N-CSR 1 fp0083443-3_ncsr.htm

As filed with the U.S. Securities and Exchange Commission on July 10, 2023

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 811-22668

ETF Series Solutions

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

414-516-1645

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a)

Annual Report

April 30, 2023

Aptus Collared Investment Opportunity ETF

(Formerly, Aptus Collared Income Opportunity ETF)

Ticker: ACIO

Aptus Defined Risk ETF

Ticker: DRSK

Aptus Drawdown Managed Equity ETF

Ticker: ADME

Opus Small Cap Value ETF

Ticker: OSCV

International Drawdown Managed Equity ETF

Ticker: IDME

Aptus Enhanced Yield ETF

Ticker: JUCY

Aptus ETFs

TABLE OF CONTENTS

	Page
Shareholder Letters	1
Performance Summaries	16
Portfolio Allocations	22
Schedules of Investments and Schedules of Written Options	24
Statements of Assets and Liabilities	39
Statements of Operations	41
Statements of Changes in Net Assets	43
Financial Highlights	49
Notes to Financial Statements	55
Report of Independent Registered Public Accounting Firm	68
Trustees and Officers	70
Expense Examples	72
Review of Liquidity Risk Management Program	74
Approval of Advisory Agreement and Board Considerations	75
Federal Tax Information	79
Information About Portfolio Holdings	79
Information About Proxy Voting	79
Frequency Distribution of Premiums and Discounts	80

Aptus Collared Investment Opportunity ETF

Shareholder Letter
(Unaudited)

Dear ACIO Shareholders,

Thank you for your investment in the Aptus Collared Investment Opportunity ETF (formerly Aptus Collared Income Opportunity ETF), referred to herein as “ACIO” or the “Fund”. The information presented in this letter relates to ACIO’s performance period from May 1, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective principally by investing in a portfolio of U.S.-listed equity securities of any market capitalization and buying put options or an options collar (i.e., a mix of written (sold) call options and long (bought) put options) on the same underlying equity securities, a U.S. equity ETF, or on an index tracking a portfolio of U.S. equity securities (a “U.S. Equity Index”). The U.S. Equity Index, U.S. equity ETF, and the underlying equity securities may be of any market capitalization. The equity securities and options held by the Fund must be listed on a U.S.- exchange, and the equity securities may include common stocks of U.S. companies, American Depositary Receipts (“ADRs”) (i.e., receipts evidencing ownership of foreign equity securities), and real estate investment trusts (“REITs”). The Fund will typically limit investments in ADRs to approximately 20% of the Fund’s net assets.

All in all, we believe that ACIO continues to deliver on its structural mandate, even in a relatively challenging environment. The product aims to exhibit a strong downside hedge when markets fall (50% or less Down-Market Capture ratio) and 65% UMC when markets are rising. We believe the structural and deployment advantage across our strategy will continue to provide allocators with a full cycle product that provides correlation benefits which can improve overall asset allocation decisions.

For the current fiscal period, ACIO was up 2.34% at market and up 2.53% at net asset value (“NAV”). Over the same period, the S&P 500^® Total Return Index was up 2.66%.

Fear gauges remained muted even with the systemic fireworks seen throughout the latter part of the fiscal period. The Cboe Volatility Index (“VIX”) was down -10.5%, grinding lower for most of the quarter, which did not benefit the core aspect of the Fund, capital preservation through owning long puts.

Though, ACIO’s active implementation of the long puts showed effectiveness during the market weakness of February and early March where the Fund was slightly ahead of the SPX through 3/13/23, maintaining a strong downside hedge. Throughout the fiscal period, the portfolio team had multiple opportunities to harvest put profits, showing downside mitigation and purchasing equities with the proceeds.

During this period, the written calls faced a challenging environment of low correlation between the individual positions and the index, as a muted volatility environment, as measured by the VIX, kept healthy premiums at bay. We were very active in maneuvering during the period, taking advantage of the very brief spikes in volatility to reset the short call book. Given the concentration of returns, especially in the most recent quarter during the fiscal period, we had a net detractor to performance from the written calls.

Lastly, the third leg of the strategy, long stocks performed above expectations, as the market rewarded pragmatic investors, alongside diligent managers that invested in what we would consider to be higher-quality stocks. Though there was not broad-based volatility at the index level, underneath the hood of the market, there was volatility and performance dispersion across sectors. Given our style agnostic approach, even in the face of a strong rally in Growth and Tech, we were able to outperform the S&P 500^® Index (“SPX”) modestly. The equity basket outperformed by 53 basis points (bps), led by positive security selection, as allocation effects were de minimis. Given our tilt to quality, the team was able to navigate this market reasonably well as ACIO remained equal weight the mega-caps, which proved to be beneficial in the latter half of the fiscal period.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring in March 2023 on the S&P 500 Index (SPXW), gaining 61.74% and adding 3.47% to the return of ACIO. The second largest contributor was a put option position expiring in July 2022 on the S&P 500 Index (SPX), gaining 258.90% and adding 3.20% to the return of ACIO. The third largest contributor was a put option position expiring in May 2022 on the S&P 500 Index (SPX), gaining 187.54% and adding 2.92% to the return of ACIO.

The largest negative contributor to the return of the Fund for the current fiscal period was a written put option position expiring in March 2023 on the S&P 500 Index (SPXW), down -65.69% and detracting -3.12% from the return of ACIO. The second largest negative contributor was a put option position expiring in January 2023 on the S&P 500 Index (SPX), down -98.98% and detracting -2.11% from the return of ACIO. The third largest negative contributor was a put option position expiring in October 2022 on the S&P 500 Index (SPX), down -63.95% and detracting -1.93% from the return of ACIO.

Aptus Collared Investment Opportunity ETF

Shareholder Letter
(Unaudited) (Continued)

We are excited about the opportunity to give our investors access to the Aptus Collared Investment Opportunity ETF. We think it’s possible future returns from a traditional 60/40 portfolio may be well below recent history, at risk of being insufficient to meet the income needs of today’s retirees. We believe we can help the math with a focus on global dividend growers. With overall valuations high, and growth difficult to project, we place great emphasis on sustainable yield in building return assumptions. The ACIO screening process takes large capitalization U.S.-listed equity securities that a) meet the filter, b) provide diversified exposure, and c) maintain an active options market from which we can sell call options on the individual names along with buying puts on the broad market index to more efficiently collar the equity portfolio. The powerful combination of a high dividend paying basket of large capitalization U.S.-listed equity securities with a collar strategy aims to deliver consistent and repeatable yield and minimal drawdown.

We appreciate your interest in ACIO. If we can elaborate on the underlying Aptus Collared Investment Opportunity strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

Aptus Collared Investment Opportunity ETF

Shareholder Letter
(Unaudited) (Continued)

Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Call options give the owner the right to buy the underlying security at the specified price within a specific time period. Put options give the owner the right to sell the underlying security at the specified price within a specific time period. A collar is an options strategy constructed by holding shares of the underlying stock while simultaneously buying put options and selling call options against that holding.

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active exchanges at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Must be preceded or accompanied by a prospectus.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedule of investments and schedule of written options in this report for complete holdings information.

Definitions:

The Cboe Volatility Index (VIX) is a real-time index that represents the market’s expectations for the relative strength of near-term price changes of the S&P 500 Index (SPX). Because it is derived from the prices of SPX index options with near-term expiration dates, it generates a 30-day forward projection of volatility. Volatility, or how fast prices change, is often seen as a way to gauge market sentiment, and in particular the degree of fear among market participants.

S&P 500^® Total Return Index - a market capitalization weighted index of the 500 largest U.S. publicly traded companies by market value. The total return index is a type of equity index that tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index.

Basis points, otherwise known as bps or “bips,” are a unit of measure used in finance to describe the percentage change in the value of financial instruments or the rate change in an index or other benchmark. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.

Aptus Capital Advisors is the adviser to the Aptus Collared Investment Opportunity ETF, which is distributed by Quasar Distributors, LLC.

Aptus Defined Risk ETF

Shareholder Letter
(Unaudited)

Dear DRSK Shareholders,

Thank you for your investment in the Aptus Defined Risk ETF, referred to herein as “DRSK” or the “Fund”. The information presented in this letter relates to DRSK’s performance from May 1, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its objective through a hybrid fixed income and equity strategy. The Fund typically invests approximately 75% to 95% of its assets to obtain exposure to investment-grade corporate bonds (the “Fixed Income Strategy”) and invests the remainder of its assets to obtain exposure to U.S. stocks, while limiting downside risk (the “Equity Strategy”).

For the fiscal period, the Defined Risk strategy (DRSK) underperformed the Bloomberg Barclays US Aggregate Bond Index. Interest rates for the fiscal period (“FY”) were historically volatile. The MOVE Index, a measurement of volatility within the US Treasury securities hovered near crisis levels while yields had massive shifts in both directions but ultimately ended the FY down significantly. While interest rate volatility was high, equity market volatility on the other hand was underwhelming.

The portfolio managers incrementally increased duration on the portfolio during the selloff in interest rates back in February 2023. As of the end of the FY, the fixed income portion of the Fund offers nearly a 5% yield on a 4.3 year duration. We view the allocation to the belly of the curve as offering the most risk-adjusted valued, currently. We continue to see relative strength within the balance sheets and financial positions of Investment Grade issuers, which should insulate spreads in the event of a recession. We will continue to seek high risk-adjusted income levels for the fixed income portfolio and actively adjust as opportunities present. While the options portfolio was not as effective in this period, we continue to see value in having exposure to long volatility and convexity within our portfolios given the breakdown of stock/bond correlations experienced the last 40 years.

For the current fiscal period, DRSK was down -2.35% at market and down -2.39% at net asset value (“NAV”). Over the same period, the Bloomberg Barclays US Aggregate Bond Index was down -0.43%.

The largest positive contributor to return for the current fiscal period was a put option position expiring in March 2023 on the S&P 500 Index (SPXW), gaining 61.74% and adding 4.96% to the return of DRSK. The second largest contributor was a call option position expiring in March 2023 on Meta Platforms, Inc. (META), gaining 287.79% and adding 1.66% to the return of DRSK. The third largest contributor was a written call option position expiring during June 2023 on Datadog, Inc. (DDOG), gaining 95.76% and adding 0.79% to the return of DRSK.

The largest negative contributor to the return of the Fund for the current fiscal period was a written put option position expiring in March 2023 on the S&P 500 Index (SPXW), down -65.69% and detracting -4.46% from the return of DRSK. The second largest negative contributor was a call option position expiring in June 2023 on Datadog, Inc. (DDOG), down -97.85% and detracting -1.36% from the return of DRSK. The third largest negative contributor was a written call option position expiring in March 2023 on Meta Platforms, Inc. (META), down -977.22% and detracting -1.36% from the return of DRSK.

We are excited about the opportunity to give our investors access to the Aptus Defined Risk ETF. We see income generation as a major issue for investors in a low interest rate environment and extending maturities or accepting poorer credit bring added risk. Our “income plus” approach utilizes call options that allows for significant upside capture in a rising market and defined risk in a declining market. The powerful combination of laddered bonds over a short duration and asymmetric payoff opportunity of the call options aims to give investors expected returns not typically seen in the traditional fixed income space.

We appreciate your interest in DRSK. If we can elaborate on the underlying Aptus Defined Risk strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

Aptus Defined Risk ETF

Shareholder Letter
(Unaudited) (Continued)

Past Performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund invests indirectly in fixed income securities through investments in Underlying Bond ETFs, which involve certain risks. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. Because the Fund only purchases options (as opposed to writing/selling options), the Fund’s losses from its exposure to options are limited to the amount of premiums paid.

Must be preceded or accompanied by a prospectus.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedule of Investments and Schedule of Written Options for a complete list of Fund holdings.

Definitions:

Bloomberg Barclays US Aggregate Bond Index – a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers. One cannot invest directly in an index.

The MOVE index, or Merrill Lynch Option Volatility Estimate Index, is a crucial gauge of interest rate volatility in the U.S. Treasury market.

