# EDGAR Filing Document

**Accession Number:** 0001643838
**File Stem:** 0001398344-23-006060
**Filing Date:** 2023-3
**Character Count:** 142972
**Document Hash:** 45a52f18d1f05d4ea161018b4fa184a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-006060.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-006060

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IDX Funds
- **CENTRAL INDEX KEY:** 0001643838
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23089
- **FILM NUMBER:** 23724957

**BUSINESS ADDRESS:**
- **STREET 1:** 4300 SHAWNEE MISSION PARKWAY, SUITE 100
- **CITY:** FAIRWAY
- **STATE:** KS
- **ZIP:** 66205
- **BUSINESS PHONE:** 888-263-5593

**MAIL ADDRESS:**
- **STREET 1:** 4300 SHAWNEE MISSION PARKWAY, SUITE 100
- **CITY:** FAIRWAY
- **STATE:** KS
- **ZIP:** 66205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** M3Sixty Funds Trust
- **DATE OF NAME CHANGE:** 20160819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** M3Sixty Manager of Managers Trust
- **DATE OF NAME CHANGE:** 20150601

## Series and Classes Contracts Data

### IDX Risk-Managed Bitcoin Strategy Fund (Series ID: S000074070)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000231507 | Institutional Class Shares | BTIDX           |

### IDX Commodity Opportunities Fund (Series ID: S000079330)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000240337 | Institutional Class Shares |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number <u>811-23089</u>

**IDX Funds**

(Exact name of registrant as specified in charter)

2201 E. Camelback Road, Suite 605

Phoenix, AZ 85016

(Address of Principal Executive Offices)

The Corporation Trust Company

Corporation Trust Center

1209 Orange St.

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Bo J. Howell

FinTech Law, LLC

6224 Turpin Hills Dr.

Cincinnati, OH 45244

Registrant's telephone number, including area code: <u>(800) 711-9164</u>

Date of fiscal year end: <u>12/31/2022</u>

Date of reporting period: <u>12/31/2022</u>

![](fp0082612_01.jpg)

**IDX FUNDS**

**IDX Risk-Managed Bitcoin Strategy Fund**

INSTITUTIONAL CLASS (BTIDX)

**IDX Commodity Opportunities Fund**

INSTITUTIONAL CLASS (COIDX)

ANNUAL REPORT

DECEMBER 31, 2022

**Dear Investor,**

During 2022, the Risk Managed Bitcoin Strategy Fund (BTIDX) was down -35.19% compared to over 60% for the benchmark. 2022 was a tough year for all asset classes (including bonds) but was especially difficult for crypto-assets. Numerous crypto-specific events served to further exacerbate the volatility of the asset class including large forced liquidations (e.g. Three Arrows Capital, Terra Luna) as well as the collapse of FTX. The performance of the fund was in-line with expected performance of the model in 2018 (the last "crypto winter").

Strong relative performance from the Fund during an historically increasingly weak market for bitcoin - and digital assets generally - is an encouraging sign for our strategy. We will continue to adhere to our approach of taking risk only during periods when it has been rewarded historically – namely when intermediate-term momentum is positive and increasing. Because the general payoff profile of a long/flat trend following strategy is roughly that of a long call option strategy, we do not expect gains to always be smooth. However, over time we expect to cut off most of the left tail of the distribution of returns while maintaining access to much of the right tail of the distribution.

As we look to move forward and away from a difficult time for digital asset markets we are encouraged by the fundamentals for the sector as a whole. Bad investments and bad actors have – in no small number – been purged from the market in the past twelve months. This proverbial "clearing" of the market brings the opportunity for fresh perspectives and ideas to bring digital assets into the next forward. As we look forward towards continued blockchain development, positive regulatory actions (at least for US-regulated entities) and continued inflation pressures, we continue to believe that bitcoin is an asset that deserves a place in most portfolios and that a risk-managed approach is the prudent approach.

Thank you for your support,

Ben McMillan Joshua Myers <br> Chief Investment Officer Head of Research/Trading

 **IDX Funds**

**IDX RISK-MANAGED BITCOIN STRATEGY FUND**

**Investment Highlights (Unaudited)**

 **December 31, 2022**

The Fund's performance figures (a) for year ended December 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
|  | Returns greater than 1 year are averaged (a) | Returns greater than 1 year are averaged (a) |
| | 1 Year | Since Inception (b) |
| IDX Risk-Managed Bitcoin Strategy Fund | (35.19)% | (34.70)% |
| ICE BofA SOFR Overnight Rate Index \*\* | 1.66% | 1.67% |
| CME CF Bitcoin Reference Rate (BRR) \*\*\* | (65.41)% | (72.15)% |

---

**Comparison of the Change in Value of a $100,000 Investment \| November 17, 2021 – December 31, 2022**

![](fp0082612_02.jpg)

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Returns greater than 1 year are averaged. For performance information current to the most recent month-end, please call (800) 711-9164.

The annual net operating expense ratio as provided in the Prospectus dated October 19, 2022 was 2.64% for Institutional class shares. The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2024, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder servicing fees, taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation) will not exceed 2.49% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Fund's total returns would have been lower had the adviser not waived a portion of the Fund's expenses. The Fund's Institutional class shares total gross annual operating expense, before waiver, was 2.91%.

\*\* ICE BofA SOFR Overnight Rate Index tracks the performance of a synthetic asset paying SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

\*\* CME CF Bitcoin Futures Reference Rate (BRR) is a daily reference rate of the U.S. dollar price of one bitcoin as of 4 p.m. London time. Each day, the BRR aggregates the trade flow of major bitcoin spot exchanges during a specific one-hour calculation window. This one-hour window is then partitioned into 12, five-minute intervals, where the BRR is calculated as the equally-weighted average of the volume-weighted medians of all 12 partitions.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Returns
 are based on traded NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Since
 inception performance based on Inception date; the IDX Risk-Managed Bitcoin Strategy
 Fund commenced operations on November 17, 2021.

**IDX Funds**

**IDX RISK-MANAGED BITCOIN STRATEGY FUND**

**Investment Highlights (Unaudited)**

**December 31, 2022** 

---

| | |
|:---|:---|
| **Top Ten Long Portfolio Holdings** | **(% of Net Assets)** |
| **First American Government Obligations Fund** |  |
| &nbsp;&nbsp;&nbsp;**Money Market Portfolio, Class X** | 4.31% |
| **United States Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;**Maturity Date January 3, 2023** | 57.61% |
| &nbsp;&nbsp;&nbsp;**Maturity Date January 5, 2023** | 22.66% |
|  | 84.58% |

---

---

| | |
|:---|:---|
| **Potfolio Allocation** | **(% of Net Assets)** |
| &nbsp;&nbsp;&nbsp;**Put Options** | 0.18% |
| &nbsp;&nbsp;&nbsp;**U.S. Government & Agencies** | 80.27% |
| &nbsp;&nbsp;&nbsp;**Money Market Funds** | 4.31% |
| &nbsp;&nbsp;&nbsp;**Other Assets in Excess of Liabilities** | 15.24% |
|  | 100.00% |

---

\* Based on market value

**IDX Funds**

**IDX RISK-MANAGED BITCOIN STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of Contracts** |  | **Cost Basis** | **Notional<br> Amount** | **Fair Value** |
|  | **PURCHASED OPTIONS - 0.18%** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;***Put Options - 0.18%*** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |  |  |
| 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: January 20, 2023, Exercise Price: $30.00 **<sup>(a)</sup>** | $39087 | $530850 | $16500 |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date: January 20, 2023, Exercise Price: $40.00 **<sup>(a)</sup>** | 31022 | 176950 | 30500 |
|  | **TOTAL PURCHASED OPTIONS (Cost $70,109)** |  |  | 47000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** |  | **Coupon Rate** | **Maturity** | |
|  | **SHORT-TERM INVESTMENTS - 84.58%** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;***U.S. Government & Agencies - 80.27%*** |  |  |  |
| $15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill **<sup>(b)</sup>** | 0.00 %<sup>(c)</sup> | 1/3/2023 | 15000000 |
| 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill | 1.21 %<sup>(c)</sup> | 1/5/2023 | 5898809 |
|  | &nbsp;&nbsp;&nbsp;***Total U.S. Government & Agencies (Cost $20,894,874)*** |  |  | 20898809 |
|  | &nbsp;&nbsp;&nbsp;***Money Market Fund - 4.31%*** |  |  |  |
| 1121892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Money Market Portfolio, Class X | 4.10 %<sup>(d)</sup> |  | 1121892 |
|  | &nbsp;&nbsp;&nbsp;***Total Money Market Fund (Cost $1,121,892)*** |  |  | 1121892 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $22,016,766)** |  |  |  |
|  |  |  |  | 22020701 |
|  | **TOTAL INVESTMENTS - 84.76% (cost $22,086,875)** |  |  | 22067701 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 15.24%** |  |  | 3968565 |
|  | **NET ASSETS - 100.00%** |  |  | $26036266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Non-Income
 Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Security
 exceeds 25% of the Fund's total investments. For further information on this security,
 available upon request at no charge, please contact the Fund's shareholder servicing
 agent at (800) 711-9164.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Treasury
 Bill has a zero coupon rate. The rate presented is the annualized effective yield at
 December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Variable
 rate security; the rate shown represents the seven day effective yield at December 31,
 2022.

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

**Dear Investor,**

While the COIDX is only just launched and had very little in the way of movement in the last weeks of 2022, we are encouraged given that many funds in the managed futures space were down between 5 and 7% towards the end of 2022. Notably, the IDX Commodity Opportunities Fund is designed to be (i) Commodities focused over time and (ii) risk-managed in its approach, seeking only to participate (either long or short) when trends in commodities (or commodity-related equities) are the most robust.

