# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001999371-26-000506
**Filing Date:** 2026-1
**Character Count:** 95923
**Document Hash:** bcdfe7fa6bf03d5553aaeaa60a71fac0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000506.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001999371-26-000506

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 26520553

**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

### Hedgeye Capital Allocation ETF (Series ID: S000092394)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000260369 | Hedgeye Capital Allocation ETF | HECA            |

### Hedgeye Quality Growth ETF (Series ID: S000092395)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000260370 | Hedgeye Quality Growth ETF | HGRO            |

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

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

---

ITEM 1.(a). Reports to Stockholders.

 **Hedgeye Capital Allocation ETF Tailored Shareholder Report** 

Annual Shareholder Report October 31, 2025

 **Hedgeye Capital Allocation ETF** 

Ticker: HECA (Listed on the NYSE Arca, Inc)

This annual shareholder report contains important information about the Hedgeye Capital Allocation ETF for the period of July 1, 2025 (inception) to October 31, 2025. You can find additional information about the Fund at www.hedgeyeam.com/heca. You can also contact us at (888) 711-8292.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Hedgeye Capital Allocation ETF  | $25¹  | 0.70%²  |

---

<sup>1</sup> Costs are for the period of July 1, 2025 to October 31, 2025. Costs for a full annual period would be higher.

<sup>2</sup> Annualized.

 **How did the Fund perform**?** 

Since inception, July 1, 2025, to October 31, 2025, Hedgeye Capital Allocation ETF (the "Fund") increased 13.60%. This compares to the S&P 500® Index which returned 10.78%.

During the period, the Fund experienced a maximum drawdown of 2.3%, which was less severe than drawdowns observed across several broad market indices and materially lower than the drawdown experienced by gold-related indices during the same period.

 **What factors influenced performance?**

The Fund is managed using a proprietary, computer-based allocation model that determines position selection and sizing. During the period ended October 31, 2025, the Fund's portfolio construction and diversification contributed to strong returns while maintaining relatively low peak-to-trough volatility. As this period represented the Fund's initial operating period, performance reflected the implementation of the model-driven investment process across varying market conditions.

**Cumulative Performance**

(based on a hypothetical $10,000 investment)

![line](qes1g1s31mj39y1ng.jpg)

\* Inception

**Annual Performance**

---

| | |
|:---|:---|
| <br>  | **Average Annual** <br> **Total Return** <br> **Since Inception** <br>  |
| **Hedgeye Capital Allocation ETF**  | 13.60%  |
| **S&P 500® Index**  | 10.78%  |

---

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

Visit www.hedgeyeam.com/heca for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

 **Hedgeye Capital Allocation ETF Tailored Shareholder Report** 

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets**  | $95424791  |
| **Number of Holdings**  | 15  |
| **Total Net Advisory Fee**  | $69170  |
| **Portfolio Turnover Rate**  | 671.21%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

**Sector Breakdown**

![bar](qesdbj1mj3argue.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** <br>  | <br>  |
| iShares MSCI South Korea ETF  | 11.23%  |
| iShares MSCI Taiwan ETF  | 10.75%  |
| Invesco QQQ Trust Series 1  | 9.35%  |
| iShares Currency Hedged MSCI ACWI ex U.S. ETF  | 8.96%  |
| iShares MSCI Japan ETF  | 8.20%  |
| VanEck Semiconductor ETF  | 7.90%  |
| First American Government Obligations Fund  | 7.77%  |
| iShares Biotechnology ETF  | 7.38%  |
| iShares MSCI India ETF  | 6.14%  |
| Global X Copper Miners ETF  | 5.98%  |

---

 **For additional information about the Fund; including its prospectus, fina ncial information, holdings and proxy information, visit www.hedgeyeam.com/heca**.

 **Hedgeye Quality Growth ETF Tailored Shareholder Report** 

Annual Shareholder Report October 31, 2025

 **Hedgeye Quality Growth ETF** 

Ticker: HGRO (Listed on the NYSE Arca, Inc)

This annual shareholder report contains important information about the Hedgeye Quality Growth ETF, for the period of June 11, 2025 (inception) to October 31, 2025. You can find additional information about the Fund at www.hedgeyeam.com/hgro. You can also request this information by contacting us at 888-711-8292.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| Hedgeye Quality Growth ETF  | $29¹  | 0.70%²  |

---

<sup>1</sup> Costs are for the period of June 11, 2025 to October 31, 2025. Costs for a full annual period would be higher.

<sup>2</sup> Annualized.

**How did the Fund perform?**

Since inception, June 11 2025, to October 31, 2025, Hedgeye Quality Growth ETF (the "Fund") increased 13.57%. This compares to the S&P 500® Index which returned 14.09%.

 **What factors influenced performance?** 

Both the Fund and the S&P 500® Index performed strongly during the period, driven by a number of factors that supported markets and bullish investor sentiment. On the earnings front, large-cap companies generally reported strong fundamentals, as economic conditions during the period were supported by elevated levels of investment in artificial intelligence. From a regulatory standpoint, the passage of the "One Big Beautiful Bill Act" (OBBBA) during the period contributed to improved market sentiment and higher earnings expectations. While the rollback in tariffs reduced areas of market concern, costs remained elevated across the economy during the period, contributing to weaker consumer confidence.

