SEMI-ANNUAL
REPORT

For the Six Months Ended September 30, 2023 (unaudited)

Formidable ETF
Formidable Fortress ETF

FORMIDABLE ETF FUNDS

Important Disclosure Statement

The Formidable ETF’s and Formidable Fortress ETF’s (the “Funds”) prospectus and summary prospectuses contain important information about the Funds’ investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. To obtain the Funds’ prospectus or summary prospectus containing this and other important information, please call 833-600-5704. Please read the prospectus and/ or summary prospectuses carefully before you invest. Foreside Fund Services, LLC is the distributor and Formidable Asset Management, LLC is the investment advisor.

The performance data quoted represents past performance and is not a guarantee of future results. Current performance of the Funds may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Information provided with respect to the Funds’ Performance Data, Portfolio Holdings, Sector Weightings, Number of Holdings and Expense Ratios are as of September 30, 2023 and are subject to change at any time. For most recent information, please call 833-600-5704.

1

SEMI-ANNUAL REPORT

Formidable etf

Shareholder Letter September 30, 2023

Fellow Formidable ETF (“Fund”) Investors,

We thank you for your continued support during what can only be described as a tumultuous market.

The table below shows performance for the Fund versus the S&P Midcap 400® Index, a market-cap weighted index comprised of companies between the definitions of large and small cap, as well as peers, as defined by Morningstar. After strong performance during a severe drawdown in 2022, the Fund has not kept pace with the rebound in 2023, though it has outperformed since inception.

Index as of 9/30/2023

 

3-Month

 

6-Month

 

YTD

 

1-Year

 

2-Year

 

Calendar Year
2022

 

Inception1

Formidable ETF - Market

-6.35

-7.30 

-6.07

-0.93

-2.31

-1.67

-3.52

Formidable ETF - NAV

-6.33

-7.61 

-5.46

-0.51

-2.26

-2.24

-3.50

S&P Midcap 400® Index

-4.20

0.44 

4.24

15.46

-2.19

-13.10

-5.98

Category

-3.89

 

4.04

14.02

N/A

-14.00

N/A

Rank

94

 

98

99

N/A

3

N/A

1Inception Date 4/29/2021. Returns over 1 year are annualized.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The gross expense ratio is 1.19%.

In terms of performance for the six-month period ending September 30, 2023, the Fund failed to keep pace with the Index. The Fund’s top-down approach, which has indicated “risk off” since late 2021, and hence has seen the Fund conservatively positioned, has been a key detractor. Speculation regarding easier Federal Reserve policy, the so-called ”pivot”, began gaining traction in in Q1 ‘23, and the emergency actions taken in the wake of the failure of Silicon Valley Bank infused temporary liquidity into the market, much to the benefit of highly valued, larger cap names. Our process did not indicate any change in conditions that would compel us to increase the portfolio’s risk profile. The Fund’s bias toward smaller cap stocks has also been a detractor, with small cap underperformance approaching levels last seen during the technology bubble. Similarly, dividend payers, which we tend to favor, have also underperformed by meaningful margins.

Our top-down framework suggests the economy is likely to slow due to the delayed effect of the Fed’s aggressive rate increases while inflation remains elevated. Accordingly, we are positioned for a challenging environment, given the incongruence between bond yields and stock valuations, which we do not

2

SEMI-ANNUAL REPORT

think are sustainable. We have been more aggressive in option call writing to generate income and have maintained exposure to tail hedging via put spreads on an exchange-traded fund (ETF) that tracks smaller cap companies as well as puts on a high yield bond index. We believe these to be inexpensive ways to mitigate against a sizable drawdown.

Again, we appreciate your investment in the Fund and look forward to providing you with future updates.

Sincerely,

Will Brown
CEO and
Portfolio Manager

Adam Eagleston, CFA
CIO and
Portfolio Manager

DISCLOSURES

This information is current as of the date of this material and is subject to change at any time, based on market and other conditions. Although taken from reliable sources, Formidable cannot guarantee the accuracy of the information received from third parties.

Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and a summary prospectus, copies of which may be obtained by calling (833) 600-5704. Read the prospectus carefully before you invest.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Important Fund Risks:  Investing involves risks.  Principal loss is possible. 

Non-Diversification Risk- The Fund is actively managed and non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses.

formidable etf

Shareholder Letter - continued September 30, 2023

3

SEMI-ANNUAL REPORT

Investment Strategy Risk- The Fund’s investments in securities that the Adviser believes will perform well in a certain macroeconomic environment may not perform as expected.

Derivatives Risk- The Fund may use derivative instruments such as put and call options on stocks and certain volatility-linked exchange-traded products. There is no guarantee that the use of these instruments by the Fund will work. The Fund’s use of derivatives may magnify losses for the Fund.

Mid and Small Capitalization Stock Risk- The value of mid and small capitalization company stocks or ETFs that invest in stocks of mid and small capitalization companies may be subject to more abrupt or erratic market movements.

Foreign Securities Risk- To the extent the Fund invests in foreign securities, it may be subject to additional risks not typically associated with investments in domestic securities.  These risks are greater for emerging markets.

REITs Risk- Investing in real estate investment trusts (“REITs”) involves unique risks.

Morningstar rankings are based on a fund’s average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.”

Formidable Asset Management is the advisor to the Formidable Funds, all of which are distributed by Foreside Fund Services, LLC

formidable etf

Shareholder Letter - continued September 30, 2023

4

SEMI-ANNUAL REPORT

Formidable ETF

Portfolio Composition as of September 30, 2023 (unaudited)

Holdings by Sector/Asset Class

 

Percentage of
Net Assets

Common Stocks:

Energy

17.57%

Materials

13.76%

Industrial

13.01%

Communication Services

9.43%

Health Care

8.85%

Consumer Staples

8.82%

Utilities

4.90%

Real Estate

3.83%

Consumer Discretionary

2.55%

Financial

1.82%

Treasury Notes

9.37%

Purchased Options:

Put Options

0.52%

Total Investments

94.43%

 

Options Written:

Call Options

(0.54%)

Put Options

(0.07%)

Total Options Written

(0.61%)

FORMIDABLE ETF

Schedule of Investments September 30, 2023 (unaudited)

See Notes to Financial Statements

5

SEMI-ANNUAL REPORT

Shares/Par

 

Value

84.54%

COMMON STOCKS

 

9.43%

COMMUNICATIONS SERVICES

 

Activision Blizzard, Inc. (A)

21,609

$2,023,251

 

Tegna, Inc. (A) 

49,368

719,292

 

2,742,543

 

2.55%

CONSUMER DISCRETIONARY

 

PetMed Express, Inc. (A) 

46,974

481,484

 

RCI Hospitality Holdings, Inc.

4,293

260,413

 

741,897

 

8.82%

CONSUMER STAPLES

 

Altria Group, Inc. (A) 

36,431

1,531,924

 

British American Tobacco plc

33,062

1,038,477

 

2,570,401

 

17.57%

ENERGY

 

Alliance Resource Partners LP (A) 

25,075

564,940

 

Baytex Energy Corp. (A)

137,949

608,355

 

Delek US Holdings, Inc. (A) 

15,770

448,026

 

Energy Transfer LP (A) 

77,699

1,090,117

 

Kinross Gold Corp. (A) 

62,207

283,664

 

Pioneer Natural Resources Co.

3,526

809,393

 

Sitio Royalties Corp. (A) 

33418

809,050

 

The Williams Cos., Inc. (A) 

14,794

498,410

 

5,111,955

 

1.82%

FINANCIAL

 

PayPal Holdings Inc. (A)

9,045

528,771

 

8.85%

HEALTH CARE

 

BioAtla, Inc. (A)

160,294

272,500

 

CytomX Therapeutics, Inc. (A)

318,111

410,363

 

Mereo BioPharma Group plc (A)

331,914

428,169

See Notes to Financial Statements

6

SEMI-ANNUAL REPORT

FORMIDABLE ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

Shares/Par

 

Value

 

Pfizer Inc. (A) 

16,125

$534,866

 

Royalty Pharma plc

34,191

927,944

 

2,573,842

 

13.01%

INDUSTRIAL

 

Acacia Research Corp.

