IDX Funds

IDX Risk-Managed Bitcoin Strategy Fund

Institutional Class - BTIDX

IDX Funds

IDX Commodity Opportunities Fund

Institutional Class - COIDX

AUDIT COMMITTEE FINANCIAL EXPERT.

Not required in semi-annual filing.

●

The Fund was largely fully allocated over the period.

●

The Fund’s managed volatility approach helped mitigate downside risk while capturing upside in the bitcoin market.

IDX Funds

Top Ten Long Portfolio Holdings

(% of
Net Assets) ^(a)

First American Government Obligations Fund, Class X

TOTAL:

Potfolio Allocation

(% of
Net Assets) ^(a)

Money Market Funds

Other Assets in Excess of Liabilities

TOTAL:

(a)

Based on market value.

IDX Funds

Shares

Dividend
Yield (%)

Fair Value

SHORT TERM INVESTMENTS — 65.80%

MONEY MARKET FUNDS — 65.80%

First American Government Obligations Fund, Class X ^{(a) (b)}

TOTAL SHORT TERM INVESTMENTS - (Cost $14,711,347)

TOTAL INVESTMENTS — 65.80% - (Cost $14,711,347)

OTHER ASSETS IN EXCESS OF LIABILITIES — 34.20%

NET ASSETS — 100.00%

(a)

Fair Value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

Variable rate security; the rate shown represents the seven day effective yield at June 30, 2024.

IDX Funds

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation

Unrealized
(Depreciation)

PURCHASE CONTRACTS

CME Bitcoin Futures ^(a)

TOTAL PURCHASE CONTRACTS

TOTAL FUTURES CONTRACTS

NET UNREALIZED DEPRECIATION

(a)

All or a portion of this investment is a holding of IDX Risk-Managed Bitcoin Strategy Subsidiary.

●

The Fund maintained a diversified portfolio across commodities and commodity related equities with next exposure ranging from 30% to 125% over the period.

●

Top holdings included gold miners, corporate bonds, uranium miners, and MLPs.

●

The Fund remained net long, but defensively positioned at the end of the period.

IDX Funds

Top Ten Long Portfolio Holdings

(% of
Net Assets) ^(a)

First American Government Obligations Fund, Class X

VanEck Gold Miners ETF

iShares iBoxx USD Investment Grade Corporate Bond ETF

Sprott Uranium Miners ETF

Global X MLP ETF

iShares Global Infrastructure ETF

First Trust Emerging Markets AlphaDEX Fund

Aris Water Solutions, Inc.

Global X Silver Miners ETF

Ardmore Shipping Corp.

TOTAL:

Potfolio Allocation

(% of
Net Assets) ^(a)

Money Market Funds

Exchange Traded Funds

Common Stocks

Other Assets in Excess of Liabilities

TOTAL:

(a)

Based on market value.

IDX Funds

Shares

Fair Value

COMMON STOCKS — 6.41%

CONSUMER DISCRETIONARY — 0.84%

A-Mark Precious Metals, Inc.

ENERGY — 1.00%

Ardmore Shipping Corp.

INDUSTRIALS — 1.69%

Powell Industries, Inc.

Sterling Infrastructure, Inc. ^(a)

MATERIALS — 2.88%

Aris Water Solutions, Inc.

B2Gold Corp.

TOTAL COMMON STOCKS - (Cost $3,541,757)

EXCHANGE TRADED FUNDS — 30.90%

COMMODITIES — 12.87%

Global X Silver Miners ETF

Sprott Uranium Miners ETF

VanEck Gold Miners ETF

CORPORATE — 6.65%

iShares iBoxx USD Investment Grade Corporate Bond ETF

iShares J.P. Morgan EM High Yield Bond ETF

EQUITY — 2.31%

First Trust Emerging Markets AlphaDEX Fund

GLOBAL — 3.59%

iShares Global Infrastructure ETF

GOVERNMENT — 1.26%

Invesco Emerging Markets Sovereign Debt ETF

Vanguard Emerging Markets Government Bond ETF

IDX Funds

Shares

Fair Value

MASTER LIMITED PARTNERSHIPS — 4.22%

Global X MLP ETF

TOTAL EXCHANGE TRADED FUNDS - (Cost $15,655,213)

Dividend
Yield (%)

SHORT TERM INVESTMENTS — 47.66%

MONEY MARKET FUNDS — 47.66%

24,665,646

First American Government Obligations Fund, Class X ^{(b) (c)}

TOTAL SHORT TERM INVESTMENTS - (Cost $24,665,646)

TOTAL INVESTMENTS — 84.98% - (Cost $43,862,616)

OTHER ASSETS IN EXCESS OF LIABILITIES — 15.03%

NET ASSETS — 100.00%

(a)

Non-income producing security.