A factor that impacted the Fund's performance relative to the Index was frothy and speculative market conditions that favored some of the riskiest segments of the market. For example, during the period, Goldman Sachs' most-shorted basket and unprofitable technology basket increased by over 40% and 64%, respectively.

The Fund remained focused on long-term growth investing and on identifying well-positioned large- and mid-capitalization companies, particularly those with exposure to secular growth trends observed in the economy during the period. While the Fund was concentrated, it maintained diversification across investment opportunities in Technology, Healthcare, Industrials, and Energy.

**Cumulative Performance**

(based on a hypothetical $10,000 investment)

![line](qesc9ld1mj3b7rep.jpg)

\* Inception

**Annual Performance**

---

| | |
|:---|:---|
| <br>  | **Average Annual** <br> **Total Return** <br> **Since Inception** <br>  |
| **Hedgeye Quality Growth ETF**  | 13.57%  |
| **S&P 500® Index**  | 14.09%  |

---

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

Visit www.hedgeyeam.com/hgro for more recent performance information.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

 **Hedgeye Quality Growth ETF Tailored Shareholder Report** 

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| **Fund Net Assets**  | $44291329  |
| **Number of Holdings**  | 51  |
| **Total Net Advisory Fee**  | $66704  |
| **Portfolio Turnover Rate**  | 97.28%  |

---

**What did the Fund invest in?**

(% of Net Assets as of October 31, 2025)

 **Sector Breakdown**

![bar](qesdbj1mj3bg93y.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings** <br>  | <br>  |
| Nvidia Corp.  | 9.24%  |
| Apple, Inc.  | 8.99%  |
| Microsoft Corp.  | 8.44%  |
| Alphabet, Inc. Class A  | 7.45%  |
| Amazon.com, Inc.  | 5.08%  |
| Broadcom, Inc.  | 4.06%  |
| JPMorgan Chase & Co.  | 2.54%  |
| Snowflake, Inc.  | 2.39%  |
| Goldman Sachs Group, Inc.  | 2.33%  |
| General Electric Co.  | 2.29%  |

---

 **For additional information about the Fund; including its prospectus, fina ncial information, holdings and proxy information, visit www.hedgeyeam.com/hgro**.

ITEM 1.(b). Not applicable.

ITEM 2. CODE OF ETHICS.

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

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) The code of ethics is attached hereto as exhibit 19(a)(1).

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $30,800 for 2025 and $0 for 2024.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance 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 are $0 for 2025 and $0 for 2024.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $6,600 for 2025 and $0 for 2024. The nature of the services comprising these fees include preparation of excise filings and income tax returns and assistance with calculation of required income, capital gain and excise distributions.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are and $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter, the registrant's Audit Committee must pre-approve all audit and non-audit services to be provided to the registrant. The Audit Committee also pre-approves any non-audit services provided by the registrant's principal accountant to the adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) The percentage of 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 are as follows:

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NA

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NA

(f) 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) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and 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 adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2025 and $0 for 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The registrant has an audit committee which was established by the Board of Trustees of the registrant
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. Each of the registrant's Trustees serves
as a member of its Audit Committee.

(b) Not applicable.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

**FINANCIAL STATEMENTS**

**AND OTHER INFORMATION**

Period Ended October 31, 2025

Hedgeye Capital Allocation ETF<sup>(1)</sup>

Hedgeye Quality Growth ETF<sup>(2)</sup>

<sup>(1)</sup> The Fund commenced operations on July 1, 2025

<sup>(2)</sup> The Fund commenced operations on June 11, 2025

**HEDGEYE CAPITAL ALLOCATION ETF**

**Schedule of Investments** **October 31, 2025**

See Notes to Financial Statements

**1**

FINANCIAL STATEMENTS \| October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **91.32%** | **EXCHANGE TRADED FUNDS** |  |  |
| **28.30%** | **DEVELOPED ECONOMIES** |  |  |
|  | Invesco QQQ Trust, Series 1  | 14187 | $8924616<br>|
|  | iShares MSCI Japan ETF  | 93753 | 7823688 |
|  | iShares MSCI Taiwan ETF  | 153891 | 10256835 |
|  |  |  | 27005139 |
| **21.18%** | **EMERGING MARKETS** |  |  |
|  | iShares J.P. Morgan USD Emerging Markets Bond ETF  | 37484 | 3623578 |
|  | iShares MSCI India ETF  | 108648 | 5863732 |
|  | iShares MSCI South Korea ETF  | 110524 | 10720828 |
|  |  |  | 20208138 |
| **8.96%** | **FOREIGN LARGE BLEND** |  |  |
|  | iShares Currency Hedged MSCI ACWI ex U.S. ETF  | 218062 | 8548314 |
| **24.01%** | **SECTOR FUNDS** |  |  |
|  | Global X Copper Miners ETF  | 92427 | 5708292 |
|  | iShares Biotechnology ETF  | 44169 | 7039654 |
|  | VanEck Oil Services ETF  | 9246 | 2622998 |
|  | VanEck Semiconductor ETF  | 20777 | 7542467 |
|  |  |  | 22913411 |
| **2.10%** | **CURRENCY FUNDS** |  |  |
|  | Invesco DB US Dollar Index Bullish Fund  | 71179 | 2007960 |
| **2.37%** | **SMALL CAP GROWTH** |  |  |
|  | Invesco WilderHill Clean Energy ETF  | 67485 | 2261422 |
| **4.40%** | **TAX ADVANTAGE FUNDS** |  |  |
|  | iShares TIPS Bond ETF  | 37680 | 4196798 |
| **91.32%** | **TOTAL EXCHANGE TRADED FUNDS**  | **TOTAL EXCHANGE TRADED FUNDS**  | 87141183 |
|  | (Cost: $85,243,631) |  |  |

