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Finance

Company News

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

----------------------------------------------------------------

ETF Opportunities Trust
(Exact name of registrant as specified in charter)

----------------------------------------------------------------

8730 Stony Point Parkway,
Suite 205
Richmond, VA 23235
(Address of principal executive offices)

The Corporation Trust Co.,
Corporation Trust Center,
1209 Orange St.,
Wilmington, DE 19801
(Name and address of agent for service)

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

T-REX 2X Long AFRM Daily Target ETF

T-REX 2X Long AXON Daily Target ETF

T-REX 2X Long BKNG Daily Target ETF

T-REX 2X Long GLXY Daily Target ETF

T-REX 2X Long KTOS Daily Target ETF

T-REX 2X Long TTD Daily Target ETF

T-REX 2X Long UPXI Daily Target ETF

(the "T-REX ETFs")

ITEM 1.(a). Reports to Stockholders.

ANNUAL SHAREHOLDER REPORT December 31, 2025

T-Rex 2X Long AFRM Daily Target ETF

TICKER: AFRU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long AFRM Daily Target ETF for the period of September 16, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/afru/. You can also request this information by contacting us at (833) 759-6110.

What were the Fund costs for the past year?

(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
T-REX 2X Long AFRM Daily Target ETF	$241	1.50%²

¹ Costs are for the period of September 16, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$2,362,244
Number of Holdings	1
Total Net Advisory Fee	$8,641
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	103.95%
Liabilities in Excess of Other Assets	-0.09%
Derivatives	-3.86%

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/afru/.

T-REX 2X Long AFRM Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT December 31, 2025

T-REX 2X LONG AXON DAILY TARGET ETF

TICKER: AXUP (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long AXON Daily Target ETF for the period of September 16, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/axup/. You can also request this information by contacting us at (833) 759-6110.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(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
T-REX 2X Long AXON Daily Target ETF	$231	1.50%²

¹ Costs are for the period of September 16, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$2,312,855
Number of Holdings	1
Total Net Advisory Fee	$7,039
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	108.75%
Liabilities in Excess of Other Assets	-0.10%
Derivatives	-8.65%

Material Changes

Fund Liquidation

On February 19, 2026, the Board of Trustees of ETF Opportunities Trust approved a Plan of Liquidation for the T-REX2X Long AXON Daily Target ETF (the "Fund") based on the recommendation of the Fund's investment adviser, Tuttle Capital Management, LLC.

The Fund will cease trading on Cboe BZX Exchange, Inc. and will be closed to purchases as of the close of regular trading on March 16, 2026 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date. Shareholders may sell their shares through the Closing Date. The Fund is expected to liquidate on March 23, 2026 (the "Liquidation Date").

On or about the Liquidation Date, the Fund expects to distribute to shareholders of record who have not previously redeemed or sold their shares cash equal to each shareholder's proportionate interest in the Fund's net assets, after payment of liabilities and liquidation expenses. Distributions may also be made in cash equivalents or in-kindas permitted under the Plan. Once distributions are complete, the Fund will terminate.

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/axup/.

T-REX 2X Long AXON Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT December 31, 2025

T-REX 2X LONG BKNG DAILY TARGET ETF

TICKER: BKNU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long BKNG Daily Target ETF for the period of September 17, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/bknu/. You can also request this information by contacting us at (833) 759-6110.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(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
T-REX 2X Long BKNG Daily Target ETF	$291	1.50%²

¹ Costs are for the period of September 17, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$1,646,405
Number of Holdings	1
Total Net Advisory Fee	$4,509
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	103.16%
Liabilities in Excess of Other Assets	-0.10%
Derivatives	-3.06%

Material Changes

Fund Liquidation

On February 19, 2026, the Board of Trustees of ETF Opportunities Trust approved a Plan of Liquidation for the T-REX2X Long BKNG Daily Target ETF (the "Fund") based on the recommendation of the Fund's investment adviser, Tuttle Capital Management, LLC.

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/bknu/.

T-REX 2X Long BKNG Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025

T-REX 2X LONG GLXY DAILY TARGET ETF

TICKER: GLXU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long GLXY Daily Target ETF for the period of August 8, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/glxu/. You can also request this information by contacting us at (833) 759-6110.

What were the Fund costs for the past year?

(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
T-REX 2X Long GLXY Daily Target ETF	$301	1.50%²

¹ Costs are for the period of August 8, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$11,440,282
Number of Holdings	1
Total Net Advisory Fee	$102,856
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	107.94%
Other Assets Net of Liabilities	1.64%
Derivatives	-9.58%

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/glxu/.

T-REX 2X Long GLXY Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025

T-REX 2X LONG KTOS DAILY TARGET ETF

TICKER: KTUP (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long KTOS Daily Target ETF for the period of September 16, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/ktup/. You can also request this information by contacting us at (833) 759-6110.

What were the Fund costs for the past year?

(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
T-REX 2X Long KTOS Daily Target ETF	$431	1.50%²

¹ Costs are for the period of September 16, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$3,817,973
Number of Holdings	1
Total Net Advisory Fee	$16,893
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	105.12%
Liabilities in Excess of Other Assets	-0.11%
Derivatives	-5.01%

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/ktup/.

T-REX 2X Long KTOS Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025

T-REX 2X LONG TTD DAILY TARGET ETF

TICKER: TTDU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long TTD Daily Target ETF for the period of September 17, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/ttdu/. You can also request this information by contacting us at (833) 759-6110.

What were the Fund costs for the past year?

(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
T-REX 2X Long TTD Daily Target ETF	$251	1.50%²

¹ Costs are for the period of September 17, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$7,277,386
Number of Holdings	1
Total Net Advisory Fee	$25,694
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	95.40%
Other Assets Net of Liabilities	6.49%
Derivatives	-1.89%

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/ttdu/.

T-REX 2X Long TTD Daily Target ETF Tailored Shareholder Report

ANNUAL SHAREHOLDER REPORT DECEMBER 31, 2025

T-REX 2X LONG UPXI DAILY TARGET ETF

TICKER: PXIU (Listed on Cboe BZX Exchange, Inc.)