(b)

Fair Value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(c)

Variable rate security; the rate shown represents the seven day effective yield at June 30, 2024.

IDX Funds

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation

Unrealized
(Depreciation)

PURCHASE CONTRACTS

Aluminum Futures ^(a)

Brent Crude Last Day Futures ^(a)

Chicago SRW Wheat Futures ^(a)

Coffee Futures ^(a)

Copper Futures ^(a)

Copper Futures ^(a)

Corn Futures ^(a)

Cotton Futures ^(a)

Crude Oil Futures ^(a)

Crude Oil Futures ^(a)

Feeder Cattle Futures ^(a)

Gold Futures ^(a)

Henry Hub Natural Gas Futures ^(a)

KC Wheat Futures ^(a)

Nickel Futures ^(a)

No. 11 Sugar Futures ^(a)

RBOB Gasoline Futures ^(a)

RBOB Gasoline Futures ^(a)

RBOB Gasoline Futures ^(a)

Silver Futures ^(a)

Soybean Futures ^(a)

Zinc Futures ^(a)

TOTAL PURCHASE CONTRACTS

SALE CONTRACTS

Lean Hog Futures ^(a)

Live Cattle Futures ^(a)

Live Cattle Futures ^(a)

NY Harbor ULSD Futures ^(a)

TOTAL SALES CONTRACTS

TOTAL FUTURES CONTRACTS

NET UNREALIZED DEPRECIATION

(a)

All or a portion of this investment is a holding of IDX Commodity Subsidiary.

IDX Funds

IDX Risk-Managed
Bitcoin Strategy Fund

IDX Commodity
Opportunities Fund

ASSETS

Investments at cost:

Investments at value:

Deposit with brokers for derivative instruments

Unrealized appreciation of open futures contracts

Receivables

Dividends and interest receivable

Receivable for fund shares sold

Due from advisor

Prepaid expenses and other assets

TOTAL ASSETS

LIABILITIES

Unrealized depreciation of open futures contracts

Payables and accrued liabilities:

Payable for fund shares redeemed

Payable to related parties

Investment Advisory Fees Payable

Shareholder servicing payable

Accrued expenses and other liabilities

TOTAL LIABILITIES

NET ASSETS

Net Assets Consist Of:

Paid in capital

Total distributable earnings/accumulated loss

NET ASSETS

Net Asset Value Per Share:

Net assets

Shares outstanding (unlimited number of shares authorized with no par value)

Net asset value, redemption price and offering price per share

IDX Funds

IDX Risk-Managed
Bitcoin Strategy Fund

IDX Commodity
Opportunities Fund

Period Ended
6/30/2024

Period Ended
6/30/2024

INVESTMENT INCOME

Interest

Dividends

Foreign withholding taxes

TOTAL INVESTMENT INCOME

EXPENSES

Investment advisory fees

Shareholder servicing fees

Accounting and administrative fees

Transfer agent fees

Legal Fees

Reporting fees

Custodian fees

Compliance officer fees

Insurance fees and expenses

Trustee fees and expenses

Professional fees

Other expenses

TOTAL EXPENSES

Investment advisory fees waived

TOTAL NET EXPENSES

NET INVESTMENT INCOME

IDX Funds

IDX Risk-Managed
Bitcoin Strategy Fund

IDX Commodity
Opportunities Fund

Period Ended
6/30/2024

Period Ended
6/30/2024

REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS, OPTIONS AND FUTURES

Net realized gain/ (loss) from:

Investments

Futures contracts

Net realized gain/(loss)

Net change in unrealized appreciation/(depreciation) on:

Investments

Futures contracts

Net change in unrealized appreciation/(depreciation):

NET REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS, OPTIONS AND FUTURES

NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

IDX Funds

IDX Risk-Managed
Bitcoin Strategy Fund

IDX Commodity
Opportunities Fund

(Unaudited)
Period Ended
6/30/2024

Year Ended
12/31/2023

(Unaudited)
Period Ended
6/30/2024

Year Ended
12/31/2023

FROM OPERATIONS

Net investment income / (loss)

Net realized gain / (loss) from:

Investments

Written options

Futures contracts

Net change in unrealized appreciation / (depreciation) on:

