# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-25-019734
**Filing Date:** 2025-12
**Character Count:** 82814
**Document Hash:** e678dd2d1208dfc29ceb2ba81e6b9382
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019734.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001999371-25-019734

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 251555204

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

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

## Series and Classes Contracts Data

### Formidable ETF (Series ID: S000071248)

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | **811-23439** |
| Exact name of registrant as specified in charter: | **ETF Opportunities Trust** |
| Address of principal executive offices: | **8730 Stony Point Parkway,** <br> **Suite 205**<br> **Richmond, VA 23235** |
| Name and address of agent for service | **The Corporation Trust Co.,**<br> **Corporation Trust Center,**<br> **1209 Orange St.,**<br> **Wilmington, DE 19801**<br>With Copy to:<br>**Practus, LLP**<br> **11300 Tomahawk Creek Parkway,**<br> **Suite 310**<br> **Leawood, KS 6621**1**  |
| Registrant's telephone number, including area code: | **(804) 267-7400** |
| Date of fiscal year end: | **March 31** |
| Date of reporting period: | **September 30, 2025** |
|  | Formidable ETF and<br> Formidable Fortress ETF (together, the "Formidable ETFs") |

---

ITEM 1.(a). Reports to Stockholders.

#### Formidable ETF Tailored Shareholder Report
**semi-annual shareholder reportSeptember 30, 2025**<br> **Formidable ETF**<br> **ticker: FORH (Listed on the NYSE Arca, Inc.)**<br>

This semi-annual shareholder report contains important information about the Formidable ETF for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at formidablefunds.com/forh/. You can also contact us at (833) 600-5704.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Formidable ETF | $66 | 1.19%¹ |

---

¹ Annualized.

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $22365720 |
| **Number of Holdings** | 49 |
| **Total Net Advisory Fee** | $120068 |
| **Portfolio Turnover Rate** | 44.77% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Sector Breakdown
![bar](qes1kzoc1mhxkl290.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Flux Power Holdings, Inc.** | 8.22% |
| **Acacia Research Corp.** | 6.74% |
| **US Treasury Bill 2/12/2026** | 4.56% |
| **Royalty Pharma Plc** | 4.00% |
| **US Treasury Bill 12/16/2025** | 3.68% |
| **Brookfield Infrastructure Partners LP** | 3.53% |
| **Corcept Therapeutics, Inc.** | 3.22% |
| **US Treasury Bill 10/9/2025** | 3.06% |
| **Alliance Resource Partners LP** | 2.94% |
| **Genpact Ltd.** | 2.93% |

---

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

#### Formidable Fortress ETF Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br> **Formidable Fortress ETF**<br> **ticker: KONG (Listed on the NYSE Arca, Inc.)**<br>

This semi-annual shareholder report contains important information about the Formidable Fortress ETF for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at formidablefunds.com/kong/. You can also contact us at (833) 600-5704.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Formidable Fortress ETF | $46 | 0.89%¹ |

---

¹ Annualized.

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $22110548 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $96704 |
| **Portfolio Turnover Rate** | 8.63% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Sector Breakdown
![bar](qesa1tl41mhxl32mn.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Alphabet, Inc. Class C** | 4.86% |
| **Microsoft Corp.** | 4.23% |
| **Interactive Brokers Group, Inc.** | 4.13% |
| **Meta Platforms, Inc.** | 4.03% |
| **Nvidia Corp.** | 4.01% |
| **United Therapeutics Corp.** | 3.91% |
| **Fastenal Co.** | 3.75% |
| **Johnson & Johnson** | 3.31% |
| **Snap-on, Inc.** | 3.09% |
| **S&P 500 Global, Inc.** | 2.98% |

---

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

ITEM 1.(b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**FINANCIAL STATEMENTSAND OTHER INFORMATION**

Six Months Ended September 30, 2025 (unaudited)

![](formidablencsrsimg001.gif)