554,362

2,023,421

 

Flux Power Holdings, Inc.

380,477

1,308,841

 

Grupo Aeroportuario del Centro

1,845

453,335

 

3,785,597

 

13.76%

MATERIALS

 

Agnico Eagle Mines Ltd. (A) 

3,883

176,482

 

Lithium Americas Corp. (A)

59,245

1,007,757

 

Newmont Corp. (A) 

15,606

576,642

 

Rio Tinto plc (A) 

8,505

541,258

 

SilverCrest Metals, Inc. (A)

138,778

612,011

 

Wheaton Precious Metals Corp. (A) 

26,846

1,088,605

 

4,002,755

 

3.83%

REAL ESTATE

 

American Tower Corp. (A) 

3,422

562,748

 

Sun Communities, Inc. (A) 

4,651

550,399

 

1,113,147

 

4.90%

UTILITIES

 

Algonquin Power & Utilties Corp.

105,037

621,819

 

Brookfield Infrastructure Partners LLP (A) 

27,290

802,326

 

1,424,145

 

84.54%

TOTAL COMMON STOCKS

 

(Cost: $28,988,328)

24,595,053

 

FORMIDABLE ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

See Notes to Financial Statements

7

SEMI-ANNUAL REPORT

Shares/Par

 

Value

9.37%

TREASURY NOTES

 

US Treasury, 5.285%, 10/19/2023

652,000

$650,382

 

US Treasury, 5.290%, 12/21/2023

2,100,000

2,075,376

 

 

TOTAL TREASURY NOTES

 

(Cost: $2,725,187)

2,725,758

 

0.52%

PURCHASED OPTIONS(B) 

 

 

PUT OPTIONS PURCHASED

Description

Number
of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

 

iShares iBoxx High Yield Corporate Bond ETF

1,375

$9,900,000

$72.00

10/19/2023

$20,625

 

iShares iBoxx High Yield Corporate Bond ETF

750

5,475,000

73.00

10/19/2023

28,500

 

iShares Russell 2000 ETF

100

1,767,400

176.00

10/19/2023

28,100

 

iShares Russell 2000 ETF

200

3,534,800

178.00

10/19/2023

75,400

 

0.52%

TOTAL PURCHASED OPTIONS

 

(Cost: $93,972)

152,625

 

94.43%

TOTAL INVESTMENTS

 

(Cost: $31,807,487)

27,473,436

5.57%

Other assets, net of liabilities

1,620,006

100.00%

NET ASSETS

$29,093,442

(A)All or a portion of the security is held as collateral for options written.

(B)Non-income producing.

See Notes to Financial Statements

8

SEMI-ANNUAL REPORT

FORMIDABLE ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

(0.61%)

OPTIONS WRITTEN(B) 

 

(0.54%)

CALL OPTIONS

Description

Number
of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

 

Acacia
Research Corp

538

$(196,370

)

$5.00

10/19/2023

$(2,690

)

 

Activision
Blizzard Inc.

216

(221,400

)

90.00

10/19/2023

(99,360

)

 

Agnico Eagle
Mines LTD

10

(45,450

)

55.00

10/19/2023

(40

)

 

Alliance Resource Partner

60

(135,180

)

22.50

10/19/2023

(3,300

)

 

Altria Group, Inc.

75

(315,375

)

46.00

11/2/2023

(375

)

 

American
Tower Corp.

34

(559,130

)

200.00

10/19/2023

(170

)

 

Baytex Energy Corp.

560

(246,960

)

5.00

10/19/2023

(2,800

)

 

Bioatla Inc

500

(85,000

)

5.00

10/19/2023

(12,500

)

 

Brookfield Infrastructure

80

(235,200

)

35.00

11/16/2023

(800

)

 

Cytomx
Therapeutics Inc

29

(3,741

)

2.50

11/16/2023

(897

)

 

Delek US
Holdings Inc.

25

(71,025

)

30.00

10/19/2023

(1,300

)

 

Energy Transfer LP

100

(140,300

)

14.50

10/26/2023

(1,000

)

 

Energy Transfer LP

100

(140,300

)

15.00

11/16/2023

(800

)

 

Kinross Gold Corp.