Investments

Futures contracts

Net increase / (decrease) in net assets resulting from operations

DISTRIBUTIONS TO SHAREHOLDERS

Institutional Shares:

Net decrease in net assets from distributions to shareholders

FROM SHARES OF BENEFICIAL INTEREST

Proceeds from shares sold:

Net asset value of shares issued in reinvestment of distributions to shareholders:

Payments for shares redeemed:

Net increase / (decrease) in net assets from shares of beneficial interest

TOTAL INCREASE / (DECREASE) IN NET ASSETS

NET ASSETS

Beginning of year/period

End of year/period

SHARE ACTIVITY

Institutional Class:

Shares sold

Shares reinvested

Shares redeemed

Net increase / (decrease) in shares of beneficial interest outstanding

SHARES OUTSTANDING

Beginning of year/period

End of year/period

IDX Funds

IDX Risk-Managed Bitcoin Strategy Fund

(Unaudited)
Period Ended
6/30/2024

Year Ended
12/31/2023

Year Ended
12/31/2022

Period Ended
12/31/2021⁽¹⁾

Net Asset Value, Beginning of Year/Period

From investment operations:

Net investment income/(loss) ⁽²⁾

Net realized and unrealized gain/(loss) on investment activity

Total from investment operations

Less distributions from:

Net investment income

Total distributions

Net Asset Value, End of Year/Period

Total Return

Ratios/Supplemental Data:

Net Asset Value, End of Year/Period (000s)

Ratio of net expenses to average net assets

Before waivers

After waivers

Ratio of net expenses to average net assets

Before waivers

After waivers

Ratio of net investment income/(loss) to average net assets

Before waivers

After waivers

Portfolio Turnover Rate

⁽¹⁾

The Fund commenced operations on November 17, 2021.

⁽²⁾

Net investment income/(loss) per share has been calculated based on average shares outstanding during the year/period.

⁽³⁾

Not annualized.

⁽⁴⁾

Annualized.

⁽⁵⁾

Expenses to average net assets including shareholder servicing, interest, and dividend expense.

⁽⁶⁾

Expenses to average net assets excluding shareholder servicing, interest, and dividend expense.

⁽⁷⁾

Expenses to average net assets including interest and dividend expense.

⁽⁸⁾

Expenses to average net assets excluding interest and dividend expense.

⁽⁹⁾

Portfolio turnover decreased from 2022 to 2023 as market conditions in 2023 demonstrated significantly less volatility.

IDX Funds

IDX Commodity Opportunities Fund

(Unaudited)
Period Ended
6/30/2024

Year Ended
12/31/2023

Period Ended
12/31/2022⁽¹⁾

Net Asset Value, Beginning of Year/Period

From investment operations:

Net investment income/(loss) ⁽²⁾

Net realized and unrealized gain/(loss) on investment activity

Total from investment operations

Less distributions from:

Net investment income

Net realized gain

Total distributions

Net Asset Value, End of Year/Period

Total Return

Ratios/Supplemental Data:

Net Asset Value, End of Year/Period (000s)

Ratio of net expenses to average net assets

Before waivers

After waivers

Ratio of net expenses to average net assets

Before waivers

After waivers

Ratio of net investment income/(loss) to average net assets

Before waivers

After waivers

Portfolio Turnover Rate

⁽¹⁾

The Fund commenced operations on November 1, 2022.

⁽²⁾

Net investment income/(loss) per share has been calculated based on average shares outstanding during the year/period.

⁽³⁾

Not annualized.

⁽⁴⁾

Annualized.

⁽⁵⁾

Expenses to average net assets including shareholder servicing, interest, and dividend expense.

⁽⁶⁾

Expenses to average net assets excluding shareholder servicing, interest, and dividend expense.

⁽⁷⁾

Less than $0.01 per share.

IDX Funds

SEMI-ANNUAL REPORT

1.

ORGANIZATION

2.