Formidable ETF

Formidable Fortress ETF

**FORMIDABLE ETF**

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

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **85.39%** | **COMMON STOCKS** |  |  |
| **5.87%** | **COMMUNICATION SERVICES** |  |  |
|  | Corporacion America Airports <br>SA ADR<sup>(A)</sup>  | 19506 | $353449 <br>|
|  | Lithium Argentina AG ADR<sup>(A)</sup><sup>(B)</sup>  | 140399 | 468933 |
|  | Pinterest, Inc.<sup>(A)</sup>  | 15272 | 491300 |
|  |  |  | 1313682 |
| **7.34%** | **CONSUMER DISCRETIONARY** |  |  |
|  | ADT, Inc.  | 51192 | 445882 |
|  | Aptiv plc ADR<sup>(A)</sup>  | 6131 | 528615 |
|  | Pearson plc ADR  | 22891 | 324137 |
|  | Texas Roadhouse, Inc.  | 2061 | 342435 |
|  |  |  | 1641069 |
| **2.83%** | **CONSUMER STAPLES** |  |  |
|  | Nomad Foods Ltd. ADR  | 48099 | 632502 |
| **6.42%** | **ENERGY** |  |  |
|  | Alliance Resource Partners LP  | 25989 | 657132 |
|  | Plains GP Holdings LP  | 20276 | 369834 |
|  | Viper Energy INC-CL A  | 10718 | 409642 |
|  |  |  | 1436608 |
| **10.87%** | **FINANCIALS** |  |  |
|  | Acacia Research Corp.<sup>(A)</sup>  | 463938 | 1507799 |
|  | Nomura Holdings, Inc. ADR<sup>(A)</sup>  | 62900 | 457283 |
|  | Patria Investments Ltd. ADR  | 31969 | 466747 |
|  |  |  | 2431829 |
| **11.58%** | **HEALTH CARE** |  |  |
|  | Corcept Therapeutics, Inc.<sup>(A)</sup><sup>(B)</sup>  | 8666 | 720231 |
|  | CytomX Therapeutics, Inc.<sup>(A)</sup>  | 118337 | 377495 |
|  | Hologic, Inc.<sup>(A)</sup>  | 5133 | 346426 |
|  | Royalty Pharma Plc ADR  | 25388 | 895689 |
|  | Viking Therapeutics, Inc.<sup>(A)</sup>  | 9487 | 249318 |
|  |  |  | 2589159 |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **18.88%** | **INDUSTRIALS** |  |  |
|  | Corecivic INC<sup>(A)</sup><sup>(B)</sup>  | 19460 | $396011 <br>|
|  | Flux Power Holdings, Inc.<sup>(A)</sup>  | 491586 | 1838532 |
|  | Generac Holdings, Inc.<sup>(A)</sup>  | 2666 | 446288 |
|  | Genpact Ltd. ADR  | 15633 | 654866 |
|  | Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR  | 1401 | 452985 |
|  | Huron Consulting Group, Inc.<sup>(A)</sup>  | 2950 | 432972 |
|  |  |  | 4221654 |
| **8.17%** | **INFORMATION TECHNOLOGY** |  |  |
|  | DocuSign, Inc.<sup>(A)</sup>  | 5169 | 372633 |
|  | Nice Systems Ltd. ADR<sup>(A)</sup>  | 3036 | 439552 |
|  | Sprinkler INC-A<sup>(A)</sup>  | 68047 | 525323 |
|  | Zebra Technologies Corp.<sup>(A)</sup>  | 1652 | 490908 |
|  |  |  | 1828416 |
| **5.78%** | **MATERIALS** |  |  |
|  | Lithium Americas Corp. ADR<sup>(A)</sup>  | 62187 | 355088 |
|  | Pan American Silver Corp. ADR  | 11877 | 459996 |
|  | Royal Gold INC  | 2274 | 456119 |
|  | Wheaton Precious Metals Corp. ADR  | 184 | 20579 |
|  |  |  | 1291781 |
| **4.12%** | **REAL ESTATE** |  |  |
|  | Alexandria Real Estate Equities, Inc. REIT  | 5243 | 436952 |
|  | EPR Properties REIT  | 8368 | 485428 |
|  |  |  | 922379 |
| **3.53%** | **UTILITIES** |  |  |
|  | Brookfield Infrastructure Partners LP ADR  | 24003 | 789459 |
| **85.39%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 19098539 |
|  | (Cost: $19,472,619) |  |  |

---

**FORMIDABLE ETF**

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

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **11.30%** | **SHORT TERM INVESTMENTS** |  |  |
| **11.30%** | **DEBT SECURITIES** |  |  |
|  | US Treasury 10/09/2025 0.036%<sup>(C)</sup>  | $684000 <br>| $683384 <br>|
|  | US Treasury 12/16/2025 0.041%<sup>(C)</sup>  | 829000 | 822323 |
|  | US Treasury 02/12/2026 0.040%<sup>(C)</sup>  | 1035000 | 1020666 |
| **11.30%** | **TOTAL SHORT TERM INVESTMENTS**  | **TOTAL SHORT TERM INVESTMENTS**  | 2526373 |
|  | (Cost: $2,525,098) |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **0.12%** | **OPTIONS PURCHASED**<sup>(A)</sup>  | **OPTIONS PURCHASED**<sup>(A)</sup>  | **OPTIONS PURCHASED**<sup>(A)</sup>  | **OPTIONS PURCHASED**<sup>(A)</sup>  | **OPTIONS PURCHASED**<sup>(A)</sup>  | **OPTIONS PURCHASED**<sup>(A)</sup>  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **0.12%** | **PUT OPTIONS** |  |  |  |  |  |
|  | iShares iBoxx $ High Yield Corporate Bond ETF  | 1250 | $10148750 <br>| $76.00 <br>| 10/17/2025 | $7500 <br>|
|  | iShares iBoxx $ High Yield Corporate Bond ETF  | 750 | 6089250 | 77.00 | 10/17/2025 | 4500 |
|  | iShares iBoxx $ High Yield Corporate Bond ETF  | 500 | 4059500 | 78.00 | 10/17/2025 | 3000 |
|  | iShares Russell 2000 ETF<sup>(B)</sup>  | 125 | 3024500 | 222.00 | 10/17/2025 | 4250 |
|  | iShares Russell 2000 ETF<sup>(B)</sup>  | 150 | 3629400 | 225.00 | 10/17/2025 | 7650 |
|  |  |  |  |  |  | 26900 |
| **0.12%** | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | 26900 |
|  | (Cost: $53,449) |  |  |  |  |  |
| **96.81%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 21651812 |
|  | (Cost: $22,051,166) |  |  |  |  |  |
| **3.19%** | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | 713909 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **$** **22365720** <br>|

