ETF Opportunities Trust
03/09/2026 | Press release | Distributed by Public on 03/09/2026 12:40
Annual Report by Investment Company (Form N-CSR)
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: | December 31, 2025 |
| SMI 3Fourteen REAL Asset Allocation ETF |
ITEM 1.(a). Reports to Stockholders.
SMI 3Fourteen REAL Asset Allocation ETFTailored Shareholder Report
|
Annual Shareholder Report December 31, 2025 SMI 3Fourteen REAL Asset Allocation ETF Ticker: RAA(Listed on the NASDAQ Stock Market®) |
This annual shareholder reportcontains important information about the SMI 3Fourteen REAL Asset Allocation ETF for the period of February 26, 2025 (inception) to December 31, 2025. You can find additional information about the Fund at www.3fourteensmi.com/raaor by contacting us at (844) 328-3383.
What were the Fund costs for the reporting 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
|
$69¹
|
0.77%²
|
| ¹ | Costs are for the period of February 26, 2025 to December 31, 2025. Costs for a full annual period would be higher. |
| ² | Annualized. |
How did the ETF perform during the period?
The SMI 3Fourteen REAL Asset Allocation ETF ("RAA"), began trading on February 26, 2025. From inception through December 31, 2025, the ETF returned 12.31%. We were pleased that RAA had such a successful launch, gaining over $500m in assets and being nominated as one of the best new ETFs of 2025!
What factors affected performance?
Market conditions in 2025 were broadly supportive for traditional balanced portfolios. The classic 60/40 portfolio benefited substantially from 2025 experiencing the strongest bond performance of the past five years. While strong bond performance also helped RAA (as the strategy owns bonds), the year was notable because results were achieved in an environment that, in many respects, favored 60/40 allocations rather than a more flexible, multi-asset approach.
RAA's design is intended to allow it to pivot across asset classeswhen conditions change-adding exposure to areas such as commodities, gold, energy equities, or managed futures (including strategies that can short bonds)-rather than relying on stocks and bonds to do all the work. We believe this flexibility to diversify outside of traditional stocks and bonds was important during the period, particularly given the post-COVID trend of persistent inflation and generally rising interest rates.
Within that backdrop, three themes stood out as meaningful drivers over the period:
• Gold and related exposureswere a key positive. As the year progressed, gold strength was pronounced, with gold returning 65%, and portfolio positioning maintained meaningful exposure.
• Equities contributed,with an emphasis on staying aligned with prevailing trends and maintaining diversified equity exposure (including International31% and Emerging Markets33.6%, alongside narrow U.S. growth leadership).
• Fixed income was additive in 2025, reflecting the strong bond environment, even as the strategy retained the ability to adjust risk across the asset class mix.
From a process perspective, 2025 featured several distinct phases: an April selloff and snapback, followed by a substantial advance where the market "chugged higher" amid headline-driven crosscurrents. Later in the year, leadership was often narrow and technology-led, while some real-economy segments (including parts of energy/ commodities) were more mixed.
Cumulative Performance
(based on a hypothetical $10,000 investment)
| * | Inception |
Annual Performance
|
Total Return
Since Inception
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF
|
12.31%
|
|
S&P 500® Index
|
16.19%
|
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.
For more recent performance information visit www.3fourteensmi.com/raa#performance.
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.
SMI 3Fourteen REAL Asset Allocation ETFTailored Shareholder Report
Asset Allocation
Equities - 57.47%
Fixed Income - 20.92%
Alternatives - 20.81%
|
Top Ten Holdings
|
|
|
BNY Mellon US Large Cap Core Equity ETF
|
16.87%
|
|
iMGP DBi Managed Futures Strategy ETF
|
8.97%
|
|
Schwab High Yield Bond ETF
|
5.98%
|
|
Vanguard International Corporate Bond Index
|
4.98%
|
|
Sprott Physical Gold Trust
|
4.97%
|
|
iShares J.P. Morgan USD Emerging Markets Bond ETF
|
3.99%
|
|
Vanguard Small-Cap ETF
|
3.96%
|
|
Schwab U.S. TIPS ETF
|
2.99%
|
|
Nvidia Corp.
|
2.60%
|
|
Apple, Inc.
|
2.30%
|
Key Fund Statistics
(as of December 31, 2025)
|
Fund Net Assets
|
$506,919,651
|
|
Number of Holdings
|
173
|
|
Total Net Advisory Fee
|
$2,856,483
|
|
Portfolio Turnover Rate
|
4.20%
|
For additional information about the Fund; including its prospectus, financial statements and other information, holdings and proxy voting information visit www.3fourteensmi.com/raa.
What did the Fund invest in?
(% of Net Assets as of December 31, 2025)
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 $15,400 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 $3,300 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) NA
(c) 0%
(d) 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. |
* The Fund commenced operations on February 26, 2025.
