ETF Opportunities Trust
09/08/2026 | Press release | Distributed by Public on 09/08/2026 12:56
Semi-Annual Report by Investment Company (Form N-CSRS)
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 Suite 205 Richmond, VA 23235 |
| Name and address of agent for service |
The Corporation Trust Co. Corporation Trust Center 1209 Orange St. Wilmington, DE 19801 With Copy to: Practus, LLP 11300 Tomahawk Creek Parkway Suite 310 Leawood, KS 66211 |
| Registrant's telephone number, including area code: | (804) 267-7400 |
| Date of fiscal year end: | December 31 |
| Date of reporting period: | June 30, 2026 |
| SMI 3Fourteen REAL Asset Allocation and SMI 3Fourteen Full-Cycle Trend ETF (the "SMI ETFs") | |
ITEM 1.(a). Reports to Stockholders.
SMI 3Fourteen REAL Asset Allocation ETF Tailored Shareholder Report
|
semi-annual shareholder report | |
SMI 3Fourteen REAL Asset Allocation ETF
ticker: RAA (Listed on the NASDAQ Stock Market®)
This semi-annual shareholder report contains important information about the SMI 3Fourteen REAL Asset Allocation ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information at www.3fourteensmi.com/raa or (844) 328-3383.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
SMI 3Fourteen REAL Asset Allocation ETF
|
$40
|
0.77%¹
|
| ¹ | Annualized. |
Asset Allocation
Equities - 41.12%
Alternatives - 31.84%
Fixed Income - 26.70%
|
Top 10 Holdings
|
|
|
BNY Mellon US Large Cap Core Equity ETF
|
9.96%
|
|
Invesco Optimum Yield
Diversified Commodity Strategy No K-1 ETF
|
6.97%
|
|
Schwab High Yield Bond ETF
|
5.98%
|
|
Vanguard International Corporate Bond Index
|
5.97%
|
|
Schwab Long-Term U.S. Treasury ETF
|
5.94%
|
|
iMGP DBi Managed Futures Strategy ETF
|
5.79%
|
|
iShares MSCI Emerging Markets ex China
|
4.00%
|
|
iShares J.P. Morgan USD Emerging Markets Bond ETF
|
3.98%
|
|
Sprott Physical Gold Trust
|
3.97%
|
|
Vanguard Small-Cap ETF
|
3.00%
|
For additional information about the Fund, including its prospectus, financial statements and other information, holdings and proxy information, visit www.3fourteensmi.com/raa.
Key Fund Statistics
(as of June 30, 2026)
|
Fund Net Assets
|
$589,244,986
|
|
Number of Holdings
|
185
|
|
Total Net Advisory Fee
|
$2,141,298
|
|
Portfolio Turnover Rate
|
85.85%
|
What did the Fund invest in?
(% of Net Assets as of June 30, 2026)
SMI 3Fourteen Full-Cycle Trend ETF Tailored Shareholder Report
|
semi-annual Shareholder Report | June 30, 2026 SMI 3Fourteen Full-Cycle Trend ETF ticker: FCTE (Listed on the NASDAQ Stock Market®) |
This semi-annual shareholder report contains important information about the SMI 3Fourteen Full-Cycle Trend ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information at www.3fourteensmi.com/fcte or (844) 328-3383.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
SMI 3Fourteen Full-Cycle Trend ETF
|
$46
|
0.85%¹
|
| ¹ | Annualized. |
Sector Breakdown
|
Top 10 Holdings
|
|
|
Apple, Inc.
|
5.07%
|
|
Jabil, Inc.
|
5.04%
|
|
Meta Platforms, Inc.
|
5.03%
|
|
Lockheed Martin Corp.
|
5.03%
|
|
Texas Pacific Land Corp.
|
5.02%
|
|
Microsoft Corp.
|
5.02%
|
|
Old Dominion Freight
|
5.02%
|
|
McKesson Corp.
|
5.02%
|
|
Hubbell, Inc.
|
5.01%
|
|
Lowe's Companies, Inc.
|
5.01%
|
For additional information about the Fund, including its prospectus, financial statements and other information, holdings and proxy information, visit www.3fourteensmi.com/fcte.
Key Fund Statistics
(as of June 30, 2026)
|
Fund Net Assets
|
$244,268,718
|
|
Number of Holdings
|
20
|
|
Total Net Advisory Fee
|
$955,576
|
|
Portfolio Turnover Rate
|
194.58%
|
What did the Fund invest in?
(% of Net Assets as of June 30, 2026)
ITEM 1.(b). Not applicable.
| ITEM 2. | CODE OF ETHICS. |
Not applicable when filing a semi-annual report to shareholders.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable when filing a semi-annual report to shareholders.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable when filing a semi-annual report to shareholders.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable when filing a semi-annual report to shareholders.
| ITEM 6. | INVESTMENTS. |
| (a) | The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
SMI 3Fourteen REAL Asset Allocation ETF
SMI 3Fourteen Full-Cycle Trend ETF
FINANCIAL STATEMENTS
AND OTHER INFORMATION
Six Months Ended June 30, 2026 (unaudited)
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of InvestmentsJune 30, 2026 (unaudited)
See Notes to Financial Statements
1
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
32.05% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.98% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
8,629 |
|
$3,083,746 |
|
|
|
|
Alphabet, Inc. Class C |
|
8,090 |
|
2,858,440 |
|
|
|
|
Comcast Corp. Class A |
|
16,828 |
|
413,127 |
|
|
|
|
Electronic Arts, Inc. |
|
1,123 |
|
230,260 |
|
|
|
|
Meta Platforms, Inc. |
|
4,467 |
|
2,516,216 |
|
|
|
|
Netflix, Inc.(A) |
|
17,725 |
|
1,265,565 |
|
|
|
|
Take-Two Interactive(A) |
|
846 |
|
211,483 |
|
|
|
|
T-Mobile US, Inc. |
|
4,600 |
|
771,558 |
|
|
|
|
Warner Bros. Discovery, Inc.(A) |
|
11,595 |
|
309,123 |
|
|
|
|
|
|
|
|
11,659,518 |
|
|
|
|
|
|
|