---

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

<sup>(B)</sup>All or a portion of the security is held as collateral for options written.

<sup>(C)</sup>Zero coupon security. The rate shown is the yield-to-maturity on the date of purchase.

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

REIT- Real Estate Investment Trust.

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF**

**Schedule of Options Written** **September 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(0.10%)** | **OPTIONS WRITTEN<sup>(A</sup>**<sup>**)**</sup>  |  |  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **(0.08%)** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** | **CALL OPTIONS** |
|  | Corcept Therapeutics, Inc.  | 20 | $(166220) <br>| $77.50 <br>| 10/17/2025 | $(14200 ) |
|  | Corecivic INC  | 50 | (101750) | 23.00 | 10/17/2025 | (500) |
|  | Lithium Argentina AG  | 400 | (133600) | 5.00 | 11/21/2025 | (4000) |
|  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | (18700) |
|  | (Premiums Received: $10,090) | (Premiums Received: $10,090) | (Premiums Received: $10,090) | (Premiums Received: $10,090) | (Premiums Received: $10,090) |  |
| **(0.02%)** | **PUT OPTIONS** |  |  |  |  |  |
|  | iShares Russell 2000 ETF | 125 | (3024500) | 212.00 | 10/17/2025 | (2250) |
|  | iShares Russell 2000 ETF | 150 | (3629400) | 215.00 | 10/17/2025 | (3000) |
|  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | (5250) |
|  | (Premiums Received: $10,393)  | (Premiums Received: $10,393)  |  |  |  |  |
| **(0.10%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | $(23950 ) |
|  | (Premiums Received: $20,483)  | (Premiums Received: $20,483)  | (Premiums Received: $20,483)  | (Premiums Received: $20,483)  | (Premiums Received: $20,483)  |  |

---

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

**FORMIDABLE fortress ETF**

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

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **98.32%** | **COMMON STOCKS** |  |  |
| **8.88%** | **COMMUNICATION SERVICES** |  |  |
|  | Alphabet, Inc. Class C<sup>(B)</sup>  | 4408 | $1073568 <br>|
|  | Meta Platforms, Inc.  | 1213 | 890803 |
|  |  |  | 1964371 |
| **5.15%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Gentex Corp.  | 17127 | 484694 |
|  | Pulte Group, Inc.  | 4955 | 654704 |
|  |  |  | 1139398 |
| **2.84%** | **CONSUMER STAPLES** |  |  |
|  | Monster Beverage Corp.<sup>(A)</sup>  | 9315 | 626993 |
| **4.76%** | **ENERGY** |  |  |
|  | Coterra Energy, Inc.  | 20469 | 484092 |
|  | Texas Pacific Land Corp.  | 609 | 568587 |
|  |  |  | 1052679 |
| **13.93%** | **FINANCIALS** |  |  |
|  | Erie Indemnity Co.  | 1434 | 456241 |
|  | Interactive Brokers Group, Inc.  | 13284 | 914072 |
|  | Jack Henry & Associates, Inc.  | 3589 | 534510 |
|  | MarketAxess Holdings, Inc.  | 2963 | 516303 |
|  | S&P 500 Global, Inc.  | 1355 | 659492 |
|  |  |  | 3080618 |
| **14.78%** | **HEALTH CARE** |  |  |
|  | Chemed Corp.  | 1329 | 595046 |
|  | Johnson & Johnson  | 3945 | 731482 |
|  | Regeneron Pharmaceuticals, Inc.  | 1077 | 605565 |
|  | United Therapeutics Corp.<sup>(A)</sup><sup>(B)</sup>  | 2060 | 863573 |
|  | Vertex Pharmaceuticals<sup>(A)</sup>  | 1206 | 472318 |
|  |  |  | 3267984 |

