# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001398344-26-010562
**Filing Date:** 2026-6
**Character Count:** 659008
**Document Hash:** f4c9b9357c03c7b3182697fe9b918977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010562.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001398344-26-010562

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 261073317

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2295

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Series and Classes Contracts Data

### Tradr 2X Long Innovation ETF (Series ID: S000075836)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000235149 | Tradr 2X Long Innovation ETF | TARK            |

### Tradr 2X Short TSLA Daily ETF (Series ID: S000076096)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000235537 | Tradr 2X Short TSLA Daily ETF | TSLQ            |

### Tradr 1.5X Short NVDA Daily ETF (Series ID: S000076107)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000235548 | Tradr 1.5X Short NVDA Daily ETF | NVDS            |

### Tradr 1X Short Innovation Daily ETF (Series ID: S000076585)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000236570 | Tradr 1X Short Innovation Daily ETF | SARK            |

### Tradr 2X Long Innovation 100 Monthly ETF (Series ID: S000086111)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000251511 | Tradr 2X Long Innovation 100 Monthly ETF | MQQQ            |

### Tradr 2X Long Innovation 100 Quarterly ETF (Series ID: S000086112)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000251512 | Tradr 2X Long Innovation 100 Quarterly ETF | QQQP            |

### Tradr 2X Long SPY Quarterly ETF (Series ID: S000086119)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000251519 | Tradr 2X Long SPY Quarterly ETF | SPYQ            |

### Tradr 1X Short Innovation 100 Monthly ETF (Series ID: S000086142)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000251542 | Tradr 1X Short Innovation 100 Monthly ETF | SMQ             |

### Tradr 2X Long ACHR Daily ETF (Series ID: S000091891)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259755 | Tradr 2X Long ACHR Daily ETF | ARCX            |

### Tradr 2X Long UPST Daily ETF (Series ID: S000091892)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259756 | Tradr 2X Long UPST Daily ETF | UPSX            |

### Tradr 2X Long ALAB Daily ETF (Series ID: S000091893)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259757 | Tradr 2X Long ALAB Daily ETF | LABX            |

### Tradr 2X Long APP Daily ETF (Series ID: S000091894)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259758 | Tradr 2X Long APP Daily ETF | APPX            |

### Tradr 2X Long MDB Daily ETF (Series ID: S000091895)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259759 | Tradr 2X Long MDB Daily ETF | MDBX            |

### Tradr 2X Long QBTS Daily ETF (Series ID: S000091896)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259760 | Tradr 2X Long QBTS Daily ETF | QBTX            |

### Tradr 2X Long QUBT Daily ETF (Series ID: S000091897)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259761 | Tradr 2X Long QUBT Daily ETF | QUBX            |

### Tradr 2X Long RGTI Daily ETF (Series ID: S000091898)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259762 | Tradr 2X Long RGTI Daily ETF | RGTU            |

### Tradr 2X Long TEM Daily ETF (Series ID: S000091899)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259763 | Tradr 2X Long TEM Daily ETF | TEMT            |

### Tradr 2X Long ASTS Daily ETF (Series ID: S000093731)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262179 | Tradr 2X Long ASTS Daily ETF | ASTX            |

### Tradr 2X Long SMR Daily ETF (Series ID: S000093732)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000262180 | Tradr 2X Long SMR Daily ETF | SMU             |

### Tradr 2X Long CEG Daily ETF (Series ID: S000093733)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000262181 | Tradr 2X Long CEG Daily ETF | CEGX            |

### Tradr 2X Long CRWV Daily ETF (Series ID: S000093735)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262183 | Tradr 2X Long CRWV Daily ETF | CWVX            |

### Tradr 2X Long DDOG Daily ETF (Series ID: S000093736)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262184 | Tradr 2X Long DDOG Daily ETF | DOGD            |

### Tradr 2X Long GEV Daily ETF (Series ID: S000093737)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000262185 | Tradr 2X Long GEV Daily ETF | GEVX            |

### Tradr 2X Long LRCX Daily ETF (Series ID: S000093739)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000262187 | Tradr 2X Long LRCX Daily ETF | LRCU            |

### Tradr 2X Long APLD Daily ETF (Series ID: S000095051)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263638 | Tradr 2X Long APLD Daily ETF | APLX            |

### Tradr 2X Long IBM Daily ETF (Series ID: S000095053)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000263640 | Tradr 2X Long IBM Daily ETF | IBX             |

