>**Total** |
| Newfound/ReSolve Robust Momentum ETF | $38417 | $79546 | $72912 | $50975 | $241850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Administration, Transfer Agent, Accounting, and Management/Legal administration Fees** 

Citi Fund Services Ohio, Inc. ("Citi") provides financial administration, transfer agency and portfolio accounting services to the Trust. Citi performs certain services on behalf of the Trust including but not limited to: (1) preparing and filing the Trust's periodic financial reports on forms prescribed by the Securities and Exchange Commission ("SEC"); (2) calculating Fund expenses and making required disbursements; (3) calculating Fund performance data; and (4) providing certain portfolio compliance support services. As transfer agent, Citi issues shares of a Fund in Creation Units to fill purchase orders for Fund shares, maintains records of the issuance and redemption of each Fund's shares, and acts as each Fund's dividend disbursing agent. As portfolio accountant, Citi maintains certain financial records of the Trust and provides accounting services to each Fund, which include the daily calculation of each Fund's NAV. Citi also performs certain other services on behalf of the Trust, including providing financial information for the Trust's federal and state tax returns and financial reports required to be filed with the SEC.

Semi-Annual Financial Statements and Other Information \| **17**

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

MFund Services LLC ("MFund"), an affiliate of the Advisor, provides the Funds with management and legal administrative services. For these services, each Fund pays MFund a fee accrued daily and paid monthly based on a percentage of each Fund's average net assets, subject to a minimum annual fee. The fees are as follows:

– 0.030% of assets from $0 to $999,999,999; and

– 0.020% of assets of $1,000,000,000 and above

The asset-based fees are subject to an annual minimum of $30,000 per Fund. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties. These fees, and their related amounts payable to MFund, are shown on the Statement of Operations and on the Statement of Assets and Liabilities, respectively, as "Management/Legal administration."

Administration, Transfer Agent, Accounting, and Management/Legal administration Fees (as well as substantially all other expenses) for the Gold Enhanced Yield ETF and Monopoly ETF are paid by the Advisor from the amounts received from the Unified Fee, as detailed previously.

**C. Distribution and Shareholder Services Fees**

Foreside Fund Services, LLC (the "Distributor") is the principal underwriter and distributor of each Fund's Shares. The Distributor is compensated by the Advisor in accordance with a Distribution Services Agreement between the Advisor and the Distributor. The Trust has adopted, but has yet to implement a Rule 12b-1 Distribution Plan (the "Plan"). The Plan is designed to compensate or reimburse financial intermediaries (including the Distributor, the Advisor, and their affiliates) for activities principally intended to result in the sale of Fund shares, such as advertising and marketing of shares (including printing and disseminating prospectuses and sales literature to prospective shareholders and financial intermediaries) and providing incentives to financial intermediaries to sell shares. The Plan is also designed to cover the cost of administrative services performed in conjunction with the sale of shares, including, but not limited to, shareholder services, recordkeeping services and educational services, as well as the costs of implementing and operating the Plan. In accordance with the Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Funds. Pursuant to the Plan, the Funds may pay a 12b-1 fee not to exceed 0.25% per year of each Fund's average daily net assets. No 12b-1 fee is currently paid by the Funds and the Board has not approved any payments under the Plan.

**D. Custodian Fees**

Citibank, N.A. (the "Custodian"), an affiliate of Citi, serves as custodian for each Fund and safeguards and holds each Fund's cash and securities, settles each Fund's securities transactions, and collects income on Fund investments. The Custodian receives fees based on the level of each Fund's average daily net assets for the period plus out-of-pocket expenses. The Custodian's fees for the Gold Enhanced Yield ETF and Monopoly ETF are paid by the Advisor from the amounts received from the Unified Fee, as detailed previously.