SMI 3Fourteen REAL Asset Allocation ETF
FINANCIAL STATEMENTS
AND OTHER INFORMATION
Period ended December 31, 2025*
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of InvestmentsDecember 31, 2025
See Notes to Financial Statements
1
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
36.17% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.60% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Alphabet, Inc. Class C |
|
15,652 |
|
$4,911,598 |
|
|
|
|
Alphabet, Inc. Class A |
|
16,857 |
|
5,276,241 |
|
|
|
|
Charter Communications, Inc.(A) |
|
1,052 |
|
219,605 |
|
|
|
|
Comcast Corp. Class A |
|
28,931 |
|
864,748 |
|
|
|
|
Electronic Arts, Inc. |
|
2,014 |
|
411,521 |
|
|
|
|
Meta Platforms, Inc. |
|
8,408 |
|
5,550,037 |
|
|
|
|
Netflix, Inc.(A) |
|
34,006 |
|
3,188,403 |
|
|
|
|
Take-Two Interactive(A) |
|
1,482 |
|
379,436 |
|
|
|
|
T-Mobile US, Inc. |
|
8,942 |
|
1,815,584 |
|
|
|
|
Welltower, Inc. REIT(A) |
|
3,704 |
|
687,499 |
|
|
|
|
|
|
|
|
23,304,672 |
|
|
|
|
|
|
|
|
|
|
|
4.26% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Airbnb, Inc.(A) |
|
3,435 |
|
466,198 |
|
|
|
|
Amazon.com, Inc.(A) |
|
30,905 |
|
7,133,492 |
|
|
|
|
Booking Holdings, Inc. |
|
260 |
|
1,392,386 |
|
|
|
|
DoorDash, Inc.(A) |
|
3,285 |
|
743,987 |
|
|
|
|
Genuine Parts Co. |
|
7,579 |
|
931,914 |
|
|
|
|
Marriott International Class A |
|
2,153 |
|
667,947 |
|
|
|
|
McDonald's Corp. |
|
658 |
|
201,105 |
|
|
|
|
MercadoLibre, Inc.(A) |
|
407 |
|
819,804 |
|
|
|
|
O'Reilly Automotive, Inc.(A) |
|
6,748 |
|
615,485 |
|
|
|
|
PepsiCo, Inc.(A) |
|
11,010 |
|
1,580,155 |
|
|
|
|
Ross Stores, Inc. |
|
2,592 |
|
466,923 |
|
|
|
|
Starbucks Corp. |
|
9,137 |
|
769,427 |
|
|
|
|
Tesla, Inc.(A) |
|
12,968 |
|
5,831,969 |
|
|
|
|
|
|
|
|
21,620,792 |
|
|
|
|
|
|
|
|
|
|
|
2.00% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
The Clorox Co. |
|
10,048 |
|
1,013,140 |
|
|
|
|
Coca-Cola European Partners plc |
|
3,690 |
|
334,683 |
|
|
|
|
Costco Wholesale Corp. |
|
3,548 |
|
3,059,582 |
|
|
|
|
Hormel Foods Corp. |
|
42,242 |
|
1,001,135 |
|
|
|
|
Kenvue, Inc. |
|
58,451 |
|
1,008,280 |
|
|
|
|
Keurig Dr Pepper, Inc. |
|
10,963 |
|
307,074 |
|
|
|
|
Kimberly-Clark Corp. |
|
9,973 |
|
1,006,176 |
|
|
|
|
The Kraft Heinz Co. |
|
9,625 |
|
233,406 |
|
|
|
|
Mondelez International Inc. Class A |
|
10,553 |
|
568,068 |
|
|
|
|
Monster Beverage Corp.(A) |
|
7,784 |
|
596,799 |
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
2
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
Pinduoduo, Inc. |
|
5,293 |
|
$600,173 |
|
|
|
|
Target Corp. |
|
4,180 |
|
408,595 |
|
|
|
|
|
|
|
|
10,137,111 |
|
|
|
|
|
|
|
|
|
|
|
0.25% |
|
ENERGY |
|
|
|
|
|
|
|
|
Baker Hughes Co. |
|
7,653 |
|
348,518 |
|
|
|
|
Chevron Corp. |
|
3,775 |
|
575,348 |
|
|
|
|
Diamondback Energy, Inc. |
|
2,235 |
|
335,988 |
|
|
|
|
|
|
|
|
1,259,854 |
|
|
|
|
|
|
|
|
|
|
|
0.60% |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Cincinnati Financial Corp. |
|
3,734 |
|
609,837 |
|
|
|
|
Franklin Resources, Inc. |
|
42,454 |
|
1,014,226 |
|
|
|
|
PayPal Holdings, Inc. |
|
7,460 |
|
435,515 |
|
|
|
|
T Rowe Price Group, Inc. |
|
9,774 |
|
1,000,662 |
|
|
|
|
|
|
|
|
3,060,240 |
|
|
|
|
|
|
|
|
|
|
|
1.98% |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
Abbvie, Inc. |
|
3,968 |
|
906,648 |
|
|
|
|
Alnylam Pharmaceuticals, Inc.(A) |
|
1,073 |
|
426,678 |