100

(45,600

)

5.50

9/28/2023

(100

)

 

Kinross Gold Corp.

100

(45,600

)

6.00

11/16/2023

(200

)

 

Lithium
Americas Corp.

75

(127,575

)

21.00

9/28/2023

(225

)

 

Mereo Biopharma Group PLC

1,331

(171,699

)

2.50

11/16/2023

(13,310

)

 

Newmont
Goldcorp Corp.

30

(110,850

)

42.00

10/12/2023

(135

)

 

Paypal
Holdings Inc.

15

(87,690

)

70.00

10/19/2023

(105

)

 

Petmed Express Inc

469

(480,725

)

12.50

10/19/2023

(2,345

)

 

Pfizer, Inc

40

(132,680

)

35.00

11/2/2023

(1,640

)

 

Rio Tinto PLC ADR

25

(159,100

)

70.00

10/19/2023

(475

)

FORMIDABLE ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

See Notes to Financial Statements

9

SEMI-ANNUAL REPORT

Description

Number
of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

 

Silvercrest
Metals Inc.

387

$(170,667

)

$6.00

10/19/2023

$(1,935

)

 

Sitio Royalties Corp

80

(193,680

)

30.00

10/19/2023

(800

)

 

Sun Communities Inc.

15

(177,510

)

140.00

11/16/2023

(7,050

)

 

Tegna, Inc.

150

(218,550

)

17.00

11/16/2023

(1,875

)

 

The Williams
Cos., Inc.

40

(134,760

)

36.00

10/26/2023

(400

)

 

Wheaton Precious Metals

30

(121,650

)

48.00

10/26/2023

(450

)

 

(0.54%)

TOTAL CALL OPTIONS WRITTEN

 

(Premiums received: $149,698)

(157,077

)

 

(0.07%)

PUT OPTIONS

 

iShares Russell 2000 ETF

100

(1,767,400

)

166.00

10/19/2023

(5,600

)

 

iShares Russell 2000 ETF

200

(3,534,800

)

168.00

10/19/2023

(14,600

)

 

(0.07%)

TOTAL PUT OPTIONS WRITTEN

 

(Premiums received: $10,964)

(20,200

)

 

(0.61%)

TOTAL OPTIONS WRITTEN

 

(Premiums received: $160,662)

$(177,277

)

(B)Non-income producing.

10

SEMI-ANNUAL REPORT

formidable fortress etf

Shareholder Letter September 30, 2023

Fellow Formidable Fortress ETF (“Fund”) Investors,

We thank you for your continued support during what can only be described as a tumultuous market.

The table below shows performance for the Fund versus the S&P 500® Index (“Index”), a market-cap weighted index reflecting the largest U.S. companies, as well as peers, as defined by Morningstar. In what has been a challenging environment, we are pleased that the Fund, since its inception, has met our expectations in terms of protecting capital during declines while participating in equity rallies. Additionally, the Fund has performed well against its peers, thanks in part to our focus on what we consider to be higher quality companies.

Returns as of 9/30/2023

 

3-Month

 

6-Month

 

YTD

 

1-Year

 

2-Year

 

Calendar Year 2022

 

Inception1

Formidable Fortress ETF - Market

0.32

 0.84

6.65

15.28

2.66

-9.65

0.61

Formidable Fortress ETF -
NAV

0.30

 0.76

6.50

15.51

2.58

-9.48

0.56

S&P 500® INDEX

-3.27

 5.18

13.06

21.59

2.76

-18.13

1.84

Category

-3.89

 

4.04

14.02

N/A

-14.00

N/A

Rank

4

 

23

32

N/A

16

N/A

1Inception Date 7/21/2021. Returns over 1 year are annualized.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The gross expense ratio is 0.89%.

