# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-26-007710
**Filing Date:** 2026-4
**Character Count:** 88627
**Document Hash:** 54e3b4a6e236c23dc97a24aaf75c69d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-007710.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001999371-26-007710

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 26840983

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

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

## Series and Classes Contracts Data

### American Conservative Values ETF (Series ID: S000066215)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000213968 | American Conservative Values ETF | ACVF            |

?xml version='1.0' encoding='ASCII'? American Conservative Values ETF 2026

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM** **N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-23439 |
| Exact name of registrant as specified in charter: | ETF Opportunities Trust |
| Address of principal executive offices: | 8730 Stony Point Parkway <br> Suite 205<br> Richmond, VA 23235 |
| Name and address of agent for service | The Corporation Trust Co. <br> Corporation Trust Center<br> 1209 Orange St.<br> Wilmington, DE 19801<br>With Copy to:<br>Practus, LLP<br> 11300 Tomahawk Creek Parkway <br> Suite 310<br> Leawood, KS 66211  |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | July 31 |
| Date of reporting period: | January 31, 2026 |
|  | American Conservative Values ETF |

---

ITEM 1.(a). Reports to Stockholders.

#### American Conservative Values ETF Tailored Shareholder Report
**semi-annual shareholder reportJanuary 31, 2026**<br> **American Conservative Values ETF**<br> **ticker: ACVF (Listed on the NYSE Arca, Inc.)**<br>

This semi-annual shareholder report contains important information about the American Conservative Values ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at acvetfs.com/acv-fund-material/. You can also contact us at (888) 909-6030.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **American Conservative Values ETF** | $39 | 0.75%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes1krjz1mmwcoz9e.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Nvidia Corp.** | 8.01% |
| **Microsoft Corp.** | 5.04% |
| **Broadcom, Inc.** | 2.51% |
| **Cisco Systems, Inc.** | 2.14% |
| **Walmart, Inc.** | 2.00% |
| **Berkshire Hathaway Class B** | 1.70% |
| **Eli Lilly & Co.** | 1.63% |
| **Mastercard, Inc. Class A** | 1.58% |
| **Exxon Mobil Corp.** | 1.53% |
| **Tesla, Inc.** | 1.52% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial statements and other information, holdings and proxy voting information, visit acvetfs.com/acv-fund-material/.**

#### Key Fund Statistics
(as of January 31, 2026)

---

| | |
|:---|:---|
| **Fund Net Assets** | $138599581 |
| **Number of Holdings** | 386 |
| **Total Net Advisory Fee** | $511511 |
| **Portfolio Turnover Rate** | 4.91% |

---

#### What did the Fund invest in?
(% of Net Assets as of January 31, 2026)

ITEM 1.(b). &nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. INVESTMENTS.

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

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

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

**FINANCIAL STATEMENTS AND OTHER INFORMATION**

Six Months Ended January 31, 2026 (unaudited)

**American Conservative Values ETF**

![](acv-fs_013126img001.gif)

**1**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.88%** | **COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **4.36%** | **COMMUNICATION SERVICES** |  |  |
|  | AT&T, Inc.  | 34398 | $901572<br>|
|  | Charter Communications, Inc.<sup>(A)</sup>  | 2185 | 450372 |
|  | Electronic Arts, Inc.  | 2174 | 443322 |
|  | Fox Corp. Class A  | 3779 | 275036 |
|  | Fox Corp. Class B  | 3565 | 233757 |
|  | Live Nation Entertainment<sup>(A)</sup>  | 1002 | 145741 |
|  | News Corp. Class A  | 5449 | 147286 |
|  | News Corp. Class B  | 4982 | 154940 |
|  | Newsmax, Inc.<sup>(A)</sup>  | 17209 | 118742 |
|  | Omnicom Group, Inc.  | 6444 | 496446 |
|  | Paramount Skydance Corp.  | 5044 | 56543 |
|  | Pinterest, Inc.<sup>(A)</sup>  | 10549 | 233449 |
|  | Spotify Technology SA ADR<sup>(A)</sup>  | 1323 | 661963 |
|  | Take-Two Interactive<sup>(A)</sup>  | 1497 | 329789 |
|  | T-Mobile US, Inc.  | 6431 | 1268258 |
|  | Trump Media & Technology Group Corp.<sup>(A)</sup>  | 10288 | 131481 |
|  |  |  | 6048697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.08%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Advance Auto Parts  | 224 | 10754 |
|  | Airbnb, Inc.<sup>(A)</sup>  | 6593 | 852936 |
|  | Aptiv plc ADR<sup>(A)</sup>  | 891 | 67493 |
|  | Autozone, Inc.<sup>(A)</sup>  | 112 | 414880 |
|  | Bath & Body Works, Inc.  | 986 | 21495 |
|  | Best Buy Co., Inc.  | 780 | 50778 |
|  | Booking Holdings, Inc.  | 239 | 1195440 |
|  | Borg-Warner, Inc.  | 998 | 47315 |
|  | Darden Restaurants, Inc.  | 449 | 89508 |
|  | Domino's Pizza, Inc.  | 112 | 45957 |
|  | DoorDash, Inc.<sup>(A)</sup>  | 3497 | 715556 |
|  | DR Horton, Inc.  | 892 | 132765 |
|  | eBay, Inc.  | 1873 | 170855 |
|  | Etsy, Inc.<sup>(A)</sup>  | 1339 | 70913 |
|  | Expedia Group, Inc.  | 2351 | 622639 |
|  | Ford Motor Co.  | 13865 | 192446 |
|  | Garmin Ltd. ADR  | 2782 | 560962 |
|  | Genuine Parts Co.  | 560 | 77834 |
|  | Hasbro, Inc.  | 226 | 20184 |