As a result, we are encouraged by strong relative performance for the Fund relative to our benchmarks in the first several months since inception. Our strategy of taking risk on during periods when those risks have been rewarded historically performed as intended. We will continue to employ long/short momentum- and trend-based strategies across a diverse range of markets; these robust and time-tested methods of harvesting risk-premiums from markets can be very valuable to investors – especially during periods of market stress and changing market conditions.

Our strategy is built on the foundational belief that "you can invest for the path or the destination but not both"; and by investing for the path through trend- and momentum-based methods our Fund can serve as a valuable complement to strategic risk-asset positions.

As we look at the road ahead for investors we are extremely bullish on commodities as an asset class and a long/short approach as the prudent way to gain exposure. Against the context of structural inflation pressures (e.g. onshoring, demographics, etc) and geopolitical risks we believe investors can simply not afford to ignore commodities as a core asset for the future and our fund will seek to deliver exposure with superior risk/return characteristics.

Thank you for your support,

Ben McMillan Joshua Myers <br> Chief Investment Officer Head of Research/Trading

**IDX Funds**

**IDX COMMODITY OPPORTUNITIES FUND**

**Investment Highlights (Unaudited)**

**December 31, 2022**

The Fund's performance figures (a) for period ended December 31, 2022, compared to its benchmark:

---

| | | |
|:---|:---|:---|
| | 1 Year<br> Annualized | Since Inception (b) |
| IDX Commodity Opportunities Fund | (3.66)% | (0.61)% |
| ICE BofA SOFR Overnight Rate Index \*\* | 3.90% | 0.65% |
| SGA CTA Index \*\*\* | (29.61)% | (4.93)% |

---

**Comparison of the Change in Value of a $100,000 Investment \| November 1, 2022 – December 31, 2022**

![](fp0082612_03.jpg)

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Returns greater than 1 year are averaged. For performance information current to the most recent month-end, please call (800) 711-9164.

The annual net operating expense ratio as provided in the Prospectus dated October 19, 2022 was 2.04% for Institutional class shares. The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2025, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder servicing fees, taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation) will not exceed 1.79% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Fund's total returns would have been lower had the adviser not waived a portion of the Fund's expenses. The Fund's Institutional class shares total gross annual operating expense, before waiver, was 3.63%.

\*\* ICE BofA SOFR Overnight Rate Index tracks the performance of a synthetic asset paying SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

\*\*\* The SGA CTA Index provides the market with a reliable daily performance benchmark of major commodity trading advisors (CTAs). The SG CTA Index calculates the daily rate of return for a pool of CTAs selected from the larger managers that are open to new investment. Selection of the pool of qualified CTAs used in construction of the Index will be conducted annually, with re-balancing on January 1st of each year.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Returns
 are based on traded NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Since
 inception performance based on Inception date; the IDX Commodity Opportunities Fund commenced
 operations on November 1, 2022.

**IDX Funds**

**IDX COMMODITY OPPORTUNITIES FUND**

**Investment Highlights (Unaudited)**

**December 31, 2022**

The IDX Commodity Opportunities Fund's primary investment objective seeks total return, which includes long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund's profile breakdown as of December 31, 2022 is listed below which may differ from the Portfolio of Investments which is listed by industry subgroup.

![](fp0082612_04.jpg)

\* Based on market value

**IDX Funds**

**IDX COMMODITY OPPORTUNITIES FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE TRADED FUNDS - 29.28%** |  |
|  | &nbsp;&nbsp;&nbsp;***Corporate - 13.69%*** |  |
| 7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx $ High Yield ETF | $566951 |
| 40688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Fallen Angel High Yield Bond ETF | 1099390 |
| 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | 554310 |
|  |  | 2220651 |
|  | &nbsp;&nbsp;&nbsp;***Energy -1.84%*** |  |
| 1571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Natural Resources ETF | 77350 |
| 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Oil Services ETF | 220436 |
|  |  | 297786 |
|  | &nbsp;&nbsp;&nbsp;***Global - 5.15%*** |  |
| 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Global Infrastructure ETF | 366720 |
| 11360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X MLP ETF | 469054 |
|  |  | 835774 |
|  | &nbsp;&nbsp;&nbsp;***Government -2.54%*** |  |
| 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Bloomberg 1-3 Month T-Bill ETF | 411615 |
|  | &nbsp;&nbsp;&nbsp;***Healthcare - 1.25%*** |  |
| 714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares U.S. Healthcare ETF | 202569 |
|  | &nbsp;&nbsp;&nbsp;***Large-Cap - 3.02%*** |  |
| 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 High Beta ETF | 68563 |
| 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Pure Growth ETF | 68225 |
| 5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P 500 Low Volatility ETF | 352153 |
|  |  | 488941 |
|  | &nbsp;&nbsp;&nbsp;***Mid-Cap - 1.19%*** |  |
| 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco S&P MidCap Pure Growth ETF | 95992 |
| 668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | 97481 |
|  |  | 193473 |
|  | &nbsp;&nbsp;&nbsp;***Small-Cap - 0.60%*** |  |
| 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares Ultra Small Cap 600 | 26995 |
| 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P Small Cap 600 Growh Index | 70828 |
|  |  | 97823 |
|  | **TOTAL EXCHANGE TRADED FUNDS (Cost $4,795,792)** | 4748632 |

---

---

| | | |
|:---|:---|:---|
| **Principal** |  | |
|  | **SHORT-TERM INVESTMENTS - 43.10%** |  |
|  | &nbsp;&nbsp;&nbsp;***Money Market Fund - 43.10%*** |  |
| $6988028 | &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Money Market Portfolio, Class X - 4.10% **<sup>(a)(b)</sup>** | 6988028 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,988,028)** | 6988028 |
|  | **TOTAL INVESTMENTS - 72.38% (Cost $11,783,820)** | 11736660 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 27.62% <sup>(c)</sup>** | 4478686 |
|  | **NET ASSETS - 100.00%** | $16215346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Security
exceeds 25% of the Fund's total investments. For further information on this security, available upon request at no charge, please
go to the Securities Exchange Commission's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** V ariable
rate security; the rate shown represents the seven day effective yield at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Deposits
with broker pledged as collateral for derivative contracts.

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

**IDX Funds**

**IDX COMMODITY OPPORTUNITIES FUND** 

**CONSOLIDATED SCHEDULE OF OPEN FUTURES CONTRACTS**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of** <br> **Contracts**  | **Expiration Date** | **Current Notional**<br> **Amount** | **Unrealized** <br> **Appreciation**  | **Unrealized** <br> **(Depreciation)**  |
| **PURCHASE CONTRACTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2-Yr T-Note Futures **<sup>(a)</sup>** | 5.00 | 3/24/2023 | $512695 | $463 | $- |
| &nbsp;&nbsp;&nbsp;Gold Futures **<sup>(a)(b)</sup>** | 1.00 | 2/24/2023 | 182620 | 3258 |  |
| &nbsp;&nbsp;&nbsp;Lean Hog Futures **<sup>(a)(b)</sup>** | 3.00 | 1/27/2023 | 105240 |  | (2303) |
| &nbsp;&nbsp;&nbsp;Live Cattle Futures **<sup>(a)(b)</sup>** | 2.00 | 2/17/2023 | 126320 | 705 |  |
| &nbsp;&nbsp;&nbsp;CBOE VIX Futures **<sup>(a)(b)</sup>** | 3.00 | 2/24/2023 | 73636 | - | (3110) |
| **TOTAL PURCHASE CONTRACTS** |  |  |  | 4426 | (5413) |
| **SALE CONTRACTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. 10 Yr T-Note Futures **<sup>(a)</sup>** | (2.00) | 3/24/2023 | (224594) | 904 |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond Futures **<sup>(a)</sup>** | (2.00) | 3/24/2023 | (250688) | 1622 |  |
| &nbsp;&nbsp;&nbsp;E-mini Nasdaq 100 Futures **<sup>(a)</sup>** | (3.00) | 3/24/2023 | (661335) | 34190 |  |
| &nbsp;&nbsp;&nbsp;Chicago SRW Wheat Futures **<sup>(a)(b)</sup>** | (2.00) | 3/24/2023 | (79200) |  | (3355) |
| &nbsp;&nbsp;&nbsp;Coffee Futures **<sup>(a)(b)</sup>** | (1.00) | 5/26/2023 | (62606) |  | (2403) |
| &nbsp;&nbsp;&nbsp;Corn Futures **<sup>(a)(b)</sup>** | (3.00) | 3/24/2023 | (101775) |  | (3720) |
| &nbsp;&nbsp;&nbsp;Cotton Futures **<sup>(a)(b)</sup>** | (1.00) | 3/24/2023 | (41685) |  | (1748) |
| &nbsp;&nbsp;&nbsp;Henry Hub Natural Gas Futures **<sup>(a)(b)</sup>** | (1.00) | 3/24/2023 | (41040) | 3218 |  |
| &nbsp;&nbsp;&nbsp;No. 11 Sugar Futures **<sup>(a)(b)</sup>** | (6.00) | 5/26/2023 | (125798) | 257 |  |
| &nbsp;&nbsp;&nbsp;RBOB Gasoline Futures **<sup>(a)(b)</sup>** | (1.00) | 3/24/2023 | (104089) |  | (3375) |
| &nbsp;&nbsp;&nbsp;Soybean Futures **<sup>(a)(b)</sup>** | (1.00) | 3/24/2023 | (76200) | - | (2640) |
| **TOTAL SALES CONTRACTS** |  |  |  | 40190 | (17240) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  | $44616 | $(22653) |
| **NET UNREALIZED APPRECIATION** | **NET UNREALIZED APPRECIATION** |  |  |  | $21963 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Chicago
Mercantile Exchange (''CME'') futures contracts settle on their respective maturity date. The unrealized
appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable
for unsettled open futures contracts on the Fund's Consolidated Statements of

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** All
or a portion of this investment is a holding of IDX Commodity Subsidiary.

