Semi-Annual Report

October 31, 2022

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 Income Opportunity ETF

Shareholder Letter
(Unaudited)

Dear ACIO Shareholders,

Thank you for your investment in the 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 October 31, 2022 (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.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples (“price-to-earnings ratio” or “P/E ratio”) contracted from very elevated levels which led to lower stock prices. The equity exposure across the ACIO portfolio decreased in line with the S&P 500^®Index as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns, somewhat muting the effectiveness of hedged strategies. ACIO typically carries 30 to 40 deltas puts upon initiation. This means they move 30 to 40 cents for every dollar the S&P 500^®Index moves. As the S&P 500^®Index drops lower, higher delta hedges realize more and more delta. Throughout the year, ACIO has carried hedges that are pretty effective instantly (being closer to the money). Simply put, it doesn’t take much of a drop to turn a 40 delta into an 80 delta hedge as markets fall. The aim is to carry enough hedging exposure in the Fund so the effects of being hedged (in a falling market) are relevantly quickly. For example, an 80 delta x 100% notional hedge means the portfolio is 80% protected and will feel approximately only 20% of the drop. In addition, the covered calls against the long equity positions for the year have contributed considerable income to the strategy as the market has grinded lower, further improving performance.

For the current fiscal period, ACIO was down -1.42% at market and down -1.39% at net asset value (“NAV”). Over the same period, the S&P 500^® Total Return Index was down -5.50%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring in July 2022 on the S&P 500 Index (SPX), gaining 258.90% and adding 3.12% to the return of ACIO. The second largest contributor was a put option position expiring in May 2022 on the S&P 500 Index (SPX), gaining 187.54% and adding 2.85% to the return of ACIO. The third largest contributor was a put option position expiring in October 2022 on the S&P 500 Index (SPXW), gaining 223.46% and adding 1.55% to the return of ACIO.

The largest negative contributor to the return of the Fund for the current fiscal period was a put option position expiring in October 2022 on the S&P 500 Index (SPX), down -63.95% and detracting -1.89% from the return of ACIO. The second largest negative contributor was a put option position expiring in June 2022 on the S&P 500 Index (SPX), down -78.31% and detracting -1.45% from the return of ACIO. The third largest negative contributor was a put option position expiring in July 2022 on the S&P 500 Index (SPXW), down -32.22% and detracting -1.27% from the return of ACIO.

We are excited about the opportunity to give our investors access to the Aptus Collared Income 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.

1

Aptus Collared Income Opportunity ETF

Shareholder Letter
(Unaudited) (Continued)

We appreciate your interest in ACIO. If we can elaborate on the underlying Aptus Collared Income 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 Income 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 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 and schedule of written options in this report for complete holdings information.

Definitions:

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.

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.

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.

Notional value is a term often used to value the underlying asset in a derivatives trade. It can be the total value of a position, how much value a position controls, or an agreed-upon amount in a contract. In market parlance, notional value is the total underlying amount of a derivatives trade.

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 Collared Income 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 October 31, 2022 (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”).

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates was a large detractor to fixed income performance which made the fixed income environment one of the most difficult markets experienced historically. DRSK’s exposure to bonds (90-95% of the portfolio) detracted from performance, although, by managing the duration of our fixed income portfolio, we were able to show less interest rate sensitivity to the rising rate environment versus our benchmark (The Bloomberg Barclays US Aggregate Bond Index). As interest rates rose, the portfolio management team increased the duration of the Fund more in line with the Bloomberg Barclays US Aggregate Bond Index aiming, to increase future shareholder income given a higher interest rate environment. In regard to the options component, the volatility environment for the year was heightened but not explosive compared to the environment experienced during the 2020 pandemic. DRSK can allocate up to ~5% of the portfolio to a long volatility overlay (long calls and puts). The long calls suffered some small losses as the equity market in general (S&P 500 Index^®) decreased but on the flipside, the risk mitigation (long puts) didn’t realize to the extent that we’d hoped given the muted volatility regime. In saying that, as seen below, the Fund has still outperformed its benchmark year to date.

For the current fiscal period, DRSK was down -5.82% at market and down -5.63% at net asset value (“NAV”). Over the same period, the Bloomberg Barclays US Aggregate Bond Index was down -6.86%.

The largest positive contributor to return for the current fiscal period was a call option position expiring in October 2022 on the S&P 500 Index (SPX), gaining 92.62% and adding 0.78% to the return of DRSK. The second largest contributor was a call option position expiring in August 2022 on the S&P 500 Index (SPX), gaining 103.55% and adding 0.75% to the return of DRSK. The third largest contributor was a call option position expiring during September 2022 on Energy Select Sector SPDR Fund (XLE), gaining 91.71% and adding 0.73% to the return of DRSK.