---

**2**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Hilton Worldwide Holdings, Inc.  | 891 | $265972<br>|
|  | Home Depot, Inc.  | 5364 | 2009301 |
|  | Kohl's Corp.  | 4132 | 72186 |
|  | Las Vegas Sands Corp.  | 1337 | 70500 |
|  | Lennar Corp.  | 666 | 72827 |
|  | Lithia Motors, Inc.  | 459 | 148459 |
|  | LKQ Corp.  | 666 | 21878 |
|  | Macy's, Inc.  | 6622 | 132572 |
|  | Marriott International Class A  | 2146 | 676634 |
|  | McDonald's Corp.  | 4311 | 1357965 |
|  | MGM Resorts International<sup>(A)</sup>  | 2785 | 93409 |
|  | O'Reilly Automotive, Inc.<sup>(A)</sup>  | 7309 | 719279 |
|  | Phinia, Inc.  | 209 | 14875 |
|  | Polo Ralph Lauren Corp.  | 111 | 39229 |
|  | Pool Corp.  | 112 | 28458 |
|  | Pulte Group, Inc.  | 337 | 42155 |
|  | PVH Corp.  | 223 | 13906 |
|  | RH<sup>(A)</sup>  | 1773 | 352526 |
|  | Ross Stores, Inc.  | 2777 | 523881 |
|  | Royal Caribbean Cruises ADR  | 558 | 181155 |
|  | Smith & Wesson Brands, Inc.  | 11616 | 126847 |
|  | Sturm Ruger & Co., Inc.  | 3492 | 128121 |
|  | Tapestry, Inc.  | 670 | 85030 |
|  | Tesla, Inc.<sup>(A)</sup>  | 4891 | 2105135 |
|  | TJX Companies, Inc.  | 9083 | 1360724 |
|  | Tractor Supply Co.  | 4352 | 221430 |
|  | Ulta Beauty, Inc.<sup>(A)</sup>  | 113 | 73152 |
|  | Under Armour, Inc. Class A<sup>(A)</sup>  | 8017 | 49465 |
|  | Under Armour, Inc. Class C<sup>(A)</sup>  | 9104 | 55261 |
|  | Wayfair, Inc.<sup>(A)</sup>  | 1396 | 144472 |
|  | Williams-Sonoma, Inc.  | 505 | 103348 |
|  | Wynn Resorts Ltd.  | 332 | 35673 |
|  | Yum! Brands, Inc.  | 345 | 53648 |
|  |  |  | 16740183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **5.92%** | **CONSUMER STAPLES** |  |  |
|  | Altria Group, Inc.  | 5299 | 328485 |
|  | Archer-Daniels-Midland Co.  | 1743 | 117321 |
|  | Brown-Forman Corp. Class B  | 677 | 18529 |
|  | Church & Dwight Co.  | 558 | 53708 |
|  | The Clorox Co.  | 105 | 11843 |
|  | Colgate-Palmolive Co.  | 2943 | 265723 |
|  | Constellation Brands, Inc.  | 887 | 138993 |

---

**3**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Dollar General Corp.  | 1017 | $145868<br>|
|  | Dollar Tree, Inc.<sup>(A)</sup>  | 553 | 65027 |
|  | Estee Lauder Cos. Class A  | 558 | 64326 |
|  | General Mills, Inc.  | 1338 | 61896 |
|  | The Hershey Company  | 337 | 65631 |
|  | Kimberly-Clark Corp.  | 779 | 77892 |
|  | The Kraft Heinz Co.  | 2116 | 50234 |
|  | Kroger Co.  | 779 | 48960 |
|  | McCormick & Co., Inc.<sup>(B)</sup>  | 446 | 27576 |
|  | Mondelez International Inc. Class A  | 7358 | 430222 |
|  | Monster Beverage Corp.<sup>(A)</sup>  | 4226 | 341292 |
|  | PepsiCo, Inc.  | 6970 | 1070801 |
|  | Philip Morris International, Inc.  | 5931 | 1064259 |
|  | The Procter & Gamble Co.  | 6170 | 936421 |
|  | Sysco Corp.  | 536 | 44944 |
|  | Walmart, Inc.  | 23297 | 2775605 |
|  |  |  | 8205556 |
| &nbsp;&nbsp;&nbsp;&nbsp; **3.15%** | **ENERGY** |  |  |
|  | Baker Hughes Co.  | 2334 | 130797 |
|  | Chevron Corp.  | 4373 | 773584 |
|  | ConocoPhillips  | 2450 | 255364 |
|  | EOG Resources, Inc.  | 1224 | 137247 |
|  | Exxon Mobil Corp.  | 14975 | 2117465 |
|  | Halliburton Co.  | 2222 | 74481 |
|  | Kinder Morgan, Inc.  | 5116 | 155987 |
|  | Marathon Petroleum Corp.  | 1102 | 194161 |
|  | Occidental Petroleum Corp.  | 2229 | 101174 |
|  | Oneok, Inc.  | 998 | 79032 |
|  | Schlumberger NV ADR  | 4221 | 204212 |
|  | Williams Cos., Inc.  | 2111 | 141986 |
|  |  |  | 4365490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **12.73%** | **FINANCIALS** |  |  |
|  | Aflac, Inc.  | 668 | 74115 |
|  | American International Group  | 784 | 58706 |
|  | Ameriprise Financial, Inc.  | 450 | 237236 |
|  | Aon plc ADR  | 558 | 195099 |
|  | Arthur J Gallagher & Co.  | 225 | 56108 |
|  | Bank of New York Mellon  | 1088 | 130473 |
|  | Berkshire Hathaway Class B<sup>(A)</sup>  | 4907 | 2357961 |
|  | Blackstone, Inc.  | 2932 | 417575 |
|  | Capital One Financial Corp.  | 3675 | 804568 |

---

**4**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CBOE Global Markets, Inc.  | 1202 | $318602<br>|
| The Charles Schwab Corp.  | 3069 | 318930 |
| Chubb Ltd. ADR  | 1689 | 522847 |
| Cincinnati Financial Corp.  | 449 | 72240 |
| Citigroup, Inc.  | 8321 | 962823 |
| Citizens Financial Group  | 1889 | 118969 |
| CME Group, Inc.  | 2502 | 723228 |
| Coinbase Global, Inc.<sup>(A)</sup>  | 985 | 191819 |
| East West Bancorp, Inc.  | 1300 | 148772 |
| Fidelity National Information Services, Inc.  | 1888 | 104312 |
| Fifth Third Bancorp  | 3115 | 156435 |
| Fiserv, Inc.<sup>(A)</sup>  | 2494 | 158943 |
| Franklin Resources, Inc.  | 664 | 17676 |
| Global Payments, Inc.  | 1991 | 142834 |
| Hartford Financial Services Group, Inc.  | 781 | 105482 |
| Huntington Bancshares  | 3450 | 60306 |
| Intercontinental Exchange  | 3135 | 544800 |
| Invesco Ltd. ADR  | 339 | 9251 |
| Keycorp  | 2337 | 50292 |
| KKR & Co., Inc.  | 1859 | 212409 |
| Loews Corp.  | 548 | 57852 |
| MarketAxess Holdings, Inc.  | 112 | 18954 |
| Marsh & McLennan Cos, Inc.  | 1462 | 275134 |
| Mastercard, Inc. Class A  | 4064 | 2189643 |
| MetLife, Inc.  | 3944 | 311103 |
| Moody's Corporation  | 1121 | 577943 |
| Morgan Stanley  | 3150 | 575820 |
| MSCI, Inc.  | 114 | 69451 |
| Northern Trust Corp.  | 889 | 132843 |
| The PNC Financial Services Group, Inc.  | 2037 | 454862 |
| Principal Financial Group, Inc.  | 447 | 42340 |
| Prudential Financial, Inc.  | 450 | 50000 |
| Raymond James Financial  | 669 | 110960 |
| Regions Financial Corp.  | 4002 | 114057 |
| Robinhood Markets, Inc.<sup>(A)</sup>  | 2118 | 210699 |
| Rocket Cos, Inc.  | 8209 | 147187 |
| S&P 500 Global, Inc.  | 1560 | 823352 |
| State Street Corp.  | 1335 | 174698 |
| Synchrony Financial  | 225 | 16342 |
| T Rowe Price Group, Inc.  | 781 | 82536 |
| The Travelers Companies, Inc.  | 231 | 65722 |