SIGNIFICANT ACCOUNTING POLICIES

a)

Security Valuation – All investments in securities are recorded at fair value, as described in note 3.

b)

Cryptocurrency Risk – Cryptocurrency (notably, Bitcoin), often referred to as “virtual currency” or “digital currency,” operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. The Bitcoin Fund may have exposure to Bitcoin, a cryptocurrency, indirectly through an investment in an investment vehicle. Cryptocurrencies operate

IDX Funds

SEMI-ANNUAL REPORT

c)

Commodity Investments – The Commodity Fund may allocate assets among various commodity sectors (including agricultural, energy, livestock, softs (e.g., non-grain agricultural products such as coffee, sugar, cocoa, etc.) and precious and base metals). The Commodity Fund will obtain exposure to commodity sectors by investing in commodity-linked Derivatives, directly or through the subsidiary, not through direct investments in physical commodities. Certain investments such as commodity pools are measured based upon NAV as a practical expedient to determine fair value and are not required to be categorized in the fair value hierarchy.

d)

Exchange Traded Funds – The Funds may invest in Exchange Traded Funds (“ETFs”). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Funds may purchase an ETF to gain exposure to a specific asset class. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

e)

Futures Contracts – The Funds use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the reference asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Funds. Counterparty credit risk exists with respect to initial and variation margin deposited/paid by the Funds that is held in futures commission merchant, broker and/or clearinghouse accounts for such exchange-traded derivatives.

f)

Short Sales of Investments – The Funds may engage in short sales of securities to realize appreciation when a security that the Funds do not own declines in value. A short sale is a transaction in which a fund sells a security it does not own to a third party by borrowing the security in anticipation of purchasing the same security at the market price on a later date to close out the borrow and thus the short position. The price a fund pays at the later date may be more or less than the price at which the fund sold the security. If the price of the security sold short increases between the short sale and when the fund closes out the short sale, the fund will incur a loss, which is theoretically unlimited. The Funds will realize a gain, which is limited to the price at which the fund sold the security short if the security declines in value between those dates. Dividends on securities sold short are recorded as dividend expense for short sales in the Consolidated Statements of Operations. While the short positions are open, the Funds will post cash or liquid assets at least equal in value to the fair value of the securities should short.

Interest related to the loan is included in interest expense for short sales in the Consolidated Statements of Operations. All collateral is marked to market daily. The Funds may also be required to pledge on the books of the Funds’ additional assets for the benefit of the security and cash lender. Risk of loss may exceed amounts recognized on the Consolidated Statements of Assets and Liabilities. Short positions, if any, are reported at value and listed on the Funds’ Consolidated Schedules of Investments.

g)

Options on Securities – The Funds may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Option trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

IDX Funds

SEMI-ANNUAL REPORT

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

A fund’s obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the fund’s execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be affected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to affect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires, or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

h)

U.S. Government Securities – The Funds also invest in U.S. government securities. Risks arise from investments in U.S. government securities due to possible market illiquidity. U.S. government securities are also sensitive to changes in interest rates and economic conditions. The Funds have established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that they will, in fact, succeed in doing so.

i)

Consolidation of the Subsidiaries – The Consolidated Financial Statements of the Bitcoin Fund and the Commodity Fund each include the investment activity and financial statements of IDXBS and IDXCS, respectively. All intercompany accounts and transactions have been eliminated in consolidation. Because each Fund may invest a substantial portion of its assets in its respective subsidiary, the Funds may be considered to be investing indirectly in some of those investments through its Subsidiaries. For that reason, references to the Funds may also encompass its subsidiary. The Subsidiaries will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as the Funds when viewed on a consolidated basis. Each Fund and its subsidiary are a “commodity pool” under the U.S. Commodity Exchange Act and the Adviser is a “commodity pool operator” registered with and regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional CFTC-mandated disclosure, reporting, and recordkeeping obligations apply with respect to each Fund and its respective subsidiary under CFTC and the U.S. Securities and Exchange Commission (the “SEC”) harmonized regulations. As of June 30, 2024, IDXBS had net assets of $5,420,964 comprising 24.27% of the net assets and IDXCS had net assets of $3,861,462 comprising 7.45% of the net assets of the Bitcoin Fund and the Commodity Fund, respectively.

j)

Non-Diversified Fund Risk – A non-diversified fund’s greater investment in a single issuer makes the Funds more susceptible to financial, economic or market events impacting such issuer. A decline in the value of or default by a single investment may have a greater negative effect than a similar decline or default by a single security in a diversified portfolio.

k)

Federal Income Taxes – The Funds have qualified and intend to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required. The Funds recognize tax benefits of uncertain tax positions only where the position is more-likely-than-not-to be sustained assuming examination by tax authorities.

IDX Funds

SEMI-ANNUAL REPORT

Management has analyzed the Funds’ tax positions taken on all open tax years and expected to be taken as of and during the period ended June 30, 2024, and has concluded that the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. During the period ended June 30, 2024, the Funds did not incur any interest or penalties. The Funds identify its major tax jurisdictions as U.S. Federal and State of Delaware.

