ETF Opportunities Trust NPORT-P Formidable ETF (Dec 2024 report)

FORMIDABLE ETF

Schedule of Investments

December 31, 2024 (unaudited)

			Shares		Value
81.81	%	COMMON STOCK
4.00	%	CONSUMER DISCRETIONARY
		Aptiv plc ADR(A)		7,006	$	423,723
		Pearson plc ADR		26,156		421,635
						845,358
4.70	%	CONSUMER STAPLES
		Altria Group, Inc.		6,058		316,773
		Nomad Foods Ltd. ADR		40,335		676,821
						993,594
20.08	%	ENERGY
		Alliance Resource Partners LP		29,699		780,787
		Baytex Energy Corp. ADR		259,805		670,297
		Cameco Corporation ADR		7,438		382,239
		Energy Transfer LP		58,641		1,148,777
		Hess Corp.		3,080		409,671
		Sitio Royalties Corp., Class A		25,228		483,873
		Uranium Energy Corp. ADR(A)		54,352		363,615
						4,239,259
10.61	%	FINANCIALS
		Acacia Research Corp.(A)		418,143		1,814,741
		Patria Investments Ltd. ADR		36,534		424,890
						2,239,631
6.54	%	HEALTH CARE
		BioAtla, Inc.(A)		97,154		57,437
		CytomX Therapeutics, Inc.(A)		382,529		394,005
		Royalty Pharma Plc ADR		29,013		740,122
		Viking Therapeutics, Inc.(A)		4,730		190,335
						1,381,899

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FORMIDABLE ETF

Schedule of Investments

December 31, 2024 (unaudited)

			Shares		Value
11.54	%	INDUSTRIALS
		Corporacion America Airports SA ADR(A)		22,291	$	415,950
		Flux Power Holdings, Inc.(A)		481,916		761,427
		Generac Holdings, Inc.(A)		2,729		423,131
		Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR		1,601		412,466
		Science Applications International Corp.		3,784		422,976
						2,435,950
6.04	%	INFORMATION TECHNOLOGY
		Juniper Networks, Inc.		9,213		345,027
		Nice Systems Ltd. ADR(A)		2,977		505,614
		Qualys, Inc.(A)		3,029		424,726
						1,275,367
10.52	%	MATERIALS
		Agnico Eagle Mines Ltd. ADR		5,357		418,971
		Kinross Gold Corp. ADR		45,348		420,376
		Lithium Americas Corp. ADR(A)		127,267		377,983
		Lithium Americas Corp. Argentina ADR(A)		140,399		367,845
		Wheaton Precious Metals Corp. ADR		11,294		635,175
						2,220,350
2.01	%	REAL ESTATE
		EPR Properties		9,563		423,450
5.77	%	UTILITIES
		Algonquin Power & Utilities Corp. ADR		79,280		352,796
		Brookfield Infrastructure Partners LP ADR		14,324		455,360
		NextEra Energy Partners LP		23,055		410,379
						1,218,535
81.81	%	TOTAL COMMON STOCK				17,273,393

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FORMIDABLE ETF

Schedule of Investments

December 31, 2024 (unaudited)

			Shares		Value
15.41	%	DEBT SECURITIES
15.41	%	TREASURIES
		US Treasury 02/13/2025 0.043%(C)		1,210,000	$	1,204,035
		US Treasury 04/10/2025 0.043%(C)		1,221,000		1,207,186
		US Treasury 04/03/2025 0.042%(C)		852,000		842,942
15.41	%	TOTAL TREASURIES				3,254,163
15.41	%	TOTAL DEBT SECURITIES				3,254,163
0.33	%	OPTIONS PURCHASED

		Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
0.33	%	PUT
		VanEck Gold Miners ETF		100		339,100		31		01/17/2025		1,200
		VanEck Gold Miners ETF		100		339,100		33		01/17/2025		4,900
		iShares iBoxx $ High Yield Corporate Bond ETF		1,000		7,865,000		76		01/17/2025		3,000
		iShares iBoxx $ High Yield Corporate Bond ETF		500		3,932,500		77		01/17/2025		4,500
		iShares iBoxx $ High Yield Corporate Bond ETF		500		3,932,500		78		01/17/2025		9,500
		iShares Russell 2000 ETF		100		2,209,600		222		01/17/2025		43,100
		Energy Select Sector SPDR Fund		100		856,600		75		01/17/2025		500
		Energy Select Sector SPDR Fund		100		856,600		78		01/17/2025		1,100
		Energy Select Sector SPDR Fund		100		856,600		80		01/17/2025		1,700
												69,500
0.33	%	TOTAL OPTIONS PURCHASED										69,500
97.55	%	TOTAL INVESTMENTS										20,597,056
2.45	%	Other assets, net of liabilities										516,605
100.00	%	NET ASSETS									$	21,113,661

^{(A )}Non-income producing

^(C) Zero coupon security. The rate shown is the yield-to-maturity on the date of December 31,2024

ADR - Security represented is held by the custodian in the form of American Depositary Receipts.

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FORMIDABLE ETF

Schedule of Investments

December 31, 2024 (unaudited)

		SHORT INVESTMENTS
		Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date		Value
(0.06	%)	OPTIONS WRITTEN
(0.01	%)	CALL
		BioAtla, Inc.		300		(17,736	)		5		01/17/2025	$	(750	)
		Wheaton Precious Metals Corp.		40		(224,960	)		68		01/10/2025		(1,000	)
													(1,750	)
(0.05	%)	PUT
		iShares Russell 2000 ETF		100		(2,209,600	)		212		01/17/2025		(11,100	)
(0.06	%)	TOTAL OPTIONS WRITTEN											(12,850	)

In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

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

The following summarizes the inputs used to value the Fund’s investments as of December 31, 2024:

	Level 1		Level 2			Level 3
			Other			Significant
			Significant			Unobservable
	Quoted Prices		Observable Inputs			Inputs	Total
COMMON STOCK	$	17,273,393					$	17,273,393
DEBT SECURITIES	$	3,254,163					$	3,254,163
OPTIONS PURCHASED			$	69,500			$	69,500
TOTAL INVESTMENTS	$	20,527,556	$	69,500			$	20,597,056
OPTIONS WRITTEN			$	(12,850	)		$	(12,850	)
TOTAL SHORT INVESTMENTS			$	(12,850	)		$	(12,850	)

The cost of investments for Federal income tax purposes has been estimated a/o December 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $195,549,695, and the related net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,144,021
Gross unrealized depreciation		(4,515,051	)
Net unrealized appreciation	$	(3,371,030	)

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