---

**5**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Truist Financial Corp.  | 5336 | $274377<br>|
|  | US Bancorp  | 6512 | 365388 |
|  | Wells Fargo & Co.  | 12359 | 1118366 |
|  | Willis Towers Watson plc ADR  | 337 | 106987 |
|  |  |  | 17639427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **9.13%** | **HEALTH CARE** |  |  |
|  | Abbott Laboratories  | 5615 | 613720 |
|  | Abbvie, Inc.  | 5750 | 1282308 |
|  | Agilent Technologies, Inc.  | 558 | 74688 |
|  | Amgen, Inc.  | 919 | 314188 |
|  | Becton Dickinson & Co.  | 781 | 158918 |
|  | Biogen, Inc.<sup>(A)</sup>  | 132 | 23745 |
|  | Boston Scientific Corp.<sup>(A)</sup>  | 4169 | 389927 |
|  | Bristol-Myers Squibb Co.  | 7660 | 421683 |
|  | Cardinal Health, Inc.  | 663 | 142465 |
|  | Cencora, Inc.  | 669 | 240318 |
|  | Centene Corp.<sup>(A)</sup>  | 1221 | 52894 |
|  | The Cigna Group  | 1145 | 313856 |
|  | Cooper Cos., Inc.<sup>(A)</sup>  | 448 | 36458 |
|  | CVS Health Corp.  | 2231 | 166254 |
|  | Danaher Corp.  | 1751 | 383276 |
|  | Dexcom, Inc.<sup>(A)</sup>  | 896 | 65444 |
|  | Edwards Lifescience Corp.<sup>(A)</sup>  | 1561 | 127003 |
|  | Elevance Health, Inc.  | 538 | 186008 |
|  | Eli Lilly & Co.  | 2179 | 2259950 |
|  | Embecta Corp.  | 128 | 1358 |
|  | Fortrea Holdings, Inc.<sup>(A)</sup>  | 224 | 3765 |
|  | GE Healthcare Technologies  | 1015 | 80155 |
|  | Gilead Sciences, Inc.  | 1236 | 175450 |
|  | Grail, Inc.<sup>(A)</sup>  | 80 | 7826 |
|  | HCA Healthcare, Inc.  | 331 | 161617 |
|  | Hologic, Inc.<sup>(A)</sup>  | 334 | 25027 |
|  | Humana, Inc.  | 776 | 151475 |
|  | Idexx Laboratories, Inc.<sup>(A)</sup>  | 114 | 76432 |
|  | Illumina, Inc.<sup>(A)</sup>  | 446 | 64585 |
|  | Incyte Corp.<sup>(A)</sup>  | 339 | 33924 |
|  | Intuitive Surgical, Inc.<sup>(A)</sup>  | 1481 | 746750 |
|  | Iqvia Holdings, Inc.<sup>(A)</sup>  | 445 | 102417 |
|  | Labcorp Holdings, Inc.  | 224 | 60820 |
|  | McKesson Corp.  | 565 | 469634 |
|  | Medtronic plc ADR  | 4146 | 426872 |

---

**6**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Merck & Company, Inc.  | 8448 | $931561<br>|
|  | Mettler-Toledo International, Inc.<sup>(A)</sup>  | 1 | 1373 |
|  | Regeneron Pharmaceuticals, Inc.  | 339 | 251352 |
|  | ResMed, Inc.  | 226 | 58378 |
|  | Solventum Corp.<sup>(A)</sup>  | 219 | 16856 |
|  | Stryker Corp.  | 1014 | 374734 |
|  | Thermo Fisher Scientific, Inc.  | 1031 | 596547 |
|  | Veeva Systems, Inc. Class A<sup>(A)</sup>  | 216 | 44047 |
|  | Vertex Pharmaceuticals<sup>(A)</sup>  | 796 | 374040 |
|  | Zimmer Biomet Holdings  | 344 | 29952 |
|  | Zoetis, Inc.  | 1105 | 137926 |
|  |  |  | 12657976 |
| &nbsp;&nbsp;&nbsp;&nbsp; **11.69%** | **INDUSTRIALS** |  |  |
|  | 3M Co.  | 879 | 134628 |
|  | Amentum Holdings, Inc.<sup>(A)</sup>  | 351 | 12559 |
|  | American Airlines Group<sup>(A)</sup>  | 5782 | 76901 |
|  | Ametek, Inc.  | 443 | 99223 |
|  | Automatic Data Processing, Inc.  | 1580 | 389976 |
|  | The Boeing Co.<sup>(A)</sup>  | 775 | 181133 |
|  | Broadridge Financial Solutions, Inc.  | 336 | 66229 |
|  | Builders FirstSource, Inc.<sup>(A)</sup>  | 1013 | 115887 |
|  | Canadian Pacific Kansas City Southern ADR  | 2234 | 166076 |
|  | Carrier Global Corp.  | 1224 | 72926 |
|  | Caterpillar, Inc.  | 1688 | 1109624 |
|  | CH Robinson Worldwide, Inc.  | 339 | 66088 |
|  | Cintas Corp.  | 2257 | 431967 |
|  | Copart, Inc.<sup>(A)</sup>  | 15942 | 646926 |
|  | CSX Corp.  | 6668 | 251784 |
|  | Cummins, Inc.  | 558 | 322982 |
|  | Deere & Co.  | 1278 | 674784 |
|  | Eaton Corp. plc  | 2123 | 746065 |
|  | Emerson Electric Co.  | 2026 | 297741 |
|  | Equifax, Inc.  | 335 | 67469 |
|  | Expeditors International of Washington, Inc.  | 448 | 71922 |
|  | Fastenal Co.  | 3342 | 144909 |
|  | FedEx Corp.  | 669 | 215585 |
|  | Fortive Corporation  | 783 | 41350 |
|  | GE Vernova LLC  | 550 | 399504 |
|  | General Dynamics Corp.  | 328 | 115158 |