---

See Notes to Financial Statements

**2**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE CAPITAL ALLOCATION ETF**

**Schedule of Investments - continued** **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **7.77%** | **MONEY MARKET FUND** |  |  |
|  | First American Government Obligations Fund 4.05%<sup>(B)</sup>  | 7416064 | $7416064<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $7,416,064) |  |  |
| **99.09%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 94557247 |
|  | (Cost: $92,659,695) |  |  |
| **0.91%** | Other assets, net of liabilities  | Other assets, net of liabilities  | 867544 |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **95424791**<br>|

---

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

<sup>(B)</sup>Effective 7 day yield as of October 31, 2025.

**HEDGEYE QUALITY GROWTH ETF**

**Schedule of Investments** **October 31, 2025**

See Notes to Financial Statements

**3**

FINANCIAL STATEMENTS \| October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **99.78%** | **COMMON STOCKS** |  |  |
| **11.66%** | **COMMUNICATION SERVICES** |  |  |
|  | Alphabet, Inc. Class A  | 11739 | $3300889<br>|
|  | Meta Platforms, Inc.  | 950 | 615933 |
|  | Netflix, Inc.<sup>(A)</sup>  | 712 | 796628 |
|  | Roblox Corp.<sup>(A)</sup>  | 3981 | 452719 |
|  |  |  | 5166169 |
| **11.27%** | **CONSUMER DISCRETIONARY** |  |  |
|  | Amazon.com, Inc.<sup>(A)</sup>  | 9212 | 2249755 |
|  | Hilton Worldwide Holdings, Inc.  | 1519 | 390322 |
|  | Las Vegas Sands Corp.  | 5259 | 312122 |
|  | Tapestry, Inc.  | 1960 | 215247 |
|  | TJX Companies, Inc.  | 4719 | 661321 |
|  | Ulta Beauty, Inc.<sup>(A)</sup>  | 949 | 493366 |
|  | Victoria's Secret & Co.<sup>(A)</sup>  | 7113 | 250733 |
|  | Viking Holdings Ltd<sup>(A)</sup>  | 6925 | 421386 |
|  |  |  | 4994252 |
| **0.94%** | **CONSUMER STAPLES** |  |  |
|  | Celsius Holdings, Inc.<sup>(A)</sup>  | 6909 | 416129 |
| **2.53%** | **ENERGY** |  |  |
|  | Baker Hughes Co.  | 9331 | 451714 |
|  | Cameco Corporation  | 2556 | 261249 |
|  | EQT Corp.  | 7581 | 406190 |
|  |  |  | 1119153 |

---

See Notes to Financial Statements

**4**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE QUALITY GROWTH ETF**

**Schedule of Investments - continued** **October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **11.99%** | **FINANCIALS** |  |  |
|  | American Express Co.  | 2219 | $800460<br>|
|  | CBOE Global Markets, Inc.  | 2128 | 522722 |
|  | Goldman Sachs Group, Inc.  | 1309 | 1033285 |
|  | JPMorgan Chase & Co.  | 3613 | 1124077 |
|  | Mastercard, Inc. Class A  | 585 | 322914 |
|  | Morgan Stanley  | 3939 | 645996 |
|  | Wells Fargo & Co.  | 9880 | 859264 |
|  |  |  | 5308718 |
| **11.31%** | **HEALTH CARE** |  |  |
|  | Abbvie, Inc.  | 4261 | 929068 |
|  | Danaher Corp.  | 3085 | 664447 |
|  | Eli Lilly & Co.  | 1128 | 973306 |
|  | Johnson & Johnson  | 3954 | 746792 |
|  | Natera, Inc.<sup>(A)</sup>  | 1745 | 347133 |
|  | Quest Diagnostics, Inc.  | 2581 | 454127 |
|  | Thermo Fisher Scientific, Inc.  | 1577 | 894774 |
|  |  |  | 5009647 |
| **9.91%** | **INDUSTRIALS** |  |  |
|  | Caterpillar, Inc.  | 1170 | 675394 |
|  | First Solar, Inc.<sup>(A)</sup>  | 893 | 238376 |
|  | GE Vernova LLC  | 834 | 488007 |
|  | General Electric Co.  | 3286 | 1015210 |
|  | L3Harris Technologies, Inc.  | 1421 | 410811 |
|  | Norfolk Southern Corp.  | 1081 | 306334 |
|  | Parker-Hannifin Corp.  | 936 | 723369 |
|  | Xylem, Inc.  | 3534 | 533104 |
|  |  |  | 4390605 |