This annual shareholder report contains important information about the T-REX 2X Long UPXI Daily Target ETF for the period of September 17, 2025 (inception) to December 31, 2025. You can ﬁnd additional information about the Fund at www.rexshares.com/pxiu/. You can also request this information by contacting us at (833) 759-6110.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past year?

(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
T-REX 2X Long UPXI Daily Target ETF	$231	1.50%²

¹ Costs are for the period of September 17, 2025 to December 31, 2025. Costs for a full annual period would be higher.

² Annualized.

Key Fund Statistics

(as of December 31, 2025)

Fund Net Assets	$2,106,859
Number of Holdings	1
Total Net Advisory Fee	$10,755
Portfolio Turnover Rate	0.00%

What did the Fund invest in?

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

Market Exposure

Total Return Swap Contracts: 200.00%

"Market Exposure" includes the values of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Portfolio Composition

Cash	131.71%
Liabilities in Excess of Other Assets	-31.71%

Material Changes

Fund Liquidation

On February 19, 2026, the Board of Trustees of ETF Opportunities Trust approved a Plan of Liquidation for the T-REX2X Long UPXI Daily Target ETF (the "Fund") based on the recommendation of the Fund's investment adviser, Tuttle Capital Management, LLC.

For additional information about the Fund; including its prospectus, ﬁnancial information, holdings and proxy information, visit www.rexshares.com/pxiu/.

T-REX 2X Long UPXI Daily Target ETF Tailored Shareholder Report

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 $914,135 for 2025 and $0 for 2024.

(b) Audit-RelatedFees. 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 $30,988 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-approvalpolicies and procedures described in paragraph (c)(7) of Rule 2-01of Regulation S-X.

Pursuant to its charter, the registrant's Audit Committee must pre-approveall audit and non-auditservices to be provided to the registrant. The Audit Committee also pre-approvesany non-auditservices 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 2-01of Regulation S-Xare as follows:

(b) NA

(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-auditfees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviserwhose 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-ENDMANAGEMENT INVESTMENT COMPANIES.

FINANCIAL STATEMENTS

AND OTHER INFORMATION

Period Ended December 31, 2025

T-REX 2X LONG AFRM DAILY TARGET ETF(2)

T-REX 2X LONG AXON DAILY TARGET ETF(2)

T-REX 2X LONG BKNG DAILY TARGET ETF(3)

T-REX 2X LONG GLXY DAILY TARGET ETF(1)

T-REX 2X LONG KTOS DAILY TARGET ETF(2)

T-REX 2X LONG TTD DAILY TARGET ETF(3)

T-REX 2X LONG UPXI DAILY TARGET ETF(3)

(1) The Fund Commenced operations on August 8, 2025

(2) The Fund Commenced operations on September 16, 2025

(3) The Fund Commenced operations on September 17, 2025

T-REX2X LONG AFRM DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

2,362,244

TOTAL NET ASSETS - 100.00%

2,362,244

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference
Entity/
Obligation

Pay/
Receive
Equity on
Reference
Entity

Financing
Rate

Pay/
Receive

Frequency

Termination
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Clear Street Derivatives, LLC

Affirm Holdings, Inc.

Receive

OBFR01(B) +
600bps

Quarterly

9/21/2027

4,724,668

(91,081

)

TOTAL RETURN SWAP CONTRACTS

4,724,668

(91,081

)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG AXON DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

2,312,855

TOTAL NET ASSETS - 100.00%

2,312,855

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference
Entity/
Obligation

Pay/
Receive
Equity on
Reference
Entity

Financing
Rate

Pay/
Receive

Frequency

Termination
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Clear Street Derivatives, LLC

Axon Enterprise, Inc.

Receive

OBFR01(B) +
225bps

Quarterly

9/21/2027

4,628,630

(200,001

)

TOTAL RETURN SWAP CONTRACTS

4,628,630

(200,001

)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG BKNG DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

1,646,405

TOTAL NET ASSETS - 100.00%

1,646,405

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference
Entity/
Obligation

Pay/
Receive
Equity on
Reference
Entity

Financing
Rate

Pay/
Receive

Frequency

Termination
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Clear Street Derivatives, LLC

Booking Holdings Inc.

Receive

OBFR01(B) +
125bps

Quarterly

9/21/2027

3,293,528

(50,456

)

TOTAL RETURN SWAP CONTRACTS

3,293,528

(50,456

)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG GLXY DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

11,440,282

TOTAL NET ASSETS - 100.00%

11,440,282

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference
Entity/
Obligation

Pay/
Receive
Equity on
Reference
Entity

Financing
Rate

Pay/
Receive

Frequency

Termination
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Clear Street Derivatives, LLC

Galaxy Digital Holdings Ltd.

Receive

OBFR01(B) +
350bps

Monthly

8/11/2027

22,877,791

(1,095,956

)

TOTAL RETURN SWAP CONTRACTS

22,877,791

(1,095,956

)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG KTOS DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

3,817,973

TOTAL NET ASSETS - 100.00%

3,817,973

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty	Reference Entity/ Obligation	Pay/ Receive Equity on Reference Entity	Financing Rate	Pay/ Receive Frequency	Termination Date	Notional Amount		Unrealized Appreciation (Depreciation)
Clear Street Derivatives, LLC	Kratos Defense & Security Solutions, Inc.	Receive	OBFR01(B) + 660bps	Quarterly	9/21/2027	$	7,636,318	$	(191,093	)
TOTAL RETURN SWAP CONTRACTS						$	7,636,318	$	(191,093	)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG TTD DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

7,277,386

TOTAL NET ASSETS - 100.00%

7,277,386

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty	Reference Entity/ Obligation	Pay/ Receive Equity on Reference Entity	Financing Rate	Pay/ Receive Frequency	Termination Date	Notional Amount		Unrealized Appreciation (Depreciation)
Clear Street Derivatives, LLC	Trade Desk, Inc.	Receive	OBFR01(B) + 575bps	Quarterly	9/21/2027	$	14,555,117	$	(137,579	)
TOTAL RETURN SWAP CONTRACTS						$	14,555,117	$	(137,579	)

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X LONG UPXI DAILY TARGET ETF
Schedule of Investments		December 31, 2025

Other Assets, Net of Liabilities - 100.00%(A)

2,106,859

TOTAL NET ASSETS - 100.00%

2,106,859

SWAP CONTRACTS

TOTAL RETURN SWAP CONTRACTS

Counterparty

Reference
Entity/
Obligation

Pay/
Receive
Equity on
Reference
Entity

Financing
Rate

Pay/
Receive
Frequency

Termination
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)

Marex Derivative Products,
Inc.