Duration can measure how long it takes, in years, for an investor to be repaid a bond’s price by the bond’s total cash flows. Duration can also measure the sensitivity of a bond’s or fixed income portfolio’s price to changes in interest rates.

Call Option: Call options are financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period.

Put Option: A put option is a contract giving the owner the right, but not the obligation, to sell–or sell short–a specified amount of an underlying security at a pre-determined price within a specified time frame.

Aptus Capital Advisors is the adviser to the Aptus Defined Risk ETF, which is distributed by Quasar Distributors, LLC.

Aptus Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited)

Dear ADME Shareholders,

Thank you for your investment in the Aptus Drawdown Managed Equity ETF, referred to herein as “ADME” or the “Fund”. The information presented in this letter relates to ADME’s performance from May 1, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its objective principally by investing in a portfolio of U.S.-listed equity securities, while limiting downside risk by purchasing exchange-listed put options on one or more of such equity securities or on broad-based indexes or ETFs that track the performance of the U.S. equity market. Under normal circumstances, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) will be invested in equity securities.

During the current fiscal period, the market witnessed, what we would consider to be, a period of muted volatility, even though there were lots of movement underneath the hood of the market. The CBOE Volatility Index (“VIX”), also known as the fear gauge, remained muted even with the systemic fireworks seen throughout the last part of the fiscal period. For reference, the VIX was down -10.5%, grinding lower for most of the quarter. This is a prime example of the difficult market environment for a tail hedging strategy like this fund.

Given this type of muted volatility, it was a difficult environment for this strategy, which attempts to provide downside mitigation during left-tail events. Of which, we did not witness during the fiscal period. ADME’s active implementation of the puts showed effectiveness during multiple different periods that the market showed weakness, though, given our exposure to lower delta puts, we were not as successful as we would have hoped for.

The portfolio team did utilize a few opportunities to harvest put profits during the period, showing some downside mitigation and purchasing equities with the proceeds. Again, ADME is a tail hedge fund where the capital preservation we carry (long puts) are out of the money (OTM). These tail hedges carry a lower delta but higher gamma (or convexity) allowing for the managers to own more contracts and have a large percentage of the fund notionally preserved. In a true volatility event (we define as VIX >40), these hedges quickly can come to life and offset declines in our equity portfolio. Due to a muted volatility environment, ADME’s hedges didn’t realize to the extent that we’d hoped given the lower volatility regime. The managers did make an addition to the strategy over the summer of 2022 which allowed the Fund to sell covered calls against individual equity positions held by the Fund which has been additive to performance.

For the current fiscal period, ADME was down -7.52% at market and down -7.24% at net asset value (“NAV”). Over the same period, the S&P 500^® Total Return Index was up 2.66%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring during October 2022 on the S&P 500 Index (SPXW), gaining 223.46% and adding 4.59% to the return of ADME. The second largest contributor was a put option position expiring during March 2023 on the S&P 500 Index (SPXW), gaining 61.74% and adding 2.58% to the return of ADME. The third largest contributor was a call option position expiring during March 2023 on the S&P 500 Index (SPX), gaining 81.94% and adding 1.10% to the return of ADME.

The largest negative equity contributor to the return of the Fund for the current fiscal period was a put option position expiring during March 2023 on the S&P 500 Index (SPX), down -99.87% and detracting -3.52% from the return of ADME. The second largest negative contributor was a put option position expiring during October 2022 on the S&P 500 Index (SPX), down -76.61% and detracting -3.00% from the return of ADME. The third largest negative contributor was a written put option position expiring in March 2023 on the S&P 500 Index (SPXW), down -65.69% and detracting -2.32% from the return of ADME.

We are excited about the opportunity to give our investors access to the Aptus Drawdown Managed Equity ETF. Historically, a small group of big winners have comprised most of each year’s market gains. Rather than diluting with hundreds of mediocre holdings, we prefer to focus on selection of large, mid, or small-capitalization U.S.-listed names. We build from a Yield + Growth framework, tilting holdings to favor companies with solid fundamentals and reasonable valuations while avoiding those with negative price momentum. We believe there’s an upside to less downside behaviorally and mathematically. Rather than try to time the markets, we actively hedge our holdings in an effort to mitigate downside risk. We build a portfolio that attempts to capture market upside, with a fraction of the downside.

Aptus Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited) (Continued)

We appreciate your interest in ADME. If we can elaborate on the underlying Aptus Drawdown Managed Equity strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

Aptus Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited) (Continued)

Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund’s use of put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Must be preceded or accompanied by a prospectus.

Definitions:

“Out of the Money” (OTM) is a matter of the strike price’s position relative to the market value of the underlying stock. An OTM option is one that has a strike price that the underlying security has yet to reach, meaning the option has no intrinsic value.

Delta (Δ) is a risk metric that estimates the change in price of a derivative, such as an options contract, given a $1 change in its underlying security. The delta also tells options traders the hedging ratio to become delta neutral. A third interpretation of an option’s delta is the probability that it will finish in-the-money.

An option position’s gamma is the rate of change in its delta for every 1-point move in the underlying asset’s price. Gamma is an important measure of the convexity of a derivative’s value, in relation to the underlying asset.

Aptus Capital Advisors is the adviser to the Aptus Drawdown Managed Equity ETF, which is distributed by Quasar Distributors, LLC.

Opus Small Cap Value ETF

Shareholder Letter
(Unaudited)

Dear OSCV Shareholders,

Thank you for your investment in the Opus Small Cap Value ETF, referred to herein as “OSCV” or the “Fund”. The information presented in this letter relates to OSCV’s performance from May 1, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization U.S. companies. The Fund defines a small capitalization company as an issuer whose market capitalization at the time of purchase is in the range of those found in the Russell 2000^® Index. The Fund’s equity securities primarily include common stocks, real estate investment trusts (“REITs”), and American Depositary Receipts (“ADRs”) representing the stock of a foreign company. The Fund will generally limit its investments in ADRs to 20% of its total assets. The Fund may invest in securities offered in an initial public offering (“IPO”) or in companies that have recently completed an IPO.

For the current fiscal period, OSCV was down -0.05% at market and down -0.39% at net asset value (“NAV”). Over the same period, the S&P SmallCap 600 Value Total Return Index was down -2.97%.

In a fiscal period that witnessed volatility, the Opus Small Cap Value ETF (“OSCV”) outperformed its benchmark, the Russell 2000 Value, by 7.9%, as measured by at market. Contribution of the Fund’s outperformance was split between stock selection (67%) and sector allocation (33%). The largest detractors from the Fund were Real Estate and Financials, respectively. The former was solely due to stock selection, as we have our Financial exposure heightened in the banking space, which underperformed during the asset-liability matching banking dilemma. Industrials and Consumer Discretionary were the biggest helpers, as both allocation and selection were both value additive. Over the past year, OSCV has neglected to capture any of the benchmark’s downside.

Surprisingly, OSCV’s largest contributors were more on the risk-on spectrum, as Texas Pacific Land Trust (TPL), 93.94% and adding 1.17% Encore Wire Inc., (WIRE), gaining 67.11% and adding 0.76% and Churchill Downs, Inc. (CHDN) gaining 44.61% and adding 0.75% led the charge contributing to the total return of OSCV. Given relative performance, each one of these names hit our “Interval Winner List”. We sold the former and trimmed the latter one. The Fund was fortunate to avoid the landmines in the banking industry in the last half of the fiscal year, but still held an almost market neutral weight in the space, which was our largest detractor during the fiscal period. Our largest losers during the period were: Hingham Institution for Savings (HIFS) down -39.03% and detracting -0.96%, Gladstone Land Corporation (LAND) down -49.14% and detracting -0.74% and NexPoint Residential Trust, Inc. (NXRT) down -42.95% and detracting -0.63%, from the return of OSCV. We remain disciplined on our process, continuing to uncover companies that meet our rigorous fundamental criteria for ownership.

Lately, we’ve been uncovering more names that have very strong free-cash-flow profiles, alongside what we would consider to be high-quality business models that have pricing inelasticity. Over longer periods of time, the strategy will continue to focus on what we would consider to be high-quality companies, which we feel are currently undervalued.

We are excited about the opportunity to give our investors access to the Opus Small Cap Value ETF. OSCV selects stocks across a variety of sectors and industries by combining factor-based analysis with rigorous fundamental research to identify high-quality, growing companies that are believed to be undervalued. OSCV is focused on three core themes to identify companies: 1. higher quality companies with sound business models, higher returns on equity, strong balance sheets, and shareholder-friendly management. 2. higher growth companies that are well-positioned to grow sales, earnings, cash flows, and dividends. 3. lower valuation companies whose valuations reflect lower price-to-earnings and higher yields than their peers. OSCV generally sells a stock when the company is no longer believed to be high quality, when its anticipated growth rate has significantly declined, when it is no longer considered undervalued, or when it is no longer considered a small-capitalization company after a significant period of time (e.g., more than one year).

We appreciate your interest in OSCV. If we can elaborate on the underlying Opus Small Cap Value ETF strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

Opus Small Cap Value ETF

Shareholder Letter
(Unaudited) (Continued)

Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund invests in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. The value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Investing involves risk. Principal loss is possible. Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active exchanges at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Must be preceded or accompanied by a prospectus.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please see the Schedule of Investments for a complete list of Fund holdings.

Definitions:

S&P SmallCap 600 Value Total Return Index - a market capitalization weighted index. All the stocks in the underlying parent index are allocated into value or growth. Stocks that do not have pure value or pure growth characteristics have their market caps distributed between the value & growth indices.

Russell 2000^® Index – The Russell 2000 index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000^® serves as a benchmark for small-cap stocks in the United States.

Cash flow – a measure of a company’s financial performance, calculated as operating cash flow minus capital expenditures.

Price-to-earnings ratio (or “P/E ratio”) is the ratio for valuing a company that measures its current share price relative to its earnings per share (“EPS”). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company’s shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.

Aptus Capital Advisors is the adviser to the Opus Small Cap Value ETF, which is distributed by Quasar Distributors, LLC.

International Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited)

Dear IDME Shareholders,

Thank you for your investment in the International Drawdown Managed Equity ETF, referred to herein as “IDME” or the “Fund”. The information presented in this letter relates to IDME’s performance period from May 1, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its objective principally by investing in a portfolio of other ETFs that invest in equity securities of non-U.S. (international) companies in developed and emerging markets throughout the world, while purchasing and/or writing (selling) exchange-listed call or put options on one or more broad-based indexes or ETFs that track the performance of equity markets outside of the United States to (i) limit downside (“drawdown”) risk, (ii) create additional equity exposure, and/or (iii) generate premiums from writing call options on the Fund’s equity investments.

During the current fiscal period, the market saw a period of moderation, as interest rates and the international market treaded sideways and implied volatility levels fell. Moreso, in the most recent period, as the U.S. had a flashback to a series of collateral damage effects of Fed policy, contagion did not occur in the international markets. Trepidation from this mini-banking crisis did not fray investor’s nerves international, in fact, it led to a weaker USD, which boosted the MSCI ACWI’s net return.

The equity exposure across the IDME portfolio decreased in-line with the MSCI All Cap World Index ex USA Net (the blend of EFA/EEM) as the market was slightly positive. Regarding the options portion of the Fund, I.e., the hedging component, the volatility environment (as measured by the CBOE Volatility Index (“VIX”) for the year was slightly elevated, but did not show an exuberance that was experienced in the 2020 Global Pandemic or other prolonged drawdowns. This strategy is a tail hedge fund where the capital preservation we carry (via long puts) are out-of-the-money (“OTM”). These tail hedges carry a lower delta, but higher gamma (higher convexity) allowing for managers to own more contracts and have a larger portion of the Fund notionally covered.

Given that the market did not have any exuberance in implied volatility levels, as measured by the VIX, our hedges were not additive to the Fund’s performance. Said another way, due to a relatively muted volatility environment, these hedges did not realize to the extent that we’d hope given the environment.