---

**7**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | General Electric Co.  | 3157 | $968536<br>|
|  | Grainger WW, Inc.  | 113 | 122033 |
|  | Honeywell International  | 2580 | 587002 |
|  | Illinois Tool Works, Inc.  | 669 | 174783 |
|  | Ingersoll Rand, Inc.  | 892 | 76792 |
|  | Jacobs Solutions, Inc.  | 332 | 44906 |
|  | JB Hunt Transport Services, Inc.  | 112 | 22705 |
|  | Johnson Controls International ADR  | 2934 | 349909 |
|  | L3Harris Technologies, Inc.  | 670 | 229710 |
|  | Lockheed Martin Corp.  | 785 | 497863 |
|  | Lyft, Inc.<sup>(A)</sup>  | 4519 | 76236 |
|  | Norfolk Southern Corp.  | 237 | 69024 |
|  | Northrop Grumman Corp.  | 447 | 309440 |
|  | Old Dominion Freight  | 450 | 77940 |
|  | Otis Worldwide Corp.  | 664 | 56719 |
|  | PACCAR, Inc.  | 1535 | 188667 |
|  | Parker-Hannifin Corp.  | 336 | 314442 |
|  | Paychex, Inc.  | 1114 | 114887 |
|  | Paycom Software, Inc.  | 112 | 15092 |
|  | Quanta Services, Inc.  | 112 | 53159 |
|  | RB Global, Inc. ADR  | 2301 | 261325 |
|  | Republic Services, Inc.  | 2248 | 483522 |
|  | Rockwell Automation, Inc.  | 112 | 47225 |
|  | RTX Corp.  | 4508 | 905792 |
|  | Southwest Airlines Co.  | 2226 | 105780 |
|  | Trane Technologies plc ADR  | 555 | 233422 |
|  | Transdigm Group, Inc.  | 112 | 159884 |
|  | Uber Technologies, Inc.<sup>(A)</sup>  | 10836 | 867422 |
|  | Union Pacific Corp.  | 2021 | 475137 |
|  | United Airlines Holdings<sup>(A)</sup>  | 2216 | 226741 |
|  | UPS, Inc. Class B  | 1992 | 211590 |
|  | Veralto Corp.  | 862 | 85321 |
|  | Verisk Analytics, Inc.  | 813 | 176795 |
|  | Wabtec Corp.  | 443 | 101952 |
|  | Waste Management, Inc.  | 2508 | 557378 |
|  | Xylem, Inc.  | 225 | 31021 |
|  |  |  | 16199548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.31%** | **INFORMATION TECHNOLOGY** |  |  |
|  | AppLovin Corp.<sup>(A)</sup>  | 512 | 242232 |
|  | Ciena Corp.<sup>(A)</sup>  | 1736 | 437142 |
|  | Palantir Technologies Inc.<sup>(A)</sup>  | 4824 | 707150 |

---

**8**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Qnity Electronics, Inc.  | 380 | $36548<br>|
|  | Ubiquiti, Inc.  | 394 | 217259 |
|  | Viasat, Inc.<sup>(A)</sup>  | 3783 | 170878 |
|  |  |  | 1811209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **19.65%** | **INFORMATION TECHNOLOGY - HARDWARE**  | **INFORMATION TECHNOLOGY - HARDWARE**  |  |
|  | Advanced Micro Devices<sup>(A)</sup>  | 4194 | 992846 |
|  | Amphenol Corp. Class A  | 3598 | 518400 |
|  | Analog Devices, Inc.  | 2669 | 829739 |
|  | Broadcom, Inc.  | 10485 | 3473679 |
|  | Cisco Systems, Inc.  | 37881 | 2966840 |
|  | Corning, Inc.  | 8787 | 907258 |
|  | HP, Inc.  | 5211 | 101302 |
|  | Intel Corp.<sup>(A)</sup>  | 12748 | 592400 |
|  | Jabil, Inc.  | 1587 | 376421 |
|  | Keysight Technologies, Inc.<sup>(A)</sup>  | 446 | 96483 |
|  | Lam Research Corp.  | 4423 | 1032594 |
|  | Microchip Technology, Inc.  | 1114 | 84575 |
|  | Micron Technology, Inc.  | 2595 | 1076614 |
|  | Motorola Solutions, Inc.  | 2127 | 856203 |
|  | Nvidia Corp.  | 58053 | 11095670 |
|  | NXP Semiconductors NV ADR  | 980 | 221617 |
|  | Qualcomm, Inc.  | 4149 | 628947 |
|  | Ralliant Corp.  | 260 | 13772 |
|  | Roper Technologies, Inc.  | 1023 | 379768 |
|  | TE Connectivity plc ADR  | 1116 | 248622 |
|  | Texas Instruments, Inc.  | 3475 | 749036 |
|  |  |  | 27242786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **14.46%** | **INFORMATION TECHNOLOGY - <br>SOFTWARE & SERVICES**  | **INFORMATION TECHNOLOGY - <br>SOFTWARE & SERVICES**  | **INFORMATION TECHNOLOGY - <br>SOFTWARE & SERVICES**  |
|  | Accenture plc Class A ADR  | 3034 | 799884 |
|  | Adobe, Inc.<sup>(A)</sup>  | 2351 | 689431 |
|  | Applied Materials, Inc.  | 3619 | 1166476 |
|  | Arista Networks, Inc.<sup>(A)</sup>  | 10924 | 1548368 |
|  | Autodesk, Inc.<sup>(A)</sup>  | 1235 | 312294 |
|  | Cadence Design Systems<sup>(A)</sup>  | 1913 | 566937 |
|  | CDW Corp.  | 337 | 42593 |
|  | Cognizant Tech Solutions  | 3950 | 324137 |
|  | CrowdStrike Holdings, Inc.<sup>(A)</sup>  | 585 | 258222 |
|  | F5, Inc.<sup>(A)</sup>  | 1110 | 305927 |
|  | Fair Isaac Corp.<sup>(A)</sup>  | 130 | 190212 |