|
|
|
|
1.97% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Airbnb, Inc.(A) |
|
1,910 |
|
273,321 |
|
|
|
|
Amazon.com, Inc.(A) |
|
16,160 |
|
3,851,574 |
|
|
|
|
Booking Holdings, Inc. |
|
3,239 |
|
577,319 |
|
|
|
|
DoorDash, Inc.(A) |
|
1,816 |
|
335,106 |
|
|
|
|
Genuine Parts Co. |
|
8,544 |
|
1,008,021 |
|
|
|
|
Marriott International Class A |
|
1,227 |
|
454,714 |
|
|
|
|
McDonald's Corp. |
|
871 |
|
235,440 |
|
|
|
|
MercadoLibre, Inc.(A) |
|
231 |
|
392,097 |
|
|
|
|
O'Reilly Automotive, Inc.(A) |
|
3,922 |
|
361,177 |
|
|
|
|
Pinduoduo, Inc.(A) |
|
2,947 |
|
224,797 |
|
|
|
|
Ross Stores, Inc. |
|
1,421 |
|
302,460 |
|
|
|
|
Starbucks Corp. |
|
4,739 |
|
484,278 |
|
|
|
|
Tesla, Inc.(A) |
|
7,391 |
|
3,108,655 |
|
|
|
|
|
|
|
|
11,608,959 |
|
|
|
|
|
|
|
|
|
|
|
1.98% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
The Clorox Co. |
|
12,432 |
|
1,186,510 |
|
|
|
|
Coca-Cola European Partners plc |
|
2,146 |
|
214,750 |
|
|
|
|
Costco Wholesale Corp. |
|
1,853 |
|
1,733,426 |
|
|
|
|
Hormel Foods Corp. |
|
46,518 |
|
1,154,577 |
|
|
|
|
The JM Smucker Co. |
|
7,536 |
|
847,800 |
|
|
|
|
Kenvue, Inc. |
|
61,662 |
|
1,178,361 |
|
|
|
|
Keurig Dr Pepper, Inc. |
|
6,357 |
|
208,065 |
|
|
|
|
Kimberly-Clark Corp. |
|
10,721 |
|
1,176,844 |
|
|
|
|
The Kraft Heinz Co. |
|
5,573 |
|
131,634 |
|
|
|
|
Mondelez International Inc. Class A |
|
5,884 |
|
340,331 |
|
|
|
|
Monster Beverage Corp.(A) |
|
4,521 |
|
434,559 |
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
2
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
|
PepsiCo, Inc. |
|
5,789 |
|
$783,831 |
|
|
|
|
Walmart, Inc. |
|
20,313 |
|
2,300,650 |
|
|
|
|
|
|
|
|
11,691,338 |
|
|
|
|
|
|
|
|
|
|
|
|
4.14% |
|
ENERGY |
|
|
|
|
|
|
|
|
Baker Hughes Co. |
|
4,546 |
|
252,303 |
|
|
|
|
Canadian Natural Resources Ltd. |
|
59,130 |
|
2,335,635 |
|
|
|
|
Cheniere Energy, Inc. |
|
9,653 |
|
2,307,164 |
|
|
|
|
Chevron Corp. |
|
18,023 |
|
2,987,492 |
|
|
|
|
Diamondback Energy, Inc. |
|
1,304 |
|
229,217 |
|
|
|
|
EQT Corp. |
|
43,879 |
|
2,333,046 |
|
|
|
|
Exxon Mobil Corp. |
|
17,240 |
|
2,357,053 |
|
|
|
|
Marathon Petroleum Corp. |
|
9,037 |
|
2,310,490 |
|
|
|
|
Occidental Petroleum Corp. |
|
47,595 |
|
2,311,689 |
|
|
|
|
Schlumberger NV |
|
50,583 |
|
2,351,604 |
|
|
|
|
Suncor Energy, Inc. |
|
43,384 |
|
2,328,853 |
|
|
|
|
Williams Cos., Inc. |
|
31,150 |
|
2,315,691 |
|
|
|
|
|
|
|
|
24,420,237 |
|
|
|
|
|
|
|
|
|
|
|
0.54% |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Erie Indemnity Co. |
|
2,771 |
|
664,347 |
|
|
|
|
Franklin Resources, Inc. |
|
34,912 |
|
1,161,522 |
|
|
|
|
PayPal Holdings, Inc. |
|
4,251 |
|
183,558 |
|
|
|
|
T Rowe Price Group, Inc. |
|
10,264 |
|
1,166,914 |
|
|
|
|
|
|
|
|
3,176,341 |
|
|
|
|
|
|
|
|
|
|
|
1.01% |
|
HEALTH CARE |
|
|
|
|
|
|
|
Abbott Laboratories |
|
2,141 |
|
194,274 |
|
|
|
|
Abbvie, Inc. |
|
3,885 |
|
977,621 |
|
|
|
|
Alnylam Pharmaceuticals, Inc.(A) |
|
621 |
|
186,940 |
|
|
|
|
Amgen, Inc. |
|
2,244 |
|
812,597 |
|
|
|
|
Dexcom, Inc.(A) |
|
1,674 |
|
112,744 |
|
|
|
|
GE Healthcare Technologies |
|
2,147 |
|
137,429 |
|
|
|
|
Gilead Sciences, Inc. |
|
5,143 |
|
649,767 |
|
|
|
|
Idexx Laboratories, Inc.(A) |
|
363 |
|
191,098 |
|
|
|
|
Insmed, Inc.(A) |
|
1 |
|
107 |
|
|
|
|
Intuitive Surgical, Inc.(A) |
|
1,632 |
|
649,014 |
|
|
|
|
Medtronic plc |
|
14,891 |
|
1,164,923 |
|
|
|
|
Regeneron Pharmaceuticals, Inc. |
|
469 |
|
292,440 |
|
|
|
|
Vertex Pharmaceuticals(A) |
|
1,159 |
|
575,710 |
|
|
|
|
|
|
|
|
5,944,664 |
|
|
|
|
|
|
|
|
|
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
3
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
1.37% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
A O Smith Corp. |
|
15,992 |
|
$1,003,018 |
|
|
|
|
Automatic Data Processing, Inc. |
|
6,941 |
|
1,554,437 |
|
|
|
|
Axon Enterprise, Inc.(A) |
|
363 |
|
203,501 |
|
|
|
|
Cintas Corp. |
|
1,883 |
|
320,261 |
|
|
|
|
Copart, Inc.(A) |
|
4,459 |
|
125,699 |
|
|
|
|
CSX Corp. |
|
8,845 |
|
420,403 |
|
|
|
|
Fastenal Co. |
|
9,508 |
|
456,669 |
|
|
|
|
Ferrovial SE |
|
3,323 |
|
227,991 |
|
|
|
|
Honeywell Aerospace, Inc.(A) |
|
1 |
|
221 |
|
|
|
|
Honeywell International, Inc. |
|
1,442 |
|
322,864 |
|
|
|
|
Illinois Tool Works, Inc. |
|
4,392 |
|
1,187,904 |
|
|
|
|
Old Dominion Freight |
|
939 |
|
203,387 |
|
|
|
|
PACCAR, Inc. |
|
2,437 |
|
292,732 |
|
|
|
|
Paychex, Inc. |
|
1,572 |
|
154,575 |
|
|
|
|
Rocket Lab Corp.(A) |
|
2,341 |
|
237,963 |
|
|
|
|
Stanley Black & Decker, Inc. |
|
12,454 |
|
1,172,170 |
|
|
|
|
Thomson Reuters Corp. |
|
1,917 |
|
156,561 |
|
|
|
|
|
|
|
|
8,040,356 |
|
|
|
|
|
|
|
|
|
|
|
9.89% |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
Adobe, Inc.(A) |
|
1,758 |
|
360,425 |
|
|
|
|
Advanced Micro Devices(A) |
|
6,314 |
|
3,667,866 |
|
|
|
|
Analog Devices, Inc. |
|
1,998 |
|
793,546 |
|
|
|
|
Apple, Inc. |
|
21,453 |
|
6,207,640 |
|
|
|
|
Applied Materials, Inc. |
|
3,112 |
|
2,249,976 |
|
|
|
|
AppLovin Corp.(A) |
|
1,228 |
|
632,702 |
|
|
|
|
Arm Holdings plc(A) |
|
1,673 |
|
593,196 |
|
|
|
|
ASML Holding NV |
|
392 |
|
779,860 |
|
|
|
|
Astera Labs, Inc.(A) |
|
641 |
|
309,616 |