---

**HEDGEYE QUALITY GROWTH ETF**

**Schedule of Investments - continued** **October 31, 2025**

See Notes to Financial Statements

**5**

FINANCIAL STATEMENTS \| October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
| **37.85%** | **INFORMATION TECHNOLOGY** |  |  |
|  | Apple, Inc.  | 14734 | $3983632<br>|
|  | Arista Networks, Inc.<sup>(A)</sup>  | 3630 | 572415 |
|  | Broadcom, Inc.  | 4868 | 1799359 |
|  | Cloudflare, Inc.<sup>(A)</sup>  | 1956 | 495455 |
|  | Microsoft Corp.  | 7216 | 3736517 |
|  | Nvidia Corp.  | 20209 | 4092120 |
|  | Seagate Technology Holdings plc  | 799 | 204448 |
|  | ServiceNow, Inc.<sup>(A)</sup>  | 465 | 427465 |
|  | Snowflake, Inc.<sup>(A)</sup>  | 3855 | 1059662 |
|  | Teradyne, Inc.  | 2154 | 391511 |
|  |  |  | 16762584 |
| **1.66%** | **REAL ESTATE** |  |  |
|  | Prologis, Inc. REIT  | 5930 | 735854 |
| **0.66%** | **UTILITIES** |  |  |
|  | Constellation Energy Corp.  | 773 | 291421 |
| **99.78%** | **TOTAL COMMON STOCKS**  | **TOTAL COMMON STOCKS**  | 44194532 |
|  | (Cost: $40,145,607) |  |  |
| **0.42%** | **MONEY MARKET FUND** |  |  |
|  | First American Money Market Funds 4.05%<sup>(B)</sup>  | 186355 | 186355 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $186,355) |  |  |
| **100.21%** | **TOTAL INVESTMENTS**  | **TOTAL INVESTMENTS**  | 44380887 |
|  | (Cost: $40,331,962) |  |  |
| **(0.21%)** | Liabilities in excess of other assets  | Liabilities in excess of other assets  | (89558) |
| **100.00%** | **NET ASSETS**  | **NET ASSETS**  | **$** **44291329**<br>|

---

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

<sup>(B)</sup>Effective 7 day yield as of October 31, 2025.

REIT - Real Estate Investment Trust.

**HEDGEYE ETFS**

**Statements of Assets and Liabilities** **October 31, 2025**

See Notes to Financial Statements

**6**

FINANCIAL STATEMENTS \| October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Capital Allocation** | **Quality <br>Growth** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value<sup>(1)</sup> (Note 1)  | $94557247<br>| $44380887<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold  | 1652394 | 497529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 18445 | 15970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS  | 96228086 | 44894386 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed  |  | 283919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased  | 763129 | 295902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees (Note 2)  | 40166 | 23236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES  | 803295 | 603057 |
| **NET ASSETS**  | $95424791<br>| $44291329<br>|
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $91397799<br>| $41378219<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated deficits) | 4026992 | 2913110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets**  | $95424791<br>| $44291329<br>|
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value) | 3360000 | 1560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value and Offering Price Per Share  | $28.40<br>| $28.39<br>|
| <sup>(1)</sup> Identified cost of:  | $92659695<br>| $40331962<br>|

---

See Notes to Financial Statements

**7**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Statements of Operations** **Period Ended October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Capital Allocation<sup>(1)</sup>** | **Quality Growth<sup>(2)</sup>** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends  | $64457<br>| $74114<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 23185 | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 87642 | 79226 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2)  | 69170 | 66704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 69170 | 66704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 18472 | 12522 |
| **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments<sup>(3)</sup>  | 2110968 | (974855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 1897552 | 4048925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net realized and unrealized gain (loss) on investments  | 4008520 | 3074070 |
| **INCREASE (DECREASE) IN NET ASSETS** **FROM OPERATIONS**  | $4026992<br>| $3086592<br>|

---

<sup>(1)</sup> The Fund commenced operations on July 1, 2025.

<sup>(2)</sup> The Fund commenced operations on June 11, 2025.

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

See Notes to Financial Statements

**8**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Statements of Changes in Net Assets** **Period Ended October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Capital Allocation<sup>(1)</sup>** | **Quality Growth<sup>(2)</sup>** |
| **INCREASE (DECREASE) IN NET ASSETS FROM** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $18472<br>| $12522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments  | 2110968 | (974855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments  | 1897552 | 4048925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from operations  | 4026992 | 3086592 |
| **CAPITAL STOCK TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued  | 113360436 | 42817527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (21962637) | (1612790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital stock transactions  | 91397799 | 41204737 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) during period  | 95424791 | 44291329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period  | $95424791<br>| $44291329<br>|

---

<sup>(1)</sup> The Fund commenced operations on July 1, 2025.