---

**9**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Fortinet, Inc.<sup>(A)</sup>  | 2215 | $179991<br>|
|  | Gartner Group, Inc.<sup>(A)</sup>  | 444 | 93067 |
|  | Hewlett-Packard Enterprise  | 13390 | 288153 |
|  | Intuit, Inc.  | 1659 | 827708 |
|  | KLA Corp.  | 595 | 849624 |
|  | Manhattan Associates, Inc.<sup>(A)</sup>  | 684 | 103291 |
|  | Microsoft Corp.  | 16246 | 6990491 |
|  | Oracle Corp.  | 7710 | 1268912 |
|  | Palo Alto Networks, Inc.<sup>(A)</sup>  | 3077 | 544537 |
|  | Seagate Technology Holdings plc ADR  | 550 | 224230 |
|  | ServiceNow, Inc.<sup>(A)</sup>  | 5767 | 674797 |
|  | Synopsys, Inc.<sup>(A)</sup>  | 1356 | 630696 |
|  | Tyler Technologies, Inc.<sup>(A)</sup>  | 107 | 39526 |
|  | Verisign, Inc.  | 3245 | 792526 |
|  | Workday, Inc. Class A<sup>(A)</sup>  | 977 | 171590 |
|  | Zebra Technologies Corp.<sup>(A)</sup>  | 663 | 155792 |
|  |  |  | 20039412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.71%** | **MATERIALS** |  |  |
|  | Air Products and Chemicals, Inc.  | 672 | 183120 |
|  | Albemarle Corp.  | 112 | 19110 |
|  | Amcor plc ADR  | 1001 | 44294 |
|  | Ball Corporation  | 1114 | 63353 |
|  | Celanese Corp. Class A  | 113 | 5022 |
|  | Corteva, Inc.  | 2228 | 162198 |
|  | Dow, Inc.  | 887 | 24437 |
|  | Dupont de Nemours, Inc.  | 761 | 33423 |
|  | Ecolab, Inc.  | 783 | 220798 |
|  | FMC Corp.  | 113 | 1785 |
|  | Freeport-McMoran, Inc.  | 5341 | 321688 |
|  | International Flavors & Fragrance, Inc.  | 223 | 15568 |
|  | International Paper Co.  | 1559 | 62859 |
|  | Linde plc ADR  | 382 | 174563 |
|  | LyondellBasell Industries NV ADR  | 665 | 32585 |
|  | The Mosaic Co.  | 889 | 24447 |
|  | Newmont Goldcorp Corp.  | 2113 | 237395 |
|  | Nucor Corp.  | 775 | 137733 |
|  | Olin Corp.  | 6712 | 139677 |
|  | Packaging Corp. of America  | 225 | 50074 |
|  | PPG Industries, Inc.  | 669 | 77356 |
|  | The Sherwin-Williams Co.  | 670 | 237609 |
|  | Smurfit Kappa Group plc ADR  | 558 | 23229 |
|  | Solstice Advanced Materials, Inc.<sup>(A)</sup>  | 645 | 39842 |

---

**10**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Sylvamo Corp.  | 120 | $5873<br>|
|  | Vulcan Materials Co.  | 112 | 33660 |
|  |  |  | 2371698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **1.63%** | **REAL ESTATE** |  |  |
|  | Alexandria Real Estate Equities, Inc. REIT  | 226 | 12349 |
|  | American Tower Corporate REIT  | 1240 | 222307 |
|  | AvalonBay Communities, Inc. REIT  | 337 | 59875 |
|  | CBRE Group, Inc.<sup>(A)</sup>  | 1335 | 227390 |
|  | Crown Castle, Inc. REIT  | 1227 | 106516 |
|  | Digital Realty Trust, Inc. REIT  | 780 | 129441 |
|  | Equinix, Inc.  | 338 | 277474 |
|  | Equity Residential REIT  | 1003 | 62507 |
|  | Extra Space Storage, Inc. REIT  | 113 | 15591 |
|  | Host Hotels & Resorts, Inc. REIT  | 1328 | 24608 |
|  | Mid-America Apartment Communities REIT  | 113 | 15176 |
|  | Millrose Properties, Inc. REIT  | 327 | 9745 |
|  | Prologis, Inc.  | 3622 | 472888 |
|  | Public Storage REIT  | 557 | 153838 |
|  | Realty Income Corp. REIT  | 544 | 33271 |
|  | SBA Communications Corp.  | 104 | 19147 |
|  | Simon Property Group, Inc. REIT  | 554 | 105986 |
|  | Ventas, Inc. REIT  | 663 | 51495 |
|  | Welltower, Inc. REIT  | 1114 | 209833 |
|  | Weyerhaeuser Co. REIT  | 1777 | 45811 |
|  |  |  | 2255248 |
| &nbsp;&nbsp;&nbsp;&nbsp; **2.06%** | **UTILITIES** |  |  |
|  | AES Corp.  | 663 | 9713 |
|  | Ameren Corp.  | 100 | 10328 |
|  | American Electric Power, Inc.  | 454 | 54378 |
|  | American Water Works Co.  | 225 | 29054 |
|  | CenterPoint Energy, Inc.  | 1112 | 44135 |
|  | Consolidated Edison, Inc.  | 110 | 11729 |
|  | Constellation Energy Corp.  | 447 | 125464 |
|  | Dominion Energy, Inc.  | 647 | 38930 |
|  | DTE Energy Co.  | 450 | 60471 |
|  | Duke Energy Corp.  | 1431 | 173652 |
|  | Edison International  | 881 | 54869 |
|  | Eversource Energy  | 891 | 61595 |

---

**11**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Schedule of Investments - continued** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  | Exelon Corp.  | 1090 | $48810<br>|
|  | FirstEnergy Corp.  | 1449 | 68596 |
|  | NextEra Energy, Inc.  | 8764 | 770356 |
|  | Public Service Enterprise Group, Inc.  | 1224 | 100809 |
|  | Sempra Energy  | 474 | 41243 |
|  | The Southern Company  | 10890 | 972586 |
|  | WEC Energy Group  | 672 | 74370 |
|  | Xcel Energy, Inc.  | 1336 | 101616 |
|  |  |  | 2852704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.88%** | **TOTAL COMMON STOCKS** |  |  |
|  | (Cost: $103,634,183)  | (Cost: $103,634,183)  | 138429934  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **FINANCIALS** |  |  |
|  | Sycamore Partners LLC-CVR<sup>(A)</sup><sup>(C)</sup>  | 2868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.00%** | **TOTAL WARRANTS** |  |  |
|  | (Cost: $—)  | (Cost: $—)  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **99.88%** | **TOTAL INVESTMENTS** |  |  |
|  | (Cost: $103,634,183)  | (Cost: $103,634,183)  | 138429934  |
| &nbsp;&nbsp;&nbsp;&nbsp; **0.12%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 169647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **100.00%** | **NET ASSETS**  | **NET ASSETS**  | $138599581<br>|

---

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

<sup>(B)</sup>Non-voting shares.