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

**IDX Funds**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **IDX Risk-Managed** <br> **Bitcoin Strategy Fund**  | **IDX Commodity** <br> **Opportunities Fund**  |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Investments at cost: | $22086875 | $11783820 |
| &nbsp;&nbsp;&nbsp;Investments at value: | $22067701 | $11736660 |
| &nbsp;&nbsp;&nbsp;Deposit with brokers | 4039280 | 4420737 |
| &nbsp;&nbsp;&nbsp;Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 6412 | 19519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation of open futures contracts |  | 44616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 8728 | 14969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from advisor | 119791 | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 67429 | 19157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 26309341 | 16262380 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payables and accrued liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 92603 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to custodian | 146967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 7644 | 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation of open futures contracts |  | 22653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing payable |  | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 25861 | 10139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 273075 | 47034 |
| **NET ASSETS** | $**26036266** | $**16215346** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $26122570 | $16308716 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (86304) | (93370) |
| **NET ASSETS** | $**26036266** | $**16215346** |
| **Net Asset Value Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $**26036266** | $**16215346** |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized with no par value) | **3985622** | **1634712** |
| &nbsp;&nbsp;&nbsp;Net asset value, redemption price and offering price per share | $**6.53** | $**9.92** |

---

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

**IDX Funds**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **IDX Risk-Managed** <br> **Bitcoin Strategy Fund**  | **IDX Commodity** <br> **Opportunities Fund**  |
|  | <br> **Year Ended** <br> **12/31/2022**  | <br> **Period Ended** <br> **12/31/2022 <sup>(1)</sup>** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $331483 | $- |
| &nbsp;&nbsp;&nbsp;Dividends | 179096 | 61595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 510579 | 61595 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1136676 | 24599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 28149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting and administrative fees | 86234 | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 37900 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 22712 | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 2202 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 5000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 15515 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue sky fees | 34694 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 29753 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 38175 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 68079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 61449 | 6707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 92693 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1659231 | 59971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees waived | (229313) | (29601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET EXPENSES** | 1429918 | 30370 |
| **NET INVESTMENT INCOME / (LOSS)** | (919339) | 31225 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS, OPTIONS, SECURITIES SOLD SHORT AND FUTURES** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (475173) | (68712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 440729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (27082083) | (5793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (27116527) | (73155) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 20556 | (47160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (40123) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | - | 21963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation: | (19567) | (25197) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, SECURITIES SOLD SHORT AND FUTURES** | (27136094) | (98352) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(28055433)** | $**(67127)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** The
IDX Commodity Opportunities Fund commenced operations on November 1, 2022.

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

**IDX Funds**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **IDX Risk-Managed**<br> **Bitcoin Strategy Fund** | **IDX Risk-Managed**<br> **Bitcoin Strategy Fund** | **IDX Commodity** <br> **Opportunities Fund**  |
|  | **Year Ended** <br> **12/31/2022**  | **Period Ended** <br> **12/31/2021 <sup>(1)</sup>**  | **Period Ended** <br> **12/31/2022 <sup>(2)</sup>**  |
| **FROM OPERATIONS** |  |  |  |
| Net investment income/(loss) | $(919339) | $(97498) | $31225 |
| Net realized gain/(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (475173) | 381081 | (68712) |
| &nbsp;&nbsp;&nbsp;Written options |  |  | 1350 |
| &nbsp;&nbsp;&nbsp;Securities sold short | 440729 | 393 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (27082083) |  | (5793) |
| Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 20556 |  | (47160) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (40123) |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | - | - | 21963 |
| Net increase/(decrease) in net assets resulting from operations | (28055433) | 283976 | (67127) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid from earnings: | - | - | (32120) |
| Net decrease in net assets from distributions to shareholders | - | - | (32120) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 98779398 | 32218061 | 18101197 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  | 32120 |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer of net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (76919593) | (270143) | (1818724) |
| Net increase in net assets from shares of beneficial interest | 21859805 | 31947918 | 16314593 |
| **TOTAL INCREASE / (DECREASE) IN NET ASSETS** | (6195628) | 32231894 | 16215346 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 32231894 | - | - |
| &nbsp;&nbsp;&nbsp;End of year/period | $**26036266** | $**32231894** | $**16215346** |
| **SHARE ACTIVITY** |  |  |  |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11553767 | 3224582 | 1813804 |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  | **-** | 3238 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10765224) | (27503) | (182330) |
| Net increase in shares of beneficial interest outstanding | **788543** | **3197079** | **1634712** |
| **SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 3197079 | **-** | - |
| &nbsp;&nbsp;&nbsp;End of year/period | **3985622** | **3197079** | **1634712** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** The
IDX Risk-Managed Bitcoin Strategy Fund commenced operations on November 17, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** The
IDX Commodity Opportunities Fund commenced operations on November 1, 2022.

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

**IDX Funds**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period Presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **IDX Risk-Managed Bitcoin Strategy Fund** | **IDX Risk-Managed Bitcoin Strategy Fund** | **IDX Commodity** <br> **Opportunities Fund**  |
|  | **Year Ended** <br> **12/31/2022**  | **Period Ended** <br> **12/31/2021 <sup>(1)</sup>**  | **Period Ended** <br> **12/31/2022 <sup>(2)</sup>** |
| Net Asset Value, Beginning of Year/Period | $10.08 | $10.00 | $10.00 |
| From investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) **<sup>(3)</sup>** | (0.13) | (0.04) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investment activity | (3.42) | 0.12 | (0.09) |
| Total from investment operations | (3.55) | 0.08 | (0.06) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gain | - | - | - |
| Total distributions | - | - | (0.02) |
| Net Asset Value, End of Year/Period | $6.53 | $10.08 | $9.92 |
| Total Return | (35.19)% | 0.80% **<sup>(4)</sup>** | (0.61)% **<sup>(4)</sup>** |
| **Ratios/Supplemental Data:** |  |  |  |
| Net Asset Value, End of Year/Period (000s) | $26036 | $32232 | $16215 |
| Ratio of net expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waivers | 2.91% **<sup>(6)</sup>** | 4.52% **<sup>(5) (8)</sup>** | 3.63% **<sup>(5) (6)</sup>** |
| &nbsp;&nbsp;&nbsp;After waivers | 2.50% **<sup>(6)</sup>** | 3.08% **<sup>(5) (8)</sup>** | 1.84% **<sup>(5) (6)</sup>** |
| Ratio of net expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waivers | 2.79% **<sup>(7)</sup>** | 3.93% **<sup>(5) (9)</sup>** | 3.49% **<sup>(5) (7)</sup>** |
| &nbsp;&nbsp;&nbsp;After waivers | 2.39% **<sup>(7)</sup>** | 2.49% **<sup>(5) (9)</sup>** | 1.69% **<sup>(5) (7)</sup>** |
| Ratio of net investment income/(loss) to Average Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Before waivers | (2.01)% **<sup>(6)</sup>** | (4.51)% **<sup>(5) (8)</sup>** | 0.10% **<sup>(5) (6)</sup>** |
| &nbsp;&nbsp;&nbsp;After waivers | (1.61)% **<sup>(6)</sup>** | (3.07)% **<sup>(5) (8)</sup>** | 1.89% **<sup>(5) (6)</sup>** |
| Portfolio Turnover Rate | 1036.03% | 231.71% **<sup>(4)</sup>** | 176.26% **<sup>(4)</sup>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** The
Fund commenced operations on November 17, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** The
Fund commenced operations on November 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Net
investment income/(loss) per share represents net investment income/(loss) divided by the daily average shares of beneficial interest
outstanding through the period.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** Not
annualized.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** Expenses
to average net assets including shareholder servicing, interest, and dividend expense.

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** Expenses
to average net assets excluding shareholder servicing, interest, and dividend expense.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** Expenses
to average net assets including interest and dividend expense.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** Expenses
to average net assets excluding interest and dividend expense.

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

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

IDX Funds (the "Trust") was organized on May 29, 2015 as a Delaware statutory trust. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). 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 ("ASC") Topic 946, Financial Services-Investment Companies. The IDX Risk-Managed Bitcoin Strategy Fund and the IDX Commodity Opportunities Fund (individually a "Fund" and collectively the "Funds") are each a series within the Trust. The Funds are each non-diversified funds.

The **IDX Risk-Managed Bitcoin Strategy Fund's** primary investment objective seeks long-term capital appreciation. In order to achieve their investment objective, the Fund seeks long-term capital appreciation through actively managed exposure to bitcoin futures contracts. The Fund does not invest in bitcoin or other digital assets directly or through other funds. Additionally, the Fund does not invest in, or seek exposure to, the current "spot" or cash price of Bitcoin.

The **IDX Commodity Opportunities Fund's** primary investment objective seeks total return, which includes long-term capital appreciation. The Fund pursues its investment objective by investing globally across a wide range of asset classes, including commodities, equities, fixed income, and currencies, and may take both long and short positions in each of the asset classes or Instruments (as defined below). The Adviser expects that the Fund will predominantly invest in long and short derivative positions within commodities, but it will make strategic allocations to other asset classes as it deems appropriate. The Fund has the flexibility to shift its allocation across asset classes and markets around the world based on the investment adviser's assessment of their relative attractiveness. This means the Fund may concentrate its investments in any one asset class or geographic region, subject to any limitations imposed by the federal securities and tax laws, including the Investment Company Act of 1940.

The Funds' investment adviser is IDX Advisors, LLC (the "Adviser" or "Management").

