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.

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

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.

1

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

2

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.

3

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

4

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.

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 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.

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.

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.

5

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.

6

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

7

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.

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:

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.

“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.

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.

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

8

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

9

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.

10

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.

11

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

12

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.

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 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.

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.

“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 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.

13

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

14

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.

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:

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.

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.

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.

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.

15

Aptus Collared Investment Opportunity ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

16

Aptus Defined Risk ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

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.

17

Aptus Drawdown Managed Equity ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

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.

18

Opus Small Cap Value ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

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.

19

International Drawdown Managed Risk ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

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.

20

Aptus Enhanced Yield ETF

Performance Summary
(Unaudited)

Growth of $10,000

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.

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.

21

Aptus ETFs

Portfolio Allocations

As of April 30, 2023 (Unaudited)

Aptus Collared Investment Opportunity ETF

Aptus Defined Risk ETF

Aptus Drawdown Managed Equity ETF

22

Aptus ETFs

Portfolio Allocations

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

Opus Small Cap Value ETF

International Drawdown Managed Equity ETF

Aptus Enhanced Yield ETF

23

Aptus Collared Investment Opportunity ETF

Schedule of Investments
April 30, 2023

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

24

Aptus Collared Investment Opportunity ETF

Schedule of Investments
April 30, 2023 (Continued)

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

25

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023

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

26

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023 (Continued)

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

27

Aptus Collared Investment Opportunity ETF

Schedule of Written Options
April 30, 2023 (Continued)

Percentages are stated as a percent of net assets.

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

28

Aptus Defined Risk ETF

Schedule of Investments
April 30, 2023

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

29

Aptus Defined Risk ETF

Schedule of Written Options
April 30, 2023

Percentages are stated as a percent of net assets.

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

30

Aptus Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023

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

31

Aptus Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023 (Continued)

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

32

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
April 30, 2023

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

33

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
April 30, 2023 (Continued)

Percentages are stated as a percent of net assets.

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

34

Opus Small Cap Value ETF

Schedule of Investments
April 30, 2023

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

35

Opus Small Cap Value ETF

Schedule of Investments
April 30, 2023 (Continued)

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

36

International Drawdown Managed Equity ETF

Schedule of Investments
April 30, 2023