<sup>(2)</sup> The Fund commenced operations on June 11, 2025.

**HEDGEYE ETFs**

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

See Notes to Financial Statements

**9**

FINANCIAL STATEMENTS \| October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Period Ended October 31, 2025** | **Period Ended October 31, 2025** |
|  | **Capital Allocation\*** | **Quality Growth\*\*** |
| **Net asset value, beginning of period**  | **$** **25.00**<br>| **$** **25.00**<br>|
| **Investment activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup>  | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(2)</sup>  | 3.38 | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total from investment activities**  | 3.40 | 3.39 |
| **Net asset value, end of period**  | **$** **28.40**<br>| **$** **28.39**<br>|
| **Total Return<sup>(3)</sup>**  | **13.60%** | **13.57%** |
| **Ratios/Supplemental Data** |  |  |
| Ratios to average net assets<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.70%<sup>(5)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.19% | 0.13% |
| Portfolio turnover rate<sup>(3)</sup>  | 671.21% | 97.28% |
| Net assets, end of period (000's)  | $95425<br>| $44291<br>|

---

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

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

<sup>(3)</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized.

<sup>(4)</sup> Ratios to average net assets have been annualized.

<sup>(5)</sup> Excludes fees and expenses as a result of investments in underlying funds.

\*The Fund commenced operations on July 1, 2025.

\*\*The Fund commenced operations on June 11, 2025.

**10**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements** **October 31, 2025**

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

The Hedgeye Capital Allocation (the "Capital Allocation ETF") and the Hedgeye Quality Growth (the "Quality Growth ETF") (each a "Fund" and collectively, the "Funds") are non-diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust") which was organized on March 18, 2019 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The offering of the Funds' shares is registered under the Securities Act of 1933. The Capital Allocation ETF commenced operations on July 1, 2025 and the Quality Growth ETF commenced operations on June 11, 2025.

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

The Funds are each deemed to be individual reporting segments and are not part of a consolidated reporting entity. The objective and strategy of each Fund is used by Hedgeye Asset Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in its Statements of Operations and Financial Highlights, is the information utilized for the day-to-day management of the Funds. Due to the significance of oversight and its role in the Funds' management, the respective Fund'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 Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies".** 

**Security Valuation**

The Funds record investments at fair value. Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale are valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Although the Trust's Board of Trustees (the "Board") is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the

**11**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Notes to Financial Statements - continued** **October 31, 2025**

Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Funds' policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Investments in money market funds are valued at their net asset value ("NAV") per share, as reported by such investment companies.

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

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

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

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

**12**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements - continued** **October 31, 2025**

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

The following is a summary of the level of inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br>Quoted Prices** | **Level 2<br>Other Significant Observable Inputs** | **Level 3<br>Significant Unobservable Inputs** | **Total** |
| **Capital Allocation** |  |  |  |  |
| **Assets** |  |  |  |  |
| Exchange Traded Funds  | $87141183<br>| $—<br>| $—<br>| $87141183<br>|
| Money Market Fund  | 7416064 |  |  | 7416064 |
|  | $94557247<br>| $—<br>| $—<br>| $94557247<br>|
| **Quality Growth** |  |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks  | $44194532<br>| $—<br>| $—<br>| $44194532<br>|
| Money Market Fund  | 186355 |  |  | 186355 |
|  | $44380887<br>| $—<br>| $—<br>| $44380887<br>|

---

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

**Security Transactions and Income** 

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

**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.

**13**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Notes to Financial Statements - continued** **October 31, 2025**

**Federal Income Taxes**

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

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

**Reclassification of Capital Accounts**

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the period ended October 31, 2025, such reclassifications were attributable primarily to the tax treatment of redemptions in-kind:

---

| | |
|:---|:---|
|  | **Quality <br>Growth** |
| Distributable earnings  | $(173482) |
| Paid-in Capital  | 173482 |

---

**Dividends and Distributions**

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

**Creation Units**

The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 10,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized

**14**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements - continued** **October 31, 2025**

Participants") will be required to pay to U.S Bank (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $300. 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 $300.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Funds' principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participation Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creation Unit Shares** | **Creation Transaction Fee** | **Value** |
| Capital Allocation  | 10000 | $300<br>| $284000<br>|
| Quality Growth  | 10000 | $300<br>| $283900<br>|

---

To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Funds, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver

**15**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Notes to Financial Statements - continued** **October 31, 2025**

the missing shares as soon as possible, which undertaking are secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A participant agreement may permit the Funds to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Funds acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statements of Assets and Liabilities, when applicable.

**Officers and Trustees Indemnification**

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

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

**16**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements - continued** **October 31, 2025**

For its services with respect to the Funds, the Advisor is entitled to receive an annual advisory fee of 0.70%, calculated daily and payable monthly as a percentage of each Fund's daily net assets.

The Advisor has retained Tidal Investments, LLC (the "Sub-Advisor"), to serve as sub-advisor for the Funds. Pursuant to an Investment Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Advisor and the Board. The Sub-Advisor does not select investments for each Fund's portfolio.