### Tradr 2X Long JOBY Daily ETF (Series ID: S000095054)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263641 | Tradr 2X Long JOBY Daily ETF | JOBX            |

### Tradr 2X Long NBIS Daily ETF (Series ID: S000095056)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263643 | Tradr 2X Long NBIS Daily ETF | NEBX            |

### Tradr 2X Long NVTS Daily ETF (Series ID: S000095057)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263644 | Tradr 2X Long NVTS Daily ETF | NVTX            |

### Tradr 2X Long PONY Daily ETF (Series ID: S000095059)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263646 | Tradr 2X Long PONY Daily ETF | PONX            |

### Tradr 2X Long U Daily ETF (Series ID: S000095061)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000263648 | Tradr 2X Long U Daily ETF | UNX             |

### Tradr 2X Long VOYG Daily ETF (Series ID: S000095063)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263650 | Tradr 2X Long VOYG Daily ETF | VOYX            |

### Tradr 2X Long CLSK Daily ETF (Series ID: S000095066)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263653 | Tradr 2X Long CLSK Daily ETF | CLSX            |

### Tradr 2X Long CORZ Daily ETF (Series ID: S000095067)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263654 | Tradr 2X Long CORZ Daily ETF | COZX            |

### Tradr 2X Long CRDO Daily ETF (Series ID: S000095068)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263655 | Tradr 2X Long CRDO Daily ETF | CRDU            |

### Tradr 2X Long ENPH Daily ETF (Series ID: S000095070)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263657 | Tradr 2X Long ENPH Daily ETF | ENPX            |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22894

#### INVESTMENT MANAGERS SERIES TRUST II
(Exact name of registrant as specified in charter)

------

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2026

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

Tradr

2X Long ACHR

Daily ETF

ARCX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long ACHR Daily ETF ("Fund") for the period of June 9, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/arcx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long ACHR Daily ETF<br>(ARCX) | $591.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on June 9, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long ACHR Daily ETF ("ARCX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Archer Aviation common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -88.29% since inception on June 9, 2025, and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -54.09% and an annualized volatility of 72.83%.

The Reference Asset performance was driven by the performance of its aerospace business. For more information on Archer Aviation financial performance, please see the Archer Aviation annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104217.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long ACHR Daily ETF (ARCX) | -88.29% |
| S&P 500 Index | 9.78% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on June 9, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/arcx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7949798 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$176825 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 284% |
| Swap | (184)% |
| Total | 100% |

---

#### Material Fund Changes
On November 17, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on December 1, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended November 18, 2025 at https://www.tradretfs.com/arcx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/arcx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long ACHR Daily ETF

Tradr

2X Long ALAB

Daily ETF

LABX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long ALAB Daily ETF ("Fund") for the period of August 11, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/labx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long ALAB Daily ETF<br>(LABX) | $501.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on August 11, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long ALAB Daily ETF ("LABX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Astera Labs common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -80.03% since inception on August 11, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -38.92% and an annualized volatility of 88.86%.

The Reference Asset performance was driven by the performance of its semiconductor business. For more information on the company's financial performance, please see the Astera Labs annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104541.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long ALAB Daily ETF (LABX) | -80.03% |
| S&P 500 Index | 3.27% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on August 11, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/labx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$27383587 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$302901 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 235% |
| Swap | (135)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended February 25, 2026 at https://www.tradretfs.com/labx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/labx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long ALAB Daily ETF

Tradr

2X Long APLD

Daily ETF

APLX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long APLD Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/aplx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long APLD Daily ETF<br>(APLX) | $981.51%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long APLD Daily ETF ("APLX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Applied Digital common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 30.68% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 56.18% and an annualized volatility of 109.58%.

The Reference Asset performance was driven by the performance of its digital infrastructure solutions business. For more information on the company's financial performance, please see the Applied Digital annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104721.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long APLD Daily ETF (APLX) | 30.68% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/aplx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$41073714 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$318700 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 63% |
| Swap | 37% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended February 25, 2026 at https://www.tradretfs.com/aplx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/aplx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long APLD Daily ETF

Tradr

2X Long APP

Daily ETF

APPX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long APP Daily ETF ("Fund") for the period of April 24, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/appx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long APP Daily ETF<br>(APPX) | $1391.36%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on April 24, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long APP Daily ETF ("APPX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the AppLovin common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 18.48% since inception on April 24, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 43.77% and an annualized volatility of 71.54%.