**Wholly-owned and Controlled Subsidiaries**

In order to achieve their investment objectives, the Funds each invest up to 25% of their total assets (measured at the time of purchase) in wholly-owned subsidiaries, IDX Bitcoin Subsidiary ("IDXBS") and IDX Commodity Subsidiary ("IDXCS"), respectively (collectively the "Subsidiaries"); each company is incorporated under the laws of the Cayman Islands. IDXBS and IDXCS commenced operations on November 17, 2021 and November 1, 2022, respectively, each as an exempted Cayman Islands company with limited liability. The Subsidiaries act as investment vehicles in order to enter into certain investments for the Subsidiaries, consistent with their investment objectives and policies specified in the Prospectuses and Statement of Additional Information.

As of December 31, 2022, investments in the Subsidiaries represented 15.17% and 9.17% of the total net assets of IDX Risk-Managed Bitcoin Strategy Fund and IDX Commodity Opportunities Fund, respectively. See Note 2.

**Share Classes**

Each Fund has two classes of shares, Investor Class Shares and Institutional Class Shares. The IDX Risk-Managed Bitcoin Strategy Fund's Institutional Class Shares commenced operations on November 17, 2021. The IDX Commodity Opportunities Fund's Institutional Class Shares commenced operations on November 1, 2022. The Investor Class Shares have yet to commence operations for either Fund.

Income and realized/unrealized gains or losses are allocated to each class of each Fund on the basis of the net asset value of each class in relation to the net asset value of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of the significant accounting policies followed by the Funds in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Security Valuation – All investments in securities are recorded at fair value, as described in note 3.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Cryptocurrency
 Risk - Cryptocurrency (notably, Bitcoin), often referred to as "virtual currency"
 or "digital currency," operates as a decentralized, peer-to-peer financial
 exchange and value storage that is used like money. The IDX Risk-Managed Bitcoin Strategy
 Fund may have exposure to Bitcoin, a cryptocurrency, indirectly through an investment
 in an investment vehicle. Cryptocurrencies operate without central authority or banks
 and is not backed by any government. Cryptocurrencies may experience very high volatility
 and related investment vehicles may be affected by such volatility. Cryptocurrency is
 not legal tender. Federal, state or foreign governments may restrict the use and exchange
 of cryptocurrency, and regulation in the U.S. is still developing. Cryptocurrency exchanges
 may stop operating or permanently shut down due to fraud, technical glitches, hackers
 or malware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Commodity
 Investments – The IDX Commodity Opportunities Fund may allocate assets among various
 commodity sectors (including agricultural, energy, livestock, softs (e.g., non-grain
 agricultural products such as coffee, sugar, cocoa, etc.) and precious and base metals).
 The Fund will obtain exposure to commodity sectors by investing in commodity-linked Derivatives,
 directly or through the Subsidiary, not through direct investments in physical commodities.
 Certain investments such as commodity pools are measured based upon NAV as a practical
 expedient to determine fair value and are not required to be categorized in the fair
 value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Exchange
 Traded Funds – The Funds may invest in Exchange Traded Funds ("ETFs").
 ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like
 common stock and represents a portfolio of securities. The Funds may purchase an ETF
 to gain exposure to a specific asset class. The risks of owning an ETF generally reflect
 the risks of owning the underlying securities they are designed to track, although the
 lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs
 have fees and expenses that reduce their value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Futures
 Contracts - The Funds use of futures involves risks different from, or possibly greater
 than, the risks associated with investing directly in securities and other traditional
 investments. These risks include (i) leverage risk (ii) risk of mispricing or improper
 valuation; and (iii) the risk that changes in the value of the futures contract may not
 correlate perfectly with the reference asset. Investments in futures involve leverage,
 which means a small percentage of assets invested in futures can have a disproportionately
 large impact on the Funds. Counterparty credit risk exists with respect to initial and
 variation margin deposited/paid by the Fund that is held in futures commission merchant,
 broker and/or clearinghouse accounts for such exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Short
 Sales of Investments – The Funds may engage in short sales of securities to realize
 appreciation when a security that the Funds do not own declines in value. A short sale
 is a transaction in which a fund sells a security it does not own to a third party by
 borrowing the security in anticipation of purchasing the same security at the market
 price on a later date to close out the borrow and thus the short position. The price
 a fund pays at the later date may be more or less than the price at which the fund sold
 the security. If the price of the security sold short increases between the short sale
 and when the fund closes out the short sale, the fund will incur a loss, which is theoretically
 unlimited. The Funds will realize a gain, which is limited to the price
at which the fund sold the security short if the security declines in value between those dates. Dividends on securities sold
short are recorded as dividend expense for short sales in the Consolidated Statements of Operations. While the short positions
is open, the Funds will post cash or liquid assets at least equal in value to the fair value of the securities should short.

Interest related to the loan is included in interest expense for short sales in the Consolidated Statements of Operations. All collateral is marked to market daily. The Funds may also be required to pledge on the books of the Funds' additional assets for the benefit of the security and cash lender. Risk of loss may exceed amounts recognized on the Consolidated Statements of Assets and Liabilities. Short positions, if any, are reported at value and listed on the Funds' Consolidated Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Options
 on Securities - The Funds may purchase and write (i.e., sell) put and call options. Such
 options may relate to particular securities or stock indices and may or may not be listed
 on a domestic or foreign securities exchange and may or may not be issued by the Options
 Clearing Corporation. Option trading is a highly specialized activity that entails greater
 than ordinary investment risk. Options may be more volatile than the underlying instruments,
 and therefore, on a percentage basis, an investment in options may be subject to greater
 fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

A fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) U.S.
 Government Securities - The Funds also engage in investing its assets in U.S. government
 securities. Risks arise from investments in U.S. government securities due to possible
 market illiquidity. U.S. government securities are also sensitive to changes in interest
 rates and economic conditions. The Funds have established procedures to actively monitor
 market risk and minimize credit risk, although there can be no assurance that they will,
 in fact, succeed in doing so. The global outbreak of COVID-19 (commonly referred to as
 "coronavirus") has disrupted economic markets and the prolonged economic
 impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term
 impact on economies, markets, industries and individual issuers, are not known. The operational
 and financial performance of the issuers of securities in which the Funds invest depends
 on future developments, including the duration and spread of the outbreak, and such uncertainty
 may in turn adversely affect the value and liquidity of the Funds' investments,
 impair the Funds' ability to satisfy redemption requests, and negatively impact
 the Funds' performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Consolidation
 of the Subsidiaries – The Consolidated Financial Statements of the IDX Risk-Managed
 Bitcoin Strategy Fund and IDX Commodity Opportunities Fund each include the investment
 activity and financial statements of IDXBS and IDXCS, respectively. All intercompany
 accounts and transactions have been eliminated in consolidation. Because each Fund may
 invest a substantial portion of its assets in its respective subsidiary, the Funds may
 be considered to be investing indirectly in some of those investments through its Subsidiaries.
 For that reason, references to the Funds' may also encompass its subsidiary. The
 Subsidiaries will be subject to the same investment restrictions and limitations, and
 follow the same compliance policies and procedures, as the Funds when viewed on a consolidated
 basis. Each Fund and its subsidiary are a "commodity pool" under the U.S.
 Commodity Exchange Act and the Adviser is a "commodity pool operator" registered
 with and regulated by the Commodity Futures Trading Commission ("CFTC").
 As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations
 apply with respect to each Fund and its respective subsidiary under CFTC and the U.S.
 Securities and Exchange Commission (the "SEC") harmonized regulations. As
 of December 31, 2022, IDXBS had net assets of $3,949,358 comprising 15.17% of the net
 assets and IDXCS had net assets of $1,487,740 comprising 9.17% of the net assets of IDX
 Risk-Managed Bitcoin Strategy Fund and IDX Commodity Opportunities Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Non-Diversified
 Fund Risk – A non-diversified fund's greater investment in a single issuer
 makes the Funds more susceptible to financial, economic or market events impacting such
 issuer. A decline in the value of or default by a single investment may have a greater
 negative effect than a similar decline or default by a single security in a diversified
 portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Federal
 Income Taxes – The Funds have qualified and intends to continue to qualify as a
 regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
 as amended (the "Code"). It is the policy of the Funds to comply with the
 requirements of the Code applicable to regulated investment companies and to distribute
 substantially all of its net investment company taxable income and net capital gains.
 Therefore, no provision for federal income taxes is required. The Funds recognize tax
 benefits of uncertain tax positions only where the position is more-likely-than-not to
 be sustained assuming examination by tax authorities.

Management has analyzed the Funds' tax positions taken on all open tax years and expected to be taken as of and during the year/period ended December 31, 2022, and has concluded that the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. During the year/period ended December 31, 2022, the Funds did not incur any interest or penalties. The Funds identify its major tax jurisdictions as U.S. Federal and State of Delaware.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES (Continued)** 