|
|
|
|
Amgen, Inc. |
|
4,337 |
|
1,419,543 |
|
|
|
|
AstraZeneca plc |
|
4,607 |
|
423,522 |
|
|
|
|
Dexcom, Inc.(A) |
|
3,068 |
|
203,623 |
|
|
|
|
GE Healthcare Technologies |
|
3,704 |
|
303,802 |
|
|
|
|
Gilead Sciences, Inc. |
|
10,141 |
|
1,244,706 |
|
|
|
|
Idexx Laboratories, Inc.(A) |
|
646 |
|
437,038 |
|
|
|
|
Insmed, Inc.(A) |
|
1,688 |
|
293,780 |
|
|
|
|
Intuitive Surgical, Inc.(A) |
|
2,849 |
|
1,613,560 |
|
|
|
|
Johnson & Johnson |
|
979 |
|
202,604 |
|
|
|
|
Medtronic plc |
|
10,480 |
|
1,006,709 |
|
|
|
|
Regeneron Pharmaceuticals, Inc. |
|
836 |
|
645,283 |
|
|
|
|
Vertex Pharmaceuticals(A) |
|
2,040 |
|
924,854 |
|
|
|
|
|
|
|
|
10,052,350 |
|
|
2.06% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
A O Smith Corp. |
|
4,097 |
|
274,007 |
|
|
|
|
Automatic Data Processing, Inc. |
|
7,131 |
|
1,834,307 |
|
|
|
|
Axon Enterprise, Inc.(A) |
|
642 |
|
364,611 |
|
|
|
|
Cintas Corp. |
|
3,243 |
|
609,911 |
|
|
|
|
Copart, Inc.(A) |
|
7,813 |
|
305,879 |
|
|
|
|
CSX Corp. |
|
14,930 |
|
541,213 |
|
|
|
|
Fastenal Co. |
|
34,134 |
|
1,369,797 |
|
|
|
|
Ferrovial SE |
|
5,886 |
|
380,294 |
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
3
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
Honeywell International |
|
5,089 |
|
$992,813 |
|
|
|
|
Illinois Tool Works, Inc. |
|
4,065 |
|
1,001,210 |
|
|
|
|
Old Dominion Freight |
|
1,660 |
|
260,288 |
|
|
|
|
PACCAR, Inc. |
|
4,238 |
|
464,103 |
|
|
|
|
Paychex, Inc. |
|
2,851 |
|
319,825 |
|
|
|
|
Stanley Black & Decker, Inc. |
|
13,472 |
|
1,000,700 |
|
|
|
|
Thomson Reuters Corp. |
|
3,541 |
|
467,022 |
|
|
|
|
Verisk Analytics, Inc. |
|
1,114 |
|
249,191 |
|
|
|
|
|
|
|
|
10,435,171 |
|
|
|
|
|
|
|
|
|
|
|
15.32% |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
Adobe, Inc.(A) |
|
3,335 |
|
1,167,217 |
|
|
|
|
Advanced Micro Devices(A) |
|
13,035 |
|
2,791,576 |
|
|
|
|
Analog Devices, Inc. |
|
3,904 |
|
1,058,765 |
|
|
|
|
Apple, Inc. |
|
42,891 |
|
11,660,347 |
|
|
|
|
Applied Materials, Inc. |
|
6,444 |
|
1,656,044 |
|
|
|
|
AppLovin Corp.(A) |
|
2,479 |
|
1,670,400 |
|
|
|
|
ASML Holding NV |
|
699 |
|
747,832 |
|
|
|
|
Atlassian Corp. Class A(A) |
|
1,353 |
|
219,375 |
|
|
|
|
Autodesk, Inc.(A) |
|
1,717 |
|
508,249 |
|
|
|
|
Broadcom, Inc. |
|
13,694 |
|
4,739,493 |
|
|
|
|
Cadence Design Systems(A) |
|
2,189 |
|
684,238 |
|
|
|
|
Cisco Systems, Inc. |
|
31,704 |
|
2,442,159 |
|
|
|
|
Cognizant Tech Solutions |
|
3,843 |
|
318,969 |
|
|
|
|
CrowdStrike Holdings, Inc.(A) |
|
2,008 |
|
941,270 |
|
|
|
|
Datadog, Inc. Class A(A) |
|
2,566 |
|
348,950 |
|
|
|
|
Fortinet, Inc.(A) |
|
6,039 |
|
479,557 |
|
|
|
|
Intel Corp.(A) |
|
37,430 |
|
1,381,167 |
|
|
|
|
International Business Machines Corp. |
|
2,716 |
|
804,506 |
|
|
|
|
Intuit, Inc. |
|
2,238 |
|
1,482,496 |
|
|
|
|
KLA Corp. |
|
1,064 |
|
1,292,845 |
|
|
|
|
Lam Research Corp. |
|
10,148 |
|
1,737,135 |
|
|
|
|
Marvell Technology, Inc. |
|
6,776 |
|
575,824 |
|
|
|
|
Microchip Technology, Inc. |
|
4,317 |
|
275,079 |
|
|
|
|
Micron Technology, Inc. |
|
9,040 |
|
2,580,106 |
|
|
|
|
Microsoft Corp. |
|
21,495 |
|
10,395,412 |
|
|
|
|
Monolithic Power Systems, Inc. |
|
382 |
|
346,230 |
|
|
|
|
Nvidia Corp. |
|
70,604 |
|
13,167,646 |
|
|
|
|
NXP Semiconductors NV |
|
2,004 |
|
434,988 |
|
|
|
|
Palantir Technologies Inc.(A) |
|
18,610 |
|
3,307,928 |
|
|
|
|
Palo Alto Networks, Inc.(A) |