The Reference Asset performance was driven by the performance of its software and AI solutions business. For more information on the company's financial performance, please see the AppLovin annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104109.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long APP Daily ETF (APPX) | 18.48% |
| S&P 500 Index | 20.44% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on April 24, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/appx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$108360703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$962313 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 105% |
| Swap | (5)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

On October 2, 2025, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on October 20, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended October 3, 2025 at https://www.tradretfs.com/appx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/appx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long APP Daily ETF

Tradr

2X Long ASTS

Daily ETF

ASTX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long ASTS Daily ETF ("Fund") for the period of July 10, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/astx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long ASTS Daily ETF<br>(ASTX) | $1161.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long ASTS Daily ETF ("ASTX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the AST Spacemobile common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 45.48% since inception on July 10, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 81.81% and an annualized volatility of 103.98%.

The Reference Asset performance was driven by the performance of its telecommunications business. For more information on the company's financial performance, please see the AST Spacemobile annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104361.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long ASTS Daily ETF (ASTX) | 45.48% |
| S&P 500 Index | 4.87% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 10, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/astx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$224593124 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1411667 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 170% |
| Swap | (70)% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/astx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long ASTS Daily ETF

Tradr

2X Long CEG

Daily ETF

CEGX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long CEG Daily ETF ("Fund") for the period of July 10, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/cegx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long CEG Daily ETF<br>(CEGX) | $771.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long CEG Daily ETF ("CEGX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Constellation Energy common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -36.72% since inception on July 10, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -12.83% and an annualized volatility of 46.76%.

The Reference Asset performance was driven by the performance of its sustainable energy business. For more information on the company's financial performance, please see the Constellation Energy annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104397.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long CEG Daily ETF (CEGX) | -36.72% |
| S&P 500 Index | 4.87% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 10, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/cegx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7832236 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$53422 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 139% |
| Swap | (39)% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/cegx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long CEG Daily ETF

Tradr

2X Long CLSK

Daily ETF

CLSX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long CLSK Daily ETF ("Fund") for the period of September 15, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/clsx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long CLSK Daily ETF<br>(CLSX) | $531.46%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long CLSK Daily ETF ("CLSX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Cleanspark common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -66.28% since inception on September 15, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -24.02% and an annualized volatility of 103.08%.

The Reference Asset performance was driven by the performance of its bitcoin mining business. For more information on the company's financial performance, please see the Cleanspark annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104973.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long CLSK Daily ETF (CLSX) | -66.28% |
| S&P 500 Index | -0.68% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 15, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/clsx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16151029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$190761 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 82% |
| Swap | 18% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/clsx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long CLSK Daily ETF

Tradr

2X Long CORZ

Daily ETF

COZX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long CORZ Daily ETF ("Fund") for the period of November 4, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/cozx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long CORZ Daily ETF<br>(COZX) | $351.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on November 4, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long CORZ Daily ETF ("COZX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Core Scientfic common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -65.40% since inception on November 4, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -31.38% and an annualized volatility of 70.73%.

The Reference Asset performance was driven by the performance of its information technology services business. For more information on the company's financial performance, please see the Core Scientific annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1109237.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long CORZ Daily ETF (COZX) | -65.40% |
| S&P 500 Index | -3.08% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on November 4, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.tradretfs.com/cozx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7441997 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$26990 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 92% |
| Swap | 8% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.tradretfs.com/cozx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long CORZ Daily ETF

Tradr

2X Long CRDO

Daily ETF

CRDU

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long CRDO Daily ETF ("Fund") for the period of September 15, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/crdu#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long CRDO Daily ETF<br>(CRDU) | $421.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long CRDO Daily ETF ("CRDU" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Credo Technology common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -79.88% since inception on September 15, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -42.76% and an annualized volatility of 86.63%.

The Reference Asset performance was driven by the performance of its connectivity solutions business. For more information on the company's financial performance, please see the Credo Technology annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104901.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long CRDO Daily ETF (CRDU) | -79.88% |
| S&P 500 Index | -0.68% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 15, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/crdu#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28291338 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$161049 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 165% |
| Swap | (65)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended February 25, 2026 at https://www.tradretfs.com/crdu#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/crdu#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long CRDO Daily ETF

Tradr

2X Long CRWV

Daily ETF

CWVX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long CRWV Daily ETF ("Fund") for the period of July 10, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/cwvx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long CRWV Daily ETF<br>(CWVX) | $551.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long CRWV Daily ETF ("CWVX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Coreweave common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -84.35% since inception on July 10, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -38.44% and an annualized volatility of 97.23%.