---

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE fortress ETF**

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **14.70%** | **INDUSTRIALS** |  |  |
|  | Automatic Data Processing, Inc. | 1669 | $489852 <br>|
|  | EMCOR Group, Inc.  | 967 | 628105 |
|  | Fastenal Co.  | 16918 | 829659 |
|  | Graco, Inc.  | 7279 | 618424 |
|  | Snap-on, Inc.  | 1972 | 683357 |
|  |  |  | 3249396 |
| **25.06%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Adobe, Inc.<sup>(A)</sup>  | 1656 | 584154 |
|  | Amdocs Ltd. ADR  | 7569 | 621036 |
|  | Cognizant Tech Solutions  | 6568 | 440516 |
|  | F5, Inc.<sup>(A)</sup>  | 1992 | 643794 |
|  | Intuit, Inc.  | 929 | 634423 |
|  | Microsoft Corp.  | 1806 | 935418 |
|  | Nvidia Corp.  | 4749 | 886068 |
|  | ServiceNow, Inc.<sup>(A)</sup>  | 351 | 323018 |
|  | Synopsys, Inc.<sup>(A)</sup>  | 957 | 472174 |
|  |  |  | 5540603 |
| **2.62%** | **MATERIALS** |  |  |
|  | Reliance, Inc.  | 2063 | 579352 |
| **5.60%** | **REAL ESTATE** |  |  |
|  | Gaming and Leisure Properties, Inc. REIT  | 13336 | 621591 |
|  | Public Storage REIT  | 2136 | 616984 |
|  |  |  | 1238575 |
| **98.32%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 21739968 |
|  | (Cost: $18,584,295) |  |  |
| **0.00%** | **WARRANTS** |  |  |
| **0.00%** | **HEALTH CARE** |  |  |
|  | Abiomed, Inc. - CVR<sup>(A)</sup><sup>(C)</sup>  | 1065 |  |
| **0.00%** | **TOTAL WARRANTS**  | **TOTAL WARRANTS**  |  |
|  | (Cost: $–) |  |  |

---

**FORMIDABLE fortress ETF**

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

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **0.20%** | **OPTIONS PURCHASED<sup>(A)</sup>**<sup>**(B**</sup><sup>**)**</sup>  | **OPTIONS PURCHASED<sup>(A)</sup>**<sup>**(B**</sup><sup>**)**</sup>  | **OPTIONS PURCHASED<sup>(A)</sup>**<sup>**(B**</sup><sup>**)**</sup>  | **OPTIONS PURCHASED<sup>(A)</sup>**<sup>**(B**</sup><sup>**)**</sup>  | **OPTIONS PURCHASED<sup>(A)</sup>**<sup>**(B**</sup><sup>**)**</sup>  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **0.20%** | **PUT OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF Trust  | 150 | $9992700 <br>| $620.00 <br>| 10/17/2025 | $12150 <br>|
|  | SPDR S&P 500 ETF Trust  | 275 | 18319950 | 630.00 | 10/17/2025 | 32175 |
|  |  |  |  |  |  | 44325 |
| **0.20%** | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | **TOTAL OPTIONS PURCHASED**  | 44325 |
|  | (Cost: $72,886) |  |  |  |  |  |
| **98.52%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 21784293 |
|  | (Cost: $18,657,181) |  |  |  |  |  |
| **1.48%** | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | Other assets, net of liabilities  | 326255 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **NET ASSETS**  | **$** **22110548** <br>|

---

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

<sup>(B)</sup>All or a portion of the security is held as collateral for options written.

<sup>(C)</sup> The warrant is a level 3 security. The security is valued at $– (0.00% of net assets). See Note 1.

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

REIT - Real Estate Investment Trust.

CVR - Contingent Value Right.

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE fortress ETF**

**Schedule of Options Written** **September 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(0.18%)** | **OPTIONS WRITTEN<sup>(A</sup>**<sup>**)**</sup>  | **OPTIONS WRITTEN<sup>(A</sup>**<sup>**)**</sup>  | **OPTIONS WRITTEN<sup>(A</sup>**<sup>**)**</sup>  |  |  |  |
|  | **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **(0.08%)** | **CALL OPTIONS** |  |  |  |  |  |
|  | Alphabet, Inc. <br>Class C  | 20 | $(487100) <br>| $250.00 <br>| 10/17/2025 | $(7800 ) |
|  | United Therapeutics Corp.  | 10 | (419210) | 430.00 | 10/17/2025 | (10500) |
|  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | **TOTAL CALL OPTIONS**  | (18300) |
|  | (Premiums Received: $11,044) | (Premiums Received: $11,044) |  |  |  |  |
| **(0.10%)** | **PUT OPTIONS** |  |  |  |  |  |
|  | SPDR S&P 500 ETF Trust  | 300 | (19985400) | 600.00 | 10/17/2025 | (14400) |
|  | SPDR S&P 500 ETF Trust  | 125 | (8327250) | 615.00 | 10/17/2025 | (8375) |
|  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | **TOTAL PUT OPTIONS**  | (22775) |
|  | (Premiums Received: $35,789) | (Premiums Received: $35,789) |  |  |  |  |
| **(0.18%)** | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | **TOTAL OPTIONS WRITTEN**  | $(41075 ) |
|  | (Premiums Received: $46,833) | (Premiums Received: $46,833) |  |  |  |  |