For tax purposes, the Funds’ Subsidiaries are exempted Cayman Islands investment companies. The Subsidiaries have received an undertaking from the Government of the Cayman Islands exempting them from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiaries are a Controlled Foreign Corporations (“CFCs”) and as such are not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of each CFC, to the extent of its earnings and profits, will be included each year in the respective Funds’ investment company taxable income.

l)

Cash and Cash Equivalents – Cash is held with a financial institution. The assets of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each account holder. The counterparty is generally a single bank rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy.

m)

Distributions to Shareholders – Dividends from net investment income and distributions of net realized capital gains, if any, will be declared and paid at least annually. Income and capital gain distributions, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. GAAP requires that permanent financial reporting differences relating to shareholder distributions be reclassified to paid-in capital or net realized gains.

n)

Expenses – Expenses incurred by the Trust that do not relate to a specific Fund of the Trust may be allocated equally across all Funds of the Trust, or to the individual Fund based on each Fund’s relative net assets or another basis as determined by the Board of Trustees (the “Board”), whichever method is deemed appropriate as stated in the Trust’s expense allocation policy. Expenses incurred specific to a particular Fund are allocated entirely to that Fund.

o)

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase/decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

p)

Other – Investment and shareholder transactions are recorded on trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income is recognized on an accrual basis and includes the amortization / accretion of premiums and discounts based on effective yield. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

q)

Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under the arrangement is unknown and would involve future claims against the Fund that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.

IDX Funds

SEMI-ANNUAL REPORT

3.

INVESTMENT VALUATIONS

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

●

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

●

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

IDX Funds

SEMI-ANNUAL REPORT

3.

INVESTMENT VALUATIONS (Continued)

Security Classification ^(a)

Level 1

Level 2

Level 3

Total

Investments

Short-Term Investments ^(b)

Total Investments

Other Financial Instruments

Futures Contracts (b) (c)

Unrealized appreciation of open futures contracts

Unrealized depreciation of open futures contracts

Total Futures Contracts

Total Other Financial Instruments

(a)

As of and during the period ended June 30, 2024, the Fund held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs).

(b)

Short-term investments and future contracts held in the Fund are Level 1 securities. For a detailed break-out by industry, please refer to the Consolidated Schedules of Investments and Open Future Contracts.

(c)

Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts. These contracts are valued at the unrealized appreciation / (depreciation) on the instrument.

Security Classification ^(a)

Level 1

Level 2

Level 3

Total

Investments

Common Stocks ^(b)

Exchange Traded Funds ^(b)

Short-Term Investments ^(b)

Total Investments

Other Financial Instruments

Futures Contracts (b) (c)

Unrealized appreciation of open futures contracts

Unrealized depreciation of open futures contracts

Total Futures Contracts

Total Other Financial Instruments

(a)

As of and during the period ended June 30, 2024, the Fund held no securities that were considered to be “Level 3” securities (those valued using significant unobservable inputs).

(b)

Exchange traded funds, purchased options, short-term investments and future contracts held in the Fund are Level 1 securities. For a detailed break-out by industry, please refer to the Consolidated Schedules of Investments and Open Future Contracts.

(c)

Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts. These contracts are valued at the unrealized appreciation / (depreciation) on the instrument.

IDX Funds

SEMI-ANNUAL REPORT

4.

DERIVATIVE TRANSACTIONS

Fair Value

Type of
Derivative

Location

Interest
Rate Risk

Equity Risk

Commodity
Risk

Asset
Derivatives

Liability
Derivatives

Future Contracts

Unrealized depreciation of open futures contracts

Type of Derivative

Average
Monthly Notional
Value ^(a)

Future Contracts

(a)

The Fund considers the average monthly notional amounts during the period, categorized by derivative instrument, to be representative of its derivate activities for the period ended June 30, 2024. The Fund did not engage in short future contract activity during the period ended June 30, 2024.

Type of Derivative

Realized
Gain/(Loss)

Change in
Unrealized
Appreciation /
(Depreciation)

Future Contracts

Total

IDX Funds

SEMI-ANNUAL REPORT

4.

DERIVATIVE TRANSACTIONS (Continued)

Fair Value

Type of
Derivative

Location

Commodity
Risk

Asset
Derivatives

Liability
Derivatives

Future Contracts

Unrealized appreciation of open futures contracts

Future Contracts

Unrealized depreciation of open futures contracts

Type of Derivative

Average
Monthly Notional
Value ^(a)

Put Options Purchased

Future Long Contracts

Future Short Contracts