**E. Compliance Services**

Pursuant to a Compliance Services Agreement, MFund, an affiliate of the Advisor, provides chief compliance officer services to the Funds. For these services, the Funds in this report pay MFund an aggregate monthly fee, calculated as follows: $1,200 per month for the first fund

in the fund family and $400 per month for each additional fund in this report; $400 per month for each adviser and sub-adviser; and 0.0025%, on an annualized basis, of the assets of each Fund in this report. In addition, the Funds reimburse MFund for any reasonable out-of-pocket expenses incurred in the performance of its duties under the Compliance Services Agreement. These fees are shown on the Statement of Operations as "Compliance officer.". Compliance Services fees for the Gold Enhanced Yield ETF and Monopoly ETF, including the Fund's share of any reimbursement for out-of-pocket expenses incurred, are paid by the Advisor from the amounts received from the Unified Fee, as detailed previously.

**(4)** **Investment Transactions** 

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Gold Enhanced Yield ETF | $93421772 | $5467068 |
| Nasdaq 7HANDL<sup>TM</sup> Index ETF | 78845458 | 69292072 |
| Newfound/ReSolve Robust Momentum ETF | 49469680 | 49113304 |
| Monopoly ETF<sup>(a)</sup> | 448302 | 580357 |

---

Purchases and sales of in-kind transactions for the period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Gold Enhanced Yield ETF | $— | $— |
| Nasdaq 7HANDL<sup>TM</sup> Index ETF |  | 59883056 |
| Newfound/ReSolve Robust Momentum ETF | 333867 | 8633153 |
| Monopoly ETF<sup>(a)</sup> | 10105067 | 878845 |

---

(a) From commencement of operations, May
 5, 2025, through the period ended October 31, 2025.

**(5)** **Capital Share Transactions** 

Shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in -kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe, and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard charge and maximum transaction fee for each Fund are $250 and $1,000, respectively.

From time to time, settlement of securities related to subscriptions-in-kind or redemptions-in-kind may be delayed. In such cases, securities related to in-kind subscriptions are reflected as "Due from custodian" and securities related to in-kind redemptions are reflected as "Securities payable related to in-kind transactions" on the Statements of Assets and Liabilities.

**18** \| Semi-Annual Financial Statements and Other Information

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

**(6)** **Federal Income Taxes** 

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Trust has evaluated tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether it is more-likely-than not (i. e., greater than 50-percent chance) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return

and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Tax positions taken in tax years remain subject to examination by tax authorities (generally three years plus the interim tax period since then for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds' financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal year ended October 31, 2025, the Funds did not incur any interest or penalties. The tax year end for the Nasdaq 7HANDL™ Index ETF is December 31 and the tax year end for the Gold Enhanced Yield ETF, Newfound/ReSolve Robust Momentum ETF, and Monopoly ETF is April 30.

As of the most recent tax year end, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost of**<br>**Securities** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **December 31** |  |  |  |  |
| Nasdaq 7HANDL™ Index ETF | $708921031 | $53886293 | $(36201848) | $17684445 |
| **April 30** |  |  |  |  |
| Gold Enhanced Yield ETF | 31445026 | 253260 | (208023) | 45237 |
| Newfound/ReSolve Robust Momentum ETF | 33864865 | 994796 | (273406) | 721390 |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to basis adjustments for wash sales and mark-to-market on swap agreements.

The tax character of distributions paid during the most recent tax year end were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Net Long-Term**<br>**Capital Gains** | **Total Taxable**<br>**Distributions** | **Return of**<br>**Capital** | **Total**<br>**Distributions Paid** |
| **December 31** |  |  |  |  |  |
| Nasdaq 7HANDL™ Index ETF | $42168487 | $— | $42168487 | $15883865 | $58052352 |
| **April 30** |  |  |  |  |  |
| Gold Enhanced Yield ETF | 530369 |  | 530369 |  | 530369 |
| Newfound/ReSolve Robust Momentum ETF | 310837 |  | 310837 |  | 310387 |

---

As of the most recent tax year end, the components of accumulated earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long Term**<br>**Capital Gains** |<br>**Accumulated**<br>**Earnings** | **Accumulated**<br>**Capital and**<br>**Other Losses** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings (Loss)** |
| **December 31** | | | | | | |
| Nasdaq 7HANDL™ Index ETF | $— | $— | $— | $(86869671) | $17684445 | $(69185226) |
| **April 30** |  |  |  |  |  |  |
| Gold Enhanced Yield ETF | 3973484 |  | 3973484 | (1258309) | 45237 | 2760412 |
| Newfound/ReSolve Robust Momentum ETF | 52364 | 1172517 | 1224881 |  | 721390 | 1946271 |