---

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

**FORMIDABLE ETF FUNDS**

**Statements of Assets and Liabilities** **September 30, 2025 (unaudited)**

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Formidable ETF** | **Formidable Fortress ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $21651812 <br>| $21784293 <br>|
| &nbsp;&nbsp;&nbsp; Cash  | 118522 | 609828 |
| &nbsp;&nbsp;&nbsp; Cash held at broker  | 36896 |  |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold  | 580410 | 6146 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 22680 | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 22410320 | 22407838 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased  |  | 19054 |
| &nbsp;&nbsp;&nbsp; Due to broker  |  | 221146 |
| &nbsp;&nbsp;&nbsp; Accrued advisory fees (Note 2)  | 20650 | 16015 |
| &nbsp;&nbsp;&nbsp; Options written at value<sup>(2)</sup> (Note 1)  | 23950 | 41075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 44600 | 297290 |
| **NET ASSETS**  | $22365720 <br>| $22110548 <br>|
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $26174481 <br>| $19553541 <br>|
| &nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | (3808761) | 2557007 |
| &nbsp;&nbsp;&nbsp; **Net Assets**  | $22365720 <br>| $22110548 <br>|
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)  | 875000 | 725000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $25.56 <br>| $30.50 <br>|
| <sup>(1)</sup>Identified cost of:  | $22051166 <br>| $18657181 <br>|
| <sup>(2)</sup>Premiums received of:  | $20483 <br>| $46833 <br>|

---

See Notes to Financial Statements

**10**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

**Statements of Operations** **Six Months Ended September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Formidable ETF** | **Formidable Fortress ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<sup>(1)</sup>  | $196890 <br>| $138443 <br>|
| &nbsp;&nbsp;&nbsp; Interest  | 57660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 254550 | 138443 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 120068 | 96704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 120068 | 96704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 134482 | 41739 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 938796 | 187911 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options purchased  | (181286) | (247040) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written  | 139764 | 121942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized gain (loss) on investments, options purchased and options written  | 897274 | 62813 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 2691335 | 1538990 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of options purchased  | (26431) | (25059) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of options written  | 103205 | (3104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net change in unrealized appreciation (depreciation) of investments, options purchased and options written  | 2768109 | 1510827 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 3665383 | 1573640 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $3799865 <br>| $1615379 <br>|
| <sup>(1)</sup>Net of foreign tax withheld of:  | $10243 <br>| $— <br>|

---

**FORMIDABLE ETF FUNDS**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

**13**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

**12**

FINANCIAL STATEMENTS \| September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Formidable ETF** | **Formidable ETF** | **Formidable Fortress ETF** | **Formidable Fortress ETF** |
|  | **Six Months Ended<br>September 30, 2025 (unaudited)** | **Year Ended <br>March 31, 2025** | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended <br>March 31, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $134482 <br>| $354500 <br>| $41739 <br>| $140471 <br>|
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, options purchased and options written  | 897274 | (441863) | 62813 | 1554860 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments, options purchased and options written  | 2768109 | (2603717) | 1510827 | (1030353) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 3799865 | (2691080) | 1615379 | 664978 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from earnings  |  |  |  | (173071) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  |  |  |  | (173071) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued  |  |  | 763771 | 765082 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (1121992) | (6039465) | (2246936) | (6249017) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | (1121992) | (6039465) | (1483165) | (5483935) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 2677873 | (8730545) | 132214 | (4992028) |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 19687847 | 28418392 | 21978334 | 26970362 |
| &nbsp;&nbsp;&nbsp; End of period  | $22365720 <br>| $19687847 <br>| $22110548 <br>| $21978334 <br>|

---

**FORMIDABLE ETF**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**15**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**14**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Period Ended March 31, 2022\*** |
|  | **Six Months Ended<br> September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **Period Ended March 31, 2022\*** |
| **Net asset value, beginning of period**  | **$** **21.28** <br>| **$** **23.68** <br>| **$** **23.77** <br>| **$** **26.06** <br>| **$** **25.00** <br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.15 | 0.44 | 0.48 | 0.34 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 4.13 | (2.84) | 0.30 | (1.76) | 1.00 |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 4.28 | (2.40) | 0.78 | (1.42) | 1.23 |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  | (0.87) | (0.87) | (0.17) |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  |  | (0.87) | (0.87) | (0.17) |
| **Net asset value, end of period**  | **$** **25.56** <br>| **$** **21.28** <br>| **$** **23.68** <br>| **$** **23.77** <br>| **$** **26.06** <br>|
| **Total Return<sup>(3)</sup>**  | **20.09%** | **(10.13**<br>**%)** | **3.53%** | **(5.39**<br>**%)** | **4.93%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(4)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses  | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 1.33% | 1.95% | 2.09% | 1.42% | 1.02% |
| Portfolio turnover rate<sup>(5)</sup>  | 44.77% | 60.62% | 50.63% | 59.95% | 172.44% |
| Net assets, end of period (000's)  | $22366 <br>| $19688 <br>| $28418 <br>| $31491 <br>| $26055 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

<sup>(3)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

<sup>(4)</sup> Ratios to average net assets have been annualized for periods less than one year.