Upexi, Inc.

Receive

OBFR01(B) +
600bps

Monthly

10/17/2026

4,212,056

TOTAL RETURN SWAP CONTRACTS

4,212,056

(A) Includes cash which is being held as collateral for total return swap contracts.

(B) OBFR01 - Overnight Bank Funding Rate, 3.64% as of December 31, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X DAILY TARGET ETFS
Statements of Assets and Liabilities		December 31, 2025

	Long AFRM			Long AXON			Long BKNG
ASSETS
Cash collateral held for open total return swap contracts (Note 1)	$	2,340,000		$	2,270,000		$	1,530,000
Cash		115,557			245,208			168,499
Receivable for capital stock sold		-			-			-
Interest receivable		317			597			414
TOTAL ASSETS		2,455,874			2,515,805			1,698,913
LIABILITIES
Net unrealized depreciation of total return swap contracts		91,081			200,001			50,456
Due to counterparty on total return swap contracts		-			-			-
Accrued advisory fees (Note 2)		2,549			2,949			2,052
TOTAL LIABILITIES		93,630			202,950			52,508
NET ASSETS	$	2,362,244		$	2,312,855		$	1,646,405
Net Assets Consist of:
Paid-in capital	$	2,968,357		$	3,333,299		$	1,561,560
Distributable earnings (accumulated deficits)		(606,113	)		(1,020,444	)		84,845
Net Assets	$	2,362,244		$	2,312,855		$	1,646,405
NET ASSET VALUE PER SHARE
Shares Outstanding (unlimited number of shares of beneficial interest authorized without par value)		160,000			185,000			75,000
Net Asset Value and Offering Price Per Share	$	14.76		$	12.50		$	21.95

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X DAILY TARGET ETFS
Statements of Assets and Liabilities		December 31, 2025

Long GLXY			Long KTOS			Long TTD			Long UPXI

$	12,090,000		$	3,610,000		$	6,800,000		$	2,639,642
	258,894			403,563			142,830			135,256
	209,934			-			479,841			-
	972			1,139			365			456
	12,559,800			4,014,702			7,423,036			2,775,354

	1,095,956			191,093			137,579			-
	-			-			-			664,875
	23,562			5,636			8,071			3,620
	1,119,518			196,729			145,650			668,495
$	11,440,282		$	3,817,973		$	7,277,386		$	2,106,859

$	33,552,844		$	5,968,241		$	10,200,868		$	8,043,083
	(22,112,562	)		(2,150,268	)		(2,923,482	)		(5,936,224	)
$	11,440,282		$	3,817,973		$	7,277,386		$	2,106,859

	1,090,000			165,000			455,000			1,570,000
$	10.50		$	23.14		$	15.99		$	1.34

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X DAILY TARGET ETFS
Statements of Operations		Period Ended December 31, 2025

	Long AFRM(2)			Long AXON(2)			Long BKNG(3)
INVESTMENT INCOME
Interest income	$	1,228		$	1,700		$	1,079
Total investment income		1,228			1,700			1,079
EXPENSES
Investment advisory fees (Note 2)		8,641			7,039			4,509
Total expenses		8,641			7,039			4,509
Net investment income (loss)		(7,413	)		(5,339	)		(3,430	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments		-			-			-
Net realized gain (loss) on total return swap contracts		(507,619	)		(835,811	)		138,731
Net realized gain (loss) on investments and total return swap contracts		(507,619	)		(835,811	)		138,731
Net change in unrealized appreciation (depreciation) of total return swap contracts		(91,081	)		(200,001	)		(50,456	)
Net realized and unrealized gain (loss)		(598,700	)		(1,035,812	)		88,275
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(606,113	)	$	(1,041,151	)	$	84,845

(1) The Fund commenced operations on August 8, 2025.

(2) The Fund commenced operations on September 16, 2025.

(3) The Fund commenced operations on September 17, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X DAILY TARGET ETFS
Statements of Operations		Period Ended December 31, 2025

Long GLXY(1)			Long KTOS(2)			Long TTD(3)			Long UPXI(3)

$	5,205		$	4,091		$	1,345		$	2,082
	5,205			4,091			1,345			2,082

	102,856			16,893			25,694			10,755
	102,856			16,893			25,694			10,755
	(97,651	)		(12,802	)		(24,349	)		(8,673	)

	2,261,575			(117,380	)		-			-
	(15,103,285	)		(1,588,241	)		(2,918,264	)		(7,905,555	)
	(12,841,710	)		(1,705,621	)		(2,918,264	)		(7,905,555	)
	(1,095,956	)		(191,093	)		(137,579	)		-
	(13,937,666	)		(1,896,714	)		(3,055,843	)		(7,905,555	)
$	(14,035,317	)	$	(1,909,516	)	$	(3,080,192	)	$	(7,914,228	)

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X DAILY TARGET ETFS

Statements of Changes in Net Assets

	Long AFRM(2)			Long AXON(2)			Long BKNG(3)
	Period Ended December 31, 2025
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income (loss)	$	(7,413	)	$	(5,339	)	$	(3,430	)
Net realized gain (loss) on investments and total return swap contracts		(507,619	)		(835,811	)		138,731
Net change in unrealized appreciation (depreciation) of total return swap contracts		(91,081)			(200,001)			(50,456	)
Increase (decrease) in net assets from operations		(606,113	)		(1,041,151)			84,845
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders		-			-			-
Decrease in net assets from distributions		-			-			-
CAPITAL STOCK TRANSACTIONS (NOTE 5)
Proceeds from shares issued		4,266,721			4,098,414			2,109,134
Cost of shares redeemed		(1,298,364	)		(744,408	)		(547,574	)
Increase (decrease) in net assets from capital stock transactions		2,968,357			3,354,006			1,561,560
NET ASSETS
Increase (decrease) during period		2,362,244			2,312,855			1,646,405
Beginning of period		-			-			-
End of period	$	2,362,244		$	2,312,855		$	1,646,405

(1) The Fund commenced operations on August 8, 2025.