In terms of performance for the six-month period ending September 30, 2023, the Fund’s 0.84% gain lagged the 5.18% return of the S&P 500® Index. The largest detractors to performance were an underweight to the Information Technology sector, as well as lagging stock selection in the sector. As mentioned, the Index is market-cap weighted, and during the above-referenced period, the outsized return for the Index was a function of over-performance by its largest components, often referred to as the “Magnificent Seven.” These stocks, which are generally technology oriented, posted sizable gains, dragging the Index higher. Conversely, an equally weighted (as opposed to market-cap weighted) version of the Index declined a little over 1% during this period.

The quantitative portion of the process drives the Fund’s investable universe. However, within this process, we have discretion to place a greater emphasis on certain factors not considered quantitatively. To that end, we have also

11

SEMI-ANNUAL REPORT

placed a greater emphasis on valuation in light of the challenge higher rates cause for longer duration, i.e., more highly valued, companies. We think these tactical decisions are prudent in light of the macroeconomic environment our top-down framework suggests is likely to face us during the remainder of 2023 and into 2024.

We have also been more aggressive in option call writing to generate income and have maintained the Fund’s exposure to tail hedging via put spreads on an exchange-traded fund (ETF) that tracks the Index, which we believe to be an inexpensive way to mitigate against a sizable drawdown.

Again, we appreciate your investment in the Fund and look forward to providing you with future updates.

Sincerely,

Will Brown
CEO and
Portfolio Manager

Adam Eagleston, CFA
CIO and
Portfolio Manager

DISCLOSURES

This information is current as of the date of this material and is subject to change at any time, based on market and other conditions. Although taken from reliable sources, Formidable cannot guarantee the accuracy of the information received from third parties.

Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and a summary prospectus, copies of which may be obtained by calling (833) 600-5704. Read the prospectus carefully before you invest.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

formidable fortress etf

Shareholder Letter - continued September 30, 2023

12

SEMI-ANNUAL REPORT

Important Fund Risks:  Investing involves risks. Principal loss is possible.

Non-Diversification Risk- The Fund is actively managed and non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses.

Investment Strategy Risk- The Fund’s investments in securities that the Adviser believes will perform well in a certain macroeconomic environment may not perform as expected.

Derivatives Risk- The Fund may use derivative instruments such as put and call options on stocks and certain volatility-linked exchange-traded products. There is no guarantee that the use of these instruments by the Fund will work. The Fund’s use of derivatives may magnify losses for the Fund.

Mid Capitalization Stock Risk- The value of mid capitalization company stocks or ETFs that invest in stocks of mid capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

Foreign Securities Risk- To the extent the Fund invests in foreign securities, it may be subject to additional risks not typically associated with investments in domestic securities.  These risks are greater for emerging markets.

REITs Risk- Investing in real estate investment trusts (“REITs”) involves unique risks.

Formidable Asset Management is the advisor to the Formidable Funds, all of which are distributed by Foreside Fund Services, LLC

formidable fortress etf

Shareholder Letter - continued September 30, 2023

13

SEMI-ANNUAL REPORT

Formidable Fortress ETF

Portfolio Compositionas of September 30, 2023 (unaudited)

Holdings by Sector/Asset Class

 

Percentage of
Net Assets

Common Stocks:

Industrial

18.37%

Health Care

15.34%

Information Technology

12.13%

Financial

11.96%

Real Estate

8.92%

Energy

7.31%

Communications Services

6.68%

Consumer Staples

5.91%

Materials

2.88%

Treasury Notes

7.11%

Purchased Options:

Put Options

1.10%

Total Investments

97.71%

 

Options Written:

Call Options

(0.27%)

Put Options

(0.44%)

Total Options Written

(0.71%)

See Notes to Financial Statements

14

SEMI-ANNUAL REPORT

FORMIDABLE fortress ETF

Schedule of Investments September 30, 2023 (unaudited)

Shares/Par

 

Value

89.50%

COMMON STOCKS

 

6.68%

COMMUNICATIONS SERVICES

 

Activision Blizzard, Inc. (A)

18,838

$1,763,802

 

5.91%

CONSUMER STAPLES

 

Archer-Daniels-Midland Co. (A) 

10,196

768,983

 

Monster Beverage Corp. (A)

14,954

791,814

 

1,560,797

 

7.31%

ENERGY

 

Coterra Energy Inc. (A) 

31,249

845,286

 

Texas Pacific Land Corp.