|
5,584 |
|
1,028,573 |
|
|
|
|
Qualcomm, Inc. |
|
8,548 |
|
1,462,135 |
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
4
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
Roper Technologies, Inc. |
|
849 |
|
$377,915 |
|
|
|
|
Seagate Technology Holdings plc |
|
1,732 |
|
476,975 |
|
|
|
|
Shopify, Inc. Class A(A) |
|
10,052 |
|
1,618,070 |
|
|
|
|
Strategy, Inc. Class A(A) |
|
2,172 |
|
330,035 |
|
|
|
|
Synopsys, Inc.(A) |
|
1,487 |
|
698,473 |
|
|
|
|
Texas Instruments, Inc. |
|
7,289 |
|
1,264,569 |
|
|
|
|
Wheaton Precious Metals Corp. |
|
6,822 |
|
801,721 |
|
|
|
|
W. P. Carey, Inc. REIT(A) |
|
1,504 |
|
96,797 |
|
|
|
|
Zscaler, Inc.(A) |
|
1,292 |
|
290,597 |
|
|
|
|
|
|
|
|
77,661,663 |
|
|
|
|
|
|
|
|
|
|
|
3.25% |
|
MATERIALS |
|
|
|
|
|
|
|
|
Agnico Eagle Mines Ltd. |
|
8,259 |
|
1,400,148 |
|
|
|
|
Air Products and Chemicals, Inc. |
|
4,055 |
|
1,001,666 |
|
|
|
|
Amcor plc |
|
120,735 |
|
1,006,930 |
|
|
|
|
Anglo American plc |
|
34,872 |
|
721,502 |
|
|
|
|
Barrick Mining Corporation |
|
26,352 |
|
1,147,630 |
|
|
|
|
BHP Group Ltd. |
|
36,610 |
|
2,210,146 |
|
|
|
|
Franco-Nevada Corp. |
|
3,894 |
|
807,148 |
|
|
|
|
Freeport-McMoran, Inc. |
|
30,565 |
|
1,552,396 |
|
|
|
|
Glencore plc |
|
74,548 |
|
814,810 |
|
|
|
|
Linde plc |
|
3,705 |
|
1,579,775 |
|
|
|
|
Newmont Goldcorp Corp. |
|
15,774 |
|
1,575,034 |
|
|
|
|
PPG Industries, Inc. |
|
2,286 |
|
234,224 |
|
|
|
|
Rio Tinto plc |
|
16,367 |
|
1,309,851 |
|
|
|
|
Solstice Advanced Materials, Inc.(A) |
|
145 |
|
7,056 |
|
|
|
|
Vale SA |
|
58,040 |
|
756,261 |
|
|
|
|
Workday, Inc. Class A |
|
1,694 |
|
363,837 |
|
|
|
|
|
|
|
|
16,488,414 |
|
|
|
|
|
|
|
|
|
|
|
1.22% |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
AvalonBay Communities, Inc. REIT |
|
1,110 |
|
201,254 |
|
|
|
|
CoStar Group, Inc.(A) |
|
3,465 |
|
232,987 |
|
|
|
|
Digital Realty Trust, Inc. REIT |
|
2,269 |
|
351,037 |
|
|
|
|
Equinix, Inc. REIT |
|
531 |
|
406,831 |
|
|
|
|
Equity Residential REIT |
|
2,467 |
|
155,520 |
|
|
|
|
Essex Property Trust, Inc. REIT |
|
381 |
|
99,700 |
|
|
|
|
Extra Space Storage, Inc. REIT |
|
1,525 |
|
198,586 |
|
|
|
|
Invitation Homes, Inc. REIT |
|
3,607 |
|
100,239 |
|
|
|
|
Iron Mountain, Inc. REIT |
|
1,765 |
|
146,407 |
|
|
|
|
Kimco Realty Corp. REIT |
|
4,908 |
|
99,485 |
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
5
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
Mid-America Apartment Communities REIT |
|
750 |
|
$104,183 |
|
|
|
|
Omega Healthcare Investors, Inc. REIT |
|
2,199 |
|
97,504 |
|
|
|
|
Prologis, Inc. |
|
4,715 |
|
601,917 |
|
|
|
|
Public Storage REIT |
|
1,106 |
|
287,007 |
|
|
|
|
Realty Income Corp. REIT |
|
20,278 |
|
1,143,071 |
|
|
|
|
Simon Property Group, Inc. REIT |
|
1,908 |
|
353,190 |
|
|
|
|
Sun Communities, Inc. REIT |
|
785 |
|
97,269 |
|
|
|
|
Ventas, Inc. REIT |
|
3,181 |
|
246,146 |
|
|
|
|
Vici Properties, Inc. REIT |
|
7,043 |
|
198,049 |
|
|
|
|
Warner Bros. Discovery, Inc. |
|
19,805 |
|
570,780 |
|
|
|
|
Western Digital Corp. |
|
2,755 |
|
474,604 |
|
|
|
|
|
|
|
|
6,165,766 |
|
|
|
|
|
|
|
|
|
|
|
0.63% |
|
UTILITIES |
|
|
|
|
|
|
|
|
American Electric Power, Inc. |
|
4,308 |
|
496,755 |
|
|
|
|
Consolidated Edison, Inc. |
|
8,944 |
|
888,318 |
|
|
|
|
Constellation Energy Corp. |
|
2,510 |
|
886,708 |
|
|
|
|
Exelon Corp. |
|
8,031 |
|
350,071 |
|