(2) The Fund commenced operations on September 16, 2025.

(3) The Fund commenced operations on September 17, 2025.

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX2X DAILY TARGET ETFS
Statements of Changes in Net Assets

Long GLXY(1)			Long KTOS(2)			Long TTD(3)			Long UPXI(3)
	Period Ended December 31, 2025


$	(97,651	)	$	(12,802	)	$	(24,349	)	$	(8,673	)
	(12,841,710	)		(1,705,621	)		(2,918,264	)		(7,905,555	)
	(1,095,956	)		(191,093	)		(137,579	)		-
	(14,035,317	)		(1,909,516	)		(3,080,192	)		(7,914,228	)

	(835,975	)		(76,270)			-			-
	(835,975	)		(76,270)			-			-

	79,014,987			14,598,812			17,036,968			10,608,507
	(52,703,413	)		(8,795,053	)		(6,679,390	)		(587,420	)
	26,311,574			5,803,759			10,357,578			10,021,087

	11,440,282			3,817,973			7,277,386			2,106,859
	-			-			-			-
$	11,440,282		$	3,817,973		$	7,277,386		$	2,106,859

See Notes to Financial Statements

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X LONG AFRM DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.06	)
Net realized and unrealized gain (loss) on total return swap contracts(3)		(10.18	)
Total from investment activities		(10.24	)
Net asset value, end of period	$	14.76

Total Return(4)		(40.94	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.29	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	2,362

(1) The Fund commenced operations on September 16, 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 the timing of 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG AXON DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.05	)
Net realized and unrealized gain (loss) on total return swap contracts(3)		(12.45	)
Total from investment activities		(12.50	)
Net asset value, end of period	$	12.50

Total Return(4)		(49.99	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.14	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	2,313

(1) The Fund commenced operations on September 16, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG BKNG DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.07	)
Net realized and unrealized gain (loss) on total return swap contracts(3)		(2.98	)
Total from investment activities		(3.05	)
Net asset value, end of period	$	21.95

Total Return(4)		(12.19	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.14	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	1,646

(1) The Fund commenced operations on September 17, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG GLXY DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.13	)
Net realized and unrealized gain on investments and total return swaps (loss)(3)		(13.59	)
Total from investment activities		(13.72	)
Distributions
Ordinary income		(0.78	)
Total distributions		(0.78	)
Net asset value, end of period	$	10.50

Total Return(4)		(55.42	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.42	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	11,440

(1) The Fund commenced operations on August 8, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG KTOS DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.10	)
Net realized and unrealized gain on investments and total return swaps (loss)(3)		(1.27	)
Total from investment activities		(1.37	)
Distributions
Ordinary income		(0.49	)
Total distributions		(0.49	)
Net asset value, end of period	$	23.14

Total Return(4)		(5.67	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.14	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	3,818

(1) The Fund commenced operations on September 16, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG TTD DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.09	)
Net realized and unrealized gain (loss) on total return swap contracts(3)		(8.92	)
Total from investment activities		(9.01	)
Net asset value, end of period	$	15.99

Total Return(4)		(36.02	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.42	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	7,277

(1) The Fund commenced operations on September 17, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX2X LONG UPXI DAILY TARGET ETF
Financial Highlights		Selected Per Share Data Throughout The Period

	Period Ended December 31, 2025(1)
Net asset value, beginning of period	$	25.00
Investment activities
Net investment income (loss)(2)		(0.02	)
Net realized and unrealized gain (loss) on total return swap contracts(3)		(23.64	)
Total from investment activities		(23.66	)
Net asset value, end of period	$	1.34

Total Return(4)		(94.63	%)
Ratios/Supplemental Data
Ratios to average net assets(5)
Expenses		1.50	%
Net investment income (loss)		(1.21	%)
Portfolio turnover rate(6)		0.00	%
Net assets, end of period (000s)	$	2,107

(1) The Fund commenced operations on September 17, 2025.

(2) Per share amounts calculated using the average shares outstanding during 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) Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

See Notes to Financial Statements

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements		December 31, 2025

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The T-REX2X Long AFRM Daily Target ETF ("Long AFRM"), T-REX2X Long AXON Daily Target ETF ("Long AXON"), T-REX2X Long BKNG Daily Target ETF ("Long BKNG"), T-REX2X Long GLXY Daily Target ETF ("Long GLXY"), T-REX2X Long KTOS Daily Target ETF ("Long KTOS"), T-REX2X Long TTD Daily Target ETF ("Long TTD"), and T-REX2X Long UPXI Daily Target ETF ("Long UPXI"), (collectively, "the Funds") are each a non-diversifiedseries 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-endmanagement investment company. The offering of the Funds' shares are registered under the Securities Act of 1933. Long GLXY commenced operations on August 8, 2025. Long AFRM, Long AXON, and Long KTOS commenced operations on September 16, 2025. Long BKNG, Long TTD and Long UPXI commenced operations on September 17, 2025.