For tax purposes, the Funds' Subsidiaries are exempted Cayman Islands investment companies. The Subsidiaries have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiaries are a Controlled Foreign Corporations ("CFCs") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of each CFC, to the extent of its earnings and profits, will be included each year in the respective Funds' investment company taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Cash
 and Cash Equivalents – Cash is held with a financial institution. The assets of
 the Funds may be placed in deposit accounts at U.S. banks and such deposits generally
 exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The
 FDIC insures deposit accounts up to $250,000 for each account holder. The counterparty
 is generally a single bank rather than a group of financial institutions; thus there
 may be a greater counterparty credit risk. The Funds place deposits only with those counterparties
 which are believed to be creditworthy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) Distributions
 to Shareholders – Dividends from net investment income and distributions of net
 realized capital gains, if any, will be declared and paid at least annually. Income and
 capital gain distributions, which are determined in accordance with income tax regulations,
 are recorded on the ex-dividend date. GAAP requires that permanent financial reporting
 differences relating to shareholder distributions be reclassified to paid-in capital
 or net realized gains. See note 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) Expenses
 – Expenses incurred by the Trust that do not relate to a specific Fund of the Trust
 may be allocated equally across all Funds of the Trust, or to the individual Fund based
 on each Fund's relative net assets or another basis (as determined by the Board),
 whichever method is deemed appropriate as stated in the Trust's expense allocation
 policy. Expenses incurred specific to a particular Fund are allocated entirely to that
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) Use
 of Estimates – The preparation of financial statements in conformity with GAAP
 requires management to make estimates and assumptions that affect the reported amounts
 of assets and liabilities and disclosure of contingent assets and liabilities at the
 date of the financial statements and the reported amounts of increase/decrease in net
 assets from operations during the reporting period. Actual results could differ from
 those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) Other
 – Investment and shareholder transactions are recorded on trade date. The Funds
 determines the gain or loss realized from the investment transactions by comparing the
 identified cost of the security lot sold with the net sales proceeds. Dividend income
 is recognized on the ex-dividend date or as soon as information is available to the Funds
 and interest income is recognized on an accrual basis and includes the amortization /
 accretion of premiums and discounts based on effective yield. Withholding taxes on foreign
 dividends have been provided for in accordance with the Funds' understanding of
 the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) Guarantees
 and Indemnifications – In the normal course of business, the Funds enter into contracts
 with service providers that contain general indemnification clauses. The Funds'
 maximum exposure under the arrangement is unknown and would involve future claims against
 the Fund that have not yet occurred. Based on experience, the Funds expects the risk
 of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT VALUATIONS** 

**Processes and Structure**

The Funds' Board of Trustees (the "Board") has adopted guidelines for valuing investments and derivative instruments including in circumstances in which market quotes are not readily available and has delegated authority to the Adviser to apply those guidelines in determining fair value prices, subject to review by the Board.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT VALUATIONS (Continued)** 

**Hierarchy of Fair Value Inputs**

The Funds utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

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

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

● Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Fair Value Measurements**

A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities - Securities traded on a national securities exchange (or reported on the NASDAQ national market), including common stock, ETFs, and options purchased, are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American depositary receipts, financial futures, ETFs, and the movement of certain indexes of securities based on a statistical analysis of the historical relationship and are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

Fixed Income Securities - Fixed income securities and certificates of deposit with maturities more than 60 days when acquired generally are valued using an evaluated price supplied by an independent pricing service. Inputs used by the pricing service for U.S. government and treasury securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker dealer quotes, yields, bids, offers and reference data. Agency issued debt securities, foreign issued bonds and municipal bonds are generally valued in a manner similar to U.S. government securities. Evaluations for corporate bonds are typically based on valuation methodologies such as market pricing and other analytical pricing models as well as market transactions and dealer quotations based on observable inputs. Fixed income securities are generally categorized in Level 2 of the fair value hierarchy depending on inputs used and market activity levels for specific securities.

Money Market Funds – Money market funds are valued at their net asset value of $1.00 per share and are categorized as Level 1 of the fair value hierarchy.

Derivative Instruments – Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Certain investments such as commodity pools are measured based upon NAV as a practical expedient to determine fair value and are not required to be categorized in the fair value hierarchy.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT VALUATIONS (Continued)** 

The following table summarizes the IDX Managed-Risk Bitcoin Strategy Fund's consolidated investments and other financial instruments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options **<sup>(b)</sup>** | $47000 | $- | $- | $47000 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments **<sup>(b)</sup>** | 1121892 | 20898809 | - | 22020701 |
| **Total Investments** | $1168892 | $20898809 | $- | $22067701 |

---

**<sup>(a)</sup>** As of and during the year ended December 31, 2022, the Fund held no securities that were considered to be "Level 3" securities (those valued using significant unobservable inputs).

**<sup>(b)</sup>** All purchased options and money market funds held in the Fund are Level 1 securities. All U.S. treasury bills held in the Fund are Level 2 securities. For a detailed break-out of common stock by industry, please refer to the Consolidated Schedule of Investments.

The following table summarizes the IDX Commodity Opportunities Fund's consolidated investments and other financial instruments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds **<sup>(b)</sup>** | $4748632 | $- | $- | $4748632 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments **<sup>(b)</sup>** | 6988028 | - | - | 6988028 |
| **Total Investments** | $11736660 | $- | $- | $11736660 |
| **Futures Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation of open futures contracts | $44616 | $- | $- | $44616 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation of open futures contracts | (22653) | - | - | (22653) |
| **Total Futures Contracts** | 21963 | - | - | 21963 |
| **Total Other Financial Instruments** | $21963 | $- | $- | $21963 |

---

**<sup>(a)</sup>** As of and during the period ended December 31, 2022, the Fund held no securities that were considered to be "Level 3" securities (those valued using significant unobservable inputs).

**<sup>(b)</sup>** All equity securities and money market funds held in the Fund are Level 1 securities. For a detailed break-out of common stock by industry, please refer to the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **DERIVATIVE TRANSACTIONS** 

The Funds may buy or sell futures to increase exposure to the market, hedge market exposure of an existing portfolio, or decrease overall market exposure. The Adviser may invest in futures in this way to achieve a desired portfolio exposure. The Funds currently invest only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker) and are recorded within Deposit with Brokers on the Consolidated Statements of Assets and Liabilities. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statements of Assets and Liabilities. When the contracts are closed or expire, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds' basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statements of Operations.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **DERIVATIVE TRANSACTIONS (Continued)** 

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Consolidated Statements of Assets and Liabilities as of December 31, 2022, for the IDX Managed-Risk Bitcoin Strategy Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** | **Average Monthly Notional Value During the Year Ended** |
| **Type of Derivative** | **Commodity Risk** | Asset<br> Derivatives | Liability<br> Derivatives | **<br> December <br> **31, 2022 <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Put Options Purchased | Equity - Investment at Value | $47000 | $- | $135200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Contracts | Unrealized appreciation/depreciation of open future contracts |  |  | 12289188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The
Fund considers the average monthly notional amounts during the year, categorized by primary underlying risk, to be representative
of its derivate activities for the year ended December 31, 2022. The fund only had long future contract activity during the year
ended December 31, 2022. No future contracts were held by the Fund as of December 31, 2022.

For the year ended December 31, 2022, financial derivative instruments had the following effect on the Consolidated Statement of Operations for the IDX Managed-Risk Bitcoin Strategy Fund:

---

| | | |
|:---|:---|:---|
| **Type of Derivative** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation /<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Put Options Purchased | $- | $(23109) |
| &nbsp;&nbsp;&nbsp;Future Contracts | (27082083) | - |
| **Total** | $(27082083) | $(23109) |

---

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Consolidated Statements of Assets and Liabilities as of December 31, 2022 for the IDX Commodity Opportunities Fund was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value** | **Fair Value** | **Average Monthly Notional Value During the Period Ended** |
| **Type of Derivative** | **Commodity Risk** | Asset<br> Derivatives | Liability<br> Derivatives | **<br> **December**<br> **31, 2022 <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Call Options Written | Equity - Investments at Value | $- | $- | $75270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Contracts | Unrealized appreciation/depreciation of open future contracts | 44616 | (22653) | See note (a) below. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The
Fund considers the average monthly notional amounts during the period, categorized by primary underlying risk, to be representative
of its derivate activities for the period ended December 31, 2022. The Fund had average monthly notional value of $876,421 and
$1,146,234 for long future contracts and short future contracts, respectively, for the period ended December 31, 2022.

For the period ended December 31, 2022, financial derivative instruments had the following effect on the Consolidated Statement of Operations for the IDX Commodity Opportunities Fund:

---

| | | |
|:---|:---|:---|
| **Type of Derivative** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation /<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Call Options Written | $1350 | $- |
| &nbsp;&nbsp;&nbsp;Future Contracts | (5793) | 21963 |
| **Total** | $(4443) | $21963 |

---

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **INVESTMENT TRANSACTIONS** 

For the year/period ended December 31, 2022, aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **All Other** | **All Other** |
| | **Purchases** | **Sales** | **Purchases** | **Sales** |
| IDX Risk-Managed Bitcoin Strategy Fund | $220832503 | $(199099539) | $22233200 | $(26512142) |
| IDX Commodity Opportunities Fund | $- | $- | $9516378 | $(4651789) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS** 

The Funds have entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the operations of the Funds and manages the Funds' investments in accordance with the stated policies of each Fund. As compensation for the investment advisory services provided to the Funds, the Adviser receives a monthly management fee equal to an annual rate of the Funds' net assets as follows:

---

| | | |
|:---|:---|:---|
| | **Management<br> Fee Rate** | **Management<br> Fees Accrued** |
| IDX Risk-Managed Bitcoin Strategy Fund | 1.99% | $1136676 |
| IDX Commodity Opportunities Fund | 1.49% | $24599 |

---

The Adviser has entered into an Expense Limitation Agreement with the Funds under which it has agreed to waive its fees and reimburse expenses of the Funds, if necessary, in an amount that limits the Funds' annual operating expenses (exclusive of interest, borrowing expenses, distribution fees pursuant to Rule 12b-1 plan, shareholder service fees pursuant to a shareholder service plan, taxes, acquired fund fees and expenses, brokerage fees and commissions, dividend expenses on short sales, litigation expenses, other expenditures which are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Funds' business) to not more than 2.49% and 1.79% for the IDX Risk-Managed Bitcoin Strategy Fund and IDX Commodity Opportunities Fund, respectively, through at least April 30, 2024. During the year/period ended December 31, 2022, the Adviser waived fees as follows:

---

| | | |
|:---|:---|:---|
| | **Expense<br> Limitation<br> Rate** | **Management<br> Fees Waived** |
| IDX Risk-Managed Bitcoin Strategy Fund | 2.49% | $(229313) |
| IDX Commodity Opportunities Fund | 1.79% | $(29601) |

---

Subject to approval by the Funds' Board of Trustees, any waiver or reimbursement under the Expense Limitation Agreement is subject to repayment by the Funds within the three fiscal years following the date of such waiver provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