|
|
|
|
Autodesk, Inc.(A) |
|
986 |
|
191,698 |
|
|
|
|
Broadcom, Inc. |
|
7,022 |
|
2,652,560 |
|
|
|
|
Cadence Design Systems(A) |
|
1,237 |
|
464,271 |
|
|
|
|
Cisco Systems, Inc. |
|
16,238 |
|
1,907,316 |
|
|
|
|
Cognizant Tech Solutions |
|
2 |
|
77 |
|
|
|
|
CrowdStrike Holdings, Inc.(A) |
|
1,069 |
|
815,797 |
|
|
|
|
Datadog, Inc. Class A(A) |
|
1,413 |
|
367,889 |
|
|
|
|
Fortinet, Inc.(A) |
|
3,209 |
|
492,967 |
|
|
|
|
Intel Corp.(A) |
|
19,475 |
|
2,719,294 |
|
|
|
|
International Business Machines Corp. |
|
3,622 |
|
1,018,543 |
|
|
|
|
Intuit, Inc. |
|
1,209 |
|
315,549 |
|
|
|
|
KLA Corp. |
|
5,084 |
|
1,533,894 |
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
4
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
|
Lam Research Corp. |
|
4,962 |
|
$2,150,184 |
|
|
|
|
Lumentum Holdings, Inc.(A) |
|
332 |
|
284,876 |
|
|
|
|
Marvell Technology, Inc. |
|
3,343 |
|
995,846 |
|
|
|
|
Microchip Technology, Inc. |
|
2,507 |
|
228,638 |
|
|
|
|
Micron Technology, Inc. |
|
4,637 |
|
5,352,443 |
|
|
|
|
Microsoft Corp. |
|
11,032 |
|
4,115,157 |
|
|
|
|
Monolithic Power Systems, Inc. |
|
224 |
|
309,649 |
|
|
|
|
Nebius Group NV(A) |
|
828 |
|
228,669 |
|
|
|
|
Nvidia Corp. |
|
35,587 |
|
7,120,603 |
|
|
|
|
NXP Semiconductors NV |
|
1,180 |
|
331,615 |
|
|
|
|
Palantir Technologies Inc.(A) |
|
9,255 |
|
1,079,781 |
|
|
|
|
Palo Alto Networks, Inc.(A) |
|
3,440 |
|
1,173,109 |
|
|
|
|
Qualcomm, Inc. |
|
4,357 |
|
805,130 |
|
|
|
|
Roper Technologies, Inc. |
|
464 |
|
157,013 |
|
|
|
|
Sandisk Corp.(A) |
|
573 |
|
1,302,847 |
|
|
|
|
Seagate Technology Holdings plc |
|
993 |
|
958,245 |
|
|
|
|
Shopify, Inc. Class A(A) |
|
5,402 |
|
616,800 |
|
|
|
|
Strategy, Inc. Class A(A) |
|
1,368 |
|
118,920 |
|
|
|
|
Synopsys, Inc.(A) |
|
898 |
|
400,571 |
|
|
|
|
Teradyne, Inc. |
|
632 |
|
305,787 |
|
|
|
|
Texas Instruments, Inc. |
|
3,634 |
|
1,083,186 |
|
|
|
|
Western Digital Corp. |
|
1,533 |
|
979,158 |
|
|
|
|
Workday, Inc. Class A(A) |
|
856 |
|
104,792 |
|
|
|
|
Zscaler, Inc.(A) |
|
1 |
|
141 |
|
|
|
|
|
|
|
|
58,277,842 |
|
|
|
|
|
|
|
|
|
|
|
|
6.56% |
|
MATERIALS |
|
|
|
|
|
|
|
Agnico Eagle Mines Ltd. |
|
19,587 |
|
3,038,531 |
|
|
|
|
Air Products and Chemicals, Inc. |
|
649 |
|
190,274 |
|
|
|
|
Amcor plc |
|
27,184 |
|
1,178,426 |
|
|
|
|
Anglo American plc |
|
78,840 |
|
1,948,136 |
|
|
|
|
Barrick Mining Corporation |
|
61,126 |
|
2,245,158 |
|
|
|
|
BHP Group Ltd. |
|
88,198 |
|
7,347,775 |
|
|
|
|
Franco-Nevada Corp. |
|
7,387 |
|
1,539,746 |
|
|
|
|
Freeport-McMoran, Inc. |
|
50,355 |
|
3,166,826 |
|
|
|
|
Glencore plc |
|
203,481 |
|
2,769,377 |
|
|
|
|
Linde plc |
|
1,882 |
|
976,645 |
|
|
|
|
Newmont Goldcorp Corp. |
|
42,803 |
|
3,997,800 |
|
|
|
|
Nucor Corp. |
|
8,158 |
|
1,817,195 |
|
|
|
|
PPG Industries, Inc. |
|
8,162 |
|
989,969 |
|
|
|
|
Rio Tinto plc |
|
42,254 |
|
4,011,172 |
|
|
|
|
Vale SA |
|
105,371 |
|
1,584,780 |
|
|
|
|
Wheaton Precious Metals Corp. |
|
16,362 |
|
1,837,780 |
|
|
|
|
|
|
|
|
38,639,590 |
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
5
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
2.18% |
|
REAL ESTATE |
|
|
|
|
|
|
|
AvalonBay Communities, Inc. REIT |
|
2,340 |
|
$441,535 |
|
|
|
|
Digital Realty Trust, Inc. REIT |
|
4,008 |
|
719,757 |
|
|
|
|
Equinix, Inc. REIT |
|
1,094 |
|
1,140,375 |
|
|
|
|
Equity Residential REIT |
|
6,142 |
|
417,226 |
|
|
|
|
Essex Property Trust, Inc. REIT |
|
1,014 |
|
295,672 |
|
|
|
|
Extra Space Storage, Inc. REIT |
|
3,184 |
|
462,635 |
|
|
|
|
Host Hotels & Resorts, Inc. REIT |
|
10,623 |
|
251,871 |
|
|
|
|
Invitation Homes, Inc. REIT |
|
10,397 |
|
314,093 |
|
|
|
|
Iron Mountain, Inc. REIT |
|
4,493 |
|
567,511 |
|
|
|
|
Kimco Realty Corp. REIT |
|
9,191 |
|
232,992 |
|
|
|
|
Mid-America Apartment |
|
1,696 |
|
235,642 |
|
|
|
|
Prologis, Inc. REIT |
|
10,283 |
|
1,393,038 |
|
|
|
|
Public Storage REIT |
|
2,198 |
|
699,645 |
|
|
|
|
Realty Income Corp. REIT |
|
28,539 |
|
1,768,277 |
|
|
|
|
Simon Property Group, Inc. REIT |
|
3,681 |
|
823,256 |
|
|
|
|
Sun Communities, Inc. REIT |
|
2,000 |
|
239,820 |
|
|
|
|
Ventas, Inc. REIT |
|
7,348 |
|
652,503 |
|
|
|
|
Vici Properties, Inc. REIT |
|
17,502 |
|
464,678 |
|
|
|
|
W. P. Carey, Inc. REIT |
|
3,306 |
|
236,379 |
|
|
|
|
Welltower, Inc. REIT |
|
6,559 |
|
1,488,696 |
|
|
|
|
|
|
|
|
12,845,601 |
|
|
|
|
|
|
|
|
|
|
|
|
0.43% |
|
UTILITIES |
|
|
|
|
|
|
|
American Electric Power, Inc. |
|
2,564 |
|
350,781 |
|
|
|
|
Consolidated Edison, Inc. |
|
1,739 |
|
192,386 |
|
|
|
|
Constellation Energy Corp. |
|
1,669 |
|
414,530 |
|
|
|
|
Eversource Energy |
|
15,543 |
|
1,123,293 |
|
|
|
|
Exelon Corp. |
|
4,871 |
|
227,086 |
|
|
|
|
Xcel Energy, Inc. |
|
2,867 |
|
230,220 |
|
|
|
|
|
|
|
|
2,538,296 |
|
|
|
|
|
|
|
|
|
|
|
|
32.05% |
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost: $170,405,165) |
|
188,842,742 |
|
||
|
|
|
|
|
|
|
|
|
|
67.76% |
|
EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.97% |
|
COMMODITIES |
|
|
|
|
|
|
|
|
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
|
2,587,034 |
|
41,082,100 |
|
|
|
|
|
|
|
|
|
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