<sup>(5)</sup> Portfolio turnover rate is for the period indicated, excludes effect of securities received or delivered from processing in-kind creations or redemptions, and has not been annualized for periods less than one year.

\*The Fund commenced operations on April 29, 2021.

**FORMIDABLE FORTRESS ETF**

**Selected Per Share Data Throughout Each Period**

See Notes to Financial Statements

**17**

FINANCIAL STATEMENTS \| September 30, 2025

See Notes to Financial Statements

**16**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE FORTRESS ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> September 30, <br>2025 (unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Period Ended March 31, 2022\***  |
|  | **Six Months Ended<br> September 30, <br>2025 (unaudited)** | **2025** | **2024** | **2023** | **Period Ended March 31, 2022\***  |
| **Net asset value, beginning of period**  | **$** **28.36** <br>| **$** **27.66** <br>| **$** **24.96** <br>| **$** **24.44** <br>| **$** **25.00** <br>|
| **Investment activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(</sup><sup>1)</sup>  | 0.06 | 0.17 | 0.23 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 2.08 | 0.75 | 2.65 | 0.52 | (0.57) |
| &nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.14 | 0.92 | 2.88 | 0.64 | (0.53) |
| **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  | (0.22) | (0.18) | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp; Return of capital  |  |  |  | —<br><sup>(3)</sup>  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions**  |  | (0.22) | (0.18) | (0.12) | (0.03) |
| **Net asset value, end of period**  | **$** **30.50** <br>| **$** **28.36** <br>| **$** **27.66** <br>| **$** **24.96** <br>| **$** **24.44** <br>|
| **Total Return<sup>(4)</sup>**  | **7.54%** | **3.31%** | **11.59%** | **2.64%** | **(2.15**%) |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Ratios to average net assets<sup>(</sup><sup>5)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses  | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.38% | 0.60% | 0.91% | 0.51% | 0.22% |
| Portfolio turnover rate<sup>(</sup><sup>6)</sup>  | 8.63% | 38.44% | 47.14% | 41.20% | 35.71% |
| Net assets, end of period (000's)  | $22111 <br>| $21978 <br>| $26970 <br>| $24334 <br>| $19548 <br>|

---

<sup>(1)</sup> Per share amounts calculated using the average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

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

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

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

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

\*The Fund commenced operations on July 21, 2021.

**18**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

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

The Formidable ETF and the Formidable Fortress ETF (each a "Fund" and collectively, the "Funds") are non-diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust") which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The offering of the Funds' shares is registered under the Securities Act of 1933. The Formidable ETF commenced operations on April 29, 2021 and the Formidable Fortress ETF commenced operations on July 21, 2021.

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

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

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

**Security Valuation**

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

**19**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Short-term securities, including bonds, notes, debentures, and other debt securities, and money market instruments such as certificates of deposit, commercial paper, bankers' acceptances, and obligations of domestic and foreign banks are valued at current market quotations as provided by an independent pricing service approved by the Board of Trustees (the "Board"). Warrants which are traded on an exchange are valued at their last quoted price as of the valuation date. Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Funds' policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

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

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

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

**20**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

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

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

The following is a summary of the level of inputs used to value the Funds' investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Formidable ETF** |  |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks  | $19098539 <br>| $— <br>| $— <br>| $19098539 <br>|
| Short Term Investments |  | 2526373 |  | 2526373 |
| Options Purchased  | 26900 |  |  | 26900 |
|  | $19125439 <br>| $2526373 <br>| $— <br>| $21651812 <br>|
| **Liabilities** |  |  |  |  |
| Options Written  | $(23950 ) | $— <br>| $— <br>| $(23950 ) |
| **Formidable Fortress ETF** |  |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks  | $21793968 <br>| $— <br>| $— <br>| $21793968 <br>|
| Warrants  |  |  | —<br> \* |  |
| Options Purchased  | 44325 |  |  | 44325 |
|  | $21784293 <br>| $— <br>| $— <br>| $21784293 <br>|
| **Liabilities** |  |  |  |  |
| Options Written  | $(41075 ) | $— <br>| $— <br>| $(41075 ) |

---

\*The Level 3 security has zero value.

Refer to the Funds' Schedules of Investments for a listing of the securities by type and sector.

**21**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

As of September 30, 2025, the Formidable Fortress ETF held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $— (0.00% of net assets). As the value of the Level 3 security is not material to the financial statements, no additional Level 3 disclosures are presented. The Formidable ETF held no Level 3 securities at any time during the six months ended September 30, 2025.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules.

**Warrants**

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

**Accounting Estimates**

In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.