The investment objectives of the Funds' are as follows:

Fund	Objective
Long AFRM	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Affirm Holdings, Inc. (NYSE: AFRM)
Long AXON	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Axon Enterprise, Inc. (NASDAQ: AXON)
Long BKNG	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Booking Holdings, Inc. (NASDAQ: BKNG)
Long GLXY	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Galaxy Digital Holdings Ltd. (NASDAQ: GLXY)
Long KTOS	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS)
Long TTD	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Trade Desk, Inc. (NASDAQ: TTD)
Long UPXI	To seek daily investment results, before fees and expenses, of 200% of the daily performance of Upexi, Inc. (NASDAQ: UPXI)

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

The Funds are each deemed to be individual reporting segments and are not part of a consolidated reporting entity. The objective and strategy, as outlined in the Funds' prospectus under the heading "Principal Investment Strategies", are used by Tuttle Capital Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in its Statements of Operations and Financial Highlights, is the information utilized for the day-to-daymanagement of the Funds. Due to the significance of oversight and its role in the Funds' management, each Fund's investment manager is 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 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. Other assets for which market prices are not readily available are valued at their fair value under procedures set by the Board of Trustees (the "Board"). Although the Board is ultimately responsible for fair value determinations under Rule 2a-5of the 1940 Act, the Board has delegated day-to-dayresponsibility 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-countermarket 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-countermarket.

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to methodologies established by the Board. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) approved by the Board based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-terminvestments having a maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange, or, if no settlement price is available, at the last sale price as of the close of business prior to when a Fund calculates Net Asset Value ("NAV"). Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Valuation Designee (as defined below). Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked price quotations from market makers, by a pricing service at a price received from the counterparty to the swap, or by the Valuation Designee in accordance with the valuation procedures approved by the Board.

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

Various inputs are used in determining the value of the Funds' investments. GAAP established a three-tierhierarchy 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-basedinputs (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).

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

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

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

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Long AFRM
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(91,081	)	$	-	$	(91,081	)
	$	-	$	(91,081	)	$	-	$	(91,081	)

Long AXON
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(200,001	)	$	-	$	(200,001	)
	$	-	$	(200,001	)	$	-	$	(200,001	)

Long BKNG
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(50,456	)	$	-	$	(50,456	)
	$	-	$	(50,456	)	$	-	$	(50,456	)

Long GLXY
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(1,095,956	)	$	-	$	(1,095,956	)
	$	-	$	(1,095,956	)	$	-	$	(1,095,956	)

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Long KTOS
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(191,093	)	$	-	$	(191,093	)
	$	-	$	(191,093	)	$	-	$	(191,093	)

Long TTD
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	(137,579	)	$	-	$	(137,579	)
	$	-	$	(137,579	)	$	-	$	(137,579	)

Long UPXI
Liabilities
Net Unrealized Depreciation of Total Return Swap Contracts	$	-	$	-		$	-	$	-
	$	-	$	-		$	-	$	-

Refer to the Funds' Schedule of Investments for a listing of the securities by type. The Funds 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 specific identification basis. Realized gains and losses from security transactions are determined on the basis of identified cost for book and tax purposes. Interest income is recorded on an accrual basis.

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

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 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 their shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise provision is required.

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

Reclassification of Capital Accounts

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the period ended December 31, 2025, such reclassifications related to net operating losses and the utilization of earnings and profits distributed to shareholders on redemption of shares.

	Paid-in Capital			Distributable Earnings
Long AFRM	$	-		$	-
Long AXON		(20,707	)		20,707
Long BKNG		-			-
Long GLXY		7,241,270			(7,241,270	)
Long KTOS		164,482			(164,482	)
Long TTD		(156,710	)		156,710
Long UPXI		(1,978,004	)		1,978,004

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

Dividends and Distributions

Dividends from net investment income, if any, are declared and paid annually by the Funds. 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-dividenddate.

Creation Units

The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 5,000 shares for Long AFRM, Long AXON, Long BKNG, Long KTOS, Long TTD, and Long UPXI and at least 10,000 shares for Long GLXY 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 redeem shares will be required to pay to the Custodian a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Custodian for each redemption order is $300.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealeror 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

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

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
Long AFRM	5,000	$300	$73,800
Long AXON	5,000	$300	$62,500
Long BKNG	5,000	$300	$109,750
Long GLXY	10,000	$300	$105,000
Long KTOS	5,000	$300	$115,700
Long TTD	5,000	$300	$79,950
Long UPXI	5,000	$300	$6,700

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 Statements of Assets and Liabilities, when applicable.

Derivatives

Each Fund may enter into total return swap contracts, which may be used either as economically similar substitutes for owning the reference asset specified in the swap contract, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for a Fund to

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

own that asset. "Total return" refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swap contracts provide a Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.

Most swap contracts entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap contract will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. A Fund's current obligations under the types of swap contracts that the Funds expect to enter into (e.g., total return swap contracts) will be accrued daily (offset against any amounts owed to a Fund by the counterparty to the swap contract) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by the Funds posting collateral to a tri-partyaccount between the Funds' custodian, the Funds, and the counterparty. However, typically no payments will be made until the settlement date.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, a Fund's risk of loss consists of the net amount of payments that the Funds are contractually entitled to receive, if any.

The following table presents the Funds' gross derivative assets and liabilities by counterparty and contract type, net of amounts available for the offset under a master netting agreement and the related collateral received or pledged by each Fund as of December 31, 2025.

Long AFRM

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	91,081	$	(91,081	)	$	91,081	$	-
	$	-	$	91,081	$	(91,081	)	$	91,081	$	-

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

Long AXON

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	200,001	$	(200,001	)	$	200,001	$	-
	$	-	$	200,001	$	(200,001	)	$	200,001	$	-

Long BKNG

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	50,456	$	(50,456	)	$	50,456	$	-
	$	-	$	50,456	$	(50,456	)	$	50,456	$	-

Long GLXY

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	1,095,956	$	(1,095,956	)	$	1,095,956	$	-
	$	-	$	1,095,956	$	(1,095,956	)	$	1,095,956	$	-

Long KTOS

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	191,093	$	(191,093	)	$	191,093	$	-
	$	-	$	191,093	$	(191,093	)	$	191,093	$	-

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

Long TTD

	Total Return Swap Contracts
Counterparty	Derivative Assets		Derivative Liabilities		Net Derivative Assets (Liabilities)*			Collateral Pledged (Received)**		Net Amount
Clear Street Derivatives	$	-	$	137,579	$	(137,579	)	$	137,579	$	-
	$	-	$	137,579	$	(137,579	)	$	137,579	$	-

Long UPXI

Total Return Swap Contracts

Counterparty

Derivative
Assets

Derivative
Liabilities

Net Derivative
Assets
(Liabilities)*

Collateral
Pledged
(Received)**

Net
Amount

Marex Derivative Products

* Statements of Assets and Liabilities location: Net unrealized appreciation (depreciation) of total return swap contracts.