6
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
5.97% |
|
CORPORATE BONDS |
|
|
|
|
|
|
|
|
Vanguard International Corporate |
|
425,636 |
|
$35,178,815 |
|
|
|
|
|
|
|
|
|
|
|
2.00% |
|
CRYPTO CURRENCY |
|
|
|
|
|
|
|
|
Grayscale Bitcoin Mini Trust ETF(A) |
|
454,428 |
|
11,792,407 |
|
|
|
|
|
|
|
|
|
|
|
4.00% |
|
EMERGING EX. CHINA |
|
|
|
|
|
|
|
|
iShares MSCI Emerging Markets |
|
230,630 |
|
23,593,449 |
|
|
|
|
|
|
|
|
|
|
|
3.98% |
|
EMERGING MKT BONDS |
|
|
|
|
|
|
|
|
iShares J.P. Morgan USD Emerging Markets Bond ETF |
|
243,090 |
|
23,443,600 |
|
|
|
|
|
|
|
|
|
|
|
2.01% |
|
EUROPE |
|
|
|
|
|
|
|
|
Franklin FTSE Europe ETF |
|
304,130 |
|
11,815,450 |
|
|
|
|
|
|
|
|
|
|
|
3.97% |
|
GOLD |
|
|
|
|
|
|
|
|
Sprott Physical Gold Trust(A) |
|
774,770 |
|
23,374,811 |
|
|
|
|
|
|
|
|
|
|
|
5.98% |
|
HIGH YIELD BONDS |
|
|
|
|
|
|
|
|
Schwab High Yield Bond ETF |
|
1,345,265 |
|
35,219,038 |
|
|
|
|
|
|
|
|
|
|
|
2.00% |
|
JAPAN |
|
|
|
|
|
|
|
|
Franklin FTSE Japan ETF |
|
296,056 |
|
11,768,226 |
|
|
|
|
|
|
|
|
|
|
|
7.00% |
|
MANAGED FUTURES |
|
|
|
|
|
|
|
|
iMGP DBi Managed Futures |
|
1,114,550 |
|
34,116,375 |
|
|
|
|
Simplify DBi CTA Managed Futures |
|
277,854 |
|
7,121,398 |
|
|
|
|
|
|
|
|
41,237,773 |
|
|
|
|
|
|
|
|
|
|
|
10.92% |
|
TREASURIES |
|
|
|
|
|
|
|
|
Schwab Long-Term U.S. Treasury ETF |
|
1,119,106 |
|
35,028,018 |
|
|
|
|
Schwab U.S. TIPS ETF |
|
663,627 |
|
17,586,115 |
|
|
|
|
US Treasury 3 Month Bill ETF |
|
235,703 |
|
11,752,152 |
|
|
|
|
|
|
|
|
64,366,285 |
|
|
|
|
|
|
|
|
|
|
|
9.96% |
|
US LARGE CAP |
|
|
|
|
|
|
|
BNY Mellon US Large Cap Core |
|
409,475 |
|
58,714,620 |
|
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
7
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
3.00% |
|
US SMALL CAP |
|
|
|
|
|
|
|
|
Vanguard Small-Cap ETF |
|
58,316 |
|
$17,676,746 |
|
|
|
|
|
|
|
|
|
|
|
67.76% |
|
TOTAL EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
|
|
(Cost: $389,196,472) |
|
399,263,320 |
|
||
|
|
|
|
|
|
|
|
|
|
0.13% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds - Institutional Class 3.57%(B) |
|
|
|
|
|
|
|
|
(Cost: $749,220) |
|
749,220 |
|
749,220 |
|
|
|
|
|
|
|
|
|
|
|
99.94% |
|
TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
(Cost: $560,350,857) |
|
588,855,282 |
|
||
|
0.06% |
|
Other assets, net of liabilities |
|
389,704 |
|
||
|
100.00% |
|
NET ASSETS |
|
$589,244,986 |
|
||
(A)Non-income producing.
(B)Effective 7-day yield as of June 30, 2026.
REIT - Real Estate Investment Trust.
SMI 3FOURTEEN FULL-CYCLE TREND ETF
Schedule of InvestmentsJune 30, 2026 (unaudited)
See Notes to Financial Statements
8
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
100.02% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.02% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
34,114 |
|
$12,191,320 |
|
|
|
|
Meta Platforms, Inc. |
|
21,822 |
|
12,292,114 |
|
|
|
|
|
|
|
|
24,483,434 |
|
|
|
|
|
|
|
|
|
|
|
5.01% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Lowe's Companies, Inc. |
|
55,509 |
|
12,239,179 |
|
|
|
|
|
|
|
|
|
|
|
4.96% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
PepsiCo, Inc. |
|
89,405 |
|
12,105,437 |
|
|
|
|
|
|
|
|
|
|
|
5.02% |
|
ENERGY |
|
|
|
|
|
|
|
|
Texas Pacific Land Corp. |
|
28,035 |
|
12,269,237 |
|
|
|
|
|
|
|
|
|
|
|
19.90% |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
Eli Lilly & Co. |
|
10,050 |
|
12,054,272 |
|
|
|
|
HCA Healthcare, Inc. |
|
31,363 |
|
12,228,120 |
|
|
|
|
Johnson & Johnson |
|
47,534 |
|
12,072,210 |
|
|
|
|
McKesson Corp. |
|
16,226 |
|
12,260,366 |
|
|
|
|
|
|
|
|
48,614,968 |
|
|
|
|
|
|
|
|
|
|
|
25.02% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
Ametek, Inc. |
|
50,580 |
|
12,237,325 |
|
|
|
|
Hubbell, Inc. |
|
23,410 |
|
12,248,112 |
|
|
|
|
Lockheed Martin Corp. |
|
24,104 |
|
12,280,024 |
|
|
|
|
Nordson Corp. |
|
40,090 |
|
12,094,752 |
|
|
|
|
Old Dominion Freight |
|
56,635 |
|
12,267,141 |
|
|
|
|
|
|
|
|
61,127,354 |
|
|
|
|
|
|
|
|
|
|
|
15.07% |
|
INFORMATION TECHNOLOGY - HARDWARE |
|
|
|
|
|
|
|
Apple, Inc. |
|
42,798 |
|
12,384,029 |
|
|
|
|
Lam Research Corp. |
|
28,131 |
|
12,190,006 |
|
|
|
|
Monolithic Power Systems, Inc. |
|
8,843 |
|
12,224,210 |
|
|
|
|
|
|
|
|
36,798,245 |
|
|
|
|
|
|
|
|
|
|
SMI 3FOURTEEN FULL-CYCLE TREND ETF
Schedule of Investments - continuedJune 30, 2026 (unaudited)
See Notes to Financial Statements
9
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
|
|
Shares |
|
Value |
|
|
15.02% |
|
INFORMATION TECHNOLOGY - SOFTWARE |
|
|
|
|
|
|
|
|
Arista Networks, Inc.(A) |
|
71,318 |
|
$12,115,502 |
|
|
|
|
Jabil, Inc. |
|
31,931 |
|
12,308,762 |
|
|
|
|
Microsoft Corp. |
|
32,887 |
|
12,267,509 |
|
|
|
|
|
|
|
|
36,691,773 |
|
|
|
|
|
|
|
|
|
|
|
100.02% |
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost: $243,622,835) |
|
244,329,627 |
|
||
|
|
|
|
|
|
|
|
|
|
100.02% |
|
TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
(Cost: $243,622,835) |
|
244,329,627 |
|
||
|
(0.02% |
) |
Liabilities in excess of other assets |
|
(60,909 |
) |
||
|
100.00% |
|
NET ASSETS |
|
$244,268,718 |
|
||
(A)Non-income producing.
