IDX ETF FUNDS

IDX Alternative FIAT ETF

GLDB
For the Period October 24, 2025* through October 31, 2025

IDX Dynamic Fixed Income ETF

DYFI
For the Year Ended October 31, 2025

ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION

* Commencement of Operations

IDX ETF FundsIDX Alternative FIAT ETF ​

Consolidated Schedule of InvestmentsOctober 31, 2025​

^(a)All or a portion of this investment is a holding of IDX Alternative FIAT (Cayman) Portfolio S.P.

^(b)Fair value of this security exceeds 25% of the Fund’s total investments. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

^(c)Variable rate security; the rate shown represents the seven day effective yield at October 31, 2025.

IDX ETF FundsIDX Alternative FIAT ETF ​

Consolidated Schedule of Open Future ContractsOctober 31, 2025​

^(a)All or a portion of this investment is a holding of IDX Alternative FIAT (Cayman) Portfolio S.P.

IDX ETF FundsIDX Dynamic Innovation ETF ​

Schedule of Investments October 31, 2025​

^(a)Fair value of this security exceeds 25% of the Fund’s total investments. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

IDX ETF Funds

Statements of Assets and Liabilities October 31, 2025​

IDX ETF Funds

Statements of OperationsOctober 31, 2025​

⁽¹⁾The Fund commenced operations on October 24, 2025.

⁽²⁾Includes realized gains/(losses) from in-kind transactions (Note 3).

IDX ETF Funds

Statements of Changes in Net AssetsOctober 31, 2025​

⁽¹⁾The Fund commenced operations on October 24, 2025.

⁽²⁾The Fund commenced operations on January 10, 2024.

IDX ETF Funds

Financial HighlightsOctober 31, 2025​

⁽¹⁾The Fund commenced operations on October 24, 2025.

⁽²⁾The Fund commenced operations on January 10, 2024.

⁽³⁾Net investment income/(loss) per share represents net investment income/(loss) divided by the daily average shares outstanding through the period/year.

⁽⁴⁾Amount is less than $0.005.

⁽⁵⁾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/year and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period/year.

⁽⁶⁾Total Return on Net Asset Value is based on the change in net asset value (“NAV”) of a share during the period/year and assumes reinvestment of dividends and distributions at NAV. The return shown does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

⁽⁷⁾Total Return on Net Asset Value is for the period indicated and has not been annualized.

⁽⁸⁾Annualized.

⁽⁹⁾Excludes the impact of in-kind transactions.

⁽¹⁰⁾Not annualized.

IDX ETF Funds

Notes to the Financial StatementsOctober 31, 2025​

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional CFTC-mandated disclosure, reporting, and recordkeeping obligations apply with respect to Alternative FIAT and IDX Subsidiary under CFTC and the U.S. Securities and Exchange Commission (the “SEC”) harmonized regulations.

As of October 31, 2025, investments in the IDX Subsidiary represented 32.54% of the total net assets of Alternative FIAT.

Security Valuation

The Funds value their investments at fair value. Generally, the Funds’ domestic common stocks, including ETFs, 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-5 of the 1940 Act, the Board has delegated day-to-day responsibility for oversight of the valuation of the Fund’s assets to the Advisor as the Valuation Designee pursuant to the Funds’ policies and procedures. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Money market funds are valued at their net asset value of $1.00 per share and are categorized as Level 1 of the fair value hierarchy.

Futures contracts are valued at the settlement price determined by the applicable U.S. securities exchanges on the date with respect to which the net asset value (“NAV”) is being determined, or if no settlement price is available, at the last sale price as of the close of business prior to the NAV determination on such day.

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

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

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

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.

Level 1includes quoted prices in active markets for identical securities.

Level 2includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

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

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

^(a)For a detailed break-out of Exchange Traded Funds by industry, please refer to the Consolidated Schedule of Investments.

^(b)Other financial instruments are derivative financial instruments not reflected in the Schedule of Investments, such as futures contracts. These contracts are valued at the unrealized appreciation/(depreciation) on the instrument.

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

Reclassification of Capital Accounts

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. For the period ended October 31, 2025, such reclassifications were as follows:

The permanent difference reclassifications are attributable primarily to the tax treatment of redemptions in-kind.

Dividends and Distributions

Ordinarily, dividends from net investment income, if any, are declared and paid at least monthly with respect to Dynamic Fixed Income and at least annually with respect to Alternative FIAT. Each of Dynamic Fixed Income and Alternative FIAT will distribute its net realized capital gains, if any, to shareholders at least annually. Dynamic Fixed Income and Alternative FIAT may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. All distributions are recorded on the ex-dividend date.

Creation Units

The Funds issue and redeem shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 10,000 shares known as “Creation Units.” Purchasers of Creation Units (“Authorized Participants”) will be required to pay to Citibank, N.A. and U.S. Bank N.A. (the “Custodians”) 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 Custodians for each creation order is $250 and $300 for Dynamic Fixed Income and Alternative FIAT, respectively. Authorized Participants wishing to redeem shares will be required to pay to the Custodians 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 Custodians for each redemption order is $250 and $300 for Dynamic Fixed Income and Alternative FIAT, respectively.