---

Semi-Annual Financial Statements and Other Information \| **19**

---

| | |
|:---|:---|
| **Notes to Financial Statements** (Continued) | October 31, 2025 (Unaudited) |

---

**Permanent Tax Differences:**

As of the most recent tax year end, the following reclassifications relating primarily to redemptions in-kind, Controlled Foreign Corporations, Taxable over -distributions, Return of Capital, and Net Operating Losses have been made to increase (decrease) such accounts with offsetting adjustments as indicated.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Total Distributable**<br>**Earnings (Loss)** | **Paid in**<br>**Capital** |
| **December 31** |  |  |
| Nasdaq 7HANDL™ Index ETF | $(7669763) | $7669763 |
| **April 30** |  |  |
| Gold Enhanced Yield ETF | 148372 | (148372) |
| Newfound/ReSolve Robust Momentum ETF | (1745049) | 1745049 |

---

---

| |
|:---|
| Temporary tax differences (e.g. wash sales) do not require a reclassification. |
| Under current tax law, certain ordinary losses arising after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Fund's deferred losses are as follows: |

---

---

| | |
|:---|:---|
| <br>**Fund** | **Late Year Ordinary**<br>**Loss Deferrals** |
| **December 31** | |
| Nasdaq 7HANDL™ Index ETF | $6465191 |

---

As of the most recent tax year end, Gold Enhanced Yield ETF and Newfound/ReSolve Robust Momentum ETF utilized capital loss carryforwards ("CLCF") of $2,876 and $3,477,288, respectively to offset capital gains. The Funds have a net CLCF as summarized in the table below. This CLCF is not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| **December 31** |  |  |  |
| Nasdaq 7HANDL™ Index ETF | $52085528 | $28318952 | $80404480 |
| **April 30** |  |  |  |
| Gold Enhanced Yield ETF | 275056 | 983253 | 1258309 |

---

**(7)** **Segment Reporting** 

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the Funds' Advisor acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(8)** **New Accounting Pronouncement** 

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.

**(9)** **Underlying Fund Investments** 

The ETFs in which the Funds invest are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, the cost of investing in the Funds will be higher than the cost of investing directly in the ETFs and may be higher than other funds that invest directly in stocks and bonds. As of October 31, 2025, the following underlying Funds comprised 25% or more of the net assets:

---

| | |
|:---|:---|
|  | **Percentage (%)** |
| **Strategy Shares Newfound/Resolve Robust Momentum ETF** |  |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | 34.7% |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 39.5% |

---

**(10)** **Subsequent Events** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of October 31, 2025.

**20** \| Semi-Annual Financial Statements and Other Information

**Items 8-10** (Unaudited)

**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**

During the period covered by the report, the Strategy Shares Nasdaq 7HANDL™ Index ETF and the Strategy Shares Newfound/ReSolve Robust Momentum ETF each paid $8,710 to the Independent Trustees for services to the Funds.

Because the Advisor has agreed in the Investment Advisory Agreement to cover all operating expenses of the Strategy Shares Gold Enhanced Yield ETF and Monopoly ETF subject to certain exclusions as provided for therein, the Advisor pays the compensation to each Independent Trustee for services to the Strategy Shares Gold Enhanced Yield ETF and Monopoly ETF from the Advisor's investment advisory fees.

Semi-Annual Financial Statements and Other Information \| **21**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited)

**Approval of the Management Agreement between Strategy Shares (the "Trust") and Rational Advisors, Inc. ("Rational") with respect to Monopoly ETF**

At a meeting of the Board of Trustees (the "Board") of the Trust held on March 25, 2025, the Board, a majority of which was composed of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), discussed the approval of the management agreement between the Trust and Rational with respect to Monopoly ETF (the "Rational Management Agreement").