The managers did make an addition to the strategy over the summer of 2022 which allowed the Fund to sell covered calls against the equity positions held by the Fund which has been additive to performance.

For the current fiscal period, IDME was down -4.88% at market and down -3.62% at net asset value (“NAV”). Over the same period, the MSCI All Cap World Index ex USA Net (USD) was up 3.05%.

The largest positive equity contributor to return for the current fiscal period was the iShares Core MSCI International Developed Markets ETF (IDEV), gaining 8.77% and adding 5.76% to the return of IDME. The second largest contributor was the SPDR Portfolio Emerging Markets ETF (SPEM), gaining 14.59% and adding 3.56% to the return of IDME. The third largest contributor was a put option position expiring in July 2022 on iShares MSCI EAFE ETF (EFA), gaining 283.26% and adding 1.96% to the return of IDME.

The largest negative contributor to the return of the Fund for the current fiscal period was the Vanguard Emerging Markets Stock Index Fund (VWO), down -17.55% and detracting -5.23% from the return of IDME. The second largest negative contributor was a put option position expiring in Nov 2022 on iShares MSCI EAFE ETF (EFA), down -99.79% and detracting -4.01% from the return of IDME. The third largest negative contributor was a call option position expiring in December 2022 on iShares MSCI EAFE ETF (EFA), down -98.01% and detracting -2.30% from the return of IDME.

We are excited about the opportunity to give our investors access to International Drawdown Managed Equity ETF. We believe, IDME is able to capture the upside potential of investing in an All Cap World Index ex-U.S., but with structurally less downside potential. Using cost efficient and liquid passive index ETFs, we believe Aptus has created a portfolio intended to look very much like All Cap World Index (ACWX) on the way up but offer notionally hedged protection on the way down. We believe there is upside in capturing less downside, both behaviorally and mathematically. Rather than try to time the markets, we actively hedge our holdings in an effort to mitigate downside risk. We believe IDME provides a solution to every Investor’s foreign equity exposures that helps mitigate geopolitical economic risks in an ever-growing divide between Developed and Emerging markets.

International Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited) (Continued)

We appreciate your interest in IDME. If we can elaborate on the underlying International Drawdown Managed Equity strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

International Drawdown Managed Equity ETF

Shareholder Letter
(Unaudited) (Continued)

Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than diversified funds. Therefore, the Fund is more exposed to individual stock or ETF volatility than diversified funds. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying security, which may be magnified by certain features of the options. The Fund’s use of options may reduce the Fund’s ability to profit from increases in the value of the underlying securities. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, the derivatives are not correlated with the performance of their underlying security, or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Must be preceded or accompanied by a prospectus.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Please refer to the schedule of investments in this report for complete holdings information.

Definitions:

MSCI All Cap World Index ex USA Net (USD) - captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,350 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S.

Delta is a risk metric that estimates the change in price of a derivative, such as an options contract, given a $1 change in its underlying security. The delta also tells options traders the hedging ratio to become delta neutral. A third interpretation of an option’s delta is the probability that it will finish in-the-money.

Gamma is an important measure of the convexity of a derivative’s value, in relation to the underlying asset. An option position’s gamma is the rate of change in its delta for every 1-point move in the underlying asset’s price.

Aptus Capital Advisors is the adviser to the International Drawdown Managed Equity ETF, which is distributed by Quasar Distributors, LLC.

Aptus Enhanced Yield ETF

Shareholder Letter
(Unaudited)

Dear JUCY Shareholders,

Thank you for your investment in the Aptus Enhanced Yield ETF, referred to herein as “JUCY” or the “Fund”. The information presented in this letter relates to JUCY’s performance from inception date of October 31, 2022 through April 30, 2023 (the “current fiscal period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objectives through a hybrid fixed income and equity-linked note strategy. The Fund invests primarily in U.S. Treasury Bills, U.S. Treasury Notes, and the securities of U.S. government-sponsored entities (“GSEs”) (the “Fixed Income Strategy”) and invests the remainder of its assets in Equity-Linked Notes (“ELNs”) (the “ELN Strategy”).

Since the inception of the strategy, it was a very weird environment for the market. Specifically, it proved to be a volatile one in the rates market. For example, in Q1 ‘23, it was a period in which we saw the 2YR U.S. Treasury yield rise from 4.10% to 5.07% in a matter of 34 days, only to revert lower to 3.77% in an even shorter period of just 16 days! These wild swings in the market represented the tug of war between a continued march forward of Fed rate hikes and the highly anticipated “pivot” to rate cuts and more accommodative monetary policy.

Volatility markets also had a couple weeks in the sun as we saw issues flare up in the banking sector with the failures of SVB Financial Group (SIVB) and Signature Bank (SBNY). Despite these challenges, we only saw the volatility market, as measured by the Cboe Volatility Index (VIX), rise to a peak of 26.52 during the period, with a low of 17.87, and average of 20.68. The 20-year average is 19.34.

The Aptus Enhanced Yield ETF (JUCY) returned 2.99% at market and 2.99% at NAV, in-line with the benchmark ICE U.S. Treasury 1-3 Year Bond Index’s return of 2.71%. Despite the Fund having roughly ½ the duration of the benchmark during a period where duration assets rallied, the Fund was able to perform in-line due to the options overlay. For the first quarter of 2023, which was the majority of the Fund’s history, we had 13 ELNs mature in which the average return was 2.32% and the contribution to NAV return was roughly 20 basis points (bps). JUCY was also able to perform in-line with a much lower standard deviation, the annualized standard deviation for the period for JUCY was 0.39% vs. the 2.44% for the benchmark. We remain convicted in the structure of the strategy and will continue to strive to provide an attractive level of income combined with capital preservation.

The largest positive equity contributor to return for the current fiscal period was U.S. Treasury Note maturing January 2024, gaining 1.65% and adding 0.65% to the return of JUCY. The second largest contributor was U.S. Treasury Note maturing September 2024, gaining 2.44% and adding 0.31% to the return of JUCY. The third largest contributor was a S&P 500 Index Equity Linked Note maturing in March 2023 (SPX_6_2023), gaining 6.31% and adding 0.23% to the return of JUCY.

The largest negative equity contributor to the return of the Fund for the current fiscal period was a S&P 500 Index Equity Linked Note maturing in April 2023 (SPX_10_2023), down -5.87% and detracting -0.21% from the return of JUCY. The second largest negative contributor was a S&P 500 Index Equity Linked Note maturing in February 2023 (SPX_1_2023) down -3.32% and detracting- 0.12% from the return of JUCY. The third largest negative contributor was a S&P 500 Index Equity Linked Note maturing in March 2023 (SPX_8_2023), down -3.07% and detracting- 0.11% from the return of JUCY.

We are excited about the opportunity to give our investors access to Aptus Enhanced Yield ETF. JUCY provides investors an actively managed strategy that seeks attractive income with capital preservation. The strategy typically invests in a portfolio of lower-duration US Treasuries and Agency Securities to provide stability and income. It then seeks to enhance the portfolio’s yield by using an option overlay to provide more distributable income.

We appreciate your interest in JUCY. If we can elaborate on the underlying Aptus Enhanced Yield strategy, please don’t hesitate to ask as we would love an opportunity to discuss. Thanks again for your interest.

Sincerely,

JD Gardner
Founder and Managing Member
Aptus Capital Advisors, Adviser to the Fund

Aptus Enhanced Yield ETF

Shareholder Letter
(Unaudited) (Continued)

Past performance does not guarantee future performance. Investing involves risk. Principal loss is possible. Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to the net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

Shares of an ETF are bought and sold at market price (rather than NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based on the daily composite close price from all active changes at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Must be preceded or accompanied by a prospectus.

Definitions:

Government-sponsored enterprise (GSE) - a quasi-governmental entity established to enhance the flow of credit to specific sectors of the U.S. economy. Created by acts of Congress, these agencies—although they are privately-held—provide public financial services. GSEs help to facilitate borrowing for a variety of individuals, including students, farmers, and homeowners.

Equity-linked note (ELN) - an investment product that combines a fixed-income investment with additional potential returns that are tied to the performance of equities.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on that investment’s historical volatility. The greater the standard deviation of securities, the greater the variance between each price and the mean, which shows a larger price range. Aptus Capital Advisors is the adviser to the Aptus Enhanced Yield ETF, which is distributed by Quasar Distributors, LLC.

Aptus Collared Investment Opportunity ETF

Performance Summary
(Unaudited)

Growth of $10,000

Average Annual Returns April 30, 2023	One Year	Three Years	Since Inception (7/9/2019)
Aptus Collared Investment Opportunity ETF — NAV	2.53%	9.14%	6.52%
Aptus Collared Investment Opportunity ETF — Market	2.34%	9.07%	6.52%
S&P 500^® Index	2.66%	14.52%	11.05%

This chart illustrates the performance of a hypothetical $10,000 investment made on July 9, 2019 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The total operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.79%. The performance data represents past performance & does not guarantee future results. Investment return & principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than their original cost when sold or redeemed. Current performance may be higher or lower than the performance quoted. Returns for periods greater than one year are annualized. Short term performance in particular is not a good indication of the fund’s future performance and an investment should not be made based solely on returns. For performance data current to the most recent month end, please call (251) 517-7198, or visit www.aptusetfs.com.

Shares of any ETF are bought and sold at Market Price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times.

Aptus Defined Risk ETF

Performance Summary
(Unaudited)

Growth of $10,000

Average Annual Returns April 30, 2023	One Year	Three Years	Since Inception (8/7/2018)
Aptus Defined Risk ETF — NAV	-2.39%	-0.95%	4.14%
Aptus Defined Risk ETF — Market	-2.35%	-1.08%	4.14%
Bloomberg Barclays US Aggregate Bond Index	-0.43%	-3.15%	1.11%

This chart illustrates the performance of a hypothetical $10,000 investment made on August 7, 2018 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

Aptus Drawdown Managed Equity ETF

Performance Summary
(Unaudited)

Growth of $10,000

Average Annual Returns April 30, 2023	One Year	Three Years	Five Years	Since Inception (6/8/2016)
Aptus Drawdown Managed Equity ETF — NAV	-7.24%	5.62%	2.20%	5.68%
Aptus Drawdown Managed Equity ETF — Market	-7.52%	5.57%	2.16%	5.67%
S&P 500^® Index	2.66%	14.52%	11.45%	12.35%

This chart illustrates the performance of a hypothetical $10,000 investment made on June 8, 2016 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

Opus Small Cap Value ETF

Performance Summary
(Unaudited)

Growth of $10,000

Average Annual Returns April 30, 2023	One Year	Three Years	Since Inception (7/17/2018)
Opus Small Cap Value ETF — NAV	-0.39%	15.96%	5.97%
Opus Small Cap Value ETF — Market	-0.05%	15.96%	6.04%
Russell 2000^® Value Index	-7.99%	15.44%	2.14%
S&P SmallCap 600 Value Total Return Index	-2.97%	19.06%	3.77%

This chart illustrates the performance of a hypothetical $10,000 investment made on July 17, 2018 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The total operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022 is 0.79%. The performance data represents past performance & does not guarantee future results. Investment return & principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than their original cost when sold or redeemed. Current performance may be higher or lower than the performance quoted. Returns for periods greater than one year are annualized. Short term performance in particular is not a good indication of the fund’s future performance and an investment should not be made based solely on returns. For performance data current to the most recent month end, please call (251) 517-7198, or visit www.aptusetfs.com.

International Drawdown Managed Risk ETF

Performance Summary
(Unaudited)

Growth of $10,000

Average Annual Returns April 30, 2023	One Year	Since Inception (7/22/2021)
International Drawdown Managed Equity ETF — NAV	-3.62%	-9.73%
International Drawdown Managed Equity ETF — Market	-4.88%	-9.76%
MSCI All Cap World Index ex USA Net	3.05%	-4.96%

This chart illustrates the performance of a hypothetical $10,000 investment made on July 22, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The total operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022 is 0.63%. The performance data represents past performance & does not guarantee future results. Investment return & principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than their original cost when sold or redeemed. Current performance may be higher or lower than the performance quoted. Returns for periods greater than one year are annualized. Short term performance in particular is not a good indication of the fund’s future performance and an investment should not be made based solely on returns. For performance data current to the most recent month end, please call (251) 517-7198, or visit www.aptusetfs.com.