Except when aggregated in Creation Units, shares are not redeemable securities. Shares of the Funds may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed an agreement with the Funds’ principal underwriter (the “Distributor”) with respect to creations and redemptions of Creation Units (“Participation Agreement”). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

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, at a rate of 0.95% and 0.70% for Alternative FIAT and Dynamic Fixed Income Funds, respectively.

The Advisor has retained Tidal Investments, LLC (the “Sub-Advisor”), to serve as sub-advisor for the Funds. Pursuant to an Investment Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the “Sub-Advisory Agreement”), the Sub-Advisor is responsible for the day-to-day management of each Fund’s trading process, which includes Creation and/or Redemption basket processing. The Sub-Advisor does not select investments for each Fund’s portfolio.

For its services, the Sub-Advisor is paid a fee by the Advisor, which is calculated daily and paid monthly, at an annual rate based on the average daily net assets of each Fund at the following rate: 0.04% on the first $500 million in net assets; and 0.03% on any net assets in excess of $500 million, subject to a $25,000 annual minimum fee.

Fund Administrator

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

Custodian

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

U.S. Bank N.A. acts as custodian for the Alternative FIAT Fund pursuant to a Custodial Services Agreement. For its services, U.S. Bank N.A. is entitled to a fee. The Advisor pays these fees monthly.

Fund Accountant and Transfer Agent

Citi Fund Services, Ohio, Inc. serves as the Dynamic Fixed Income Fund’s Fund Accountant and Transfer Agent pursuant to a Services Agreement. The Advisor pays these fees monthly.

U.S. Bancorp Fund Services, LLC serves as the Alternative FIAT Fund’s Fund Accountant and Transfer Agent pursuant to a Services Agreement. The Advisor pays these fees monthly.

Distributor

Foreside Fund Services, LLC serves as the Funds’ principal underwriter pursuant to an ETF Distribution Agreement. The Advisor pays the fees for these services monthly.

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

Assistant Secretary of the Trust, is a Partner of Practus LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

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

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

NOTE 4 – DERIVATIVE TRANSACTIONS

The Funds may buy or sell future contracts to increase exposure to the market, hedge market exposure of an existing portfolio, or decrease overall market exposure. The Adviser may invest in futures in this way to achieve a desired portfolio exposure. The Funds currently invest only in exchange-traded futures, which are standardized as to maturity date and underlying financial instrument.

Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker) and are recorded within deposit with brokers for derivative instruments on the Consolidated Statements of Assets and Liabilities. During the period, the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts daily. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as unrealized appreciation or depreciation on the Consolidated Statements of Assets and Liabilities.

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

When the contracts are closed or expire, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds’ basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included in the Consolidated Statements of Operations.

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Consolidated Statements of Assets and Liabilities as of October 31, 2025, for the Alternative FIAT Fund was as follows:

For the period ended October 31, 2025, Alternative FIAT financial derivative instruments had the following average notional values (indicating average volume for the period):

^(a)The Fund considers the average monthly notional amounts during the period, categorized by derivative instrument, to be representative of its derivate activities for the period ended October 31, 2025. The Fund did not engage in short future contract activity during the period ended October 31, 2025.

For the period ended October 31, 2025, financial derivative instruments had the following effect on the Consolidated Statements of Operations for Alternative FIAT: 

NOTE 5 –DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

NOTE 6 – TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

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

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

NOTE 7 – RISKS OF INVESTING IN THE FUNDS

An investment in the Funds entails risk. A Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in a Fund. A Fund is not a complete investment program. 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.”

NOTE 8 – SUBSEQUENT EVENTS

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 already included in the notes to these financial statements, no additional items require disclosure.

On November 24, 2025, Dynamic Fixed Income declared distributions from ordinary income to shareholders of record as of November 25, 2025, payable November 26, 2025 as follows:

IDX ETF Funds

Notes to the Financial Statements (Continued)October 31, 2025​

On December 23, 2025, Alternative FIAT and Dynamic Fixed Income declared distributions from ordinary income to shareholders of record as of December 24, 2025, payable December 26, 2025 as follows:

IDX ETF Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders of IDX Dynamic Fixed Income ETF and IDX Alternative FIAT ETF and Board of Trustees of ETF Opportunities Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of IDX Dynamic Fixed Income ETF as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the consolidated statement of assets and liabilities, including the consolidated schedules of investments and open futures contracts, of IDX Alternative FIAT ETF (the “Funds”, two portfolios within ETF Opportunities Trust) as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for the period indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

*Consolidated for the IDX Alternative FIAT ETF

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 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 October 31, 2025, by correspondence with the custodians and brokers. Our audits also

IDX ETF Funds

Report of Independent Registered Public Accounting Firm (Continued)

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by IDX Advisors, LLC since 2021.