As of December 31, 2022, the cumulative unreimbursed amounts paid and/or waived by the Adviser on behalf of the Funds that may be recouped no later than the date stated below are as follows:

---

| | | |
|:---|:---|:---|
| | **Subject to Recovery on or <br>Before Fiscal Year Ending <br>December 31,** | **Management Fees <br>Waived Subject to <br>Recovery** |
| IDX Risk-Managed Bitcoin Strategy Fund | 2025 | $(229313) |
|  | 2024 | (46663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: |  | $(275976) |
| IDX Commodity Opportunities Fund | 2025 | $(29601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total: |  | $(29601) |

---

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ADVISORY FEES AND OTHER RELATED PARTY TRANSACTIONS (Continued)** 

The Funds have entered into a Master Services Agreement ("Services Agreement") with Gryphon Fund Group, LLC ("Gryphon"). Under the Services Agreement, Gryphon is responsible for a wide variety of functions, including but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Fund's portfolio investments; (d) pricing the Fund's shares; (e) assistance in preparing tax returns; and (f) preparation and filing of required regulatory reports. Certain officers of the Trust are also employees or officers of Gryphon. For the year/period ended December 31, 2022, the IDX Risk-Managed Bitcoin Strategy Fund and IDX Commodity Opportunities Fund incurred fees pursuant to the Services Agreement in the amount of $124,134 and $14,454, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **TAX MATTERS** 

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized depreciation of investments on December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Depreciation** |
| IDX Risk-Managed Bitcoin Strategy Fund | $22086875 | $3934 | $(23108) | $(19174) |
| IDX Commodity Opportunities Fund | $11832790 | $11601 | $(107731) | $(96130) |

---

The Funds' tax basis distributable earnings are determined only at the end of each fiscal year. As of December 31, 2022, the components of accumulated loss presented on an income tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Other<br> Accumulated<br> Earnings** | **Net Unrealized<br> Depreciation** | **Total<br> Accumulated<br> Loss** |
| IDX Risk-Managed Bitcoin Strategy Fund | $– $|  | $(67130) | $(19174) | $(86304) |
| IDX Commodity Opportunities Fund | $– $| 9112 | $(6352) | $(96130) | $(93370) |

---

Undistributed income or net realized gains for financial statement purposes may differ from amounts recognized for federal income tax purposes due to differences in the recognition and characterization of income, expense, and capital gain items. The primary difference between book basis and tax basis undistributed ordinary income, undistributed long-term capital gains, unrealized appreciation/(depreciation), and other accumulated earnings relates to the tax amortization of organizational costs, deferral of losses due to wash sales, and tax adjustments related to the Funds' investments in their Subsidiaries.

Under current law, capital losses and specified gains realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. For the current period, the Funds did not elect to defer any post-October and late year losses.

As of December 31, 2022, the Funds had the following capital loss carryforwards for federal income tax purposes available to offset future capital gains:

---

| | | | |
|:---|:---|:---|:---|
| | **Capital Loss Carryover** | **Capital Loss Carryover** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Year of**<br>**Expiration** |
| IDX Risk-Managed Bitcoin Strategy Fund | $82985 | $- | Indefinitely |
| IDX Commodity Opportunities Fund | $- | $- | Indefinitely |

---

In accordance with GAAP, the Funds may record reclassifications in the capital accounts, if necessary. These reclassifications have no impact on the net asset value of the Funds and are designed generally to present total distributable earnings and paid-in capital on a tax basis which is considered to be more informative to the shareholder. the following reclassifications were made as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Total Distributable<br> Earnings / (Accumulated<br> Losses)** | **Paid-in Capital** |
| IDX Risk-Managed Bitcoin Strategy Fund | $27666457 | $(27666457) |
| IDX Commodity Opportunities Fund | $5877 | $(5877) |

---

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Notes to the Consolidated Financial Statements**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **TAX MATTERS (Continued)** 

The Funds' reclassifications are primarily attributable to the net operating loss forfeiture, non-deductible expenses, and the Funds' investment in their Subsidiaries.

There were no distributions paid by the IDX Risk-Managed Bitcoin Strategy Fund during the period/year ended December 31, 2021 and December 31, 2022. During the period ended December 31, 2022, the IDX Commodity Opportunities Fund paid the following distributions:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long Term<br> Capital Gains** | **Total** |
| IDX Commodity Opportunities Fund | $32120 | $– $– $| 32120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Trust may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **MARKET DISRUPTION AND GEOPOLITICAL EVENTS** 

Geopolitical and other events, such as war, terrorist attacks, natural disasters, epidemics, or pandemics could result in unplanned or significant securities market closures, volatility or declines. Russia's recent military invasion of Ukraine and the resulting broad-ranging economic sanctions imposed by the United States and other countries, as well as the ongoing COVID-19 pandemic, may continue to disrupt securities markets and adversely affect global economies and companies, thereby decreasing the value of the Funds' investments. Additionally, sudden or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, industries, or companies, which could reduce the value of the Funds' investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **SUBSEQUENT EVENTS** 

As of December 31, 2022, Management has evaluated the impact of all other subsequent events of the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

---

| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

---

**Additional Information**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **PROXY VOTING POLICIES AND VOTING RECORD** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-216-329-4271; and on the Commission's website at <u>http://www.sec.gov</u>.

Information regarding how the Funds vote proxies relating to portfolio securities during the most recent period ended December 31, 2022 is available without charge, upon request, by calling 1-216-329-4271; and on the Commission's website at <u>http://www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PORTFOLIO HOLDINGS** 

The Funds files its complete schedules of portfolio holdings with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Forms N-PORT will be available on the Commission's website at <u>http://www.sec.gov</u>. The Funds' Forms N-PORT may be reviewed and copied at the Commission's Public Reference Room in Washington, DC. Information on the operation of the Commission's Public Reference Room may be obtained by calling 1-800-SEC-0330.

![](fp0082612_05.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of IDX Risk-Managed Bitcoin Strategy Fund and IDX Commodity Opportunities Fund and Board of Trustees of IDX Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments and open futures contracts, of IDX Funds comprising the funds listed below (the "Funds") as of December 31, 2022, the related consolidated statements of operations and changes in net assets, the related notes, and the consolidated financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Consolidated<br> Statements of<br> Operations | Consolidated<br> Statements of<br> Changes in Net<br> Assets | Financial Highlights |
| IDX Risk-Managed Bitcoin Strategy Fund | For the year ended December 31, 2022 | For the year ended December 31, 2022 and for the period from November 17, 2021 (commencement of operations) through December 31, 2021 | For the year ended December 31, 2022 and for the period from November 17, 2021 (commencement of operations) through December 31, 2021 |
| IDX Commodity Opportunities Fund | For the period from November 1, 2022 (commencement of operations) through December 31, 2022 | For the period from November 1, 2022 (commencement of operations) through December 31, 2022 | For the period from November 1, 2022 (commencement of operations) through December 31, 2022 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

COHEN & COMPANY, LTD.

800.229.1099 \| 866.818.4538 fax \| cohencpa.com

Registered with the Public Company Accounting Oversight Board

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](fp0082612_06.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 1, 2023

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

**Trustees and Officers**

**December 31, 2022**

The Trustees are responsible for the management and supervision of the Fund. The Trustees approve all significant agreements between the Trust, on behalf of the Fund, and those companies that furnish services to the Fund; review performance of the Fund; and oversee activities of the Fund. The Statement of Additional Information of the Trust includes additional information about the Fund's Trustees and is available upon request, without charge, by calling 888-553-4233.

Following are the Trustees and Officers of the Trust, their year of birth and address, their present position with the Trust, and their principal occupation during the past five years. As described above under "Description of the Trust", each of the Trustees of the Trust will generally hold office indefinitely. The Officers of the Trust will hold office indefinitely, except that: (1) any Officer may resign or retire and (2) any Officer may be removed any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal. In case a vacancy or an anticipated vacancy on the Board of Trustees shall for any reason exist, the vacancy shall be filled by the affirmative vote of a majority of the remaining Trustees, subject to certain restrictions under the 1940 Act. Those Trustees who are "interested persons" (as defined in the 1940 Act) by virtue of their affiliation with either the Trust or the Adviser, are indicated in the table. The address of each trustee and officer is 3900 Park East Drive, Beachwood, OH 44112.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Length**<br> **of**<br> **Service** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number**<br> **of Series**<br> **Overseen** | **Other Directorships**<br> **During Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kelley J. Brennan - 1942 | Trustee | Since <br> 2015 | Retired; Partner, PricewaterhouseCoopers LLP (an accounting firm) (1981-2002). | Two |  |
| Tobias Caldwell - 1967<br>| Trustee | Since <br> 2016 | Managing Member, Genovese Family Enterprises, LLC (family office) (1999-present); Managing Member, PTL Real Estate LLC (real estate/investment firm) (2000-9/2019); Manager Member, Bear Properties, LLC (real estate firm) (2006-present). | Two | AlphaCentric Prime Meridian Income Fund (2018-present); Strategy Shares (2016-present) (3 funds); Mutual Fund & Variable Insurance Trust (2010-present) (13 funds); Mutual Fund Series Trust, comprised of 40 funds (2006-present) |
| Nicolas Carmi – 1966 | Trustee | Since <br> 2021 | Head of Financial Markets, BitGo Holdings (2019-present); Managing Director Global Head of FICC, Tower Research Capital, LLC (2015-2019) | Two |  |