Aptus Enhanced Yield ETF

Performance Summary
(Unaudited)

Growth of $10,000

Cumulative Returns Period Ended April 30, 2023	Since Inception (10/31/2022)
Aptus Enhanced Yield ETF — NAV	2.99%
Aptus Enhanced Yield ETF — Market	2.99%
ICE U.S. Treasury 1-3 Year Bond Total Return Index	2.71%

This chart illustrates the performance of a hypothetical $10,000 investment made on October 31, 2022 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The total operating expenses as stated in the fee table to the Fund’s prospectus dated October 14, 2022, is 0.59%. The performance data represents past performance & does not guarantee future results. Investment return & principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than their original cost when sold or redeemed. Current performance may be higher or lower than the performance quoted. Returns for periods greater than one year are annualized. Short term performance in particular is not a good indication of the fund’s future performance and an investment should not be made based solely on returns. For performance data current to the most recent month end, please call (251) 517-7198, or visit www.aptusetfs.com.

Aptus ETFs

Portfolio Allocations

As of April 30, 2023 (Unaudited)

Aptus Collared Investment Opportunity ETF

Sector	Percentage of Net Assets
Technology (a)	26.0%
Consumer, Non-cyclical	19.4
Financial	14.0
Communications	11.6
Consumer, Cyclical	9.7
Industrial	7.8
Energy	4.9
Utilities	2.8
Basic Materials	2.6
Purchased Options	1.4
Short-Term Investments	0.3
Liabilities in Excess of Other Assets	(0.5)
Total	100.0%

(a)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.

Aptus Defined Risk ETF

Asset Type	Percentage of Net Assets
Exchange Traded Funds	95.5%
Short-Term Investments	2.1
Other Assets in Excess of Liabilities	2.1
Purchased Options	0.3
Total	100.0%

Aptus Drawdown Managed Equity ETF

Sector	Percentage of Net Assets
Technology (a)	25.9%
Consumer, Non-cyclical	19.2
Financial	14.0
Communications	11.5
Consumer, Cyclical	9.7
Industrial	7.8
Energy	4.9
Utilities	2.8
Basic Materials	2.6
Purchased Options	1.2
Short-Term Investments	0.9
Liabilities in Excess of Other Assets	(0.5)
Total	100.0%

(a)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.

Aptus ETFs

Portfolio Allocations

As of April 30, 2023 (Unaudited) (Continued)

Opus Small Cap Value ETF

Sector	Percentage of Net Assets
Financial (a)	28.0%
Industrial	20.9
Consumer, Cyclical	15.0
Consumer, Non-cyclical	13.2
Energy	7.5
Utilities	5.9
Short-Term Investments	4.4
Basic Materials	3.4
Technology	1.7
Other Assets in Excess of Liabilities (b)	0.0
Total	100.0%

(a)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.
(b)	Represents less than 0.05% of net assets.

International Drawdown Managed Equity ETF

Asset Type	Percentage of Net Assets
Exchange Traded Funds	99.1%
Short-Term Investments	0.9
Other Assets in Excess of Liabilities (a)	0.0
Total	100.0%

(a)	Represents less than 0.05% of net assets.

Aptus Enhanced Yield ETF

Asset Type	Percentage of Net Assets
U.S. Government Notes	62.3%
Short-Term Investments	21.3
Equity-Linked Notes	14.4
Other Assets in Excess of Liabilities	2.0
Total	100.0%

Aptus Collared Investment Opportunity ETF

Schedule of Investments
April 30, 2023

Shares		Security Description	Value
		COMMON STOCKS — 98.8%
		Basic Materials — 2.6%
	64,120	Freeport-McMoRan, Inc. ^(a)	$	2,430,789
	29,438	Linde plc ^(a)		10,875,869
	9,088	Sherwin-Williams Company ^(a)		2,158,764
				15,465,422
		Communications — 11.6%
	187,856	Alphabet, Inc. - Class C ^(a)(b)		20,329,776
	150,825	Amazon.com, Inc. ^(a)(b)		15,904,496
	71,650	Cisco Systems, Inc. ^(a)		3,385,463
	115,242	Comcast Corporation - Class A ^(a)		4,767,562
	37,440	Meta Platforms, Inc. - Class A ^(a)(b)		8,997,581
	7,830	Netflix, Inc. ^(a)(b)		2,583,352
	58,496	T-Mobile US, Inc. ^(a)(b)		8,417,574
	32,566	Walt Disney Company ^(a)(b)		3,338,015
				67,723,819
		Consumer, Cyclical — 9.7%
	7,582	Costco Wholesale Corporation ^(a)		3,815,414
	24,043	Dollar General Corporation ^(a)		5,324,563
	27,600	Home Depot, Inc. ^(a)		8,294,904
	26,648	Marriott International, Inc. - Class A ^(a)		4,512,572
	26,529	McDonald’s Corporation ^(a)		7,845,952
	21,305	NIKE, Inc. - Class B ^(a)		2,699,770
	75,535	PulteGroup, Inc. ^(a)		5,072,175
	45,995	Tesla, Inc. ^(a)(b)		7,557,438
	77,018	TJX Companies, Inc. ^(a)		6,070,559
	39,250	Walmart, Inc. ^(a)		5,925,572
				57,118,919
		Consumer, Non-cyclical — 19.4%
	41,213	Abbott Laboratories ^(a)		4,552,800
	50,749	AbbVie, Inc. ^(a)		7,669,189
	85,672	Altria Group, Inc. ^(a)		4,070,277
	36,062	Bristol-Myers Squibb Company ^(a)		2,407,860
	6,635	Chemed Corporation ^(a)		3,657,544
	20,576	Elevance Health, Inc. ^(a)		9,642,942
	17,679	Eli Lilly & Company ^(a)		6,998,409
	34,532	Gilead Sciences, Inc.		2,838,876
	43,217	Johnson & Johnson ^(a)		7,074,623
	42,312	Merck & Company, Inc. ^(a)		4,885,767
	76,881	Mondelez International, Inc. - Class A ^(a)		5,898,310
	40,597	PayPal Holdings, Inc. ^(a)(b)		3,085,372
	49,215	PepsiCo, Inc. ^(a)		9,394,651
	93,762	Pfizer, Inc. ^(a)		3,646,404
	51,946	Procter & Gamble Company ^(a)		8,123,315
	33,783	Stryker Corporation ^(a)		10,123,076
		COMMON STOCKS — 98.8% (Continued)
		Consumer, Non-cyclical — 19.4% (Continued)
	15,996	Thermo Fisher Scientific, Inc. ^(a)		8,876,180
	21,376	UnitedHealth Group, Inc. ^(a)		10,518,916
				113,464,511
		Energy — 4.9%
	40,119	Diamondback Energy, Inc. ^(a)		5,704,922
	120,492	Exxon Mobil Corporation ^(a)		14,259,023
	30,812	Pioneer Natural Resources Company ^(a)		6,703,151
	43,574	Schlumberger, Ltd. ^(a)		2,150,377
				28,817,473
		Financial — 14.0%
	28,565	American Tower Corporation ^(a)		5,838,400
	195,350	Bank of America Corporation ^(a)		5,719,848
	31,203	Berkshire Hathaway, Inc. - Class B ^(a)(b)		10,251,746
	9,538	BlackRock, Inc. ^(a)		6,401,906
	64,829	Citigroup, Inc.		3,051,501
	35,479	Intercontinental Exchange, Inc. ^(a)		3,864,727
	71,851	JPMorgan Chase & Company ^(a)		9,932,682
	31,600	Marsh & McLennan Companies, Inc. ^(a)		5,694,004
	67,940	Morgan Stanley ^(a)		6,112,562
	53,260	Progressive Corporation ^(a)		7,264,664
	46,287	Prologis, Inc. ^(a)		5,797,447
	11,473	Public Storage ^(a)		3,382,585
	38,762	Visa, Inc. - Class A ^(a)		9,021,080
				82,333,152
		Industrial — 7.8%
	35,314	Caterpillar, Inc. ^(a)		7,726,703
	227,434	CSX Corporation ^(a)		6,968,578
	11,438	Deere & Company ^(a)		4,323,793
	23,341	FedEx Corporation ^(a)		5,316,613
	31,991	Honeywell International, Inc. ^(a)		6,393,081
	22,838	Lockheed Martin Corporation ^(a)		10,607,109
	26,785	Waste Management, Inc. ^(a)		4,447,649
				45,783,526
		Technology — 26.0% ^(c)
	24,900	Accenture plc - Class A ^(a)		6,979,221
	8,807	Adobe, Inc. ^(a)(b)		3,325,171
	43,738	Analog Devices, Inc. ^(a)		7,867,591
	251,191	Apple, Inc. ^(a)		42,622,089
	57,052	Applied Materials, Inc. ^(a)		6,448,588
	9,900	Broadcom, Inc. ^(a)		6,202,350
	56,306	Fiserv, Inc. ^(a)(b)		6,876,089
	21,093	Intuit, Inc. ^(a)		9,364,237
	125,566	Microsoft Corporation ^(a)		38,581,409

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Schedule of Investments
April 30, 2023 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 98.8% (Continued)
		Technology — 26.0% ^(c) (Continued)
	41,498	NVIDIA Corporation ^(a)	$	11,515,280
	15,980	ServiceNow, Inc. ^(a)(b)		7,341,532
	32,530	Texas Instruments, Inc. ^(a)		5,439,016
				152,562,573
		Utilities — 2.8%
	139,261	NextEra Energy, Inc. ^(a)		10,671,570
	77,916	Southern Company ^(a)		5,730,722
				16,402,292
		TOTAL COMMON STOCKS (Cost $499,294,288)		579,671,687

Contracts			Notional Amount
		PURCHASED OPTIONS ^(d) — 1.4%
		Call Options — 0.1%
	2,500	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $180.00 ^(d)	$	42,420,000	526,250

		Put Options — 1.3%
	2,500	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $140.00		42,420,000	152,500
	1,550	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $3,700.00 ^(e)		646,269,400	1,836,750
	1,400	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $4,000.00 ^(e)		583,727,200	5,390,000
					7,379,250
		TOTAL PURCHASED OPTIONS (Cost $9,640,380)			7,905,500

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.3%
	1,856,413	First American Treasury Obligations Fund - Class X, 4.76% ^(f)	$	1,856,413
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,856,413)		1,856,413
		Total Investments (Cost $510,791,081) — 100.5%		589,433,600
		Liabilities in Excess of Other Assets — (0.5)%		(2,727,674	)
		NET ASSETS — 100.0%	$	586,705,926

Percentages are stated as a percent of net assets.