SMI 3FOURTEEN ETFS
Statements of Assets and LiabilitiesJune 30, 2026 (unaudited)
See Notes to Financial Statements
10
FINANCIAL STATEMENTS | JUNE 30, 2026
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF |
|
SMI 3Fourteen |
|
|
ASSETS |
|
|
|
|
|
|
Investments at value (1) (Note 1) |
|
$588,855,282 |
|
$244,329,627 |
|
|
Cash |
|
- |
|
435,025 |
|
|
Receivable for securities sold |
|
94,482,402 |
|
82,148,734 |
|
|
Receivable for capital stock sold |
|
7,301,205 |
|
- |
|
|
Dividends, interest and reclaims receivable |
|
426,644 |
44,573 |
|
|
|
TOTAL ASSETS |
|
691,065,533 |
326,957,959 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Accrued advisory fees |
|
376,037 |
|
163,231 |
|
|
Payable for capital stock redeemed |
|
6,629,243 |
|
- |
|
|
Payable for securities purchased |
|
94,815,267 |
82,526,010 |
|
|
|
TOTAL LIABILITIES |
|
101,820,547 |
82,689,241 |
|
|
|
NET ASSETS |
|
$589,244,986 |
$244,268,718 |
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of: |
|
|
|
|
|
|
Paid-in capital |
|
$537,450,895 |
|
$323,400,729 |
|
|
Distributable earnings (accumulated deficits) |
|
51,794,091 |
(79,132,011 |
) |
|
|
Net Assets |
|
$589,244,986 |
$244,268,718 |
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE |
|
|
|
|
|
|
Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value) |
|
20,000,000 |
8,365,000 |
|
|
|
Net Asset Value and Offering Price Per Share |
|
$29.46 |
$29.20 |
|
|
|
|
|
|
|
|
|
|
(1) Identified cost of: |
|
$560,350,857 |
$243,622,835 |
|
See Notes to Financial Statements
11
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFS
Statements of OperationsSix Months Ended June 30, 2026 (unaudited)
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF |
|
SMI 3Fourteen |
|
|
INVESTMENT INCOME |
|
|
|
|
|
|
Dividends (1) |
|
$5,617,566 |
|
$899,185 |
|
|
Interest |
|
16,326 |
- |
|
|
|
Total investment income |
|
5,633,892 |
899,185 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
Investment advisory fees (Note 2) |
|
2,252,534 |
1,000,544 |
|
|
|
Total expenses |
|
2,252,534 |
|
1,000,544 |
|
|
Investment advisory fees waived (Note 2) |
|
(111,236 |
) |
(44,968 |
) |
|
Net expenses |
|
2,141,298 |
955,576 |
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
3,492,594 |
(56,391 |
) |
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
|
|
|
|
Net realized gain (loss) on investments(2) |
|
35,457,294 |
|
29,118,988 |
|
|
Net realized gain (loss) on foreign currency transactions |
|
(14 |
) |
- |
|
|
Total net realized gain (loss) |
|
35,457,280 |
29,118,988 |
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) of investments |
|
568,869 |
|
5,778,003 |
|
|
Net change in unrealized appreciation (depreciation) of foreign currencies |
|
(25 |
) |
- |
|
|
Total net change in unrealized appreciation (depreciation) |
|
568,844 |
5,778,003 |
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) |
|
36,026,124 |
34,896,991 |
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
|
$39,518,718 |
$34,840,600 |
|
|
|
|
|
|
|
|
|
|
(1) Net of foreign tax withheld: |
|
$23,649 |
$- |
|
|
|
(2) Includes realized gains (losses) as a result of in-kind transactions (Note 3). |
|
|
|
|
|
See Notes to Financial Statements
13
FINANCIAL STATEMENTS | JUNE 30, 2026
See Notes to Financial Statements
12
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFS
Statements of Changes in Net Assets
SMI 3FOURTEEN ETFS
Statements of Changes in Net Assets
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF |
|
SMI 3Fourteen Full-Cycle Trend ETF |
|
||||
|
|
|
Six Months Ended |
|
Period Ended |
|
Six Months Ended |
|
Year Ended |
|
|
|
|
||||||||
|
|
|
||||||||
|
INCREASE (DECREASE) IN NET ASSETS FROM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
$3,492,594 |
|
$10,434,877 |
|
$(56,391 |
) |
$569,433 |
|
|
Total net realized gain (loss) |
|
35,457,280 |
|
22,708,354 |
|
29,118,988 |
|
(22,891,167 |
) |
|
Total net change in unrealized appreciation (depreciation) |
|
568,844 |
27,935,555 |
5,778,003 |
10,869,224 |
|
|||
|
Increase (decrease) in net assets from operations |
|
39,518,718 |
61,078,786 |
34,840,600 |
(11,452,510 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
Distributions from earnings |
|
(3,016,415 |
) |
(10,434,877 |
) |
- |
|
(581,990 |
) |
|
Return of capital |
|
- |
(127,786 |
) |
- |
- |
|
||
|
Decrease in net assets from distributions |
|
(3,016,415 |
) |
(10,562,663 |
) |
- |
(581,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL STOCK TRANSACTIONS (NOTE 5) |
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
223,076,157 |
|
960,154,775 |
|
51,979,965 |
|
755,010,060 |
|
|
Shares redeemed |
|
(177,253,125 |
) |
(503,751,247 |
) |
(55,334,441 |
) |
(976,608,721 |
) |
|
Increase (decrease) in net assets from capital stock transactions |
|
45,823,032 |
456,403,528 |
(3,354,476 |
) |
(221,598,661 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) during period |
|
82,325,335 |
|
506,919,651 |
|
31,486,124 |
|
(233,633,161 |
) |
|
Beginning of period |
|
506,919,651 |
- |
212,782,594 |
446,415,755 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$589,244,986 |
$506,919,651 |
$244,268,718 |
$212,782,594 |
|
|||
(1)The Fund commenced operations on February 26, 2025.
See Notes to Financial Statements
14
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN REAL ASSET ALLOCATION ETF
Financial HighlightsSelected Per Share Data Throughout Each Period
|
|
|
Six Months Ended |
|
Period Ended |
|
|
|
|
|
|||
|
|
|
|
|||
|
Net asset value, beginning of period |
|
$27.48 |
$25.00 |
|
|
|
Investment activities |
|
|
|
|
|
|
Net investment income (loss)(2) |
|
0.18 |
|
0.62 |
|
|
Net realized and unrealized gain (loss) |
|
1.95 |
2.45 |
|
|
|
Total from investment activities |
|
2.13 |
3.07 |
|
|
|
Distributions |
|
|
|
|
|
|
Net investment income |
|
(0.15 |
) |
(0.58 |
) |
|
Return of capital |
|
- |
(0.01 |
) |
|
|
Total distributions |
|
(0.15 |
) |
(0.59 |
) |
|
Net asset value, end of period |
|
$29.46 |
|
$27.48 |
|
|
|
|
|
|
|
|
|
Total Return(4) |
|
7.79 |
% |
12.31 |
% |
|
Ratios/Supplemental Data |
|
|
|
|
|
|
Ratios to average net assets(5) |
|
|
|
|
|
|
Expenses, gross |
|
0.81 |
% |
0.81 |
% |
|
Expenses, net of waiver (Note 2) |
|
0.77 |
% |
0.77 |
% |
|
Net investment income (loss) |
|
1.26 |
% |
2.82 |
% |
|
Portfolio turnover rate(6) |
|
85.85 |
% |
162.07 |
% |
|
Net assets, end of period (000s) |
|
$589,245 |
|
$506,920 |
|
(1)The Fund commenced operations on February 26, 2025.