The Reference Asset performance was driven by the performance of its software and cloud services business. For more information on the company's financial performance, please see the Coreweave annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104433.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long CRWV Daily ETF (CWVX) | -84.35% |
| S&P 500 Index | 4.87% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 10, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/cwvx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$96552443 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$1399376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 129% |
| Swap | (29)% |
| Total | 100% |

---

#### Material Fund Changes
On November 17, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on December 1, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 9, 2025, as amended November 18, 2025 at https://www.tradretfs.com/cwvx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/cwvx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long CRWV Daily ETF

Tradr

2X Long DDOG

Daily ETF

DOGD

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long DDOG Daily ETF ("Fund") for the period of August 11, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/dogd#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long DDOG Daily ETF<br>(DOGD) | $681.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on August 11, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long DDOG Daily ETF ("DOGD" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Datadog common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -35.72% since inception on August 11, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -8.37% and an annualized volatility of 59.07%.

The Reference Asset performance was driven by the performance of its cloud-based software solutions business. For more information on the company's financial performance, please see the Datadog annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104577.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long DDOG Daily ETF (DOGD) | -35.72% |
| S&P 500 Index | 3.27% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on August 11, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/dogd#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2409992 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$16642 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 132% |
| Swap | (32)% |
| Total | 100% |

---

#### Material Fund Changes
On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated at the close of business day April 27, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 9, 2025, as amended April 7, 2026 at https://www.tradretfs.com/dogd#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/dogd#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long DDOG Daily ETF

Tradr

2X Long ENPH

Daily ETF

ENPX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long ENPH Daily ETF ("Fund") for the period of September 15, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/enpx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long ENPH Daily ETF<br>(ENPX) | $591.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long ENPH Daily ETF ("ENPX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Enphase Energy common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -33.52% since inception on September 15, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -0.45% and an annualized volatility of 81.06%.

The Reference Asset performance was driven by the performance of its solar energy equipment business. For more information on the company's financial performance, please see the Enphase Energy annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1105045.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long ENPH Daily ETF (ENPX) | -33.52% |
| S&P 500 Index | -0.68% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 15, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/enpx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2576308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$25748 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 73% |
| Swap | 27% |
| Total | 100% |

---

#### Material Fund Changes
On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated at the close of business day April 27, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended April 7, 2026 at https://www.tradretfs.com/enpx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/enpx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long ENPH Daily ETF

Tradr

2X Long GEV

Daily ETF

GEVX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long GEV Daily ETF ("Fund") for the period of July 10, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/gevx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long GEV Daily ETF<br>(GEVX) | $1451.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long GEV Daily ETF ("GEVX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the GE Vernova common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 107.16% since inception on July 10, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 62.26% and an annualized volatility of 50.37%.

The Reference Asset performance was driven by the performance of its electric power business. For more information on the company's financial performance, please see the GE Vernova annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104505.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long GEV Daily ETF (GEVX) | 107.16% |
| S&P 500 Index | 4.87% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 10, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/gevx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26413768 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$175911 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Swap | 51% |
| Cash\* | 49% |
| Total | 100% |

---

#### Material Fund Changes
On May 14, 2026, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on June 2, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 9, 2025, as amended May 15, 2026 at https://www.tradretfs.com/gevx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/gevx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long GEV Daily ETF

Tradr

2X Long IBM

Daily ETF

IBX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long IBM Daily ETF ("Fund") for the period of March 23, 2026 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://www.tradretfs.com/ibx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long IBM Daily ETF<br>(IBX) | $31.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on March 23, 2026. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long IBM Daily ETF ("IBX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the International Business Machines common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -5.16% since inception on March 23, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -2.44% and an annualized volatility of 26.34%.