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

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

REIT - Real Estate Investment Trust.

CVR - Contingent Value Right.

**12**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Statement of Assets and Liabilities** **January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value (cost of $103,634,183) (Note 1)  | $138429934<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Cash  | 181790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 76371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 138688095 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees  | 88514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 88514 |
| **NET ASSETS**  | $138599581<br>|
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $104604916<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits)  | 33994665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $138599581<br>|
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial <br>interest authorized without par value)  | 2775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $49.95<br>|

---

**13**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Statement of Operations** **Six Months Ended January 31, 2026 (unaudited)**

See Notes to Financial Statements

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income (net of foreign tax withheld of $794)  | $899471<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 899471 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 511511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 511511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 387960 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments<sup>(1)</sup>  | 1897252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 4307777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 6205029 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS**  | $6592989<br>|

---

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

**14**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Statements of Changes in Net Assets**

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026<br>(unaudited)** | **Year Ended<br>July 31, 2025** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $387960<br>| $738903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 1897252 | 2806226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 4307777 | 12356955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 6592989 | 15902084 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders  | (388025) | (751218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from distributions  | (388025) | (751218) |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued  | 6176152 | 23473329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4941211) | (6757242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital <br>stock transactions  | 1234941 | 16716087 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 7439905 | 31866953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 131159676 | 99292723 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $138599581<br>| $131159676<br>|

---

**17**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Selected Per Share Data Throughout Each Period**

**16**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br>January 31, 2026<br> (unaudited)** |  |  |  |  |  |
|  | **Six Months Ended <br>January 31, 2026<br> (unaudited)** | **<br>Years Ended July 31,** | **<br>Years Ended July 31,** | **<br>Years Ended July 31,** | **<br>Years Ended July 31,** | **Period Ended<br>July 31, 2021\*** |
|  | **Six Months Ended <br>January 31, 2026<br> (unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br>July 31, 2021\*** |
| **Net asset value, beginning of period**  | $47.69<br>| $41.81<br>| $34.83<br>| $30.99<br>| $32.55<br>| $25.00<br>|
| **Investment activities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(1)</sup>  | 0.14 | 0.28 | 0.29 | 0.29 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 2.26 | 5.89 | 6.97 | 3.83 | (1.58) | 7.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 2.40 | 6.17 | 7.26 | 4.12 | (1.33) | 7.72 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.14) | (0.29) | (0.28) | (0.28) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain  |  |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions  | (0.14) | (0.29) | (0.28) | (0.28) | (0.23) | (0.17) |
| **Net asset value, end of period**  | $49.95<br>| $47.69<br>| $41.81<br>| $34.83<br>| $30.99<br>| $32.55<br>|
| **Total Return<sup>(2)</sup>**  | 5.02% | 14.82% | 20.93% | 13.45% | (4.06%) | 30.96% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Ratios to average net assets<sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.57% | 0.64% | 0.77% | 0.94% | 0.77% | 0.82% |
| Portfolio turnover rate<sup>(4)</sup>  | 4.91% | 6.37% | 12.98% | 9.27% | 3.70% | 6.04% |
| Net assets, end of period (000s)  | $138600<br>| $131160<br>| $99293<br>| $56601<br>| $32537<br>| $13965<br>|

---

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

<sup>(2)</sup> Total return is for the period indicated and has not been annualized for periods less than one year.

<sup>(3)</sup> Ratios to average net assets have been annualized for periods less than a year.

<sup>(4)</sup> Portfolio turnover rate is for the period indicated, excludes the effect of securities received or delivered from processing in-kind creations or redemptions, and has not been annualized for periods less than one year.

\*The Fund commenced operations on October 28, 2020.

**18**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements** **January 31, 2026 (unaudited)**

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

The American Conservative Values ETF (the "Fund") is a diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust") which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The offering of the Fund's shares is registered under the Securities Act of 1933, as amended. The Fund commenced operations on October 28, 2020.

The Fund's objective is to seek to achieve long-term capital appreciation with capital preservation as a secondary objective.

The Fund is deemed to be an individual operating and reporting segment and is not part of a consolidated reporting entity. The objective and strategy, as outlined in the Fund's prospectus under the heading "Principal Investment Strategies", are used by Ridgeline Research LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Fund. Due to the significance of oversight and its role in the Fund's management, the Advisor's portfolio managers are deemed to be the Chief Operating Decision Maker.

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

**Security Valuation**

The Fund records its investments at fair value. Generally, the Fund's domestic securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities are valued at their fair market value as determined in good faith under procedures set by the Trust's

**19**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

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

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

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

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

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

**20**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

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

The following is a summary of the level of inputs used to value the Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| Common Stocks  | $138429934<br>| $—<br>| $—<br>| $138429934<br>|
| Warrants  |  |  | —<br> \*  |  |
|  | $138429934<br>| $—<br>| $—<br>| $138429934<br>|

---

\*The Level 3 securities have zero value.

Refer to the Funds Schedule of Investments for a listing of the securities by type and sector. There were no transfers into or out of any levels during the period ended January 31, 2026. On January 31, 2026, The Fund held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $— (0.00% of net assets). As the value of the Level 3 securities are not material to the financial statements, no additional Level 3 disclosures are presented.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on a specific identification basis to calculate realized gains and losses from security transactions for book and tax purposes. Dividends are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Accounting Estimates**

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

**21**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

**Federal Income Taxes**

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

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

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended January 31, 2026, there were no such reclassifications.

**Dividends and Distributions**

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

**Creation Units**

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

**22**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

Custodian for each creation order is $1,500. Authorized Participants wishing to redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $1,500.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Fund may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Fund's principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participation Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of January 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation <br>Unit Shares** | **Creation Transaction Fee** | **Value** |
| American Conservative Values ETF  | 25000 | $1500<br>| $1248750<br>|

---

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

**23**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

**Officers and Trustees Indemnification**

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

**NOTE 2** **–**

 **INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to the policies adopted by the Trust's Board of Trustees. Under the Advisory Agreement, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. Under the Advisory Agreement, the Advisor assumes and pays all ordinary expenses of the Fund, except the fee paid to the Advisor pursuant to the Investment Advisory Agreement, distribution fees or expenses under a 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

For its services with respect to the Fund, the Advisor is entitled to receive an annual advisory fee, calculated daily and payable monthly as a percentage of the Fund's average daily net assets, at the rate of 0.75%.