|
|
|
NextEra Energy, Inc. |
|
2,516 |
|
201,984 |
|
|
|
|
Xcel Energy, Inc. |
|
4,754 |
|
351,130 |
|
|
|
|
|
|
|
|
3,174,966 |
|
|
|
|
|
|
|
|
|
|
|
36.17% |
|
TOTAL COMMON STOCKS |
|
|
|
183,360,999 |
|
|
|
|
(Cost: $165,771,430) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63.02% |
|
EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.98% |
|
COMMODITIES |
|
|
|
|
|
|
|
|
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |
|
376,512 |
|
4,988,784 |
|
|
|
|
|
|
|
|
|
|
|
4.98% |
|
CORPORATE BONDS |
|
|
|
|
|
|
|
|
Vanguard International Corporate Bond Index |
|
301,370 |
|
25,239,738 |
|
|
|
|
|
|
|
|
|
|
|
0.99% |
|
CRYPTO CURRENCY |
|
|
|
|
|
|
|
|
Grayscale Bitcoin Mini Trust ETF(A) |
|
130,157 |
|
5,040,981 |
|
|
|
|
|
|
|
|
|
|
|
1.00% |
|
EMERGING EX. CHINA |
|
|
|
|
|
|
|
|
iShares MSCI Emerging Markets ex China |
|
69,640 |
|
5,061,435 |
|
|
|
|
|
|
|
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
6
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
3.99% |
|
EMERGING MKT BONDS |
|
|
|
|
|
|
|
|
iShares J.P. Morgan USD Emerging Markets Bond ETF |
|
209,973 |
|
$20,216,200 |
|
|
|
|
|
|
|
|
|
|
|
0.98% |
|
EUROPE |
|
|
|
|
|
|
|
|
Franklin FTSE Europe ETF |
|
135,844 |
|
4,963,740 |
|
|
|
|
|
|
|
|
|
|
|
4.97% |
|
GOLD |
|
|
|
|
|
|
|
|
Sprott Physical Gold Trust(A) |
|
762,568 |
|
25,179,995 |
|
|
|
|
|
|
|
|
|
|
|
5.98% |
|
HIGH YIELD BONDS |
|
|
|
|
|
|
|
|
Schwab High Yield Bond ETF |
|
1,147,384 |
|
30,313,885 |
|
|
|
|
|
|
|
|
|
|
|
1.99% |
|
JAPAN |
|
|
|
|
|
|
|
|
Franklin FTSE Japan ETF |
|
293,165 |
|
10,099,534 |
|
|
|
|
|
|
|
|
|
|
|
8.97% |
|
MANAGED FUTURES |
|
|
|
|
|
|
|
|
iMGP DBi Managed Futures Strategy ETF |
|
1,620,248 |
|
45,464,159 |
|
|
|
|
|
|
|
|
|
|
|
1.39% |
|
MINERS |
|
|
|
|
|
|
|
|
iShares MSCI Global Gold Miners ETF |
|
29,127 |
|
2,144,912 |
|
|
|
|
iShares MSCI Global Metals & Mining Producers ETF |
|
95,286 |
|
4,891,983 |
|
|
|
|
|
|
|
|
7,036,895 |
|
|
|
|
|
|
|
|
|
|
|
5.97% |
|
TREASURIES |
|
|
|
|
|
|
|
|
Schwab Long-Term U.S. Treasury ETF |
|
317,293 |
|
10,058,188 |
|
|
|
|
Schwab U.S. TIPS ETF |
|
572,360 |
|
15,161,816 |
|
|
|
|
US Treasury 3 Month Bill ETF |
|
101,428 |
|
5,059,229 |
|
|
|
|
|
|
|
|
30,279,233 |
|
|
|
|
|
|
|
|
|
|
|
16.87% |
|
US LARGE CAP |
|
|
|
|
|
|
|
|
BNY Mellon US Large Cap Core Equity ETF |
|
653,677 |
|
85,500,952 |
|
|
|
|
|
|
|
|
|
|
|
3.96% |
|
US SMALL CAP |
|
|
|
|
|
|
|
|
Vanguard Small-Cap ETF |
|
77,829 |
|
20,075,991 |
|
|
|
|
|
|
|
|
|
|
|
63.02% |
|
TOTAL EXCHANGE TRADED FUNDS |
|
|
|
319,461,522 |
|
|
|
|
(Cost: $309,115,536) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMI 3Fourteen REAL Asset Allocation ETF
Schedule of Investments - continuedDecember 31, 2025
See Notes to Financial Statements
7
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
|
|
Shares |
|
Value |
|
|
1.02% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Fund - Institutional Class 3.67%(B) |
|
5,145,275 |
|
$5,145,275 |
|
|
|
|
(Cost: $5,145,275) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.21% |
|
TOTAL INVESTMENTS |
|
507,967,796 |
|
||
|
|
|
(Cost: $480,032,241) |
|
|
|
|
|
|
(0.21%) |
|
Liabilities in excess of other assets |
|
(1,048,145 |
) |
||
|
100.00% |
|
NET ASSETS |
|
$506,919,651 |
|
||
(A)Non-income producing.
(B)Effective 7 day yield as of December 31, 2025.
REIT - Real Estate Investment Trust.