In connection with the Board's consideration of the approval of the Rational Management Agreement, as required by Section 15(c) of the 1940 Act, the Board requested and received due diligence materials prepared by Rational (the "Rational 15(c) Response"). The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in evaluating the Rational Management Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based upon a comprehensive evaluation and discussion of all the information provided for Monopoly ETF with respect to the approval of the Rational Management Agreement and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his conclusions with respect to the Rational Management Agreement.

Review of Rational 15(c) Response

Nature, Extent, and Quality of Services. The Board reviewed the nature, extent, and quality of the services that Rational proposed to provide to Monopoly ETF pursuant to the Rational Management Agreement. The Board reviewed information concerning Rational's resources, personnel, and business operations. The Board considered that Rational would oversee Monopoly ETF's investment strategies, including fair valuation. The Board reviewed Rational's Form ADV. The Board discussed the financial health of Rational and reviewed its balance sheet. The Board considered that MFund Services LLC, an affiliate of Rational, would provide Monopoly ETF with certain management, legal administrative, and compliance services, including providing the Trust's CCO. The Board reviewed Rational's compliance program, including its business continuity and cybersecurity programs. The Board considered that Rational currently serves as the investment advisor to three other series of the Trust, and eight series of Mutual Fund and Variable Investment Trust, an investment company affiliated with the Trust.

*Performance.* The Rational 15(c) Response stated that Rational does not manage any funds with an investment objective or principal investment strategies comparable to those of Monopoly ETF.

*Fees and Expenses.* The Board reviewed the proposed unified management fee under which Rational would pay all the routine expenses of Monopoly ETF, except for the management fee, Rule 12b-1 expenses, brokerage commissions and trading costs, short sale dividends and interest expenses, acquired fund fees and expenses, and extraordinary expenses. The Board considered that the estimated net expenses of Monopoly ETF were lower than the average net expenses of the peer group and within the range of average net expenses of the Morningstar Large Growth category.

The Board considered the proposed allocation of advisory fees between Rational and Rareview Capital LLC ("Rareview"), the proposed sub-advisor of Monopoly ETF, their respective duties, and other factors.

*Profitability.* A profitability analysis from Rational demonstrated that Rational expected to incur a loss in the first year of managing Monopoly ETF and a profit in the second year.

*"Fall-out" Benefits.* The Board considered the fall-out benefits that Rational expected to receive from its relationship with Monopoly ETF.

*Economies of Scale.* The Board considered whether Rational expected to share economies of scale with Monopoly ETF. The Board determined to revisit the matter of economies of scale as Monopoly ETF's assets increased.

*Conclusion.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the approval of the Rational Management Agreement. In connection with its deliberations, the Board reviewed materials prepared by Rational. Having requested, reviewed, and discussed in depth such information from Rational as the Board believed to be reasonably necessary to evaluate the terms of the Rational Management Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Rational Management Agreement was in the best interest of Monopoly ETF and its prospective shareholders.

**22** \| Semi-Annual Financial Statements and Other Information

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited) (Continued)

**Approval of the Sub -Advisory Agreement between Rational Advisors, Inc. ("Rational") and Rareview Capital LLC ("Rareview") with respect to Monopoly ETF**

At a meeting of the Board of Trustees (the "Board") of the Trust held on March 25, 2025, the Board, a majority of which was composed of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), discussed the approval of the sub-advisory agreement between Rational and Rareview with respect to Monopoly ETF (the "Rareview Sub-Advisory Agreement").

In connection with the Board's consideration of the approval of the Rareview Sub-Advisory Agreement, as required by Section 15(c) of the 1940 Act, the Board requested and received due diligence materials prepared by Rareview (the "Rareview 15(c) Response"). The Board was assisted by legal counsel throughout the review process and relied upon the advice of legal counsel and its own business judgment in evaluating the Rareview Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based upon a comprehensive evaluation and discussion of all the information provided for Monopoly ETF with respect to the approval of the Rareview Sub-Advisory Agreement and were not the result of any one factor. Moreover, each Trustee might have afforded different weight to the various factors in reaching his conclusions with respect to the Rareview Sub-Advisory Agreement.