** The actual collateral pledged (received) may be more than the amounts shown.

The average monthly notional amount of the total return swap contracts during the period ended December 31, 2025 were as follows:

Fund	Average Monthly Notional Value
Long AFRM	$	4,122,523
Long AXON		3,375,965
Long BKNG		2,321,437
Long GLXY		31,957,724
Long KTOS		7,415,330
Long TTD		12,053,867
Long UPXI		5,368,817

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

As of December 31, 2025, the Funds were invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities as follows:

Risk: Equity Price
Derivative Type: Total return swap contracts
	Statements of Assets and Liabilities Location	Fair Value Amount
Long AFRM
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(91,081	)
Long AXON
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(200,001	)
Long BKNG
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(50,456	)
Long GLXY
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(1,095,956	)
Long KTOS
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(191,093	)
Long TTD
Derivative Liabilities
	Net unrealized depreciation of total return swap contracts	$	(137,579	)

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

The effect of derivative instruments on the Statements of Operations and whose underlying risk exposure is equity price risk for the period ended December 31, 2025 is as follows:

Fund	Realized Gain (Loss) on Derivatives*			Net Change in Unrealized Appreciation (Depreciation) of Derivatives**
Long AFRM	$	(507,619	)	$	(91,081	)
Long AXON		(835,811	)		(200,001	)
Long BKNG		138,731			(50,456	)
Long GLXY		(15,103,285	)		(1,095,956	)
Long KTOS		(1,588,241	)		(191,093	)
Long TTD		(2,918,264	)		(137,579	)
Long UPXI		(7,905,555	)		-

* Statements of Operations location: Net realized gain (loss) on total return swap contracts.

** Statements of Operations location: Net change in unrealized appreciation (depreciation) of total return swap contracts.

Officers and Trustees Indemnification

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

NOTE 2 - INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Advisor currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor is responsible for the day-to-daymanagement of each of the Funds' investments. The Advisor also: (i) furnishes the Funds with office space and certain administrative services; (ii) provides guidance and policy direction in connection with its daily management of each Fund's assets, subject to the authority of the Board. Under the Advisory Agreement, the

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

Advisor has agreed, at its own expense and without reimbursement from the Funds, to pay all expenses of each Fund, except for: the fee paid to the Advisor pursuant to the Advisory Agreement, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

For its services with respect to the Funds, the Advisor is entitled to receive an annual advisory fee, calculated daily and payable monthly as a percentage of each Fund's average daily net assets. The Advisory fee schedule for each Fund is as follows:

		Fund		Advisory Fee Rate
		Long AFRM		1.50%
		Long AXON		1.50%
		Long BKNG		1.50%
		Long GLXY		1.50%
		Long KTOS		1.50%
		Long TTD		1.50%
		Long UPXI		1.50%

REX Shares, LLC ("REX"), a Delaware limited liability company, located in Miami, Florida, is an independent sponsor of ETFs. The research of an affiliate of REX was used in the creation of the Fund's trading strategy. REX does not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment advisor to the Fund. REX is not related to the Advisor, the Fund or any of the underlying stocks of the Fund. REX makes no representation or warranty, express or implied, to the owners of the shares or any member of the public regarding the advisability of investing in securities generally or in the shares in particular, or as to the ability of any Fund to meet its investment objective.

The Advisor has entered into an agreement with the Sponsor pursuant to which the Sponsor and the Advisor have jointly assumed the obligation of the Advisor to pay all expenses of the Fund, except excluded expenses. The Sponsor will also provide marketing support for the Fund including, but not limited to, providing the Fund with access to and the use of the Sponsor's marketing capabilities, including leveraging the Sponsor's expertise in developing marketing strategies

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

and communications through print and electronic media. For its services, the Sponsor is entitled to a fee from the Advisor, which is calculated daily and paid monthly, based on a percentage of the average daily net assets of the Fund. The Sponsor does not act as a distributor to the Funds and does not sell shares of the Funds. All Funds are distributed through the Distributor.

Fund Administrator

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

Fund Accountant and Transfer Agent

U.S. Bancorp Fund Services, LLC ("U.S. Bancorp") serves as each 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 each 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 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-pocketexpenses incurred in connection with attendance at meetings. The Advisor pays these costs.

Certain officers of the Trust are also officers and/or directors of CFS. Additionally, Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is Managing Partner of Practus, LLP. J. Stephen King Jr. and Robert Rhatigan,

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

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

NOTE 3 - INVESTMENTS

The costs of purchases and proceeds from the sales of securities other than short-termsecurities for the period ended December 31, 2025, were as follows:

Fund	Purchases		Sales
Long AFRM	$	-	$	-
Long AXON		-		-
Long BKNG		-		-
Long GLXY		84,462,877		86,724,452
Long KTOS		15,287,665		15,170,285
Long TTD		-		-
Long UPXI		-		-

NOTE 4 - DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

The tax character of the distributions paid during the period ended December 31, 2025 were as follows:

Fund	Distributions Paid From Ordinary Income
Long AFRM	$	-
Long AXON		-
Long BKNG		-
Long GLXY		835,975
Long KTOS		76,270
Long TTD		-
Long UPXI		-

Under current law, late-yearordinary specified losses realized after October 31 of a fund's fiscal year may be deferred and treated as occuring on the first business day of the following fiscal year for tax purposes. The Funds elected to defer these losses as follows:

Fund	Late-year Ordinary Losses
Long AFRM	$	-
Long AXON		137,892
Long BKNG		-
Long GLXY		5,645,771
Long KTOS		454,356
Long TTD		1,473,659
Long UPXI		4,799,543

As of December 31, 2025, The Funds had capital loss carryforwards, all of which is considered short term. These losses may be carried forward indefinitely. The tax character of these losses is as follows:

Fund	Total
Long AFRM	$	753,950
Long AXON		689,072
Long BKNG		81,581
Long GLXY		15,385,317
Long KTOS		1,511,599
Long TTD		1,323,079
Long UPXI		1,136,681

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

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

Fund	Accumulated Net Investment Income (Accumulated Deficits)		Accumulated Net Realized Gain (Loss)			Net Unrealized Appreciation (Depreciation)			Total
Long AFRM	$	228,650	$	(753,950	)	$	(80,813	)	$	(606,113	)
Long AXON		-		(826,964	)		(193,480	)		(1,020,444	)
Long BKNG		218,770		(81,581	)		(52,344	)		84,845
Long GLXY		-		(21,031,088	)		(1,081,474	)		(22,112,562	)
Long KTOS		-		(1,965,955	)		(184,313	)		(2,150,268	)
Long TTD		-		(2,796,738	)		(126,744	)		(2,923,482	)
Long UPXI		-		(5,936,224	)		-			(5,936,224	)

Cost of securities for Federal Income tax purpose and the related tax-basednet unrealized appreciation (depreciation) consists of:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Long AFRM	$	-	$	-	$	(80,813	)	$	(80,813	)
Long AXON		-		-		(193,480	)		(193,480	)
Long BKNG		-		-		(52,344	)		(52,344	)
Long GLXY		-		-		(1,081,474	)		(1,081,474	)
Long KTOS		-		-		(184,313	)		(184,313	)
Long TTD		-		-		(126,744	)		(126,744	)
Long UPXI		-		-		-			-

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax treatment of total return swap contracts.

NOTE 5 - TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

Shares of the Funds are listed for trading on the Cboe BZX Exchange, Inc. (the "Exchange"), and trade at market prices rather than at NAV. Shares of the Funds may trade at a price that is greater than, at, or less than NAV. The Funds will issue and redeem Shares at NAV only in blocks of 5,000 shares for Long AFRM, Long AXON, Long BKNG, Long KTOS, Long TTD, and Long UPXI and 10,000 shares

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

for Long GLXY (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kindfor 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-dealeror 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:

Fund	Shares Sold	Shares Redeemed		Net Increase (Decrease)
Long AFRM	260,000	(100,000	)	160,000
Long AXON	245,000	(60,000	)	185,000
Long BKNG	100,000	(25,000	)	75,000
Long GLXY	4,310,000	(3,220,000	)	1,090,000
Long KTOS	540,000	(375,000	)	165,000
Long TTD	700,000	(245,000	)	455,000
Long UPXI	1,695,000	(125,000	)	1,570,000

NOTE 6 - RISKS OF INVESTING IN THE FUNDS

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

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS
Notes to Financial Statements - continued		December 31, 2025

NOTE 7 - SUBSEQUENT EVENTS

Fund Liquidations

On February 19, 2026, the Board of Trustees of ETF Opportunities Trust approved a Plan of Liquidation for the T-REX2X LONG UPXI Daily Target ETF (PXIU), T-REX 2X LONG AXON Daily Target ETF (AXUP), and T-REX2X LONG BKNG Daily Target ETF (BKNU) (collectively, the "Funds"), based on the recommendation of the Funds' investment advisor, Tuttle Capital Management, LLC.

The Funds will cease trading on Cboe BZX Exchange, Inc. and will be closed to purchases as of the close of regular trading on March 16, 2026 (the "Closing Date"). The Funds will not accept purchase orders after the Closing Date. Shareholders may sell their shares through the Closing Date. The Funds are expected to liquidate on March 23, 2026 (the "Liquidation Date").

On or about the Liquidation Date, the Funds expect to distribute to shareholders of record who have not previously redeemed or sold their shares cash in an amount equal to each shareholder's proportionate interest in the net assets of the Funds, after payment of Fund liabilities and liquidation expenses. Distributions may also be made in cash equivalents or in-kind, as permitted under the Plan. Once distributions are complete, the Funds will terminate.

Prior to the Closing Date, the Advisor will begin liquidating the Funds' portfolios, which will result in the Funds holding increased cash positions and deviating from their stated investment objectives and strategies. The Funds will bear brokerage, transaction, and other expenses associated with the liquidation, which have been determined to be extraordinary expenses.

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

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders T-REX2X Long AFRM Daily Target ETF, T-REX2X Long AXON Daily Target ETF, T-REX2X Long BKNG Daily Target ETF, T-REX2X Long GLXY Daily Target ETF, T-REX2X Long KTOS Daily Target ETF, T-REX2X Long TTD Daily Target ETF, and T-REX2X Long UPXI Daily Target ETF and Board of Trustees of ETF Opportunities Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds"), each a series of ETF Opportunities Trust, as of December 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
T-REX 2X Long GLXY Daily Target ETF	For the period from August 8, 2025 (commencement of operations) through December 31, 2025
T-REX 2X Long AFRM Daily Target ETF T-REX 2X Long AXON Daily Target ETF T-REX 2X Long KTOS Daily Target ETF	For the period from September 16, 2025 (commencement of operations) through December 31, 2025
T-REX 2X Long BKNG Daily Target ETF T-REX 2X Long TTD Daily Target ETF T-REX 2X Long UPXI Daily Target ETF	For the period from September 17, 2025 (commencement of operations) through December 31, 2025

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET ETFS

Report of Independent Registered Public Accounting Firm - continued

Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Emphasis of a Matter

As described in Note 7 to the financial statements, on February 19, 2026, the Board of Trustees approved a plan of liquidation for the T-REX2X Long UPXI Daily Target ETF, T-REX2X Long AXON Daily Target ETF and T-REXLong BKNG Daily Target ETF. Our opinion is not modified with respect to this matter.

We have served as the auditor of one or more investment companies advised by Tuttle Capital Management, LLC since 2019.

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 2, 2026

FINANCIAL STATEMENTS | December 31, 2025

T-REX 2X DAILY TARGET 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 Tuttle Capital Management, LLC (the "Advisor") has agreed in the Investment Advisory Agreement to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, the Advisor pays the compensation to each Independent Trustee and the Chief Compliance Officer for services to the Fund from the Advisor's management fees.