SMI 3Fourteen REAL Asset Allocation ETF
Statement of Assets and LiabilitiesDecember 31, 2025
See Notes to Financial Statements
8
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
ASSETS |
|
|
|
|
Investments at value (cost of $480,032,241) (Note 1) |
|
$507,967,796 |
|
|
Receivable for securities sold |
|
106,418,809 |
|
|
Dividends, interest and reclaims receivable |
|
377,712 |
|
|
TOTAL ASSETS |
|
614,764,317 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Accrued advisory fees |
|
331,551 |
|
|
Payable for securities purchased |
|
107,513,115 |
|
|
TOTAL LIABILITIES |
|
107,844,666 |
|
|
NET ASSETS |
|
$506,919,651 |
|
|
|
|
|
|
|
Net Assets Consist of: |
|
|
|
|
Paid-in capital |
|
$491,627,863 |
|
|
Distributable earnings (accumulated deficits) |
|
15,291,789 |
|
|
Net Assets |
|
$506,919,651 |
|
|
|
|
|
|
|
NET ASSET VALUE PER SHARE |
|
|
|
|
Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value) |
|
18,450,000 |
|
|
Net Asset Value and Offering Price Per Share |
|
$27.48 |
|
See Notes to Financial Statements
9
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Statement of OperationsPeriod Ended December 31, 2025*
|
INVESTMENT INCOME |
|
|
|
|
Dividends (net of foreign tax witheld of $14,370) |
|
$13,261,606 |
|
|
Interest |
|
29,754 |
|
|
Total investment income |
|
13,291,360 |
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Investment advisory fees (Note 2) |
|
3,004,872 |
|
|
Investment advisory fees waived (Note 2) |
|
(148,389 |
) |
|
Net expenses |
|
2,856,483 |
|
|
|
|
|
|
|
Net investment income (loss) |
|
10,434,877 |
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
|
|
Net realized gain (loss) on investments(1) |
|
22,708,354 |
|
|
Net change in unrealized appreciation (depreciation) of investments |
|
27,935,555 |
|
|
Net realized and unrealized gain (loss) on investments |
|
50,643,909 |
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS |
|
$61,078,786 |
|
(1)Includes realized gains (losses) as a result of in-kind transactions (Note 3).
*The Fund commenced operations on February 26, 2025.
See Notes to Financial Statements
10
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
INCREASE (DECREASE) IN NET ASSETS FROM |
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
Net investment income (loss) |
|
$10,434,877 |
|
|
Net realized gain (loss) on investments |
|
22,708,354 |
|
|
Net change in unrealized appreciation (depreciation) of investments |
|
27,935,555 |
|
|
Increase (decrease) in net assets from operations |
|
61,078,786 |
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
Distributions from earnings |
|
(10,434,877 |
) |
|
Return of capital |
|
(127,786 |
) |
|
Decrease in net assets from distributions |
|
(10,562,663 |
) |
|
|
|
|
|
|
CAPITAL STOCK TRANSACTIONS (NOTE 5) |
|
|
|
|
Shares sold |
|
960,154,775 |
|
|
Shares redeemed |
|
(503,751,247 |
) |
|
Increase (decrease) in net assets from capital stock transactions |
|
456,403,528 |
|
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
Increase (decrease) during period |
|
506,919,651 |
|
|
Beginning of period |
|
- |
|
|
End of period |
|
$506,919,651 |
|
*The Fund commenced operations on February 26, 2025.
SMI 3Fourteen REAL Asset Allocation ETF
Statement of Changes in Net AssetsPeriod Ended December 31, 2025*
SMI 3Fourteen REAL Asset Allocation ETF
Financial HighlightsSelected Per Share Data Throughout the Period
See Notes to Financial Statements
11
FINANCIAL STATEMENTS | DECEMBER 31, 2025
|
|
|
Period Ended December 31, 2025* |
|
|
Net asset value, beginning of period |
|
$25.00 |
|
|
Investment activities |
|
|
|
|
Net investment income (loss)(1) |
|
0.62 |
|
|
Net realized and unrealized gain (loss) on investments(2) |
|
2.45 |
|
|
Total from investment activities |
|
3.07 |
|
|
Distributions |
|
|
|
|
Net investment income |
|
(0.58 |
) |
|
Return of capital |
|
(0.01 |
) |
|
Total distributions |
|
(0.59 |
) |
|
Net asset value, end of period |
|
$27.48 |
|
|
|
|
|
|
|
Total Return(3) |
|
12.31 |
% |
|
Ratios/Supplemental Data |
|
|
|
|
Ratios to average net assets(4) |
|
|
|
|
Expenses, gross |
|
0.81 |
% |
|
Expenses, net of waiver (Note 2) |
|
0.77 |
% |
|
Net investment income (loss) |
|
2.82 |
% |
|
Portfolio turnover rate(5) |
|
162.07 |
% |
|
Net assets, end of period (000s) |
|
$506,920 |
|
(1)Per share amounts calculated using the average shares outstanding during the period.
(2)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 Statement of Operations due to share transactions for the period.
(3)Total return is for the period indicated and has not been annualized.
(4)Ratios to average net assets have been annualized.
(5)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.
*The Fund commenced operations on February 26, 2025.
12
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial StatementsDecember 31, 2025
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The SMI 3Fourteen REAL Asset Allocation ETF (the "Fund") is 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 Fund's shares is registered under the Securities Act of 1933, as amended. The Fund commenced operations on February 26, 2025.