The Advisor has retained Vident Asset Management (the "Sub-Advisor"), to serve as sub-advisor for the Fund. The Sub-Advisor is responsible for trading portfolio securities on behalf of the Fund, including selecting broker-dealers to

**24**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

execute purchase and sale transactions as instructed by the Advisor, subject to the supervision of the Advisor and the Board.

For the services it provides to the Fund, the Sub-Advisor is compensated by the Advisor from the advisory fees paid by the Fund to the Advisor. Fees to the Sub-Advisor are calculated daily and paid monthly, based on the daily net assets of the Fund at the following rate: 0.05% on the first $250 million in net assets; 0.04% on the next $250 million in net assets; and 0.03% on any net assets in excess of $500 million (subject to a minimum of $30,000 per year).

**Fund Administrator**

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

**Custodian**

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

**Fund Accounta** **nt and Transfer Agent**

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

**Distributor**

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

**Trustees and Officers**

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

**25**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King Jr. and Robert J. Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Funds for serving as officers of the Trust.

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

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than in-kind transactions for the six months ended January 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $7480970 | $6628119 |

---

The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the six months ended January 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain** |
| $6132287 | $5494555 | $2975147 |

---

**NOTE 4 –**

**DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

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

**26**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

The tax character of distributions during the six months ended January 31, 2026 and year ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br>January 31, 2025** | **Year Ended <br>July 31, 2025** |
| Distributions paid from:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income  | $388025<br>| $751218<br>|
|  | $388025<br>| $751218<br>|

---

As of January 31, 2026, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated undistributed net investment income (loss)  | $26979<br>|
| Accumulated net realized gain (loss) on investments  | (828066) |
| Net unrealized appreciation (depreciation) of investments  | 34795752 |
|  | $33994665<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| $103634183 | $39528243 | $(4732491) | $34795752 |

---

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

Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the "Exchange"), and trade at market prices rather than at NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. The Fund will issue and redeem shares at NAV only in blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.

All orders to create Creation Units must be placed with the Fund's distributor or transfer agent either (1) through the Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the U.S. Securities and Exchange Commission ("SEC"), by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party

**27**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Notes to Financial Statements - continued** **January 31, 2026 (unaudited)**

or the DTC Participant must have executed an agreement with the Distributor with respect to creations and redemptions of Creation Units ("Participation Agreement"); such parties are collectively referred to as "APs" or "Authorized Participants." All Fund shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

Shares of beneficial interest transactions for the Fund were:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| Shares sold  | 125000 | 525000 |
| Shares redeemed  | (100000) | (150000) |
| Net increase (decrease)  | 25000 | 375000 |

---

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

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

**NOTE 7 – SUBSEQUENT EVENTS**

Subsequent to the date of the financial statements, the Fund has made the following distributions to the shareholders of record:

---

| | | |
|:---|:---|:---|
| **Record Date** | **Ex-Dividend Date** | **Amount** |
| March 25, 2026 | March 25, 2026 | $(201207) |

---

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

**28**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited)**

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

Not applicable.

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

Not applicable.

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

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

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

<u>Investment Advisory Agreement and Investment Sub-Advisory Agreement Approval</u>

*This semi-annual report pertains only to the American Conservative Values ETF; however, the disclosure below pertains to that fund and the American Conservative Values Small-Cap ETF, a fund that has not commenced operations. Once the American Conservative Values Small-Cap ETF commences operations, this disclosure will be provided again in the next financial report that is prepared and applicable to that fund.*

At a meeting held on September 23-24, 2025 (the "Meeting"), the Board of Trustees (the "Board") of the ETF Opportunities Trust (the "Trust") considered the approval of the continuation of the Investment Advisory Agreement (the "Ridgeline Advisory Agreement") between the Trust and Ridgeline Research, LLC ("Ridgeline") and the Investment Sub-Advisory Agreement (the "Vident Sub-Advisory Agreement") between Ridgeline, the Trust and Vident Advisory, LLC (d/b/a Vident Asset Management, herein "Vident"), each with respect to the American Conservative Values ETF ("ACVF") and the American Conservative Values Small-Cap ETF ("ACVSCF" together with ACVF, the "ACV ETFs"). The Board discussed the arrangements between Ridgeline and Trust and among Ridgeline, the Trust and Vident with respect to the ACV ETFs. The Board reflected on its discussions with the representatives from Ridgeline earlier

**29**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited) - continued**

in the Meeting regarding the manner in which the ACV ETFs were managed and the roles and responsibilities of Ridgeline and Vident under the Ridgeline Advisory Agreement and the Vident Sub-Advisory Agreement (collectively, the "Advisory Agreements").

The Trustees reviewed a memorandum from Trust Counsel that addressed the Trustees' duties when considering the continuation of the Advisory Agreements and the responses of Ridgeline and Vident to requests for information from Trust Counsel on behalf of the Board. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. The Trustees also reviewed the responses of Ridgeline and Vident to requests for information from Trust Counsel on behalf of the Board and noted that the responses included a copy of financial information for Ridgeline and Vident, an expense comparison analysis for the ACV ETFs and comparable ETFs, and the Advisory Agreements. The Trustees discussed the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services provided by Ridgeline and Vident; (ii) the investment performance of the ACVF and Ridgeline; (iii) the costs of the services to be provided and profits to be realized by Ridgeline and Vident from the relationship with the ACV ETFs; (iv) the extent to which economies of scale would be realized if each ACV ETF grows and whether advisory fee levels reflect those economies of scale for the benefit of each ACV ETF's shareholders; and (v) possible conflicts of interest and other benefits.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting. The Board requested or was provided with information and reports relevant to the approval of the Advisory Agreements, including: (i) information regarding the services and support to be provided by Ridgeline and Vident to the ACV ETFs and their shareholders; (ii) presentations by management of Ridgeline and Vident addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the ACV ETFs; (iii) information pertaining to the compliance structure of Ridgeline and Vident; (iv) disclosure information contained in the ACV ETFs' registration statement and Ridgeline's and Vident's Forms ADV and/or their policies and procedures; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Advisory Agreements, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

**30**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited) - continued**

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

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

*The nature, extent, and quality of the services provided by Ridgeline and Vident.*

In this regard, the Board considered the responsibilities of Ridgeline and Vident under its respective Advisory Agreement. The Board reviewed the services provided by Ridgeline and Vident to the ACV ETFs, including, without limitation, Ridgeline's process for formulating investment recommendations and the processes of both Ridgeline and Vident for assuring compliance with the ACV ETFs' investment objectives and limitations; Vident's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by Ridgeline for the ACV ETFs among the service providers; and the anticipated efforts of Ridgeline to promote the ACV ETFs and grow their assets. The Board considered: the staffing, personnel, and methods of operating of Ridgeline and Vident; the education and experience of their personnel; and information provided regarding their compliance programs, policies and procedures. The Board considered the methods to be utilized by Ridgeline in supervising Vident as a sub-adviser to the ACV ETFs and the relationship between Ridgeline and Vident. After reviewing the foregoing and further information from Ridgeline and Vident, the Board concluded that the quality, extent, and nature of the services provided by Ridgeline and Vident were satisfactory and adequate for the ACV ETFs.