(a)	All or a part of this security is held as collateral for the options written. At April 30, 2023, the value of these securities amounts to $556,612,197 or 94.9% of net assets.
(b)	Non-income producing security.
(c)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.
(d)	Exchange traded.
(e)	Securities are held in connection with written options, see Schedule of Written Options for more details.
(f)	Rate shown is the annualized seven-day yield as of April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023

Contracts			Security Description	Notional Amount			Value
			Written Options ^(a) - (0.9)%
			Call Options - (0.5)%
	(245	)	Accenture plc - Class A, Expiration: 05/19/2023, Exercise Price: $295.00	$	(6,867,105	)	$	(15,925	)
	(88	)	Adobe, Inc., Expiration: 05/19/2023, Exercise Price: $410.00		(3,322,528	)		(6,160	)
	(1,850	)	Alphabet, Inc. - Class C, Expiration: 05/19/2023, Exercise Price: $115.00		(20,020,700	)		(111,000	)
	(277	)	American Tower Corporation, Expiration: 05/19/2023, Exercise Price: $220.00		(5,661,603	)		(13,850	)
	(2,500	)	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $175.00		(42,420,000	)		(968,750	)
	(304	)	Berkshire Hathaway, Inc. - Class B, Expiration: 05/19/2023, Exercise Price: $335.00		(9,987,920	)		(72,352	)
	(99	)	Broadcom, Inc., Expiration: 05/19/2023, Exercise Price: $670.00		(6,202,350	)		(15,345	)
	(750	)	Comcast Corporation - Class A, Expiration: 05/19/2023, Exercise Price: $42.50		(3,102,750	)		(25,875	)
			Written Options ^(a) - (0.9)% (Continued)
			Call Options - (0.5)% (Continued)
	(75	)	Costco Wholesale Corporation, Expiration: 05/19/2023, Exercise Price: $520.00		(3,774,150	)		(17,437	)
	(390	)	Diamondback Energy, Inc., Expiration: 05/19/2023, Exercise Price: $155.00		(5,545,800	)		(26,325	)
	(197	)	Elevance Health, Inc., Expiration: 05/19/2023, Exercise Price: $480.00		(9,232,405	)		(81,755	)
	(160	)	Eli Lilly & Company, Expiration: 05/19/2023, Exercise Price: $410.00		(6,333,760	)		(56,000	)
	(1,200	)	Exxon Mobil Corporation, Expiration: 05/19/2023, Exercise Price: $125.00		(14,200,800	)		(44,400	)
	(233	)	FedEx Corporation, Expiration: 05/19/2023, Exercise Price: $240.00		(5,307,274	)		(18,756	)
	(540	)	Fiserv, Inc., Expiration: 05/19/2023, Exercise Price: $125.00		(6,594,480	)		(58,050	)
	(210	)	Intuit, Inc., Expiration: 05/19/2023, Exercise Price: $470.00		(9,322,950	)		(86,100	)
	(400	)	Johnson & Johnson, Expiration: 05/19/2023, Exercise Price: $170.00		(6,548,000	)		(10,600	)

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023 (Continued)

Contracts			Security Description	Notional Amount			Value
			Written Options ^(a) - (0.9)% (Continued)
			Call Options - (0.5)% (Continued)
	(280	)	Linde plc, Expiration: 05/19/2023, Exercise Price: $385.00	$	(10,344,600	)	$	(32,200	)
	(300	)	Marsh & McLennan Companies, Inc., Expiration: 05/19/2023, Exercise Price: $185.00		(5,405,700	)		(28,500	)
	(360	)	Meta Platforms, Inc. - Class A, Expiration: 05/19/2023, Exercise Price: $265.00		(8,651,520	)		(25,740	)
	(633	)	Microsoft Corporation, Expiration: 05/19/2023, Exercise Price: $305.00		(19,449,558	)		(488,993	)
	(600	)	Microsoft Corporation, Expiration: 05/19/2023, Exercise Price: $315.00		(18,435,600	)		(166,200	)
	(78	)	Netflix, Inc., Expiration: 05/19/2023, Exercise Price: $370.00		(2,573,454	)		(4,602	)
	(300	)	NVIDIA Corporation, Expiration: 05/05/2023, Exercise Price: $295.00		(8,324,700	)		(15,300	)
	(400	)	PepsiCo, Inc., Expiration: 05/19/2023, Exercise Price: $195.00		(7,635,600	)		(25,600	)
			Written Options ^(a) - (0.9)% (Continued)
			Call Options - (0.5)% (Continued)
	(500	)	Procter & Gamble Company, Expiration: 05/19/2023, Exercise Price: $162.50		(7,819,000	)		(8,250	)
	(380	)	PulteGroup, Inc., Expiration: 05/19/2023, Exercise Price: $65.00		(2,551,700	)		(117,800	)
	(150	)	ServiceNow, Inc., Expiration: 05/19/2023, Exercise Price: $525.00		(6,891,300	)		(6,000	)
	(360	)	Southern Company, Expiration: 05/19/2023, Exercise Price: $76.00		(2,647,800	)		(7,200	)
	(320	)	Stryker Corporation, Expiration: 05/19/2023, Exercise Price: $320.00		(9,588,800	)		(36,000	)
	(400	)	Tesla, Inc., Expiration: 05/19/2023, Exercise Price: $195.00		(6,572,400	)		(20,200	)
	(700	)	TJX Companies, Inc., Expiration: 05/19/2023, Exercise Price: $82.00		(5,517,400	)		(42,350	)
								(2,653,615	)

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023 (Continued)

Contracts			Security Description	Notional Amount			Value
			Written Options ^(a) - (0.9)% (Continued)
			Put Options - (0.4)%
	(1,550	)	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $3,300.00	$	(646,269,400	)	$	(558,000	)
	(1,400	)	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $3,750.00		(583,727,200	)		(1,995,000	)
								(2,553,000	)
			TOTAL WRITTEN OPTIONS (Premiums Received $4,739,561)				$	(5,206,615	)

Percentages are stated as a percent of net assets.

(a)	Exchange traded.

The accompanying notes are an integral part of these financial statements.

Aptus Defined Risk ETF

Schedule of Investments
April 30, 2023

Shares		Security Description	Value
		EXCHANGE TRADED FUNDS — 95.5% ^(a)
		Investment Grade Corporate Bonds — 95.5%
	3,916,360	Invesco BulletShares 2025 Corporate Bond ETF ^(b)	$	79,541,272
	4,351,251	Invesco BulletShares 2026 Corporate Bond ETF ^(b)		83,565,775
	1,623,340	Invesco BulletShares 2027 Corporate Bond ETF ^(b)		31,419,746
	1,365,352	Invesco BulletShares 2028 Corporate Bond ETF ^(b)		27,511,843
	1,502,992	Invesco BulletShares 2029 Corporate Bond ETF ^(b)		27,573,140
	1,750,038	Invesco BulletShares 2030 Corporate Bond ETF ^(b)		28,980,629
	1,360,089	Invesco BulletShares 2031 Corporate Bond ETF ^(b)		22,149,049
	4,226,575	iShares iBonds Dec 2027 Term Corporate ETF ^(b)		100,888,345
	4,053,884	iShares iBonds Dec 2028 Term Corporate ETF ^(b)		101,347,100
	2,399,160	iShares iBonds Dec 2029 Term Corporate ETF ^(b)		54,988,747
	1,896,145	iShares iBonds Dec 2030 Term Corporate ETF ^(b)		40,994,655
	1,651,563	iShares iBonds Dec 2031 Term Corporate ETF ^(b)		34,187,354
		TOTAL EXCHANGE TRADED FUNDS (Cost $638,453,860)		633,147,655

Contracts			Notional Amount
		PURCHASED OPTIONS ^(c) — 0.3%
		Call Options — 0.3%
	20,000	Datadog, Inc. - Class A, Expiration: 06/16/2023, Exercise Price: $110.00 ^(d)	$	134,760,000	230,000
	6,500	NextEra Energy, Inc., Expiration: 06/16/2023, Exercise Price: $82.50		49,809,500	276,250
		PURCHASED OPTIONS ^(c) — 0.3% (Continued)
		Call Options — 0.3% (Continued)
	15,000	Visa, Inc. - Class A, Expiration: 06/16/2023, Exercise Price: $250.00		349,095,000	1,200,000
					1,706,250
		Put Options — 0.0% ^(e)
	600	S&P 500 Index, Expiration: 05/05/2023, Exercise Price: $3,950.00 ^(d)		250,168,800	70,500
		TOTAL PURCHASED OPTIONS (Cost $15,315,809)			1,776,750

Shares
		SHORT-TERM INVESTMENTS — 2.1%
	14,266,365	First American Treasury Obligations Fund - Class X, 4.76% ^(f)		14,266,365
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,266,365)		14,266,365
		Total Investments (Cost $668,036,034) — 97.9%		649,190,770
		Other Assets in Excess of Liabilities — 2.1%		13,709,563
		NET ASSETS — 100.0%	$	662,900,333

Percentages are stated as a percent of net assets.

(a)	The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. See Note 9 in Notes to Financial Statements.
(b)	Affiliated Exchange Traded Fund during the period. See Note 5 in Notes to Financial Statements.
(c)	Exchange traded.
(d)	Securities are held in connection with written options, see Schedule of Written Options for more details.
(e)	Represents less than 0.05% of net assets.
(f)	Rate shown is the annualized seven-day yield as of April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus Defined Risk ETF

Schedule of Written Options
April 30, 2023

Contracts			Security Description	Notional Amount			Value
			Written Options ^(a) — 0.0% ^(b)
			Call Options - (0.0)% ^(b)
	(20,000	)	Datadog, Inc. - Class A, Expiration: 06/16/2023, Exercise Price: $130.00	$	(134,760,000	)	$	(210,000	)

			Put Options — 0.0% ^(b)
	(600	)	S&P 500 Index, Expiration: 05/05/2023, Exercise Price: $3,850.00		(250,168,800	)		(31,500	)
			TOTAL WRITTEN OPTIONS (Premiums Received $4,923,144)				$	(241,500	)

Percentages are stated as a percent of net assets.

(a)	Exchange traded.
(b)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023

Shares		Security Description	Value
		COMMON STOCKS — 98.4%
		Basic Materials — 2.6%
	22,232	Freeport-McMoRan, Inc.	$	842,815
	10,183	Linde plc ^(a)		3,762,109
	3,131	Sherwin-Williams Company ^(a)		743,738
				5,348,662
		Communications — 11.5%
	64,716	Alphabet, Inc. - Class C ^(a)(b)		7,003,566
	51,898	Amazon.com, Inc. ^(a)(b)		5,472,644
	24,630	Cisco Systems, Inc.		1,163,767
	39,643	Comcast Corporation - Class A		1,640,031
	12,904	Meta Platforms, Inc. - Class A ^(b)		3,101,089
	2,700	Netflix, Inc. ^(b)		890,811
	20,022	T-Mobile US, Inc. ^(a)(b)		2,881,166
	11,237	Walt Disney Company ^(a)(b)		1,151,793
				23,304,867
		Consumer, Cyclical — 9.7%
	2,649	Costco Wholesale Corporation		1,333,030
	8,343	Dollar General Corporation ^(a)		1,847,641
	9,604	Home Depot, Inc. ^(a)		2,886,386
	9,220	Marriott International, Inc. - Class A		1,561,315
	9,153	McDonald’s Corporation ^(a)		2,707,000
	7,330	NIKE, Inc. - Class B		928,857
	26,012	PulteGroup, Inc. ^(a)		1,746,706
	15,819	Tesla, Inc. ^(a)(b)		2,599,220
	26,387	TJX Companies, Inc.		2,079,823
	13,576	Walmart, Inc. ^(a)		2,049,569
				19,739,547
		Consumer, Non-cyclical — 19.2%
	14,259	Abbott Laboratories ^(a)		1,575,192
	17,621	AbbVie, Inc. ^(a)		2,662,885
	29,658	Altria Group, Inc. ^(a)		1,409,052
	12,398	Bristol-Myers Squibb Company		827,814
	2,319	Chemed Corporation		1,278,349
	7,068	Elevance Health, Inc. ^(a)		3,312,418
	6,097	Eli Lilly & Company ^(a)		2,413,558
	12,137	Gilead Sciences, Inc.		997,783
	14,857	Johnson & Johnson ^(a)		2,432,091
	14,582	Merck & Company, Inc. ^(a)		1,683,783
	26,412	Mondelez International, Inc. - Class A		2,026,329
	13,905	PayPal Holdings, Inc. ^(a)(b)		1,056,780
	16,944	PepsiCo, Inc. ^(a)		3,234,440
	32,700	Pfizer, Inc.		1,271,703
	17,850	Procter & Gamble Company ^(a)		2,791,383
	11,615	Stryker Corporation		3,480,435
		COMMON STOCKS — 98.4% (Continued)
		Consumer, Non-cyclical — 19.2% (Continued)
	5,489	Thermo Fisher Scientific, Inc. ^(a)		3,045,846
	7,343	UnitedHealth Group, Inc. ^(a)		3,613,417
				39,113,258
		Energy — 4.9%
	13,836	Diamondback Energy, Inc. ^(a)		1,967,479
	41,445	Exxon Mobil Corporation		4,904,601
	10,662	Pioneer Natural Resources Company ^(a)		2,319,518
	14,979	Schlumberger, Ltd.		739,214
				9,930,812
		Financial — 14.0%
	9,840	American Tower Corporation		2,011,198
	67,414	Bank of America Corporation ^(a)		1,973,882
	10,775	Berkshire Hathaway, Inc. - Class B ^(a)(b)		3,540,126
	3,275	BlackRock, Inc. ^(a)		2,198,180
	22,283	Citigroup, Inc.		1,048,861
	12,210	Intercontinental Exchange, Inc. ^(a)		1,330,035
	24,852	JPMorgan Chase & Company ^(a)		3,435,540
	10,877	Marsh & McLennan Companies, Inc.		1,959,927
	23,459	Morgan Stanley		2,110,606
	18,401	Progressive Corporation ^(a)		2,509,896
	15,911	Prologis, Inc. ^(a)		1,992,853
	3,943	Public Storage		1,162,515
	13,329	Visa, Inc. - Class A ^(a)		3,102,058
				28,375,677
		Industrial — 7.8%
	12,287	Caterpillar, Inc. ^(a)		2,688,396
	78,806	CSX Corporation		2,414,616
	3,981	Deere & Company		1,504,898
	8,119	FedEx Corporation		1,849,346
	11,042	Honeywell International, Inc.		2,206,633
	7,867	Lockheed Martin Corporation ^(a)		3,653,828
	9,244	Waste Management, Inc.		1,534,966
				15,852,683
		Technology — 25.9% ^(c)
	8,582	Accenture plc - Class A ^(a)		2,405,449
	3,033	Adobe, Inc. ^(b)		1,145,139
	15,096	Analog Devices, Inc.		2,715,468
	86,534	Apple, Inc. ^(a)		14,683,089
	19,595	Applied Materials, Inc.		2,214,823
	3,413	Broadcom, Inc. ^(a)		2,138,244
	19,390	Fiserv, Inc. ^(b)		2,367,907
	7,264	Intuit, Inc. ^(a)		3,224,853