For its services, the Sub-Advisor is paid a fee by the Advisor, which fee is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund of 0.04% of the first $250 million and 0.03% in excess of $250 million, subject to a minimum of $23,000 per year for each Fund.

**Fund Administrator**

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

**Fund Accountant and Transfer Agent**

U.S. Bank Global Fund Services, LLC ("U.S. Bank") serves as the Funds' Fund Accountant and Transfer Agent pursuant to a Fund Accounting Servicing Agreement and a Transfer Agent Servicing Agreement. For its services, U.S. Bank is entitled to a fee. The Advisor pays these fees monthly.

**Custodian**

U.S. Bank N.A. serves as the Funds' Custodian pursuant to a Custody Agreement. For its services, U.S. Bank N.A. is entitled to a fee. The Advisor pays these fees monthly.

**Distributor**

Foreside Fund Services, LLC serves as the Funds' 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.

**17**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Notes to Financial Statements - continued** **October 31, 2025**

**Trustees and Officers**

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

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

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

**NOTE 3 – INVESTMENTS**

The costs of purchases and proceeds from the sales of securities other than in-kind transactions and short-term securities for the period ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Capital Allocation  | $218787258<br>| $221696665<br>|
| Quality Growth  | 27648558 | 26546048 |

---

The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the period ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized<br>Gain (Loss)** |
| Capital Allocation  | $106527358<br>| $20485289<br>| $1421990<br>|
| Quality Growth  | 41580411 | 1562458 | 181708 |

---

**18**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements - continued** **October 31, 2025**

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

Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. The Capital Allocation Fund has adopted a tax year end of April 30, 2026.

Neither of the Funds paid any distributions during the period ended October 31, 2025.

As of October 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:

---

| | |
|:---|:---|
|  | **Quality <br>Growth** |
| Accumulated undistributed net investment income (loss)  | $12522<br>|
| Accumulated net realized gain (loss) on investments  |  |
| Other accumulated losses  | (772062) |
| Net unrealized appreciation (depreciation) of investments  | 3672650 |
|  | $2913110<br>|

---

As of October 31, 2025, the Quality Growth Fund had capital loss carry forwards of $772,062, all of which is considered short term. This loss may be carried forward indefinitely.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Total Unrealized Appreciation (Depreciation)** |
| Capital Allocation  | $92659695<br>| $2051923 <br>| $(154371) | $1897552<br>|
| Quality Growth  | 40708237 | 4408103 | (735453) | 3672650 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) for the Quality Growth Fund is attributable primarily to the tax deferral of wash sales losses.

**19**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFs**

**Notes to Financial Statements - continued** **October 31, 2025**

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

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

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

Shares of beneficial interest transactions for the Funds for the period ended October 31, 205 were:

---

| | | |
|:---|:---|:---|
|  | **Capital Allocation** | **Quality <br>Growth** |
| Shares sold  | 4170000 | 1620000 |
| Shares redeemed  | (810000) | (60000) |
| Net increase (decrease)  | 3360000 | 1560000 |

---

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

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

**20**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Notes to Financial Statements - continued** **October 31, 2025**

**NOTE 7 – SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of that Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of October 31, 2025, 28.30% of the value of the net assets of the Hedgeye Capital Allocation ETF was invested in securities within the Developed Economies sector. As of October 31, 2025, 37.85% of the value of the net assets of the Hedgeye Quality Growth ETF was invested in securities within the Information Technology sector.

**NOTE 8 – SUBSEQUENT EVENTS**

Subsequent to the date of the financial statements, the Funds have made the following distribution to the shareholders of record:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record Date** | **Ex-Dividend Date** | **Character** | **Amount** |
| Capital Allocation | December 30, 2025 | December 30, 2025 | Net investment income | $1544939 |
| Capital Allocation | December 30, 2025 | December 30, 2025 | Long term capital gains | 1261071 |
| Quality Growth | December 30, 2025 | December 30, 2025 | Net investment income | 54932 |

---

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

**HEDGEYE ETFS**

**Report of Independent Registered Public Accounting Firm**

**21**

FINANCIAL STATEMENTS \| October 31, 2025

To the Shareholders of Hedgeye Quality Growth ETF and Hedgeye Capital Allocation ETF and Board of Trustees of ETF Opportunities Trust

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ETF Opportunities Trust comprising the funds listed below (the "Funds") as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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 October 31, 2025, 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** | **Statements of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Hedgeye Quality Growth ETF | For the period from June 11, 2025 (commencement of operations) through October 31, 2025 | For the period from June 11, 2025 (commencement of operations) through October 31, 2025 | For the period from June 11, 2025 (commencement of operations) through October 31, 2025 |
| Hedgeye Capital Allocation ETF | For the period from July 1, 2025 (commencement of operations) through October 31, 2025 | For the period from July 1, 2025 (commencement of operations) through October 31, 2025 | For the period from July 1, 2025 (commencement of operations) through October 31, 2025 |

---

<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.

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

**22**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Report of Independent Registered Public Accounting Firm - continued**

in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. 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 auditor of one or more investment companies advised by Hedgeye Asset Management, LLC since 2025.