The largest negative contributor to the return of the Fund for the current fiscal period was iShares iBonds Dec 2023 Term Treasury ETF (IBTD), down -5.35% and detracting -0.87% from the return of DRSK. The second largest negative contributor was iShares iBonds Dec 2027 Term Corporate ETF (IBDS), down -3.97% and detracting -0.86% from the return of DRSK. The third largest negative contributor was a call option position expiring in Jan 2022 on the S&P 500 Index (SPX), down -71.97% and detracting -0.79% 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.

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.

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.

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 October 31, 2022 (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, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples (“price-to-earnings ratio” or “P/E ratio”) contracted from very elevated levels which led to lower stock prices. The equity exposure across the ADME portfolio decreased in line with the S&P 500 as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns. ADME is a tail hedge fund where the risk mitigation 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 ‘22 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 -8.68% at market and down -8.47% at net asset value (“NAV”). Over the same period, the S&P 500^® Total Return Index was down -5.50%.

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 4.55% to the return of ADME. The second largest contributor was a put option position expiring during September 2022 on the S&P 500 Index (SPXW), gaining 340.96% and adding 0.95% to the return of ADME. The third largest contributor was a call option position expiring during October 2022 on the S&P 500 Index (SPXW), gaining 186.86% and adding 0.82% 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 October 2022 on the S&P 500 Index (SPX), down -76.61% and detracting -2.97% from the return of ADME. The second largest negative contributor was a put option position expiring during June 2022 on the S&P 500 Index (SPX), down -90.99% and detracting -2.22% from the return of ADME. The third largest negative contributor was a put option position expiring in November 2022 on the S&P 500 Index (SPXW), down -82.65% and detracting -1.52% 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.

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

6

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 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:

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.

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 options risk metric that describes the rate of change in an option’s delta per one-point move in the underlying asset’s price.

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.

7

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 October 31, 2022 (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.

During the current fiscal period, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples (“price-to-earnings ratio” or “P/E ratio”) contracted from very elevated levels which led to lower stock prices. The equity exposure within OSCV decreased less than the funds benchmark, the Russell 2000^® Value Total Return Index.

As the market continues to navigate a hawkish Fed and a transition to a Quantitative Tightening (“QT”) environment due to inflationary forces, we wanted to focus on owning companies with corporate profitability. Historically we know that highly profitable companies tend to outperform over longer periods of time. To be successful in this new environment, we believe the playbook is slightly different in that the market will reward those companies that have pricing inelasticity in their business models. In our view, defending profit margins and minimizing the rate of change is more important than starting with a high absolute value. This reinforces our rationale for aiming to own high-quality companies that can pass on increased costs without causing demand destruction.

For the current fiscal period, OSCV was up 2.06% at market and up 1.89% at net asset value (“NAV”). Over the same period, the Russell 2000^® Value Total Return Index was down -1.35%.

The largest positive equity contributor to return for the current fiscal period was Texas Pacific Land Corporation (TPL), gaining 71.08% and adding 0.96% to the return of OSCV. The second largest contributor was Stock Yards Bancorp, Inc. (SYBT) gaining 50.93% and adding 0.67% to the return of OSCV. The third largest contributor was RCI Hospitality Holdings, Inc. (RICK) gaining 36.50% and adding 0.60% to the return of OSCV.

The largest negative equity contributor to the return of the Fund for the current fiscal period was Gladstone Land Corporation (LAND) down -49.14% and detracting -0.74% from the return of OSCV. The second largest negative contributor was NexPoint Residential Trust, Inc. (NXRT) down -48.17% and detracting -0.71% from the return of OSCV. The third largest negative contributor was Hingham Institution for Savings (HIFS) down -23.12% and detracting -0.55% from the return of OSCV.

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, 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

8

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 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:

Russell 2000^® Value Total Return Index – The Russell 2000^® Value Index measures the performance of Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

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.

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.

Quantitative tightening (“QT”) refers to monetary policies that contract, or reduce, the Federal Reserve System (Fed) balance sheet. This process is also known as balance sheet normalization.

Profit margin is one of the commonly used profitability ratios to gauge the degree to which a company or a business activity makes money. It represents what percentage of sales has turned into profits. Simply put, the percentage figure indicates how many cents of profit the business has generated for each dollar of sale.

Return on equity – a measure of financial performance calculated by dividing net income by shareholders’ equity (shareholders’ equity being a company’s assets minus its debt).