**Federal Income Taxes**

The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Funds also

**22**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

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

**Reclassification of Capital Accounts**

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

**Dividends and Distributions**

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

**Creation Units**

The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 10,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay to Citibank, N.A. (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $250. Authorized Participants wishing to redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption

**23**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $250.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation Unit Shares** | **Creation Transaction Fee** | **Value** |
| Formidable ETF  | 10000 | $250 <br>| $255600 <br>|
| Formidable Fortress ETF  | 10000 | $250 <br>| $305000 <br>|

---

To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Funds, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking are secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A participant agreement may permit the Funds to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Funds acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statements of Assets and Liabilities, when applicable.

**24**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

**Officers and Trustees Indemnification**

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

**Derivatives**

The Fund's derivative investments may include, among other instruments: (i) options; (ii) volatility-linked ETFs; (iii) volatility-linked exchange-traded notes ("ETNs"); and (iv) and FLexible EXchange® Options ("FLEX Options") which are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation ("OCC"). These derivatives will be used to hedge risks associated with the Fund's other portfolio investments. The Funds' may also use derivatives to create income by writing covered call options. In writing covered calls, the Fund sells an option on a security that the Fund owns in exchange for a premium (i.e., income). FLEX Options, whose customized exercise prices and expiration dates allow the Fund to more precisely implement its investment strategy than through what could be achieved through the use of standardized option contracts. Options are subject to equity price risk that arises from the possibility that equity security prices will fluctuate affecting the value of the options. As a result of the Funds' use of derivatives, each Fund may have economic leverage, which means the sum of the Fund's investment exposures through its use of derivatives may exceed the amount of assets invested in the Fund, although these exposures may vary over time. The Funds have adopted policies and procedures pursuant to Rule 18f-4 of the Act 1940 relating to the use of derivatives.

The following are the derivatives, whose underlying risk exposure is equity price risk, held by each Fund on September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value Asset Derivatives** |
| Formidable ETF  | Put Options Purchased | $26900 <br>\* |
| Formidable Fortress ETF  | Put Options Purchased | $44325 <br>\* |

---

**25**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Derivative** | **Value Liability Derivatives** |
| Formidable ETF  | Call Options Written | $(18700 ) |
| Formidable ETF  | Put Options Written | (5250) |
|  |  | $(23950 )\*\* |
| Formidable Fortress ETF  | Call Options Written | $(18300 ) |
| Formidable Fortress ETF  | Put Options Written | (22775) |
|  |  | $(41075 )\*\* |

---

\*Statements of Assets and Liabilities location: Investments at value.

\*\*Statements of Assets and Liabilities location: Options written at value.

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is equity price risk for the six months ended September 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| **Formidable ETF** | **Realized<br>Gain (Loss)<br>on Derivatives\*** | **Change in<br>Unrealized Appreciation (Depreciation) <br>of Derivatives\*\*** |
| Put Options Purchased  | $(181286 ) | $(26431 ) |
| Call Options Written  | $112965 <br>| $91262 <br>|
| Put Options Written  | 26799 | 11943 |
|  | $139764 <br>| $103205 <br>|
| **Formidable Fortress ETF** |  |  |
| Put Options Purchased  | $(247040 ) | $(25059 ) |
| Call Options Written  | $180155 <br>| $(10787 ) |
| Put Options Written  | (58213) | 7683 |
|  | $121942 <br>| $(3104 ) |

---

\*Statements of Operations location: Net realized gain (loss) on options purchased and options written, respectively.

\*\*Statements of Operations location: Net change in unrealized appreciation (depreciation) of options purchased and options written, respectively.

**26**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

The following indicates the average monthly volume for the period:

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Notional Value of:** | **Average Notional Value of:** |
| Formidable ETF  | Options purchased | $24503096 <br>|
| Formidable ETF  | Options written | (7140006) |
| Formidable Fortress ETF  | Options purchased | 20771605 |
| Formidable Fortress ETF  | Options written | (20271481) |

---

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

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor is responsible for the day-to-day management of each of the Funds' investments. The Advisor also: (i) furnishes the Funds with office space and certain administrative services; (ii) provides guidance and policy direction in connection with its daily management of each Fund's assets, subject to the authority of the Board; and (iii) is responsible for oversight of the Funds' sub-advisor. Under the Advisory Agreement, the Advisor has agreed, at its own expense and without reimbursement from the Funds, to pay all expenses of each Fund, except for: the fee paid to the Advisor pursuant to the Advisory Agreement, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

For its services with respect to the Funds, the Advisor is entitled to receive an annual advisory fee, calculated daily and payable monthly as a percentage of the Funds' daily net assets at the following rates: Formidable ETF is 1.19% of the first $250 million, 1.14% over $250 million up to $500 million, and 1.09% in excess of $500 million; Formidable Fortress ETF is 0.89% of the first $250 million, 0.84% over $250 million up to $500 million, and 0.79% over $500 million.

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

**27**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

For its services, the Sub-Advisor is paid a fee by the Advisor, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of the Fund of 0.05% for the Formidable ETF and 0.035% for the Formidable Fortress ETF, subject to a minimum of $30,000 per year for each Fund.