The Fund's investment objective is to seek total return. Total return is comprised of both income and capital appreciation.
The Fund is deemed to be an individual operating and reporting segment and is not part of a consolidated reporting entity. The objective and strategy, as outlined in the Fund's prospectus under the heading "Principal Investment Strategies", are used by 3Fourteen & SMI Advisory Services, LLC (the "Advisor") to make investment decisions, and the results of the Fund's operations, as shown in its Statement of Operations and Financial Highlights, are the information utilized for the day-to-day management of the Fund. Due to the significance of oversight and its role in the Fund's management, the Advisor's co-senior portfolio managers deemed to be the Chief Operating Decision Maker.
The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services - Investment Companies".
Security Valuation
The Fund records investments at fair value. Generally, the Fund's 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. 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
13
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
is ultimately responsible for fair value determinations under Rule 2a-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Advisor as the Valuation Designee pursuant to the Fund's policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally are valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask prices on such over-the-counter market. Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").
The Fund has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Fund when market prices are unavailable as well as under special circumstances, such as: (i) if the primary market for a portfolio security suspends or limits trading or price movements of the security; and (ii) when an event occurs after the close of the exchange on which a portfolio security is principally traded, but prior to the time as of which the Fund's NAV is calculated, that is likely to have changed the value of the security.
When the Fund uses fair value pricing to determine the NAV per share of the Fund, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Valuation Designee believes accurately reflects fair value. Any method used will be approved by the Board and results will be monitored to evaluate accuracy. The Fund's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing.
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 Fund's investments. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
14
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
The following is a summary of the level of inputs used to value the Fund's investments as of December 31, 2025:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$183,360,999 |
|
$- |
|
$- |
|
$183,360,999 |
|
|
Exchange Traded Funds |
|
319,461,522 |
|
- |
|
- |
|
319,461,522 |
|
|
Money Market Fund |
|
5,145,275 |
- |
- |
5,145,275 |
|
|||
|
|
$507,967,796 |
$- |
$- |
$507,967,796 |
|
Refer to the Fund's Schedule of Investments for a listing of the securities by type and sector. The Fund held no Level 3 securities at any time during the period ended December 31, 2025.
Security Transactions and Income
Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on a specific identification basis. 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 Fund's understanding of the applicable country's tax rules and rates.
Accounting Estimates
In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of investment income and expenses during the reporting period. Actual results could differ from those estimates.
Federal Income Taxes
The Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. The Fund also intends to distribute sufficient net
15
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.
Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund's tax returns. The Fund has no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred.
Reclassification of Capital Accounts
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the period ended December 31, 2025, such reclassifications were attributable primarily to the tax treatment of realized gains associated with redemptions in-kind:
|
Paid-in capital |
|
35,352,121 |
|
|
Distributable earnings |
|
(35,352,121 |
) |
Dividends and Distributions
Dividends from net investment income, if any, are declared and paid at least quarterly by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders annually. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. All distributions are recorded on the ex-dividend date.
Creation Units
The Fund issues and redeems shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 25,000 shares known as "Creation Units." Purchasers of Creation Units ("Authorized Participants") will be required to pay to U.S. Bank, N.A. (the "Custodian") a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Custodian for each creation order is $300. Authorized Participants wishing to
16
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
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 Fund may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed an agreement with the Fund's principal underwriter (the "Distributor") with respect to creations and redemptions of Creation Units ("Participation Agreement"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. The following table discloses the Creation Unit breakdown based on the NAV as of December 31, 2025:
|
|
|
Creation Unit Shares |
|
Creation Transaction Fee |
|
Value |
|
|
SMI 3Fourteen REAL Asset Allocation ETF |
|
25,000 |
|
$300 |
|
$687,000 |
|
To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Fund, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking 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 Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.
17
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
Officers and Trustees Indemnification
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that the risk of loss will be remote.
NOTE 2 - INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor manages the investment portfolio of the Fund, subject to the policies adopted by the 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 Fund; and (ii) provides guidance and policy direction in connection with its daily management of the Fund's 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 Fund, except the fee paid to the Advisor pursuant to the Advisory Agreement, distribution fees or 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 Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.
For its services with respect to the Fund, the Advisor is entitled to receive an annual advisory fee of 0.81%, calculated daily and payable monthly as a percentage of the Fund's average daily net assets. The Adviser has contractually agreed to waive its advisory fee up to a maximum of 4 basis points (bps) to the extent necessary to offset the proportionate share of Acquired Fund Fees and Expenses incurred by the Fund until April 30, 2026 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 Fund. Pursuant to an Investment Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the
18
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
Sub-Advisor is responsible for handling the day-to-day management of the Fund's trading process, which includes Creation and/or Redemption basket processing. The Sub-Adviser does not select investments for the Fund's portfolio.
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 Fund's average daily net assets, at the following annual rate: 0.030% on the first $250 million in net assets, and 0.025% on net assets over $250 million, subject to a $20,000 annual minimum fee.
Fund Administrator
Commonwealth Fund Services, Inc. ("CFS") acts as the Fund's administrator. As administrator, CFS supervises all aspects of the operations of the Fund except those performed by the Advisor and the Sub-Advisor. For its services, fees to CFS are computed daily and paid monthly based on the average daily net assets of the Fund.