Statement Regarding Basis for Approval of Investment Advisory Contract.

INVESTMENT ADVISORY AGREEMENT APPROVAL

This annual report pertains only to the T-REX2X Long AFRM Daily Target ETF, T-REX2X Long AXON Daily Target ETF, T-REX2X Long BKNG Daily Target ETF, T-REX2X Long GLXY Daily Target ETF, T-REX2X Long KTOS Daily Target ETF, T-REX2X Long TTD Daily Target ETF and the T-REX2X Long UPXI Daily Target ETF (the "New Tuttle ETFs").

At a meeting held on June 18-19, 2025 (the "Meeting"), the Board considered the approval of the proposed Investment Advisory Agreement (the "Tuttle Advisory Agreement") between ETFOT and Tuttle Capital Management, LLC ("TCM"), with respect to the New Tuttle ETFs. The Board reflected on its discussions with the representatives from TCM earlier in the Meeting regarding the manner in which the New Tuttle ETFs are to be managed and the roles and responsibilities of TCM under the Tuttle Advisory Agreement.

The Trustees reviewed a memorandum from Trust Counsel that addressed the Trustees' duties when considering the approval of the Tuttle Advisory Agreement and the responses of TCM to requests for information from Trust Counsel on behalf of the Board. Trust Counsel noted that the response included information on the personnel of and services to be provided by TCM,

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X DAILY TARGET ETF

Supplemental Information (unaudited) - continued

an expense comparison analysis for the New Tuttle ETFs and comparable ETFs, and the Tuttle Advisory Agreement. Trust Counsel 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 Tuttle Advisory Agreement, including the following material factors: (i) the nature, extent, and quality of the services to be provided by TCM; (ii) the costs of the services to be provided and profits to be realized by TCM from the relationship with the New Tuttle ETFs; (iii) the extent to which economies of scale would be realized if the New Tuttle ETFs grow and whether advisory fee levels reflect those economies of scale for the benefit of its investors; and (iv) possible conflicts of interest and other benefits.

In assessing these factors and reaching its decisions, the Board took into consideration information specifically prepared or presented at this Meeting. The Board requested or was provided with information and reports relevant to the approval of the Tuttle Advisory Agreement, including: (i) information regarding the services and support to be provided by TCM to the New Tuttle ETFs and their shareholders; (ii) presentations by management of TCM addressing the investment philosophy, investment strategy, personnel and operations to be utilized in managing the New Tuttle ETFs; (iii) information pertaining to the compliance structure of TCM; (iv) disclosure information contained in the New Tuttle ETFs' registration statements and TCM's Form ADV and/or 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 Tuttle Advisory Agreement, 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 TCM, including financial information, personnel and the services to be provided by TCM to the New Tuttle ETFs, TCM's compliance program, current legal matters, and other general information; (ii) projected expenses of the New Tuttle ETFs and comparative expense information for other ETFs with strategies similar to the New Tuttle ETFs prepared by an independent third party; (iii) the anticipated effect of size on the New Tuttle ETFs' performance and expenses; and (iv) benefits anticipated to be realized by TCM from its relationship with the New Tuttle ETFs.

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X DAILY TARGET ETF

Supplemental Information (unaudited) - continued

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

1. The nature, extent, and quality of the services to be provided by TCM

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

2. The investment performance of TCM

The Board noted that the New Tuttle ETFs had not yet commenced operations. The Board noted that TCM manages other funds that have a similar swap-basedinvestment strategy as the New Tuttle ETFs.

3. The costs of services to be provided and profits to be realized by TCM from its relationship with the New Tuttle ETFs.

In this regard, the Board considered the financial condition of TCM and the level of commitment to the New Tuttle ETFs by TCM. The Board also considered the projected assets and proposed expenses of the New Tuttle ETFs, including the nature and frequency of advisory payments. The Trustees noted the information on projected profitability provided by TCM. The Trustees considered the unitary fee structure proposed by TCM for each of the New Tuttle ETFs; and noted that the strategies of the New Tuttle ETFs are substantially similar to one another and to other existing Tuttle ETFs. The Trustees noted that the proposed advisory fee of each New Tuttle ETF was higher than the median advisory fees

FINANCIAL STATEMENTS | DECEMBER 31, 2025

T-REX 2X DAILY TARGET ETF

Supplemental Information (unaudited) - continued

of its Morningstar Category and Peer Group, and that each New Tuttle ETF's projected gross and net expense ratio was higher than the median gross and net expense ratio of its Morningstar Category and Peer Group. The Trustees acknowledged TCM's representation that the proposed advisory fees are appropriate and competitively priced for actively managed funds that require unique services such as those provided by TCM. The Board noted that there is a potential for trades to generate soft dollars. After further consideration, the Board concluded that the projected profitability and fees to be paid to TCM were not unreasonable in light of the services to be rendered by TCM.

4. The extent to which economies of scale would be realized as the New Tuttle ETFs grow and whether advisory fee levels reflect these economies of scale for the benefit of the New Tuttle ETFs' shareholders.

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

5. 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 New Tuttle ETFs; the basis of decisions to buy or sell securities for the New Tuttle ETFs; and the substance and administration of the Code of Ethics and other relevant policies of TCM. The Board also considered potential benefits for TCM in managing the New Tuttle ETFs. Following further consideration and discussion, the Board concluded that the standards and practices of TCM relating to the identification and mitigation of potential conflicts of interest, as well as the benefits to be derived by TCM from managing the New Tuttle ETFs were satisfactory.

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

FINANCIAL STATEMENTS | DECEMBER 31, 2025

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

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-ENDMANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

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

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

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

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

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

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-ENDMANAGEMENT INVESTMENT COMPANIES.

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

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

Not applicable because it is not a closed-endmanagement 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-ENDMANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-endmanagement 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-1under 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-1under 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.

ETF Opportunities Trust published this content on March 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 09, 2026 at 18:41 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]

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