**31**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited) - continued**

*The investment performance of the ACVF and Ridgeline.*

The Board reviewed ACVF's performance under Ridgeline's management. The Trustees discussed the reports prepared by Broadridge Financial Solutions ("Broadridge") and reviewed the performance of the ACVF with the performance of its benchmark index, the S&P 500 Index ("S&P 500"), a custom category of funds derived from ACVF's Morningstar category, the Large Blend category, selected by Broadridge based on factors such as whether the funds have an active or passive strategy, and share class characteristics ("Category"), and a peer group selected from the Category by Broadridge based on style of investment management, anticipated assets, and the nature of the investment strategy and markets invested in, among other factors ("Peer Group"). The Board noted that ACVF had underperformed the S&P 500 for the one-year and three-year periods ended June 30, 2025, and had outperformed the performance of the medians of the Peer Group and the Category for the one-year and three-year periods ended June 30, 2025.

The Board noted that ACVSCF had not yet commenced operations. The Trustees considered that Ridgeline does not manage any separate accounts with strategies similar to those of the ACV ETFs.

After a detailed discussion of ACVF's performance, the Board concluded that the overall performance of ACVF was satisfactory and warranted the approval of the Advisory Agreements.

*The costs of services to be provided and profits to be realized by Ridgeline and Vident from the relationship with the ACV ETFs.*

In this regard, the Board considered the financial condition of Ridgeline and the level of commitment to the ACV ETFs by Ridgeline. The Board also considered the projected assets and proposed expenses of the ACV ETFs, including the nature and frequency of advisory payments. The Board noted the information on profitability provided by Ridgeline and Vident. The Trustees considered the ACV ETFs' unitary fee structure, in which the ACV ETFs pay an advisory fee to Ridgeline and Ridgeline has agreed to pay most of the ACV ETFs' expenses, and compared the advisory fee and gross and net expense ratios of each ACV ETF to the advisory fees and gross and net expenses of its Category and Peer Group. The Trustees noted that the advisory fee paid to Ridgeline by ACVF was higher than the median of the Category and Peer Group, and that the ACVF's gross and net expense ratios were higher than the median of the Category and Peer Group, but within the range of other funds in its Category and Peer Group. The Board acknowledged Ridgeline's representations that the ACVF

**32**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited) - continued**

is actively managed and has a unique value proposition. The Trustees then considered ACVSCF's advisory fee and gross and net expense ratios, noting that the advisory fee paid to Ridgeline by ACVSCF was higher than the median, but within the range, of funds in its Category and Peer Group, that the ACVSCF's gross expense ratio was slightly higher than the median of its Category but was equal to the median of funds in its Peer Group. The Board noted that Ridgeline does not manage separate accounts with strategies similar to the ACV ETFs. The Trustees also considered the split of the fees paid to Ridgeline versus those paid to Vident and the respective services provided by each to the ACV ETFs. The Board also considered that Vident represented that its fees for sub-advising the ACV ETFs are consistent with the range of fees charged to other clients. After further consideration, the Board concluded that the profitability of Ridgeline and Vident was not unreasonable, and the fees to be paid to Ridgeline (who in turn will pay Vident) were within an acceptable range in light of the services to be rendered by Ridgeline and Vident.

*The extent to which economies of scale would be realized as each ACV ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of each ACV ETF's shareholders*

The Trustees considered that at the ACV ETFs' current asset levels, it was not anticipated that the ACV ETFs would achieve economies of scale. They noted that the unitary fee structure of the ACV ETFs limits shareholders' exposure to fee increases.

*Possible conflicts of interest and other benefits.*

In evaluating the possibility for conflicts of interest, the Board considered such matters as: the experience and ability of the advisory and sub-advisory personnel assigned to the ACV ETFs; the basis of decisions to buy or sell securities for the ACV ETFs; the substance and administration of the Code of Ethics and other relevant policies of Ridgeline and Vident. The Board noted that Vident utilizes soft dollars with regard to the ACVF ETF and considered that Vident provides the Board with quarterly reporting in connection with its use of soft dollars. The Board also considered potential benefits for Ridgeline and Vident in managing the ACV ETFs. Following further consideration and discussion, the Board concluded that the standards and practices of Ridgeline and Vident relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Ridgeline and Vident from managing the ACV ETFs were satisfactory.

**33**

FINANCIAL STATEMENTS \| January 31, 2026

**American Conservative Values ETF**

**Supplemental Information (unaudited) - continued**

After additional consideration of the factors delineated in the memorandum provided by Trust Counsel and further discussion and careful review by the Trustees, the Board determined that the compensation payable under each Advisory Agreement was fair, reasonable and within a range of what could have been negotiated at arms-length in light of all the surrounding circumstances, and approved the continuation of the Advisory Agreements for each ACV ETF.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

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

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

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

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

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

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | Code of Ethics in response to Item 2 of this Form N-CSR - Not applicable. |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 - Not applicable. |
| [(a)(3)](ex99cert.htm) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99cert.htm) |

---

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

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

[(b)](ex99906cert.htm) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906cert.htm)

SIGNATURES

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

Registrant: ETF Opportunities Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: April 6, 2026 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe<br> Principal Executive Officer<br>|
| Date: April 6, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer<br>|
| Date: April 6, 2026 |  |

---

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

## Ex-99.Cert

[ETF Opportunities Trust N-CSRS](acvf_ncsrs-013126.htm)

**Exhibit 99.CERT**

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the American Conservative Values ETF;

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

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

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

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

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

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

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

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

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

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

Date: April 6, 2026

<u>/s/ Karen Shupe</u>

Principal Executive Officer

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

1. I have reviewed this report on Form N-CSR of the American Conservative Values ETF;

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

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

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

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

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

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

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

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

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

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

Date: April 6, 2026

<u>/s/ Ann MacDonald</u>

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSRS](acvf_ncsrs-013126.htm)

**Exhibit 99.906**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 6, 2026

---

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

---

Title: Treasurer and Principal Executive Officer

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

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: April 6, 2026

---

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

---

Title: Assistant Treasurer and Principal Financial Officer

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