The Reference Asset performance was driven by the performance of its information technology business. For more information on the company's financial performance, please see the International Business Machines annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1109309.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long IBM Daily ETF (IBX) | -5.16% |
| S&P 500 Index | -0.78% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on March 23, 2026. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.tradretfs.com/ibx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$355605 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 102% |
| Swap | (2)% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.tradretfs.com/ibx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long IBM Daily ETF

Tradr

2X Long Innovation 100

Monthly ETF

MQQQ

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long Innovation 100 Monthly ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/mqqq-2x-long-triple-q-monthly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 2X Long Innovation 100 Monthly ETF<br>(MQQQ) | $145 | 1.21% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long Innovation-100 Monthly ETF ("MQQQ" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the monthly performance of the Invesco QQQ ETF (the "Reference Asset") which itself tracks the Nasdaq-100 Index (the "Index"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ended March 31, 2026, the Fund had a total return of 39.19% and an average monthly statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 23.99% and an annualized volatility of 22.52%.

The Index performance was driven by the performance of its ten largest companies (NVIDIA, Microsoft, Apple, etc.) which accounted for nearly 50% of the Index weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104001.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long Innovation 100 Monthly ETF (MQQQ) | 39.19% | 16.98% |
| S&P 500 Index | 17.80% | 10.99% |
| NASDAQ 100 Index | 23.99% | 13.78% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on August 30, 2024. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/mqqq-2x-long-triple-q-monthly-etf#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$101657039 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$827348 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;158% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Equity | 58% |
| Cash\* | 48% |
| Swap | (6)% |
| Total | 100% |

---

#### Material Fund Changes
On February 1, 2026, the Advisor has lowered its management fee from 1.00% to 0.95% and has removed its expense cap of 1.30%. In addition, the Fund has been restructured as a unitary fee.

On May 21, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on June 2, 2025.

On May 16, 2025, the Fund changed its name to Tradr 2X Long Innovation 100 Monthly ETF. Prior to May 16, 2025, the Fund's name was Tradr 2X Long Triple Q Monthly ETF.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended January 30, 2026 at https://www.tradretfs.com/mqqq-2x-long-triple-q-monthly-etf#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/mqqq-2x-long-triple-q-monthly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long Innovation 100 Monthly ETF

Tradr

2X Long Innovation 100

Quarterly ETF

QQQP

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long Innovation 100 Quarterly ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 2X Long Innovation 100 Quarterly ETF<br>(QQQP) | $148 | 1.24% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long Innovation-100 Quarterly ETF ("QQQP" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the quarterly performance of the Invesco QQQ ETF (the "Reference Asset") which itself tracks the Nasdaq-100 Index (the "Index"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ended March 31, 2026, the Fund had a total return of 37.94% and an average quarterly statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 23.99% and an annualized volatility of 22.52%.

The Index performance was driven by the performance of its ten largest companies (NVIDIA, Microsoft, Apple, etc.) which accounted for nearly 50% of the Index weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104037.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long Innovation 100 Quarterly ETF (QQQP) | 37.94% | 13.77% |
| S&P 500 Index | 17.80% | 10.08% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 30, 2024. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$15621335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$64519 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;263% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Equity | 52% |
| Cash\* | 45% |
| Swap | 3% |
| Total | 100% |

---

#### Material Fund Changes
On February 1, 2026, the Advisor has lowered its management fee from 1.00% to 0.95% and has removed its expense cap of 1.30%. In addition, the Fund has been restructured as a unitary fee.

On May 21, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on June 2, 2025.

On May 16, 2025, the Fund changed its name to Tradr 2X Long Innovation 100 Quarterly ETF. Prior to May 16, 2025, the Fund's name was Tradr 2X Long Triple Q Quarterly ETF.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended January 30, 2026 at https://www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long Innovation 100 Quarterly ETF

Tradr

2X Long Innovation ETF

TARK

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long Innovation ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.tradretfs.com/tark-2x-long-innovation-etf#literaturetwo. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 2X Long Innovation ETF<br>(TARK) | $191 | 1.48% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long Innovation ETF ("TARK" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ARK Innovation ETF (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ending March 31, 2026, the Fund had a total return of 58.52% and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 42.06% and an annualized volatility of 42.25%.

The Reference Asset performance was driven by the performance of its ten largest companies (Tesla, CRISPR, etc.) which accounted for over 50% of the Reference Asset weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1103857.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long Innovation ETF (TARK) | 58.52% | -12.08% |
| S&P 500 Index | 17.80% | 12.97% |
| ARK Innovation ETF Index | 42.06% | 8.62% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on April 28, 2022. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.tradretfs.com/tark-2x-long-innovation-etf#literaturetwo for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18727571 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$259713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Swap | 55% |
| Cash\* | 45% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.tradretfs.com/tark-2x-long-innovation-etf#literaturetwo. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long Innovation ETF

Tradr

2X Long JOBY

Daily ETF

JOBX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long JOBY Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/jobx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long JOBY Daily ETF<br>(JOBX) | $451.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long JOBY Daily ETF ("JOBX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Joby Aviation common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -75.53% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -38.45% and an annualized volatility of 73.00%.