**Fund Administrator**

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

**Custodian**

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

**Fund Accountant and Transfer Agent**

Citi Fund Services, Ohio, Inc. serves as the Funds' Fund Accountant and Transfer Agent pursuant to a Services Agreement. The Advisor pays these fees monthly.

**Distributor**

Foreside Fund Services, LLC serves as the Funds' principal underwriter pursuant to an ETF Distribution Agreement. The Advisor pays these fees monthly.

**Trustees and Officers**

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

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

**28**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

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

**NOTE 3 – INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Formidable ETF  | $7758942 <br>| $7597312 <br>|
| Formidable Fortress ETF  | 1992659 | 1569168 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain** |
| Formidable ETF  | $— <br>| $823338 <br>| $79334 <br>|
| Formidable Fortress ETF  | 735925 | 2177510 | 440522 |

---

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

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. For the six months ended September 30, 2025, there were no reclassifications.

**29**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

Neither of the Funds paid any distributions during the six months ended September 30, 2025. The tax character of the distributions during the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** |
|  | **Formidable ETF** | **Formidable Fortress ETF** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $— <br>| $173071 <br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Formidable ETF** | **Formidable Fortress ETF** |
| Accumulated undistributed net investment income (loss)  | $260912 <br>| $62986 <br>|
| Accumulated net realized gain (loss) on investments | (3666852) | (638849) |
| Net unrealized appreciation (depreciation) of investments  | (402820) | 3132870 |
|  | $(3808761 ) | $2557007 <br>|

---

Cost of investments, purchased options and written options for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) on investments, purchased options and written options consists of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Formidable ETF  | $22071649 <br>| $1829944 <br>| $(2232764 ) | $(402820 ) |
| Formidable Fortress ETF | 18704014 | 4210662 | (1077792) | 3132870 |

---

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

Shares of the Funds are listed for trading on NYSE Arca, Inc. (the "Exchange"), and trade at market prices rather than at NAV. Shares of the Funds may trade at a price that is greater than, at, or less than NAV. The Funds will issue and redeem Shares at NAV only in large blocks of 10,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds.

**30**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

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

Shares of beneficial interest transactions for the Funds were:

---

| | | |
|:---|:---|:---|
| **Formidable ETF** | **Formidable ETF** | **Formidable ETF** |
|  | **Six Months Ended<br>September 30, 2025** | **Year Ended<br>March 31, 2025** |
| Shares sold  |  |  |
| Shares redeemed  | (50000) | (275000) |
| Net increase (decrease)  | (50000) | (275000) |

---

---

| | | |
|:---|:---|:---|
| **Formidable Fortress ETF** | **Formidable Fortress ETF** | **Formidable Fortress ETF** |
|  | **Six Months Ended<br>September 30, 2025** | **Year Ended<br>March 31, 2025** |
| Shares sold  | 25000 | 25000 |
| Shares redeemed  | (75000) | (225000) |
| Net increase (decrease)  | (50000) | (200000) |

---

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

An investment in the Funds entails risk. The Funds may not achieve their leveraged investment objective and there is a risk that you could lose all of your money invested the Funds. The Funds are not a complete investment program. In addition, the Funds present risks not traditionally associated with other mutual funds and ETFs. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."

**31**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

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

**NOTE 7 – SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of that Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, 25.06% of the value of the net assets of the Formidable Fortress ETF was invested in securities within the Information Technology sector.

**NOTE 8 – SUBSEQUENT EVENTS**

Effective December 19, 2025, the Funds' shares will transfer their principal listing exchange from NYSE Arca, Inc. to Cboe BZX Exchange, Inc. Upon effectiveness, all references to NYSE Arca, Inc. in the Funds' Summary Prospectus, Prospectus, and SAI will be updated to reflect the change.

Management has evaluated all transactions and events subsequent to the date of the Statements of Assets and Liabilities through the date on which these financial statements were issued, and except as noted above, no additional items require disclosure.

**32**

FINANCIAL STATEMENTS \| September 30, 2025

**FORMIDABLE ETF FUNDS**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

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

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

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

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

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

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

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

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

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

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

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

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

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

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

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

SIGNATURES

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

Registrant: ETF Opportunities Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: December 8, 2025 | |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: December 8, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: December 8, 2025 |  |

---

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

## Ex-99.Cert

[ETF Opportunities Trust N-CSRS](formidable-ncsrs_093025.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the Formidable ETFs;

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

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

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

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

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

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

Date: December 8, 2025

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the Formidable ETFs;

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

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

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

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

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

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

Date: December 8, 2025

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSRS](formidable-ncsrs_093025.htm)

**Exhibit 99.906CERT**

SECTION 906 CERTIFICATION

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

Dated: December 8, 2025

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

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Karen Shupe

Title: Treasurer and Principal Executive Officer

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

SECTION 906 CERTIFICATION

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

Dated: December 8, 2025

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

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Ann MacDonald

Title: Assistant Treasurer and Principal Financial Officer

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