Fund Accountant and Transfer Agent
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.
Custodian
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.
Distributor
Foreside Fund Services, LLC serves as the Fund's principal underwriter pursuant to an ETF Distribution Agreement. For its services, Foreside Fund Services, LLC is entitled to a fee. The Advisor pays these fees monthly.
Trustees and Officers
Each Trustee who is not an "interested person" of the Trust receives compensation for their services to the Fund. Each Trustee receives an annual retainer fee, paid quarterly. Trustees are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. The Advisor pays these costs.
19
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
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. None of the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receives any special compensation from the Trust or the Funds for serving as officers of the Trust.
The Fund's Chief Compliance Officer and Assistant Chief Compliance Officer are not compensated directly by the Fund for their service. However, the Assistant Chief Compliance Officer is the Managing Member of Watermark Solutions, LLC ("Watermark"), which provides certain compliance services to the Fund, including the provision of the Chief Compliance Officer and the Assistant Chief Compliance Officer. The Chief Compliance Officer is the Managing Member of Fit Compliance, LLC, which has been retained by Watermark to provide the Chief Compliance Officer's services. 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 period ended December 31, 2025 were as follows:
|
Purchases |
|
Sales |
|
$707,469,643 |
|
$681,080,000 |
The costs of purchases and proceeds from the sales of in-kind transactions associated with creations and redemptions for the period ended December 31, 2025 were as follows:
|
Purchases |
|
Sales |
|
Realized Gains |
|
$928,178,527 |
|
$502,239,577 |
|
$40,334,158 |
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;
20
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
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 period ended December 31, 2025 were as follows:
|
Distributions paid from: |
|
|
|
|
Ordinary income |
|
$10,434,877 |
|
|
Return of capital |
|
127,786 |
|
|
|
10,562,663 |
|
As of December 31, 2025, the components of distributable earnings (accumulated deficits) on a tax basis were as follows:
|
Other accumulated losses |
|
$(6,415,151 |
) |
|
Net unrealized appreciation (depreciation) on investments |
|
21,706,940 |
|
|
|
$15,291,789 |
|
As of December 31, 2025, the Fund had a capital loss carryforward of $3,441,011, all of which is considered short term. This loss may be carried forward indefinitely. As of December 31, 2025 the Fund had post 30 day wash sales of $2,974,140.
Cost of securities for Federal Income tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:
|
Cost |
|
Gross Unrealized Appreciation |
|
Gross Unrealized Depreciation |
|
Total Unrealized Appreciation (Depreciation) |
|
$486,260,856 |
|
$31,487,067 |
|
$(9,780,127) |
|
$21,706,940 |
The difference between book basis and tax basis accumulated appreciation (depreciation) is attributable primarily to the deferral of wash sales losses.
NOTE 5 - TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Shares of the Fund are listed for trading on the Nasdaq Stock Market® and trade at market prices rather than at NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. The Fund will issue and redeem shares at NAV only in blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.
21
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Notes to Financial Statements - continuedDecember 31, 2025
All orders to create Creation Units must be placed with the Fund's distributor or transfer agent either (1) through the Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the 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 Fund were:
|
|
|
Period Ended |
|
|
Shares sold |
|
37,650,000 |
|
|
Shares redeemed |
|
(19,200,000 |
) |
|
Net increase (decrease) |
|
18,450,000 |
|
NOTE 6 - RISKS OF INVESTING IN THE FUND
It is important that you closely review and understand the risks of investing in the Fund. The Fund's NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Fund, and the Fund could underperform other investments. There is no guarantee that the Fund will meet its investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A complete description of the principal risks is included in the Fund's prospectus under the heading "Principal Risks."
NOTE 7 - SUBSEQUENT EVENTS
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.
22
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Report of Independent Registered Public Accounting Firm
To the Shareholders of SMI 3Fourteen REAL Asset Allocation ETF and
Board of Trustees of ETF Opportunities Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of SMI 3Fourteen REAL Asset Allocation ETF (the "Fund"), a series of ETF Opportunities Trust, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period February 26, 2025(commencement of operations) through December 31, 2025, 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 the Fund as of December 31, 2025, the results of its operations, the changes in net assets and the financial highlights for the period February 26, 2025 through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. 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 Fund 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 audit 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 audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies advised by 3Fourteen & SMI Advisory Services, LLC since 2006.
COHEN & COMPANY, LTD.
Cleveland, Ohio
March 2, 2026
23
FINANCIAL STATEMENTS | DECEMBER 31, 2025
SMI 3Fourteen REAL Asset Allocation ETF
Supplemental Information (unaudited)
Changes in and disagreements with accountants for open-end management investment companies.
Not applicable.
Proxy disclosures for open-end management investment companies.
Not applicable.
Remuneration paid to Trustees, Officers, and others of open-end management investment companies.
Because SMI 3Fourteen Real Asset Allocation, 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.
Not applicable.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Reference Item 7 which includes remuneration paid to the Trustees and Officers in the Supplemental Information.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
Not applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable 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. |
| (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: March 9, 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: March 9, 2026 | |
| By (Signature and Title)*: | /s/ Ann MacDonald |
|
Ann MacDonald Principal Financial Officer |
|
| Date: March 9, 2026 |
* Print the name and title of each signing officer under his or her signature.
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