(2)Per share amounts calculated using the average shares outstanding during the period.
(3)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, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(4)Total return is for the period indicated and has not been annualized.
(5)Ratios to average net assets have been annualized.
(6)Portfolio turnover rate is for the period indicated, excludes the effect of securities received or delivered from processing in-kind creations or redemptions, and has not been annualized.
See Notes to Financial Statements
15
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN FULL-CYCLE TREND ETF
Financial HighlightsSelected Per Share Data Throughout Each Period
|
|
|
Six Months Ended |
|
Year Ended |
|
Period Ended |
|
|
|
|||||||
|
|
|||||||
|
Net asset value, beginning of period |
|
$24.93 |
$25.95 |
$24.57 |
|
||
|
Investment activities |
|
|
|
|
|
|
|
|
Net investment income (loss) (2) |
|
(0.01 |
) |
0.04 |
|
0.05 |
|
|
Net realized and unrealized gain (loss) on investments(3) |
|
4.28 |
(1.01 |
) |
1.38 |
|
|
|
Total from investment activities |
|
4.27 |
(0.97 |
) |
1.43 |
|
|
|
Distributions |
|
|
|
|
|
|
|
|
Net investment income |
|
- |
(0.05 |
) |
(0.05 |
) |
|
|
Total distributions |
|
- |
(0.05 |
) |
(0.05 |
) |
|
|
Net asset value, end of period |
|
$29.20 |
|
$24.93 |
|
$25.95 |
|
|
|
|
|
|
|
|
|
|
|
Total Return(4) |
|
17.13 |
% |
(3.77 |
%) |
5.83 |
% |
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
Ratios to average net assets(5) |
|
|
|
|
|
|
|
|
Expenses, gross |
|
0.89 |
% |
0.89 |
% |
0.89 |
% |
|
Expenses, net of waiver (Note 2) |
|
0.85 |
% |
0.85 |
% |
0.85 |
% |
|
Net investment income (loss) |
|
(0.05 |
%) |
0.15 |
% |
0.40 |
% |
|
Portfolio turnover rate(6) |
|
194.58 |
% |
354.12 |
% |
180.24 |
% |
|
Net assets, end of period (000s) |
|
$244,269 |
|
$212,783 |
|
$446,416 |
|
(1)The Fund commenced operations on July 2, 2024.
(2)Per share amounts calculated using the average shares outstanding during the period.
(3)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, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(4)Total return is for the period indicated and has not been annualized.
(5)Ratios to average net assets have been annualized for periods less than one year.
(6)Portfolio turnover rate is for the period indicated, excludes the effect of securities received or delivered from processing in-kind creations or redemptions, and has not been annualized for periods less than one year.
16
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial StatementsJune 30, 2026 (unaudited)
| NOTE 1 - | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
The SMI 3Fourteen REAL Asset Allocation ETF ("SMI RAA") and SMI 3Fourteen Full-Cycle Trend ETF ("SMI FCT") (collectively, "the Funds") are each a 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, as amended. SMI RAA commenced operations on February 26, 2025. SMI FCT commenced operations on July 2, 2024.
The investment objectives of the Funds are as follows:
|
Fund |
Objective |
|
SMI RAA |
The Fund's investment objective is to seek total return. Total return is comprised of both income and capital appreciation. |
|
SMI FCT |
The Fund's investment objective is to seek long-term capital appreciation. |
The Funds are each deemed to be individual operating and reporting segments and are not part of a consolidated reporting entity. The objective and strategy of the Funds are used by 3Fourteen & SMI Advisory Services, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in their Statements of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Funds. Due to the significance of oversight and its role in the Funds' management, the Advisor's portfolio 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
17
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
primary exchange, at the mean between the current bid and ask prices on such exchange. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith under procedures approved by the Trust's Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Funds' 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 open-end U.S. mutual funds (including money market funds) are valued at that day's Net Asset Value ("NAV").
The Funds have a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Funds' NAV is calculated, that is likely to have changed the value of the security.
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.
Accounting standards 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, which 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 Funds' own assumptions in determining fair value of investments).
18
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the level of inputs used to value the Funds' investments as of June 30, 2026:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
SMI RAA |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$188,842,742 |
|
$- |
|
$- |
|
$188,842,742 |
|
|
Exchange Traded Funds |
|
399,263,320 |
|
- |
|
- |
|
399,263,320 |
|
|
Money Market Fund |
|
749,220 |
- |
- |
749,220 |
|
|||
|
|
$588,855,282 |
$- |
$- |
$588,855,282 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
SMI FCT |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$244,329,627 |
$- |
$- |
$244,329,627 |
|
|||
|
|
$244,329,627 |
$- |
$- |
$244,329,627 |
|
Refer to the Funds' Schedule of Investments for a listing of the securities by type and sector. The Funds held no Level 3 securities at any time during the six months ended June 30, 2026.
Security Transactions and Income
Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Dividends are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.
Cash and Cash Equivalents
Cash and cash equivalents, if any, consist of overnight deposits with the custodian bank which earn interest at the current market rate.
19
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
Accounting Estimates
In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.
Federal Income Taxes
The Funds have complied and intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.
Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.
Reclassification of Capital Accounts
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the six months ended June 30, 2026, there were no such reclassifications.
Dividends and Distributions
Dividends from net investment income, if any, are declared and paid at least annually by the Funds. Prior to April 30, 2026, the Funds distributed dividends from net investment income on a quarterly basis. 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.
20
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
Creation Units
The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in blocks of at least 25,000 shares for SMI RAA and at least 5,000 shares for SMI FCT, known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay to U.S. Bank N.A. for SMI RAA and required to pay Citibank, N.A. for SMI FCT (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 for SMI RAA and $250 for SMI FCT. 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 for SMI RAA and $250 for SMI FCT.
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 June 30, 2026:
|
Fund |
|
Creation Unit Shares |
|
Creation Transaction Fee |
|
Value |
|
SMI RAA |
|
25,000 |
|
$300 |
|
$736,500 |
|
SMI FCT |
|
5,000 |
|
250 |
|
146,000 |
21
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Funds, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking are secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the participant agreement. A participant agreement may permit the Funds to use such collateral to purchase the missing shares and could subject an Authorized Participant to liability for any shortfall between the cost of the Funds acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.
Officers and Trustees Indemnification
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the 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 expects that the risk of loss will be remote.
| NOTE 2 - | INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES |
The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor manages the investment portfolio of the Funds, subject to the policies adopted by the Board. In addition, the Advisor also: (i) furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds; and (ii) provides guidance and policy direction in connection with its daily management of the Funds' assets, subject to the authority of the Board. Under the Advisory Agreement, the Advisor assumes and pays, at its own expense and without reimbursement from the Trust, all ordinary expenses of the Funds, except the fee paid to the Advisor pursuant to the Advisory Agreement, distribution fees or
22
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
expenses under a Rule 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.
For its services with respect to the Funds, the Advisor is entitled to receive an annual advisory fee of 0.81% for SMI RAA and 0.89% for SMI FCT, calculated daily and payable monthly as a percentage of the Funds' average daily net assets. The Advisor has contractually agreed to waive its advisory fee up to a maximum of 4 basis points (0.04%) to the extent necessary to offset the proportionate share of acquired fund fees and expenses incurred by the Funds, until April 30, 2027, and the Advisor may not terminate this arrangement prior to that date. The Advisor is not entitled to recover any previously waived fees.
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 handling the day-to-day management of the Funds' trading process, which includes Creation and/or Redemption basket processing. The Sub-Advisor does not select investments for the Funds' portfolios.