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 98.4% (Continued)
		Technology — 25.9% ^(c) (Continued)
	43,425	Microsoft Corporation ^(a)	$	13,342,766
	14,308	NVIDIA Corporation ^(a)		3,970,327
	5,498	ServiceNow, Inc. ^(a)(b)		2,525,891
	11,268	Texas Instruments, Inc.		1,884,010
				52,617,966
		Utilities — 2.8%
	48,190	NextEra Energy, Inc. ^(a)		3,692,800
	26,998	Southern Company		1,985,703
				5,678,503
		TOTAL COMMON STOCKS (Cost $ 185,998,139)		199,961,975

Contracts			Notional Amount
		PURCHASED OPTIONS ^(d) — 1.2%
		Call Options — 0.1%
	850	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $180.00 ^(e)	$	14,422,800		178,925

		Put Options — 1.1%
	850	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $140.00		14,422,800		51,850
	5,600	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $3,000.00 ^(e)		2,334,908,800		1,106,000
	740	S&P 500 Index, Expiration: 09/15/2023, Exercise Price: $3,000.00 ^(e)		308,541,520		1,091,500
						2,249,350
		TOTAL PURCHASED OPTIONS (Cost $7,034,599)				2,428,275
Shares		Security Description			Value
		SHORT-TERM INVESTMENTS — 0.9%
	1,942,071	First American Treasury Obligations Fund - Class X, 4.76% ^(f)			$	1,942,071
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,942,071)				1,942,071
		Total Investments (Cost $194,974,809) — 100.5%				204,332,321
		Liabilities in Excess of Other Assets — (0.5)%				(1,074,147	)
		NET ASSETS — 100.0%			$	203,258,174

Percentages are stated as a percent of net assets.

(a)	All or a portion of this security is held as collateral for the options written. At April 30, 2023, the value of these securities amounts to $138,335,219 or 68.1% of net assets.
(b)	Non-income producing security.
(c)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.
(d)	Exchange traded.
(e)	Securities are held in connection with written options, see Schedule of Written Options for more details.
(f)	Rate shown is the annualized seven-day yield as of April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
April 30, 2023

Contracts			Security Description	Notional Amount			Value
			Written Options ^(a) — (0.8)%
			Call Options — (0.3)%
	(640	)	Alphabet, Inc. - Class C, Expiration: 05/19/2023, Exercise Price: $115.00	$	(6,926,080	)	$	(38,400	)
	(850	)	Apple, Inc., Expiration: 06/16/2023, Exercise Price: $175.00		(14,422,800	)		(329,375	)
	(32	)	Broadcom, Inc., Expiration: 05/19/2023, Exercise Price: $660.00		(2,004,800	)		(9,280	)
	(58	)	Eli Lilly & Company, Expiration: 05/19/2023, Exercise Price: $410.00		(2,295,988	)		(20,300	)
	(400	)	Exxon Mobil Corporation, Expiration: 05/19/2023, Exercise Price: $125.00		(4,733,600	)		(14,800	)
	(80	)	FedEx Corporation, Expiration: 05/19/2023, Exercise Price: $240.00		(1,822,240	)		(6,440	)
	(70	)	Intuit, Inc., Expiration: 05/19/2023, Exercise Price: $470.00		(3,107,650	)		(28,700	)
	(99	)	Linde plc, Expiration: 05/19/2023, Exercise Price: $385.00		(3,657,555	)		(11,385	)
	(120	)	Meta Platforms, Inc. - Class A, Expiration: 05/19/2023, Exercise Price: $265.00		(2,883,840	)		(8,580	)
			Written Options ^(a) — (0.8)% (Continued)
			Call Options — (0.3)% (Continued)
	(210	)	Microsoft Corporation, Expiration: 05/19/2023, Exercise Price: $305.00		(6,452,460	)		(162,225	)
	(200	)	Microsoft Corporation, Expiration: 05/19/2023, Exercise Price: $315.00		(6,145,200	)		(55,400	)
	(134	)	NVIDIA Corporation, Expiration: 05/19/2023, Exercise Price: $315.00		(3,718,366	)		(9,581	)
	(140	)	PulteGroup, Inc., Expiration: 05/19/2023, Exercise Price: $65.00		(940,100	)		(43,400	)
	(53	)	ServiceNow, Inc., Expiration: 05/19/2023, Exercise Price: $525.00		(2,434,926	)		(2,120	)
	(110	)	Stryker Corporation, Expiration: 05/19/2023, Exercise Price: $320.00		(3,296,150	)		(12,375	)
	(150	)	Tesla, Inc., Expiration: 05/19/2023, Exercise Price: $200.00		(2,464,650	)		(5,175	)
								(757,536	)

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
April 30, 2023 (Continued)

Contracts			Security Description	Notional Amount			Value
			Put Options — (0.5)%
	(5,600	)	S&P 500 Index, Expiration: 06/16/2023, Exercise Price: $2,500.00	$	(2,334,908,800	)	$	(392,000	)
	(740	)	S&P 500 Index, Expiration: 09/15/2023, Exercise Price: $2,500.00		(308,541,520	)		(532,800	)
								(924,800	)
			TOTAL WRITTEN OPTIONS (Premiums Received $3,379,511)				$	(1,682,336	)

Percentages are stated as a percent of net assets.

(a)	Exchange traded.

The accompanying notes are an integral part of these financial statements.

Opus Small Cap Value ETF

Schedule of Investments
April 30, 2023

Shares		Security Description	Value
		COMMON STOCKS — 95.0%
		Basic Materials — 3.4%
	31,086	Ashland, Inc.	$	3,158,649
	147,308	Valvoline, Inc.		5,089,491
				8,248,140
		Consumer, Cyclical — 15.0%
	48,936	Boyd Gaming Corporation		3,396,158
	20,274	Casey’s General Stores, Inc.		4,639,097
	20,553	Churchill Downs, Inc.		6,012,369
	28,266	Columbia Sportswear Company		2,361,342
	111,132	KB Home		4,869,804
	26,587	Marriott Vacations Worldwide Corporation		3,577,547
	8,440	Pool Corporation		2,965,141
	42,511	RCI Hospitality Holdings, Inc.		3,184,074
	51,631	Texas Roadhouse, Inc.		5,711,421
				36,716,953
		Consumer, Non-cyclical — 13.2%
	34,137	Booz Allen Hamilton Holding Corporation		3,267,594
	12,769	Chemed Corporation		7,038,911
	51,239	Encompass Health Corporation		3,286,982
	64,730	Ensign Group, Inc.		6,284,636
	71,935	EVERTEC, Inc.		2,495,425
	40,032	ICF International, Inc.		4,563,648
	61,922	Kforce, Inc.		3,662,067
	78,383	SpartanNash Company		1,921,951
				32,521,214
		Energy — 7.5%
	27,318	Chord Energy Corporation		3,888,171
	30,226	Civitas Resources, Inc.		2,087,105
	95,285	Helmerich & Payne, Inc.		3,159,651
	154,090	Sitio Royalties Corporation - Class A		3,912,345
	185,168	Viper Energy Partners LP		5,451,346
				18,498,618
		Financial — 28.0% ^(a)
	36,914	Agree Realty Corporation		2,509,783
	122,351	Apple Hospitality REIT, Inc.		1,821,806
	41,418	Community Healthcare Trust, Inc.		1,482,350
	191,191	Compass Diversified Holdings		3,644,100
	22,542	EastGroup Properties, Inc.		3,754,596
	83,793	Enterprise Financial Services Corporation		3,582,989
	124,991	Essential Properties Realty Trust, Inc.		3,093,527
	69,591	Four Corners Property Trust, Inc.		1,775,266
	88,444	German American Bancorp, Inc.		2,571,067
	36,184	Hanover Insurance Group, Inc.		4,326,159
	19,302	Hingham Institution for Savings		3,755,397
		COMMON STOCKS — 95.0% (Continued)
		Financial — 28.0% ^(a) (Continued)
	122,323	Home BancShares, Inc.		2,662,972
	240,087	Ladder Capital Corporation		2,244,813
	53,216	Lakeland Financial Corporation		2,696,455
	50,051	National Storage Affiliates Trust		1,929,466
	136,159	NewtekOne, Inc.		1,546,766
	202,062	Old Second Bancorp, Inc.		2,483,342
	100,534	Pacific Premier Bancorp, Inc.		2,235,876
	59,873	Preferred Bank		2,878,694
	20,988	Primerica, Inc.		3,830,520
	147,634	Seacoast Banking Corporation of Florida		3,275,998
	63,584	Stock Yards Bancorp, Inc.		3,090,182
	43,628	Terreno Realty Corporation		2,687,048
	72,350	Washington Trust Bancorp, Inc.		2,033,759
	163,055	West BanCorp, Inc.		2,809,438
				68,722,369
		Industrial — 20.9%
	25,637	AptarGroup, Inc.		3,038,241
	53,469	Arcosa, Inc.		3,611,296
	21,990	Comfort Systems USA, Inc.		3,287,285
	41,117	Forward Air Corporation		4,338,255
	26,840	Franklin Electric Company, Inc.		2,401,375
	45,266	Graco, Inc.		3,589,141
	35,173	Grupo Aeroportuario del Centro Norte SAB de CV - ADR		3,076,934
	18,798	Hubbell, Inc.		5,062,677
	16,796	Kadant, Inc.		3,121,201
	24,852	Landstar System, Inc.		4,374,698
	27,341	Lincoln Electric Holdings, Inc.		4,587,820
	30,660	Owens Corning		3,274,795
	30,642	Tetra Tech, Inc.		4,239,933
	41,864	UFP Industries, Inc.		3,287,161
				51,290,812
		Technology — 1.7%
	147,721	Magic Software Enterprises, Ltd.		1,980,939
	113,331	Sapiens International Corporation NV		2,281,353
				4,262,292
		Utilities — 5.9%
	138,782	Atlantica Sustainable Infrastructure plc		3,694,377
	73,054	California Water Service Group		4,096,868
	65,465	New Jersey Resources Corporation		3,380,613
	46,271	Otter Tail Corporation		3,329,198
				14,501,056
		TOTAL COMMON STOCKS (Cost $228,882,292)		234,761,454

The accompanying notes are an integral part of these financial statements.