595

1,085,018

 

1,930,304

 

11.96%

FINANCIAL

 

Erie Indemnity Co. (A) 

2,771

814,092

 

Interactive Brokers Group, Inc. (A) 

9,483

820,848

 

MarketAxess Holdings, Inc. (A) 

3,437

734,281

 

S&P Global Inc. (A) 

2,163

790,382

 

3,159,603

 

15.34%

HEALTH CARE

 

Chemed Corp.

1,712

889,726

 

Regeneron Pharmaceuticals, Inc.

803

660,837

 

United Therapeutics Corp. (A)

3,626

819,005

 

Vertex Pharmaceuticals, Inc. (A)

2,434

846,399

 

West Pharmaceutical Services, Inc. (A) 

2,225

834,842

 

4,050,809

 

18.37%

INDUSTRIAL

 

Expeditors International of
Washington, Inc.
(A) 

7,323

839,435

 

Fastenal Co. (A) 

14,530

793,919

 

Graco, Inc. (A) 

11,141

811,956

FORMIDABLE fortress ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

See Notes to Financial Statements

15

SEMI-ANNUAL REPORT

Shares/Par

 

Value

 

Nordson Corp.

3,532

$788,236

 

Robert Half International, Inc. (A) 

11,273

826,085

 

Snap-on, Inc. (A) 

3,109

792,982

 

4,852,613

 

12.13%

INFORMATION TECHNOLOGY

 

Amdocs Ltd.

9,527

804,936

 

Automatic Data Processing, Inc. (A) 

3,332

801,613

 

Cisco Sysems, Inc. (A) 

14,696

790,057

 

Jack Henry & Associates, Inc. (A) 

5,335

806,332

 

3,202,938

 

2.88%

MATERIALS

 

Reliance Steel & Aluminum Co. (A) 

2,900

760,467

 

8.92%

REAL ESTATE

 

Camden Property Trust (A) 

7,892

746,425

 

Gaming and Leisure Properties (A) 

18,003

820,037

 

Public Storage (A) 

2,994

788,979

 

2,355,441

 

89.50%

TOTAL COMMON STOCKS

 

(Cost: $22,936,995)

23,636,774

 

7.11%

TREASURY NOTES

 

US Treasury, 5.290%, 12/21/2023

1,900,000

1,877,722

 

7.11%

TOTAL TREASURY NOTES

 

(Cost: $1,877,278)

1,877,722

 

0.00%

WARRANTS

 

0.00%

HEALTH CARE

 

Abiomed, Inc. - CVR(A)(C)

 

0.00%

TOTAL WARRANTS

 

(Cost: $-)

 

See Notes to Financial Statements

16

SEMI-ANNUAL REPORT

FORMIDABLE fortress ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

1.10%

PURCHASED OPTIONS

 

 

PUT PURCHASED OPTIONS(A) 

Description

Number
of
Contracts

 

Notional
Amount

 

Exercise
Price

 

Expiration
Date

 

Value

 

SPDR S&P 500
ETF Trust

125

$5,343,500

$440.00

10/19/23

$167,250

 

SPDR S&P 500
ETF Trust

75

3,206,100

435.00

10/19/23

71,700

 

SPDR S&P 500
ETF Trust

50

2,137,400

416.00

10/26/23

16,350

 

SPDR S&P 500
ETF Trust

50

2,137,400

430.00

10/19/23

34,300

 

1.10%

TOTAL PURCHASED OPTIONS

 

(Cost: $102,091)

289,600

 

97.71%

TOTAL INVESTMENTS

 

(Cost: $24,916,364)

25,804,096

2.29%

Other assets, net of liabilities

605,571

100.00%

NET ASSETS

$26,409,667

(A)All or a portion of the secuity is held as collateral for options written.

(B)Non-income producing.

(C)The warrant is a Level 3 security. See Note 1.

CVR - Contingent Value Rights

FORMIDABLE fortress ETF

Schedule of Investments - continued September 30, 2023 (unaudited)

See Notes to Financial Statements

17

SEMI-ANNUAL REPORT

(0.71%)