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)**<br> **Held with**<br> **Trust** | **Length**<br> **of**<br> **Service** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number**<br> **of Series**<br> **Overseen** | **Other Directorships**<br> **During Past 5 Years** |
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| Christopher MacLaren - 1978 | President | Since<br> 2021 | Managing Member of Gryphon Fund Group, LLC (2021-present); Managing Director of Fund Administration and Accounting, Winbridge Partners, LLC (2018-2021); Member and Director of Fund Accounting and Fund Administration, FSM Fund Administration, LLC (2016-2018) | Two | Treasurer, Leader Funds Trust since 2022. |
| Dennis Mason - 1976 | Chief<br> Compliance<br> Officer | Since <br> 2022 | Senior Compliance Officer, Key Bridge Compliance, LLC since April 2021. Fund Compliance Officer, Apex Fund Services, July 2013 until April 2021. | N/A | N/A |
| Gordon M. Jones - 1988 | Treasurer | Since<br> 2021 | Member of Gryphon Fund Group, LLC (2021-Present); Director of Fund Administration and Tax, Winbridge Partners, LLC (2020-2021); Senior Tax Manager, Cohen & Company, Ltd (2010-2020). | N/A | N/A |
| Bo J. Howell - 1981 | Secretary | Since<br> 2021 | Managing Director, FinTech Law, LLC (2022-present); Partner, Strauss Troy Co., LPA (2020 – 2022); CEO of Joot (2018-present); Partner, Practus LLP (2018-2020); Director of Fund Administration, Ultimus Fund Solutions, LLC (2014-2018) | N/A | CCO Technology, LLC (d/b/a Joot) (since 2020) |
| Brandon Byrd - 1981 | Anti-<br> Money<br> Laundering<br> Officer | Since<br> 2022 | Director of Transfer Agency, Gryphon Fund Group, LLC (2021-Present); Byrd Consulting, LLC (2021-2022); Chief Operating Officer, M3Sixty Administration, LLC, (2013-2021); AML Compliance Officer | N/A | N/A |

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

Officers of the Trust and Trustees who are "interested persons" of the Trust or the Adviser will receive no salary or fees from the Trust. Officers of the Trust and interested Trustees do receive compensation directly from certain service providers to the Trust. Each Trustee who is not an "interested person" receives an annual retainer of $12,000, payable in quarterly installments, plus a fee of either (1) $1,000 per fund for each board and committee meeting attended by the independent trustee or (2) $250 per fund for each telephonic board or committee meeting attended by the independent trustee which lasts less than one hour. The Trust will also reimburse each Trustee for travel and other expenses incurred in connection with, and/or related to, the performance of their obligations as a Trustee. Officers of the Trust will also be reimbursed for travel and other expenses relating to their attendance at Board meetings.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee<sup>1</sup>** | **Aggregate**<br> **Compensation**<br> **From the Fund<sup>2</sup>** | **Pension or Retirement**<br> **Benefits Accrued As**<br> **Part**<br> **of Portfolio Expenses** | **Estimated Annual**<br> **Benefits Upon**<br> **Retirement** | **Total Compensation**<br> **From all Series of the**<br> **IDX Funds Paid to**<br> **Trustees<sup>2</sup>** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kelley Brennan | $20000 |  |  | $20000 |
| Nicolas Carmi | 20000 |  |  | 20000 |
| Tobias Caldwell | 20000 |  |  | 20000 |
| **Officer** | **Officer** | **Officer** | **Officer** | **Officer** |
| Christopher MacLaren |  | Not Applicable | Not Applicable |  |

---

<sup>1</sup> Each of the Trustees serves as a Trustee to each Series of the Trust.

<sup>2</sup> Figures are for the period ended December 31, 2022.

Please note that additional information about the trustees is included in the Statement of Additional Information.

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has established a liquidity risk management program (the "Liquidity Program") that is reasonably designed to assess and manage the Fund's liquidity risk, which generally represents the risk that the Fund could not meet redemption requests without significant dilution of remaining investors' interests. The Board has appointed Gryphon Fund Group, LLC ("Gryphon"), as the administrator of the Liquidity Program. As administrator, Gryphon is responsible for overseeing the daily operations of the Liquidity Program, and annually assessing, managing, and reviewing with the Board the liquidity risk of each series in the Trust. Gryphon works with the Fund's investment adviser, as necessary, to execute the Liquidity Program and address issues as they arise.

The Liquidity Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund cannot timely meet its redemption obligations. The Liquidity Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the periodic classification and reclassification of its investments into categories that reflect each investment adviser's assessment of the Fund's relative liquidity under current market conditions. Under the Liquidity Program, every investment held by the Fund is classified at least monthly into one of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in current market conditions without significantly changing the investment's market value.

As required by the Liquidity Rule, at a meeting held on January 20, 2022, Gryphon presented an annual assessment to the Board that addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including any material changes to the Liquidity Program and the determination of each Fund's Highly Liquid Investment Minimum ("HLIM"). The annual assessment included consideration of the following factors, as applicable:

● the Fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, including whether the investment strategy is appropriate for an open-end fund;

● the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers;

● the use of borrowings and derivatives for investment and redemption purposes;

● short-term and long-term cash flow projections covering both normal and reasonably foreseeable stressed conditions; and holdings of cash and cash equivalents

For each series in the Trust, the annual assessment incorporated a report related to each Fund's holdings, shareholder and portfolio concentration, any borrowings during the period, cash flow projections, and other relevant data for the period of January 1, 2022 through December 31, 2022. The report described the methodology for classifying each Fund's investments (including derivative transactions) into one of four liquidity categories, as well as the percentage of each Fund's investments assigned to each category. It also explained the methodology for establishing a Fund's HLIM and noted that the investment adviser reviews the HLIM assigned to each Fund no less frequently than annually.

During the period, Gryphon noted that portfolio composition and client base during the period were the key factors that impacted liquidity risk.

During the assessment period, the Board did not approve any material changes to the program.

For the Trust, certain provisions of the Liquidity Program initially became effective on November 17, 2021, and the full Liquidity Program was formally approved by the Board in November 2021. During the period covered by the annual assessment, Gryphon concluded, and reported to the Board, that the Liquidity Program since its implementation has operated adequately and effectively and is reasonably designed to assess and manage each Fund's liquidity risk.

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

**Investment Advisory Agreement Approvals – IDX Commodity Opportunities Fund (Unaudited)**

At an in-person meeting held on August 25, 2022 (the "Meeting"), the Board of Trustees (the "Board") of the IDX Funds (the "Trust"), the Board considered the approval of the Investment Advisory Agreement with IDX Advisors, LLC. The Board reviewed the information provided by the Adviser, which included: (1) industry data comparing advisory fees and expense ratios of comparable investment companies and other products; (2) comparative performance information; (3) the Adviser's estimated revenues, costs, and profitability of providing services to the Commodity Fund; and (4) information about the Adviser's personnel. Before voting, the Independent Trustees reviewed the proposed Investment Advisory Agreement with management and legal counsel and received materials from such counsel discussing the legal standards for the Board's consideration of the agreement.

In approving the Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent, and quality of the Adviser's proposed services to the Commodity Fund, including the personnel providing such services; (2) the Adviser's compensation and profitability; (3) a comparison of the Commodity Fund's fees relative to its peer group and category; (4) expected economies of scale; and (5) the terms of the Investment Advisory Agreement and possible conflicts of interest between the Commodity Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Nature, Extent and Quality of the Proposed Services.</u>** The Board considered the Adviser's
 experience and knowledge relating to the management of a mutual fund, including the professional
 experience and qualifications of its senior personnel. In evaluating the quality of services
 provided by the Adviser, the Board considered IDX's current management of the Bitcoin
 Fund, its prior sub-advisory relationship with other mutual funds, and its management
 of other investment products. The Board also considered the Adviser's operations
 and compliance policies and procedures, its financial condition and resources, and any
 potential conflicts of interest.

The Board, including the Independent Trustees, concluded that it was satisfied with the nature, extent, and quality of the Adviser's proposed services to the Commodity Fund under the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Compensation and Profitability.</u>** The Board considered the Adviser's financial condition,
 its expected profitability, and the direct and indirect benefits derived by the Adviser
 through its relationship with the Commodity Fund. The Board considered the financial
 information provided by the Adviser, including its expected profit margin for managing
 the Commodity Fund and its obligations under the Expense Limitation Agreement (the "ELA").
 The Board also considered whether the Adviser has the financial wherewithal to continue
 to provide services to the Commodity Fund, noting the ongoing commitment of the Adviser
 under the ELA. The Board noted that the Adviser will derive benefits to its reputation
 and other benefits from its association with the Commodity Fund.

The Board recognized that the Adviser would earn a reasonable level of profits in exchange for the level of services it provides to the Commodity Fund and the entrepreneurial risk that the Adviser assumes for managing the fund. Based upon its review, the Board, including the Independent Trustees, concluded that the Adviser's compensation and profitability from its relationship with the Commodity Fund is reasonable and not excessive.

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Fees and Performance.</u>** The Board compared the proposed advisory fee and total expense
 ratio for the Commodity Fund with various comparative data, including the average advisory
 fees and total expense ratios of the Commodity Fund's peer groups and category.
 The Board noted the Adviser's performance relative to its other accounts with exposure
 to alternative assets. The Board also considered the indexes that the Adviser manages
 for other investment vehicles. The Board further considered the Adviser's plans
 to increase fund assets, which will have a positive effect on the Commodity Fund's
 expense ratios. In reviewing the estimated expense ratio of the Commodity Fund, the Board
 also considered the nature, extent, and quality of the Adviser's proposed services.
 The Board concluded that the advisory fee was reasonable considering such proposed services.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Economies of Scale.</u>** The Board recognized that the Commodity Fund is new and considered
 the potential growth of the Commodity Fund based on the Adviser's estimated investor
 demand and its marketing plans. The Board noted that the advisory fee would stay the
 same as asset levels increased, although it noted that under the ELA, the Adviser was
 obligated to pay some of the Commodity Fund's operating expenses, which limited
 the overall fees and expenses paid by investors in the Commodity Fund even at lower asset
 levels. The Board also noted that if the Commodity Fund's assets increased over
 time, the fund might realize other economies of scale if assets increased proportionally
 more than certain other expenses.