Opus Small Cap Value ETF

Schedule of Investments
April 30, 2023 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 4.4%
	10,832,464	First American Treasury Obligations Fund - Class X, 4.76% ^(b)	$	10,832,464
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,832,464)		10,832,464
		Total Investments (Cost $239,714,756) — 100.0%		245,593,918
		Other Assets in Excess of Liabilities — 0.0% ^(c)		51,061
		NET ASSETS — 100.0%	$	245,644,979

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt.
(a)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 9 in Notes to Financial Statements.
(b)	Rate shown is the annualized seven-day yield as of April 30, 2023.
(c)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

International Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023

Shares		Security Description	Value
		EXCHANGE TRADED FUNDS — 99.1% ^(a)
		Developed Market Equity — 70.9%
	724,179	iShares Core MSCI International Developed Markets ETF ^(b)(c)	$	45,014,967

		Emerging Market Equity — 26.2%
	484,408	SPDR Portfolio Emerging Markets ETF ^(c)		16,528,001
		TOTAL EXCHANGE TRADED FUNDS (Cost $55,934,866)		61,542,968

	SHORT-TERM INVESTMENTS — 0.9%
560,984	First American Treasury Obligations Fund - Class X, 4.76% ^(d)		560,984
	TOTAL SHORT-TERM INVESTMENTS (Cost $560,984)		560,984
	Total Investments (Cost $56,495,850) — 100.0%		62,103,952
	Other Assets in Excess of Liabilities — 0.0% ^(e)		2,901
	NET ASSETS — 100.0%	$	62,106,853

Percentages are stated as a percent of net assets.

(a)	The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. See Note 9 in Notes to Financial Statements.
(b)	All or a portion of this security is held as collateral for options written. At April 30, 2023, the value of these securities amounts to $45,014,967 or 70.9% of net assets.
(c)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(d)	Rate shown is the annualized seven-day yield as of April 30, 2023.
(e)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

Aptus Enhanced Yield ETF

Schedule of Investments
April 30, 2023

Principal Amount		Security Description	Value
		EQUITY-LINKED NOTES — 14.4%
$	16,800,000	BofA Finance, LLC, ELN, 44.15%, 06/01/2023, (linked to S&P 500 Index) ^(a)(b)	$	16,800,000
	10,700,000	Citigroup Global Markets Holdings, Inc., ELN, 34.70%, 05/17/2023, (linked to S&P 500 Index) ^(a)(b)		10,706,783
	10,100,000	GS Finance Corporation, ELN, 45.38%, 05/10/2023, (linked to S&P 500 Index) ^(a)(b)		10,241,274
	14,200,000	RBC Capital Markets, LLC, ELN, 34.52%, 05/24/2023, (linked to S&P 500 Index) ^(a)(b)		14,298,404
		TOTAL EQUITY-LINKED NOTES (Cost $51,800,000)		52,046,461


		U.S. GOVERNMENT NOTES — 62.3%
		U.S. Treasury Notes — 62.3%
		United States Treasury Notes
	20,000,000	10/15/2023, 0.125%		19,573,874
	3,225,000	11/15/2023, 2.750%		3,187,669
	111,000,000	01/31/2024, 0.875%		107,721,642
	15,000,000	02/29/2024, 1.500%		14,586,919
	15,000,000	03/15/2024, 0.250%		14,415,848
	8,000,000	04/30/2024, 2.000%		7,778,502
	25,000,000	04/30/2024, 2.250%		24,365,437
	16,625,000	09/30/2024, 4.250%		16,576,619
	14,000,000	11/30/2024, 4.500%		14,028,711
	1,975,000	10/15/2025, 4.250%		1,989,735
	1,550,000	09/30/2027, 4.125%		1,582,604
		TOTAL U.S. GOVERNMENT NOTES (Cost $225,834,473)		225,807,560

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 21.3%
$	77,036,183	First American Treasury Obligations Fund - Class X, 4.76% ^(c)	$	77,036,183
		TOTAL SHORT-TERM INVESTMENTS (Cost $77,036,183)		77,036,183
		Total Investments (Cost $354,670,656) — 98.0%		354,890,204
		Other Assets in Excess of Liabilities — 2.0%		7,314,671
		NET ASSETS — 100.0%	$	362,204,875

Percentages are stated as a percent of net assets.

(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	These securities have been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $52,046,461, which represents 14.5% of net assets.
(c)	Rate shown is the annualized seven-day yield as of April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus ETFs

Statements of Assets and Liabilities

April 30, 2023

	Aptus Collared Investment Opportunity ETF		Aptus Defined Risk ETF			Aptus Drawdown Managed Equity ETF
ASSETS
Investments in unaffiliated securities, at value*	$	589,433,600	$	238,081,750		$	204,332,321
Investments in affiliated securities, at value*		—		411,109,020			—
Receivable for capital shares sold		—		—			—
Deposit at broker for options		4,105,006		14,282,407			620,380
Restricted cash for options		254,529		—			33,173
Dividends and interest receivable		427,720		53,009			168,316
Receivable for securities sold		3,767,379		—			1,719,825
Total assets		597,988,234		663,526,186			206,874,015

LIABILITIES
Written options, at value (premiums received, $4,739,561, $4,923,144, $3,379,511)		5,206,615		241,500			1,682,336
Payable for securities purchased		5,694,408		—			29,141
Management fees payable		381,285		384,353			149,674
Payable for capital shares redeemed		—		—			1,754,690
Total liabilities		11,282,308		625,853			3,615,841

NET ASSETS	$	586,705,926	$	662,900,333		$	203,258,174

Net Assets Consist of:
Paid-in capital	$	570,737,400	$	760,861,503		$	277,716,787
Total distributable earnings (accumulated deficit)		15,968,526		(97,961,170	)		(74,458,613	)
Net assets	$	586,705,926	$	662,900,333		$	203,258,174

Net Asset Value:
Net assets	$	586,705,926	$	662,900,333		$	203,258,174
Shares outstanding ^		19,350,000		25,750,000			5,791,755
Net asset value, offering and redemption price per share	$	30.32	$	25.74		$	35.09

* Identified cost:
Investments in unaffiliated securities	$	510,791,081	$	254,484,396		$	194,974,809
Investment in affiliated securities		—		413,551,638			—

^	No par value, unlimited number of shares authorized.

The accompanying notes are an integral part of these financial statements.

Aptus ETFs

Statements of Assets and Liabilities

April 30, 2023 (Continued)

	Opus Small Cap Value ETF			International Drawdown Managed Equity ETF			Aptus Enhanced Yield ETF
ASSETS
Investments in unaffiliated securities, at value*	$	245,593,918		$	62,103,952		$	354,890,204
Investments in affiliated securities, at value*		—			—			—
Receivable for capital shares sold		1,532,415			—			9,923,200
Deposit at broker for options		—			—			—
Restricted cash for options		—			—			—
Dividends and interest receivable		133,949			2,596			2,368,886
Receivable for securities sold		—			37,854			11,972,780
Total assets		247,260,282			62,144,402			379,155,070

LIABILITIES
Written options, at value (premiums received, $0, $0, $0)		—			—			—
Payable for securities purchased		1,458,010			—			16,800,000
Management fees payable		157,293			37,549			150,195
Payable for capital shares redeemed		—			—			—
Total liabilities		1,615,303			37,549			16,950,195

NET ASSETS	$	245,644,979		$	62,106,853		$	362,204,875

Net Assets Consist of:
Paid-in capital	$	250,311,912		$	94,334,149		$	365,363,425
Total distributable earnings (accumulated deficit)		(4,666,933	)		(32,227,296	)		(3,158,550	)
Net assets	$	245,644,979		$	62,106,853		$	362,204,875

Net Asset Value:
Net assets	$	245,644,979		$	62,106,853		$	362,204,875
Shares outstanding ^		7,975,000			3,100,000			14,600,000
Net asset value, offering and redemption price per share	$	30.80		$	20.03		$	24.81

* Identified cost:
Investments in unaffiliated securities	$	239,714,756		$	56,495,850		$	354,670,656
Investment in affiliated securities		—			—			—

^	No par value, unlimited number of shares authorized.

The accompanying notes are an integral part of these financial statements.

Aptus ETFs

Statements of Operations

For the Year/Period Ended April 30, 2023

	Aptus Collared Investment Opportunity ETF			Aptus Defined Risk ETF			Aptus Drawdown Managed Equity ETF
INCOME
Dividends from unaffiliated investments*	$	8,231,518		$	626,947		$	4,908,720
Dividends from affiliated investments		—			22,137,507			—
Interest		152,242			1,004,867			73,645
Total investment income		8,383,760			23,769,321			4,982,365

EXPENSES
Management fees		3,977,545			5,325,795			2,422,251
Total expenses		3,977,545			5,325,795			2,422,251
Net investment income (loss)		4,406,215			18,443,526			2,560,114

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in unaffiliated securities		(41,984,603	)		(3,974,142	)		(45,319,080	)
Investments in affiliated securities		—			(41,448,977	)		—
In-kind redemptions on unaffiliated securities		9,891,565			(50,266	)		40,324,979
In-kind redemptions on affiliated securities		—			(2,746,251	)		—
Capital gain distributions from affiliated underlying exchange traded funds		—			12,210			—
Written options		(1,471,695	)		(21,129,686	)		4,164,299
Foreign currency transactions		—			—			—
Change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		45,331,356			(12,250,263	)		(32,890,447	)
Investments in affiliated securities		—			35,732,125			—
Written options		120,943			4,900,415			3,061,924
Foreign currency translation		—			—			—
Net realized and unrealized gain (loss) on investments		11,887,566			(40,954,835	)		(30,658,325	)
Net increase (decrease) in net assets resulting from operations	$	16,293,781		$	(22,511,309	)	$	(28,098,211	)

* Net of foreign withholding taxes	$	4,999		$	—		$	12,368

The accompanying notes are an integral part of these financial statements.

Aptus ETFs

Statements of Operations

For the Year/Period Ended April 30, 2023 (Continued)

	Opus Small Cap Value ETF			International Drawdown Managed Equity ETF			Aptus Enhanced Yield ETF ⁽¹⁾
INCOME
Dividends from unaffiliated investments*	$	4,598,685		$	3,397,613		$	—
Dividends from affiliated investments		—			—			—
Interest		209,329			25,512			11,621,835
Total investment income		4,808,014			3,423,125			11,621,835

EXPENSES
Management fees		1,666,198			649,382			639,363
Total expenses		1,666,198			649,382			639,363
Net investment income (loss)		3,141,816			2,773,743			10,982,472

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in unaffiliated securities		(9,016,343	)		(37,961,652	)		(4,215,593	)
Investments in affiliated securities		—			—			—
In-kind redemptions on unaffiliated securities		5,347,210			388,532			—
In-kind redemptions on affiliated securities		—			—			—
Capital gain distributions from affiliated underlying exchange traded funds		—			—			—
Written options		—			(132,764	)		—
Foreign currency transactions		14			—			—
Change in unrealized appreciation (depreciation) on:
Investments in unaffiliated securities		(60,906	)		26,976,397			219,548
Investments in affiliated securities		—			—			—
Written options		—			—			—
Foreign currency translation		169			—			—
Net realized and unrealized gain (loss) on investments		(3,729,856	)		(10,729,487	)		(3,996,045	)
Net increase (decrease) in net assets resulting from operations	$	(588,040	)	$	(7,955,744	)	$	6,986,427

* Net of foreign withholding taxes

32,015

—


⁽¹⁾	The Fund commenced operations on October 31, 2022. The information presented is from October 31, 2022 to April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Statements of Changes in Net Assets

	Year Ended April 30, 2023			Year Ended April 30, 2022
OPERATIONS
Net investment income (loss)	$	4,406,215		$	1,854,371
Net realized gain (loss) on investments and written options		(33,564,733	)		7,504,247
Change in unrealized appreciation (depreciation) on investments and written options		45,452,299			(12,045,600	)
Net increase (decrease) in net assets resulting from operations		16,293,781			(2,686,982	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(7,687,025	)		(1,918,599	)
Total distributions to shareholders		(7,687,025	)		(1,918,599	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		226,161,150			222,153,030
Payments for shares redeemed		(50,295,320	)		(17,056,045	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		175,865,830			205,096,985
Net increase (decrease) in net assets	$	184,472,586		$	200,491,404

NET ASSETS
Beginning of year	$	402,233,340		$	201,741,936
End of year	$	586,705,926		$	402,233,340

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		7,650,000			7,150,000
Shares redeemed		(1,700,000	)		(550,000	)
Net increase (decrease)		5,950,000			6,600,000

The accompanying notes are an integral part of these financial statements.