For its services, the Sub-Advisor is paid a fee by the Advisor, which is calculated daily and payable monthly as a percentage of the Funds' average daily net assets, at the following annual rate: 0.04% on the first $500 million in net assets, and 0.035% on net assets over $500 million, subject to a $25,000 annual minimum fee 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 Funds except those performed by the Advisor and the Sub-Advisor. For its services, fees to CFS are computed daily based on the average daily net assets of the Funds. The Advisor pays these fees monthly.
Fund Accountant and Transfer Agent - SMI RAA
U.S. Bancorp Fund Services, LLC ("U.S. Bancorp") serves as the Fund's Fund Accountant and Transfer Agent pursuant to a Fund Accounting Servicing Agreement and a Transfer Agent Servicing Agreement. For its services, U.S. Bancorp is entitled to a fee. The Advisor pays these fees monthly.
23
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
Fund Accountant and Transfer Agent - SMI FCT
Citi Fund Services, Ohio, Inc. serves as the Fund's Fund Accountant and Transfer Agent pursuant to a Services Agreement. For its services, Citi Fund Services, Ohio, Inc. is entitled to a fee. The Advisor pays these fees monthly.
Custodian - SMI RAA
U.S. Bank N.A. serves as the Fund's 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.
Custodian - SMI FCT
Citibank, N.A. serves as the Fund's Custodian pursuant to a Global Custodial and Agency Services Agreement. For its services, Citibank, N.A. is entitled to a fee. The Advisor pays these fees monthly.
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.
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 J. Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus, LLP. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Funds for serving as officers of the Trust.
The Trust's 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,
24
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
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 investments for the six months ended June 30, 2026, were as follows:
|
Fund |
|
Purchases |
|
Sales |
|
SMI RAA |
|
$485,809,444 |
|
$476,227,350 |
|
SMI FCT |
|
453,308,777 |
|
451,484,090 |
The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the six months ended June 30, 2026, were as follows:
|
Fund |
|
Purchases |
|
Sales |
|
Realized Gains |
|
SMI RAA |
|
$216,449,104 |
|
$176,768,246 |
|
$45,910,221 |
|
SMI FCT |
|
49,408,048 |
|
54,437,862 |
|
5,742,550 |
| NOTE 4 - | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Funds' financial statements.
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;
25
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
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 tax character of distributions paid during the six months ended June 30, 2026, and period ended December 31, 2025, were as follows:
|
Six Months Ended June 30, 2026 |
|
||||
|
|
|
SMI RAA |
|
SMI FCT |
|
|
Distributions paid from: |
|
|
|
|
|
|
Ordinary income |
|
$3,016,415 |
$- |
|
|
|
|
$3,016,415 |
$- |
|
||
|
Period Ended December 31, 2025 |
|
||||
|
|
|
SMI RAA |
|
SMI FCT |
|
|
Distributions paid from: |
|
|
|
|
|
|
Ordinary income |
|
$10,434,877 |
|
$581,990 |
|
|
Return of Capital |
|
127,786 |
- |
|
|
|
|
$10,562,663 |
$581,990 |
|
||
As of June 30, 2026, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:
|
Fund |
|
Accumulated undistributed net investment income (loss) |
|
Accumulated net realized gain (loss) on investments |
|
Net unrealized appreciation (depreciation) of investments |
|
Total |
|
|
SMI RAA |
|
$476,164 |
|
$22,813,527 |
|
$28,504,400 |
|
$51,794,091 |
|
|
SMI FCT |
|
(56,390 |
) |
(79,782,413 |
) |
706,792 |
|
(79,132,011 |
) |
Cost of securities for federal income tax purposes and the related tax-based net unrealized appreciation (depreciation) consist of:
|
Fund |
|
Cost |
|
Gross Unrealized Appreciation |
|
Gross Unrealized Depreciation |
|
Net Unrealized Appreciation (Depreciation) |
|
|
SMI RAA |
|
$560,350,857 |
|
$40,105,965 |
|
$(11,601,565 |
) |
$28,504,400 |
|
|
SMI FCT |
|
243,622,835 |
|
8,314,269 |
|
(7,607,477 |
) |
706,792 |
|
26
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
| NOTE 5 - | TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST |
Shares of the Funds are listed for trading on the NASDAQ Stock Market® 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 blocks of 25,000 shares for SMI RAA and in blocks of 5,000 shares for SMI FCT (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." All Fund shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.
Shares of beneficial interest transactions for the Funds were:
|
Six Months Ended June 30, 2026 |
|
||||||
|
Fund |
|
Shares Sold |
|
Shares Redeemed |
|
Net Increase (Decrease) |
|
|
SMI RAA |
|
7,725,000 |
|
(6,175,000 |
) |
1,550,000 |
|
|
SMI FCT |
|
1,905,000 |
|
(2,075,000 |
) |
(170,000 |
) |
|
Period Ended December 31, 2025 |
|
||||||
|
Fund |
|
Shares Sold |
|
Shares Redeemed |
|
Net Increase (Decrease) |
|
|
SMI RAA |
|
37,650,000 |
|
(19,200,000 |
) |
18,450,000 |
|
|
SMI FCT |
|
28,800,000 |
|
(37,465,000 |
) |
(8,665,000 |
) |
27
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Notes to Financial Statements - continuedJune 30, 2026 (unaudited)
| NOTE 6 - | RISKS OF INVESTING IN THE FUNDS |
It is important that you closely review and understand the risks of investing in the Funds. The Funds' NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Funds, and the Funds could underperform other investments. There is no guarantee that the Funds will meet their investment objective. An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A complete description of the principal risks is included in the Funds' prospectus under the heading "Principal Risks."
| 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 a Fund than would be the case if a 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 June 30, 2026, 25.02% of the value of the net assets of SMI FCT were invested in securities within the Industrials sector.
| NOTE 8 - | SUBSEQUENT EVENTS |
Management has evaluated all transactions and events subsequent to the date of the Statement of Assets and Liabilities through the date on which these financial statements were issued. Except as already included in the notes to these financial statements, no additional items require disclosure.
28
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Supplemental Information (unaudited)
Changes in and disagreements with accountants for open-end management investment companies.
Not applicable.
Proxy disclosures for open-end management investment companies.
Not applicable.
Remuneration paid to Trustees, Officers, and others of open-end management investment companies.
Because 3Fourteen & SMI Advisory Services, LLC (the "Advisor") has agreed in the Investment Advisory Agreements 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 Funds from the Advisor's management fees.
Statement Regarding Basis for Approval of Investment Advisory Contract and Investment Sub-Advisory Agreement
At a meeting held on March 10-11, 2026 (the "Meeting"), the Board of Trustees (the "Board") of the ETF Opportunities Trust (the "Trust") considered the continuation of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and 3Fourteen & SMI Advisory Services, LLC ("3Fourteen & SMI," or the "Adviser"), and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") among the Adviser, the Trust, and Tidal Investments, LLC ("Tidal"), with respect to the SMI 3Fourteen Full-Cycle Trend ETF ("FCTE") and SMI 3Fourteen REAL Asset Allocation ETF ("RAA") (together, FCTE and RAA are the "SMI ETFs" and each an "SMI ETF"). The Board reflected on its discussions with the representatives from the Adviser and Tidal regarding the manner in which the SMI ETFs are managed and the roles and responsibilities of the Adviser and Tidal under the SMI Advisory Agreement and SMI Sub-Advisory Agreement (together, the "SMI Advisory Agreements").