Review of Rareview 15(c) Response

*Nature, Extent, and Quality of Services*. The Board reviewed the nature, extent, and quality of the services that Rareview proposed to provide to Monopoly ETF pursuant to the Rareview Sub-Advisory Agreement. The Board reviewed information concerning Rareview's resources, personnel, and business operations, as well as Rareview's Form ADV. The Board discussed the financial health of Rareview and reviewed financial information provided by Rareview regarding its assets under management, sales growth, and other financial metrics. The Board reviewed Rareview's compliance program, including its business continuity and cybersecurity programs.

*Performance.* The Board considered that Rareview Systematic Equity ETF, an ETF advised by Rareview with an investment objective and principal investment strategies comparable to those of Monopoly ETF, outperformed the MSCI All World Index, its benchmark index, for the one-year and since-inception (January 20, 2022) periods ended December 31, 2024.

*Fees and Expenses.* The Board reviewed the proposed unified management fee under which Rational would pay all the routine expenses of Monopoly ETF, except for the management fee, Rule 12b-1 expenses, brokerage commissions and trading costs, short sale dividends and interest expenses, acquired fund fees and expenses, and extraordinary expenses. The Board considered that the estimated net expenses of the Fund were lower than the average net expenses of the peer group and within the range of average net expenses of the Morningstar Large Growth category. The Board considered the respective duties of Rational Advisors, Inc., Monopoly ETF's proposed investment advisor, and Rareview and analyzed how fees would be allocated.

*Profitability.* A profitability analysis from Rareview demonstrated that Rareview expected to incur a loss in the first year of managing Monopoly ETF and a profit in the second year.

*"Fall-out" Benefits.* The Board considered the fall-out benefits that Rareview expected to receive from its relationship with Monopoly ETF.

*Economies of Scale.* The Board agreed that economies of scale are primarily an advisor-level issue and should be considered with respect to the overall management agreement with Rational, taking into consideration the impact of sub-advisory expenses.

*Conclusion.* The Board considered many factors, and no single factor was determinative to the decision of the Board concerning the approval of the Rareview Sub -Advisory Agreement. In connection with its deliberations, the Board reviewed materials prepared by Rareview. Having requested, reviewed, and discussed in depth such information from Rareview as the Board believed to be reasonably necessary to evaluate the terms of the Rareview Sub- Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that approval of the Rareview Sub-Advisory Agreement was in the best interest of Monopoly and its prospective shareholders.

Semi-Annual Financial Statements and Other Information \| **23**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to these procedures.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&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 (17CFR 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.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

[(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.](cert1.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.](cert2.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) Strategy
 Shares

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Schoonover |
| Michael Schoonover, Chief Executive Officer | Michael Schoonover, Chief Executive Officer |

---

Date <u>January 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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Schoonover |
| Michael Schoonover, Chief Executive Officer | Michael Schoonover, Chief Executive Officer |

---

Date <u>January 8, 2026</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ James Szilagyi |
| James Szilagyi, Treasurer | James Szilagyi, Treasurer |

---

Date <u>January 8, 2026</u>

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Michael Schoonover, certify that:

1. I have reviewed this report on Form N-CSR of Strategy Shares (the "registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| <u>January 8, 2026</u> | <u>/s/ Michael Schoonover</u> |
| Date | Michael Schoonover Chief Executive Officer |

---

<u>Section 302 – CERTIFICATIONS</u>

I, James Szilagyi, certify that:

1. I have reviewed this report on Form N-CSR of Strategy Shares (the "registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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| | |
|:---|:---|
| <u>January 8, 2026</u> | <u>/s/ James Szilagyi</u>  |
| Date | James Szilagyi Treasurer |

---

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 of Strategy Shares (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Registrant.

<u>January 8, 2026</u>_

Date

<u>/s/ Michael Schoonover</u>

Michael Schoonover

Chief Executive Officer

<u>/s/ James Szilagyi</u>

James Szilagyi

Treasurer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.