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| | |
|:---|:---|
| **IDX Funds** | **ANNUAL REPORT** |

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**Additional Information**

**December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Terms of the Advisory Agreement and Conflicts of Interest.</u>** In considering the terms
 of the Advisory Agreement, the Board noted that except for the management fee, the terms
 were identical to the Trust's other advisory agreement and are consistent with
 industry standards. The Board determined that the compensation payable under the Investment
 Advisory Agreement was fair, reasonable, and reflected an arms-length negotiation considering
 all the surrounding circumstances.

Regarding the Adviser's potential conflicts of interest, the Board considered (i) the experience and ability of the advisory and compliance personnel assigned to the Funds; (ii) the investment and trading processes for the funds; (iii) the method for bunching of portfolio securities transactions; (iv) the substance and administration of the Adviser's code of ethics and other relevant policies described in its compliance manual and Form ADV. The Board, including the Independent Trustees, determined that the Adviser's compliance policies and operational 13 controls were reasonably designed to eliminate or mitigate conflicts of interest.

In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling, and each trustee may have attributed different weights to numerous factors. The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Adviser maintains an appropriate compliance program; and (c) the Commodity Fund's advisory fee is reasonable considering the Adviser's proposed services. Based on these conclusions, the Board, including the Independent Trustees, determined that approval of the Advisory Agreement was in the best interests of the Commodity Fund and its future shareholders.

**IDX Funds**

**EXPENSE EXAMPLES (Unaudited)**

December 31, 2022

As a shareholder you incur two types of costs: (1) transaction costs, including sales loads; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Short Term High Yield Bond and Total Return and compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

***Actual Expenses***

The "Actual" columns in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

***Hypothetical Examples for Comparison Purposes***

The "Hypothetical" columns in the table below provide information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales loads, or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Actual** | **Actual** | **Hypothetical** | **Hypothetical** |
| | <br>Fund's<br> Annualized<br> Expense<br> Ratio | <br>Beginning<br> Account<br> Value 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Expenses<br> Paid During<br> Period\* | Ending<br> Account<br> Value<br> 12/31/22 | Expenses<br> Paid During<br> Period\* |
| **Investor Class:** |  |  |  |  |  |  |
| IDX Risk-Managed Bitcoin Strategy Fund | N/A | $1000.00 | N/A | N/A | N/A | N/A |
| IDX Commodity Opportunities Fund | N/A | $1000.00 | N/A | N/A | N/A | N/A |
| **Institutional Class:** |  |  |  |  |  |  |
| IDX Risk-Managed Bitcoin Strategy Fund | 2.47% | $1000.00 | $963.88 | $12.09 | $1012.62 | $12.39 |
| IDX Commodity Opportunities Fund | 1.84% | $1000.00 | $729.25 | $7.93 | $1015.76 | $9.25 |

---

\* Expenses Paid During Period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days and divided by 365 (to reflect the number of days in the six month period ending December 31, 2022).

**<u>IDX FUNDS</u>**

2201 E. Camelback Road

Suite 605

Phoenix, AZ 85016

**<u>INVESTMENT ADVISER</u>**

IDX Advisors, LLC

2201 E. Camelback Road

Suite 605

Phoenix, AZ 85016

**<u>ADMINISTRATOR</u>**

Gryphon Fund Group, LLC

3900 Park East Drive

Suite 200

Beachwood, OH 44122

**<u>TRANSFER AGENT</u>**

Gryphon Fund Group, LLC

3900 Park East Drive

Suite 200

Beachwood, OH 44122

**<u>DISTRIBUTOR</u>**

Foreside Fund Services, LLC

Three Canal Plaza

Suite 100

Portland, ME 04101

**<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

Cohen & Company, LTD

1350 Euclid Ave

8<sup>th</sup> Floor

Cleveland, OH 44115

**<u>LEGAL COUNSEL</u>**

FinTech Law, LLC

6224 Turpin Hills Dr.

Cincinnati, OH 45244

**<u>CUSTODIAN BANK</u>**

U.S Bank, N.A.

425 Walnut Street

Cincinnati, OH 45202

ITEM 2. CODE OF ETHICS.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics
that applies to the registrant's principal executive officer, principal financial officer, and principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party.

(b) During the period covered by this report, there were no amendments to any provision of the code
of ethics.

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision
of the code of ethics.

(d) The registrant's Code of Ethics is filed herewith.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that Kelley J. Brennan serve on its audit committee as the "audit committee financial expert" as defined in Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for the IDX Funds for the year ended December 31, 2022, for
professional services rendered by the principal accountant for the audit of the registrant's annual financial statements
or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements
were $34,000 with respect to the Fund's fiscal year ended December 31, 2022. These fees were paid to Cohen & Company,
LTD.

(b) Audit-Related Fees. There were no fees billed since inception for assurances and related services
by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements
and are not reported under paragraph (a) of this item.

(c) Tax Fees. The aggregate fees billed for the IDX Funds for the year ended December 31, 2022, for
professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $16,000. The services
comprising these fees are the preparation of the registrant's federal income and excise tax returns. The December 31, 2022
fees were paid to Cohen & Company, LTD.

(d) All Other Fees. The aggregate fees billed for the IDX
Risk-Managed Bitcoin Strategy Fund for the year ended December 31, 2022, for products and services provided by the registrant's
principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0. The aggregate fees
billed for IDX Commodity Opportunities Fund from November 1, 2022 (date of inception) through December 31, 2022, for products
and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through
(c) of this item were $0.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement
to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal
accountant for services rendered for the fiscal year ended December 31, 2022 respectively are disclosed in (b)-(d) above. There
were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser.

(h) The registrant's audit committee has considered whether the provision of non-audit
 services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is
 primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity
 controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the
 registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with
 maintaining the principal accountant's independence and has determined that the provision of such non-audit
services is compatible with maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULES OF INVESTMENTS

Included in Annual Report to shareholders filed under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable as the Funds are open-end management investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable as the Funds are open-end management investment companies.

---

| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

Not applicable at this time.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 1940 Act, are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&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 1940 Act) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable as the Funds are open-end management investment companies.

ITEM 13. EXHIBITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](fp0082612-1_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0082612-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0082612-1_ex9906cert.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.

IDX Funds

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| |
|:---|
| /s/ Christopher MacLaren |
| By Christopher MacLaren |
| Principal Executive Officer |
| Date: March 8, 2023 |

---

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 person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Christopher MacLaren |
| By Christopher MacLaren |
| Principal Executive Officer |
| Date: March 8, 2023 |

---

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 person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Gordon M. Jones |
| By Gordon M. Jones |
| Treasurer and Principal Financial Officer |
| Date: March 8, 2023 |

---

## Ex-99.Code

**IDX FUNDS**

**SUPPLEMENTAL CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS**

A. Covered Officers/Purpose of the Code

This Code of Ethics for Principal Executive and Principal Financial Officers (the "Code") for each Trust (each, a "Company") applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

B. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Company) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the adviser/administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● report at least annually any affiliations or other relationships related to conflicts of interest that the Company's Directors and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Company if such situations might have a material adverse effect on the Company. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of entertainment from any company with which the Company has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions, including but not limited to certain soft dollar arrangements, or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

C. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the adviser/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

D. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the Audit Committee for the Company promptly if he knows of any material violation of this Code.

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Chief Compliance Officer of the Company (or such other Company officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him; if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the Investigator believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser/administrator or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Company officer or other investigator to investigate the matter.

E. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

F. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

G. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

H. Internal Use

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

**Persons Covered by this Code of Ethics**

Christopher MacLaren, Principal Executive Officer, IDX Funds

Gordon M. Jones, Principal Financial Officer, IDX Funds

**Exhibit B**

**Covered Officer Affirmation of Understanding**

In accordance with Section D of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

<u>Date: March 8, 2023 /s/ Christopher MacLaren</u> 

Covered Officer – Christopher MacLaren

Principal Executive Officer

<u>Date: March 8, 2023 /s/ Gordon M. Jones</u> 

Covered Officer – Gordon M. Jones

Principal Financial Officer

## Ex-99.Cert

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Christopher MacLaren, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR for the IDX Risk-Managed Bitcoin Fund and IDX Commodity
Opportunities Fund, each a series of the IDX Funds (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report fairly present in all material respects the investments of the registrant as of the end of the fiscal period for which the
report is filed;

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

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

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

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

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Christopher MacLaren |
|  | Christopher MacLaren |
|  | Principal Executive Officer |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Gordon M. Jones, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR for the IDX Risk-Managed Bitcoin Fund and IDX Commodity
Opportunities Fund, each a series of the IDX Funds (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report fairly present in all material respects the investments of the registrant as of the end of the fiscal period for which the
report is filed;

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

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

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

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

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Gordon M. Jones |
|  | Gordon M. Jones |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Christopher MacLaren, Principal Executive Officer of the IDX Funds, (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The N-CSR of the registrant for the year ended December 31, 2022 (the "Report") fully
complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Christopher MacLaren |
|  | Christopher MacLaren |
|  | Principal Executive Officer |
| Date: | March 8, 2023 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GRYPHON FUND GROUP, LLC. AND WILL BE RETAINED BY GRYPHON FUND GROUP, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Gordon M. Jones, Treasurer and Principal Financial Officer of the IDX Funds, (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The N-CSR of the registrant for the period ended December 31, 2022 (the "Report") fully
complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ Gordon M. Jones |
|  | Gordon M. Jones |
|  | Treasurer and Principal Financial Officer |
| Date: | March 8, 2023 |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GRYPHON FUND GROUP, LLC AND WILL BE RETAINED BY GRYPHON FUND GROUP, LLC AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.