Aptus Defined Risk ETF

Statements of Changes in Net Assets

	Year Ended April 30, 2023			Year Ended April 30, 2022
OPERATIONS
Net investment income (loss)	$	18,443,526		$	6,299,033
Net realized gain (loss) on investments and written options		(69,337,112	)		(16,196,059	)
Change in unrealized appreciation (depreciation) on investments and written options		28,382,277			(42,924,225	)
Net increase (decrease) in net assets resulting from operations		(22,511,309	)		(52,821,251	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(17,431,596	)		(20,526,380	)
Total distributions to shareholders		(17,431,596	)		(20,526,380	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		112,734,745			389,698,415
Payments for shares redeemed		(313,261,710	)		(69,344,055	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		(200,526,965	)		320,354,360
Net increase (decrease) in net assets	$	(240,469,870	)	$	247,006,729

NET ASSETS
Beginning of year	$	903,370,203		$	656,363,474
End of year	$	662,900,333		$	903,370,203

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		4,300,000			13,500,000
Shares redeemed		(12,000,000	)		(2,400,000	)
Net increase (decrease)		(7,700,000	)		11,100,000

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Statements of Changes in Net Assets

	Year Ended April 30, 2023			Year Ended April 30, 2022
OPERATIONS
Net investment income (loss)	$	2,560,114		$	808,362
Net realized gain (loss) on investments and written options		(829,802	)		832,249
Change in unrealized appreciation (depreciation) on investments and written options		(29,828,523	)		(15,756,730	)
Net increase (decrease) in net assets resulting from operations		(28,098,211	)		(14,116,119	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(2,468,669	)		(772,332	)
Total distributions to shareholders		(2,468,669	)		(772,332	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		70,740,335			166,728,365
Payments for shares redeemed		(200,934,415	)		(10,154,155	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		(130,194,080	)		156,574,210
Net increase (decrease) in net assets	$	(160,760,960	)	$	141,685,759

NET ASSETS
Beginning of year	$	364,019,134		$	222,333,375
End of year	$	203,258,174		$	364,019,134

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		2,050,000			4,050,000
Shares redeemed		(5,800,000	)		(250,000	)
Net increase (decrease)		(3,750,000	)		3,800,000

The accompanying notes are an integral part of these financial statements.

Opus Small Cap Value ETF

Statements of Changes in Net Assets

	Year Ended April 30, 2023			Year Ended April 30, 2022
OPERATIONS
Net investment income (loss)	$	3,141,816		$	1,037,714
Net realized gain (loss) on investments and foreign currency		(3,669,119	)		4,954,649
Change in unrealized appreciation (depreciation) on investments and foreign currency		(60,737	)		(16,164,875	)
Net increase (decrease) in net assets resulting from operations		(588,040	)		(10,172,512	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(2,979,351	)		(1,560,722	)
Total distributions to shareholders		(2,979,351	)		(1,560,722	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		82,471,160			102,346,398
Payments for shares redeemed		(20,681,575	)		(9,850,255	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		61,789,585			92,496,143
Net increase (decrease) in net assets	$	58,222,194		$	80,762,909

NET ASSETS
Beginning of year	$	187,422,785		$	106,659,876
End of year	$	245,644,979		$	187,422,785

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		2,650,000			3,050,000
Shares redeemed		(650,000	)		(300,000	)
Net increase (decrease)		2,000,000			2,750,000

The accompanying notes are an integral part of these financial statements.

International Drawdown Managed Equity ETF

Statement of Changes in Net Assets

	Year Ended April 30, 2023			Period Ended April 30, 2022 ⁽¹⁾
OPERATIONS
Net investment income (loss)	$	2,773,743		$	1,580,226
Net realized gain (loss) on investments and written options		(37,705,884	)		(357,767	)
Change in unrealized appreciation (depreciation) on investments		26,976,397			(21,368,295	)
Net increase (decrease) in net assets resulting from operations		(7,955,744	)		(20,145,836	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(2,767,957	)		(1,732,695	)
Total distributions to shareholders		(2,767,957	)		(1,732,695	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		29,881,365			166,218,085
Payments for shares redeemed		(98,959,565	)		(2,430,800	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		(69,078,200	)		163,787,285
Net increase (decrease) in net assets	$	(79,801,901	)	$	141,908,754

NET ASSETS
Beginning of year/period	$	141,908,754		$	—
End of year/period	$	62,106,853		$	141,908,754

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		1,500,000			6,750,000
Shares redeemed		(5,050,000	)		(100,000	)
Net increase (decrease)		(3,550,000	)		6,650,000

⁽¹⁾	The Fund commenced operations on July 22, 2021. The information presented is from July 22, 2021 to April 30, 2022.

The accompanying notes are an integral part of these financial statements.

Aptus Enhanced Yield ETF

Statement of Changes in Net Assets

	Period Ended April 30, 2023 ⁽¹⁾
OPERATIONS
Net investment income (loss)	$	10,982,472
Net realized gain (loss) on investments		(4,215,593	)
Change in unrealized appreciation (depreciation) on investments		219,548
Net increase (decrease) in net assets resulting from operations		6,986,427

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(10,144,977	)
Total distributions to shareholders		(10,144,977	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		376,653,195
Payments for shares redeemed		(11,289,770	)
Net increase (decrease) in net assets derived from capital share transactions ^(a)		365,363,425
Net increase (decrease) in net assets	$	362,204,875

NET ASSETS
Beginning of period	$	—
End of period	$	362,204,875

(a)	A summary of capital share transactions is as follows:

	Shares
Shares sold		15,050,000
Shares redeemed		(450,000	)
Net increase (decrease)		14,600,000

⁽¹⁾	The Fund commenced operations on October 31, 2022. The information presented is from October 31, 2022 to April 30, 2023.

The accompanying notes are an integral part of these financial statements.

Aptus Collared Investment Opportunity ETF

Financial Highlights

For a capital share outstanding throughout the year/period

	Year Ended April 30,									Period Ended April 30,
	2023			2022			2021			2020⁽¹⁾
Net asset value, beginning of year/period	$	30.02		$	29.67		$	24.04		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.26			0.19			0.27			0.49
Net realized and unrealized gain (loss) on investments ⁽⁶⁾		0.47			0.34			5.61			(1.01	)
Total from investment operations		0.73			0.53			5.88			(0.52	)

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.24	)		(0.18	)		(0.25	)		(0.44	)
From realized gains		(0.19	)		—			—			—
Total distributions to shareholders		(0.43	)		(0.18	)		(0.25	)		(0.44	)

Net asset value, end of year/period	$	30.32		$	30.02		$	29.67		$	24.04

Total return		2.53	%		1.78	%		24.57	%		-2.14	%⁽³⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	586,706		$	402,233		$	201,742		$	112,970

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.79	%		0.79	%		0.79	%		0.79	%⁽⁴⁾
Net investment income (loss) to average net assets		0.88	%		0.60	%		0.99	%		2.46	%⁽⁴⁾
Portfolio turnover rate ⁽⁵⁾		69	%		48	%		46	%		170	%⁽³⁾

⁽¹⁾	Commencement of operations on July 9, 2019.
⁽²⁾	Calculated based on average shares outstanding during the year/period.
⁽³⁾	Not annualized.
⁽⁴⁾	Annualized.
⁽⁵⁾	Excludes the impact of in-kind transactions.
⁽⁶⁾	Net realized and unrealized gain (loss) 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 gain (loss) in the Statements of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

Aptus Defined Risk ETF

Financial Highlights
For a capital share outstanding throughout the year/period

	Year Ended April 30,												Period Ended April 30,
	2023			2022			2021			2020			2019⁽¹⁾
Net asset value, beginning of year/period	$	27.01		$	29.37		$	29.38		$	26.51		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾⁽³⁾		0.62			0.23			0.32			0.55			0.35
Net realized and unrealized gain (loss) on investments ⁽⁹⁾		(1.28	)		(1.86	)		1.31			3.14			1.90
Total from investment operations		(0.66	)		(1.63	)		1.63			3.69			2.25

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.61	)		(0.20	)		(0.33	)		(0.50	)		(0.27	)
From realized gains		—			(0.53	)		(1.31	)		(0.32	)		(0.47	)
Total distributions to shareholders		(0.61	)		(0.73	)		(1.64	)		(0.82	)		(0.74	)

Net asset value, end of year/period	$	25.74		$	27.01		$	29.37		$	29.38		$	26.51

Total return		-2.39	%		-5.73	%		5.62	%		14.12	%		9.23	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	662,900		$	903,370		$	656,363		$	260,029		$	104,695

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets ⁽⁵⁾		0.69	%		0.70	%⁽⁷⁾		0.70	%⁽⁷⁾		0.69	%		0.69	%⁽⁶⁾
Net investment income (loss) to average net assets ⁽³⁾		2.39	%		0.79	%⁽⁷⁾		1.07	%⁽⁷⁾		1.97	%		1.86	%⁽⁶⁾
Portfolio turnover rate ⁽⁸⁾		119	%		69	%		28	%		78	%		21	%⁽⁴⁾

⁽¹⁾	Commencement of operations on August 7, 2018.
⁽²⁾	Calculated based on average shares outstanding during the year/period.
⁽³⁾	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
⁽⁴⁾	Not annualized.
⁽⁵⁾	Does not include expenses of the investment companies in which the Fund invests.
⁽⁶⁾	Annualized.
⁽⁷⁾	Includes broker interest expense of 0.01%.
⁽⁸⁾	Excludes the impact of in-kind transactions.
⁽⁹⁾	Net realized and unrealized gain (loss) 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 gain (loss) in the Statements of Operations due to share transactions for the period.

The accompanying notes are an integral part of these financial statements.

Aptus Drawdown Managed Equity ETF

Financial Highlights
For a capital share outstanding throughout the year

	Year Ended April 30,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	38.15		$	38.72		$	30.23		$	29.82		$	32.49

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽¹⁾		0.29			0.11			0.10			0.28			0.29
Net realized and unrealized gain (loss) on investments ⁽³⁾		(3.06	)		(0.58	)		8.52			0.39			(2.72	)
Total from investment operations		(2.77	)		(0.47	)		8.62			0.67			(2.43	)

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(0.29	)		(0.10	)		(0.12	)		(0.26	)		(0.24	)
Tax return of capital to shareholders		—			—			(0.01	)		—			—
Total distributions to shareholders		(0.29	)		(0.10	)		(0.13	)		(0.26	)		(0.24	)

Net asset value, end of year	$	35.09		$	38.15		$	38.72		$	30.23		$	29.82

Total return		-7.24	%		-1.23	%		28.59	%		2.27	%		-7.46	%

SUPPLEMENTAL DATA:
Net assets at end of year (000’s)	$	203,258		$	364,019		$	222,333		$	131,249		$	70,065

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Net investment income (loss) to average net assets		0.83	%		0.27	%		0.29	%		0.94	%