The Trustees reviewed a memorandum from counsel of the Trust ("Trust Counsel") that addressed the Trustees' duties when considering the approval of the SMI Advisory Agreements and the responses of the Adviser and Tidal to requests for information from Trust Counsel on behalf of the Board. A copy of this memorandum had been provided to the Trustees in advance of the Meeting. Trust Counsel noted that the responses included information on the personnel
29
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Supplemental Information (unaudited) - continued
of and services to be provided by the Adviser and Tidal, an expense comparison analysis for each SMI ETF and comparable ETFs, and the SMI Advisory Agreements. He 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 SMI Advisory Agreements, including the following material factors: (i) the nature, extent, and quality of the services to be provided by the Adviser and Tidal; (ii) the investment performance of the SMI ETFs; (iii) the costs of the services to be provided and profits to be realized by the Adviser and Tidal from the relationship with each SMI ETF; (iv) the extent to which economies of scale would be realized if each SMI ETF grows and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (v) possible conflicts of interest and other benefits.
In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting, as well as other information provided or presented by the Adviser at other meetings of the Board. The Board requested or was provided with information and reports relevant to the approval of the SMI Advisory Agreements, including: (i) information regarding the services and support to be provided by the Adviser and Tidal to each SMI ETF; (ii) presentations by management of the Adviser at the Meeting addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the SMI ETFs; (iii) information pertaining to the compliance structures of the Adviser and Tidal; (iv) disclosure information contained in the Trust's registration statements and each firm's Form ADV and its policies and procedures; and (v) the memorandum from Trust Counsel that summarized the fiduciary duties and responsibilities of the Board in reviewing and approving the SMI 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.
Trust Counsel reminded the Board that it also requested and received various informational materials including, without limitation: (i) documents containing information about the Adviser and Tidal, including financial information, personnel and the services to be provided by the Adviser and Tidal to each SMI ETF, each firm's compliance program, current legal matters, and other general information; (ii) expenses of each SMI ETF and comparative expense information for other ETFs with strategies similar to each SMI ETF prepared by an independent third party; (iii) the anticipated effect of size on each SMI ETF's performance and expenses; and (iv) benefits anticipated to be realized by the Adviser and Tidal from their relationship with each SMI ETF.
30
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Supplemental Information (unaudited) - continued
The Board did not identify any particular information that was most relevant to its consideration to approve the SMI Advisory Agreements and each Trustee may have afforded different weight to the various factors. In deciding whether to approve the SMI Advisory Agreements, the Trustees considered numerous factors, including:
The nature, extent, and quality of the services to be provided by the Adviser and Tidal
In this regard, the Board considered the responsibilities of the Adviser and Tidal under the SMI Advisory Agreements. The Board reviewed the services to be provided by the Adviser and Tidal to the SMI ETFs, including, without limitation, the Adviser's process for formulating investment recommendations and the processes of the Adviser and Tidal for assuring compliance with each SMI ETF's investment objectives and limitations; Tidal's processes for trade execution and broker-dealer selection for portfolio transactions; the coordination of services by the Adviser for the SMI ETFs among the service providers; and the anticipated efforts of the Adviser to promote each SMI ETF and grow its assets. The Board considered: the staffing, personnel, and methods of operating of the Adviser 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 the Adviser and Tidal, the Board concluded that the quality, extent, and nature of the services to be provided by the Adviser and Tidal were satisfactory and adequate for the SMI ETFs.
The investment performance of the SMI ETFs
The Board compared the investment performance of each SMI ETF to the median performance of a customized Morningstar category (each a "Category") and to peers in its Category as identified by Broadridge Financial Solutions ("Broadridge"), and its benchmark. The Board noted that the FCTE underperformed its Category, Peer Group and its benchmark for the one-year period ended December 31, 2025. The Board acknowledged the Adviser's commentary about FCTE's quantitative strategy and that it typically holds twenty (20) different issuers, which can vary from calendar quarter to calendar quarter. The Board noted that the RAA had less than one year of operation as of December 31, 2025, and thus no performance information was available for such a comparison. The Board acknowledged the Adviser's quarterly commentary about RAA's performance, including RAA's outperformance of its benchmark since inception through December 31, 2025.
31
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Supplemental Information (unaudited) - continued
The Board concluded, in light of all the facts and circumstances, that the investment performance of the FCTE and RAA were satisfactory, but the Board noted that it would continue to monitor each SMI ETF's performance.
The costs of services to be provided and profits to be realized by the Adviser and Tidal from the relationship with the SMI ETFs
In this regard, the Board considered the financial condition of the Adviser and Tidal and the level of commitment to the SMI ETFs by the Adviser and Tidal. The Board also considered the assets and expenses of each SMI ETF, including the nature and frequency of advisory payments. The Trustees noted the information on the Adviser's and Tidal's profitability. The Board compared the unitary fee of each SMI ETF to the advisory fees and expense ratios of ETFs in its Category and Peer Group. The Trustees noted that the FCTE's unitary fee was higher than the median gross and net advisory fees of the Category and Peer Group, and higher than the median gross and net expense ratios of its Category and Peer Group. The Board noted that RAA's unitary fee was higher than the median gross and net expense ratios of its Category and Peer Group, and higher than the median gross and net advisory fees of its Category and Peer Group. The Trustees noted that the broad range of expense ratios fees in each SMI ETF's Peer Group, and that each SMI ETF's advisory fee and net expense ratio were within the range of funds in its Peer Group. The Trustees also considered the split of the advisory fees paid to the Adviser versus those paid to Tidal and the respective services provided by each to the SMI ETFs. After further consideration, the Board concluded that the projected profitability and fees to be paid to the Adviser and Tidal were within an acceptable range of what could have been negotiated at arm's length in light of all of the facts and circumstances.
The extent to which economies of scale would be realized as each SMI ETF grows and whether advisory fee levels reflect these economies of scale for the benefit of each SMI ETF's shareholders
The Trustees considered that, under the facts and circumstances, the SMI ETFs were not yet sufficient size for the Adviser to realize economies of scale. The Board noted that the unitary fee structure limits the shareholders' exposure to underlying operating expense increases, and that the Adviser had provided fee waivers. The Board noted that the Adviser would consider breakpoints as the SMI ETFs gained assets.
32
FINANCIAL STATEMENTS | JUNE 30, 2026
SMI 3FOURTEEN ETFs
Supplemental Information (unaudited) - continued
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 SMI ETFs; the basis of decisions to buy or sell securities for the SMI ETFs; and the substance and administration of the Code of Ethics and other relevant policies of the Adviser and Tidal. The Board noted that the Adviser and Tidal have each represented that it does not anticipate utilizing soft dollars or commission recapture with regard to the SMI ETFs. The Board also considered potential benefits for the Adviser and Tidal in managing the SMI ETFs. Following further consideration and discussion, the Board concluded that the standards and practices of the Adviser and Tidal relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by the Adviser and Tidal from managing the SMI ETFs were satisfactory.
After additional consideration of the factors delineated in Trust Counsel's memorandum, the Board concluded that the Adviser's and Tidal's compensation was fair, reasonable and within a range of what could have been negotiated at arms-length in light of all of the surrounding circumstances, and the Board approved the renewal of the SMI Advisory Agreements for a one-year period.
| 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 renewal 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 - Not applicable. |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 - Not applicable. |
| (a)(3) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(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. |
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 Principal Executive Officer |
|
| Date: September 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 Principal Executive Officer |
|
| Date: September 8, 2026 | |
| By (Signature and Title)*: | /s/ Ann MacDonald |
|
Ann MacDonald Principal Financial Officer |
|
| Date: September 8, 2026 |
* Print the name and title of each signing officer under his or her signature.
ETF Opportunities Trust published this content on September 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 08, 2026 at 18:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]