![](hedge-fs_103125img001.gif)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 30, 2025

**HEDGEYE ETFS**

**Supplemental Information (unaudited)**

**23**

FINANCIAL STATEMENTS \| October 31, 2025

**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 Trustees, Officers, and others of open-end management investment companies.**

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

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

At a meeting held on March 11-12, 2025, (the "Meeting"), the Board of Trustees (the "Board") of the ETF Opportunities Trust (the "Trust") considered the approval of the proposed Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Hedgeye Asset Management, LLC ("Hedgeye," or the "Adviser") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") between Hedgeye and Tidal Investments, LLC ("Tidal" or the "Sub-Adviser"), with respect to the Hedgeye Capital Allocation ETF ("HECA") and the Hedgeye Quality Growth ETF ("HRGO" and, together with HECA, the "Hedgeye ETFs"). The Board reflected on its discussions with the representatives from Hedgeye earlier in the Meeting regarding the manner in which the Hedgeye ETFs are to be managed and the roles and responsibilities of Hedgeye and Tidal under the Advisory Agreement and the Sub-Advisory Agreement (collectively, the "Hedgeye Advisory Agreements").

The Trustees reviewed a memorandum from Trust Counsel ("Trust Counsel") that addressed the Trustees' duties when considering the approval of the Hedgeye Advisory Agreements. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. The Trustees also reviewed the responses of Hedgeye and Tidal to requests for information from Trust Counsel on behalf of the Board and noted that the responses included a copy of financial information for Hedgeye and Tidal, information on the personnel of and services to be provided

**24**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Supplemental Information (unaudited) - continued**

by Hedgeye and Tidal, an expense comparison analysis for the Hedgeye ETFs and comparable ETFs, and the Hedgeye 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 Hedgeye Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services to be provided by Hedgeye and Tidal; (ii) the costs of the services to be provided and profits to be realized by Hedgeye and Tidal from the relationship with the Hedgeye ETFs; (iii) the extent to which economies of scale would be realized if the Hedgeye ETFs grow and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (iv) 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 the Meeting. The Board requested or was provided with information and reports relevant to the approval of the Hedgeye Advisory Agreements, including: (i) information regarding the services and support to be provided by Hedgeye and Tidal to the Hedgeye ETFs; (ii) presentations by management of Hedgeye and Tidal addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the Hedgeye ETFs; (iii) information pertaining to the compliance structure of Hedgeye and Tidal; (iv) disclosure information contained in the Hedgeye ETFs' registration statements and each firm's Form ADV and/or the policies and procedures of each firm; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the Hedgeye Advisory Agreements, including the material factors set forth above and the types of information included in each factor that should be considered by the Board in order to make an informed decision.

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

The Board did not identify any particular information that was most relevant to its consideration to approve the Hedgeye Advisory Agreements, and each Trustee

**HEDGEYE ETFS**

**Supplemental Information (unaudited) - continued**

**25**

FINANCIAL STATEMENTS \| October 31, 2025

may have afforded different weight to the various factors. In deciding whether to approve the Hedgeye Advisory Agreements, the Trustees considered numerous factors, including:

*The nature, extent, and quality of the services to be provided by Hedgeye and Tidal.* 

In this regard, the Board considered the responsibilities of Hedgeye and Tidal under the Hedgeye Advisory Agreements. The Board reviewed the services to be provided by Hedgeye and Tidal to the Hedgeye ETFs, including, without limitation, Hedgeye's process for formulating investment recommendations and the processes of Hedgeye and Tidal for assuring compliance with each Hedgeye ETF's investment objectives and limitations; Tidal's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by Hedgeye for the Hedgeye ETFs among the service providers; and the anticipated efforts of Hedgeye to promote the Hedgeye ETFs and grow assets. The Board considered: the staffing, personnel, and methods of operating of Hedgeye and Tidal; the education and experience of each firm's personnel; and information provided regarding its compliance program and policies and procedures. After reviewing the foregoing and further information from Hedgeye and Tidal, the Board concluded that the quality, extent, and nature of the services to be provided by Hedgeye and Tidal was satisfactory and adequate for the Hedgeye ETFs.

*The investment performance of Hedgeye and Tidal.*

The Board noted that the Hedgeye ETFs had not yet commenced operations. The Trustees considered Hedgeye's recent formation and noted that Hedgeye had not yet registered as an investment adviser with the SEC and had not managed any client accounts. The Board also considered Tidal's experience in portfolio compliance monitoring, trade execution and broker-dealer selection.