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

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

9

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 October 31, 2022 (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, interest rates rose at a historic pace as the Federal Reserve hiked interest rates to combat stubbornly high inflation. The rise in interest rates led to a repricing in equity valuations where price to earnings multiples (“price-to-earnings ratio” or “P/E ratio”) contracted from very elevated levels which led to lower stock prices. In addition, ex-US exposure suffered geopolitical events, a strong US Dollar as well as severe supply side shortages which weighed heavily on equity prices. The equity exposure across the IDME portfolio decreased in line with the MSCI All Cap World Index (the blend of EFA/EEM) as stock prices dropped. In regard to the options hedging component, the volatility environment (as measured by the Cboe Volatility Index or VIX) for the year was heightened but not explosive when compared to the environment experienced during the 2020 pandemic or other prolonged drawdowns. IDME is a tail hedge fund where the risk mitigation 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, IDME’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 the equity positions held by the fund which has been additive to performance.

For the current fiscal period, IDME was down -15.21% at market and down -15.22% at net asset value (“NAV”). Over the same period, the MSCI All Cap World Index ex USA Net (USD) was down -14.59%.

The largest positive equity contributor to return for the current fiscal period was a put option position expiring in July 2022 on iShares MSCI EAFE ETF (EFA), gaining 283.26% and adding 1.88% to the return of IDME. The second largest contributor was a put option position expiring in October 2022 on iShares MSCI EAFE ETF (EFA), gaining 102.66% and adding 1.55% to the return of IDME. The third largest contributor was a put option position expiring in October 2022 on iShares MSCI EAFE ETF (EFA), gaining 129.91% and adding 1.25% to the return of IDME.

The largest negative contributor to the return of the Fund for the current fiscal period was SPDR Portfolio Developed World ex-US ETF (SPDW), down -13.38% and detracting -9.23% from the return of IDME. The second largest negative contributor was Vanguard Emerging Markets Stock Index Fund (VWO), down -17.55% and detracting -5.04% from the return of IDME. The third largest negative contributor was a put option position expiring in November 2022 on iShares MSCI EAFE ETF (EFA), down -62.12% and detracting -1.91% 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.

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

10

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 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 and schedule of written options 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.

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.

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 Aptus Collared Income Opportunity ETF, which is distributed by Quasar Distributors, LLC.

11

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 one day of operation on its inception date of October 31, 2022 (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”).

For the current fiscal period, JUCY was down -0.04% at net asset value (“NAV”). There is no market performance data available for this period as the Fund was not actively traded on October 31, 2022.

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

12

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.

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

13

Aptus ETFs

Portfolio Allocations

As of October 31, 2022 (Unaudited)

Aptus Collared Income Opportunity ETF

Aptus Defined Risk ETF

Aptus Drawdown Managed Equity ETF

14

Aptus ETFs

Portfolio Allocations

As of October 31, 2022 (Unaudited) (Continued)

Opus Small Cap Value ETF

International Drawdown Managed Equity ETF

Aptus Enhanced Yield ETF

15

Aptus Collared Income Opportunity ETF

Schedule of Investments
October 31, 2022 (Unaudited)

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

16

Aptus Collared Income Opportunity ETF

Schedule of Investments
October 31, 2022 (Unaudited) (Continued)

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

17

Aptus Collared Income Opportunity ETF

Schedule of Written Options
October 31, 2022 (Unaudited)

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

18

Aptus Collared Income Opportunity ETF

Schedule of Written Options
October 31, 2022 (Unaudited) (Continued)

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

19

Aptus Collared Income Opportunity ETF

Schedule of Written Options
October 31, 2022 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

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

20

Aptus Defined Risk ETF

Schedule of Investments
October 31, 2022 (Unaudited)

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

21

Aptus Defined Risk ETF

Schedule of Written Options
October 31, 2022 (Unaudited)

Percentages are stated as a percent of net assets.

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

22

Aptus Drawdown Managed Equity ETF

Schedule of Investments
October 31, 2022 (Unaudited)

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

23

Aptus Drawdown Managed Equity ETF

Schedule of Investments
October 31, 2022 (Unaudited) (Continued)

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

24

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
October 31, 2022 (Unaudited)

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

25

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
October 31, 2022 (Unaudited) (Continued)

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

26

Aptus Drawdown Managed Equity ETF

Schedule of Written Options
October 31, 2022 (Unaudited) (Continued)

Percentages are stated as a percent of net assets.

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

27

Opus Small Cap Value ETF

Schedule of Investments
October 31, 2022 (Unaudited)

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

28

Opus Small Cap Value ETF

Schedule of Investments
October 31, 2022 (Unaudited) (Continued)

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

29

International Drawdown Managed Equity ETF

Schedule of Investments
October 31, 2022 (Unaudited)