*The costs of services to be provided and profits to be realized by Hedgeye and Tidal from the relationship with the Hedgeye ETFs.* 

In this regard, the Board considered the financial condition of Hedgeye and the level of commitment to the Hedgeye ETFs by Hedgeye and Tidal. The Board noted that Hedgeye's parent company had agreed to provide financial support to Hedgeye, if necessary. The Board also considered the projected assets and proposed expenses of the Hedgeye ETFs, including the nature and frequency of advisory payments. The Trustees noted the information on projected

**26**

FINANCIAL STATEMENTS \| October 31, 2025

**HEDGEYE ETFS**

**Supplemental Information (unaudited) - continued**

profitability provided by Hedgeye. The Trustees considered the unitary fee structure proposed by Hedgeye. The Board compared the proposed unitary fee of the Hedgeye ETFs to the fees of each Fund's projected Morningstar category and a peer group of other ETFs selected by Broadridge Financial Solutions ("Broadridge") as being comparable to the Hedgeye ETFs in terms of the type of fund, the style of investment management, anticipated assets and the nature of the investment strategy and markets invested in, among other factors ("Peer Group").

The Trustees noted that at its projected asset level, HECA's proposed gross and net advisory fees were in line with the median of its projected Morningstar category, the Tactical Allocation category ("Tactical Category"), but higher than the median of its Peer Group, while its projected gross and net expense ratios were lower than the median of the Tactical Category and its Peer Group. The Trustees noted that at its projected asset level, HGRO's projected gross and net advisory fees were higher than the median of its projected Morningstar category, the Large Growth category ("Large Growth Category") and its Peer Group, while its projected gross and net expense ratios were higher than the median of the Large Growth Category, but its gross expense ratio was lower than, and its net expense ratio was in line with, the median of its Peer Group. The Trustees acknowledged Hedgeye's representation that the proposed advisory fees are appropriate and competitively priced for an actively managed fund that requires unique services such as those provided by Hedgeye. The Trustees also considered the split of the advisory fees paid to Hedgeye versus those paid to Tidal and the respective services provided by each to the Hedgeye ETFs. After further consideration, the Board concluded that the projected profitability and fees to be paid to Hedgeye were within an acceptable range in light of the services to be rendered by Hedgeye.

*The extent to which economies of scale would be realized as the Hedgeye ETFs grow and whether advisory fee levels reflect these economies of scale for the benefit of the Hedgeye ETFs' investors.* 

The Trustees considered that it was not anticipated that the Hedgeye ETFs would be of sufficient size to achieve economies of scale in the first few years of operations. The Board noted that the unitary fee structure limits the shareholders' exposure to underlying operating expense increases.

**HEDGEYE ETFS**

**Supplemental Information (unaudited) - continued**

**27**

FINANCIAL STATEMENTS \| October 31, 2025

*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 personnel assigned to the Hedgeye ETFs; the basis of decisions to buy or sell securities for the Hedgeye ETFs; and the substance and administration of the Code of Ethics and other relevant policies of Hedgeye and Tidal. The Board noted that Hedgeye and Tidal have each represented that it does not anticipate utilizing soft dollars or commission recapture with regard to the Hedgeye ETFs. The Board also considered potential benefits for Hedgeye and Tidal in managing the Hedgeye ETFs. Following further consideration and discussion, the Board concluded that the standards and practices of Hedgeye and Tidal relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by Hedgeye and Tidal from managing the Hedgeye ETFs were satisfactory.

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 the Advisory Agreement and the Sub-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 they approved the Hedgeye Advisory Agreements.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

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

Not applicable 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 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 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 is attached hereto.](ex99-coe.htm)

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

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

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

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

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

SIGNATURES

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

Registrant: ETF Opportunities Trust

---

| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
| | Karen Shupe<br> Principal Executive Officer |
| Date: January 8, 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: January 8, 2026 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald<br> Principal Financial Officer |
| Date: January 8, 2026 |  |

---

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

## Ex-99.Code

[ETF Opportunities Trust N-CSR](hedgeye-ncsr_103125.htm)

**Exhibit 99.CODE ETH**

ETF OPPORTUNITIES TRUST

CODE OF ETHICS FOR SENIOR OFFICERS

Preamble

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, ETF Opportunities Trust (the "Company") has adopted this Code of Ethics (the "Code").

Statement of Policy

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

Covered Persons

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

Promotion of Honest and Ethical Conduct

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

Promotion of Compliance with Applicable Government Laws, Rules and Regulations

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

Promoting Prompt Internal Reporting of Violations

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

Sanctions

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

<br> Each Covered Person shall be required to certify annually whether he has complied with this Code.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Recordkeeping

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

Amendments

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Dated: October 7, 2021

## Ex-99.Cert

[ETF Opportunities Trust N-CSR](hedgeye-ncsr_103125.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 Hedgeye ETFs;

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

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

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

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

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

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

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

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

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

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

Date: January 8, 2026

/s/ Karen Shupe

Principal Executive Officer

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

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

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

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

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

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

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

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

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

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

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

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

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

Date: January 8, 2026

/s/ Ann MacDonald

Principal Financial Officer

## Exhibit 99.906

[ETF Opportunities Trust N-CSR](hedgeye-ncsr_103125.htm)

**Exhibit 99.906 CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. ss.1350, the undersigned officer of ETF Opportunities Trust (the "Company"), hereby certifies that the Company's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Dated: | January 8, 2026 |
| Name: | /s/ Karen Shupe |
|  | Karen Shupe |
| Title: | Treasurer and Principal Executive Officer |

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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 October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Dated: | January 8, 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.