The Reference Asset performance was driven by the performance of its air mobility business. For more information on the company's financial performance, please see the Joby Aviation annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104793.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long JOBY Daily ETF (JOBX) | -75.53% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/jobx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19637527 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$195018 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 164% |
| Swap | (64)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended February 25, 2026 at https://www.tradretfs.com/jobx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/jobx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long JOBY Daily ETF

Tradr

2X Long LRCX

Daily ETF

LRCU

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long LRCX Daily ETF ("Fund") for the period of August 18, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/lrcu#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long LRCX Daily ETF<br>(LRCU) | $1901.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on August 18, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long LRCX Daily ETF ("LRCU" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Lam Research common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 272.48% since inception on August 18, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 113.99% and an annualized volatility of 53.47%.

The Reference Asset performance was driven by the performance of its semiconductor business. For more information on the company's financial performance, please see the Lam Research annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104649.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long LRCX Daily ETF (LRCU) | 272.48% |
| S&P 500 Index | 2.01% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on August 18, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/lrcu#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18466408 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$77352 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 145% |
| Swap | (45)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 9, 2025, as amended February 25, 2026 at https://www.tradretfs.com/lrcu#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/lrcu#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long LRCX Daily ETF

Tradr

2X Long MDB

Daily ETF

MDBX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long MDB Daily ETF ("Fund") for the period of August 18, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/mdbx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long MDB Daily ETF<br>(MDBX) | $721.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on August 18, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long MDB Daily ETF ("MDBX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MongoDB common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -21.40% since inception on August 18, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 7.80% and an annualized volatility of 78.22%.

The Reference Asset performance was driven by the performance of its database software business. For more information on the company's financial performance, please see the MongoDB annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104613.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long MDB Daily ETF (MDBX) | -21.40% |
| S&P 500 Index | 2.01% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on August 18, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/mdbx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3144206 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$26895 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 192% |
| Swap | (92)% |
| Total | 100% |

---

#### Material Fund Changes
On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated at the close of business day April 27, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended April 7, 2026 at https://www.tradretfs.com/mdbx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/mdbx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long MDB Daily ETF

Tradr

2X Long NBIS

Daily ETF

NEBX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long NBIS Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/nebx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long NBIS Daily ETF<br>(NEBX) | $841.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long NBIS Daily ETF ("NEBX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nebius Group common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 28.88% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 61.97% and an annualized volatility of 113.99%.

The Reference Asset performance was driven by the performance of its AI cloud platform business. For more information on the company's financial performance, please see the Nebius Group annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104685.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long NBIS Daily ETF (NEBX) | 28.88% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/nebx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$103441782 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$984416 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 75% |
| Swap | 25% |
| Total | 100% |

---

#### Material Fund Changes
On May 14, 2026, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on June 2, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended May 15, 2026 at https://www.tradretfs.com/nebx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/nebx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long NBIS Daily ETF

Tradr

2X Long NVTS

Daily ETF

NVTX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long NVTS Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/nvtx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long NVTS Daily ETF<br>(NVTX) | $1562.81%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long NVTS Daily ETF ("NVTX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Navitas Semiconductor common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -2.61% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 56.33% and an annualized volatility of 122.73%.

The Reference Asset performance was driven by the performance of its semiconductor business. For more information on the company's financial performance, please see the Navitas Semiconductor annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104829.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long NVTS Daily ETF (NVTX) | -2.61% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/nvtx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$18742029 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$106654 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 101% |
| Swap | (1)% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/nvtx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long NVTS Daily ETF

Tradr

2X Long PONY

Daily ETF

PONX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long PONY Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/ponx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long PONY Daily ETF<br>(PONX) | $471.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long PONY Daily ETF ("PONX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Pony AI common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -72.16% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -33.00% and an annualized volatility of 79.73%.

The Reference Asset performance was driven by the performance of its autonomous vehicle technology business. For more information on the company's financial performance, please see the Pony AI annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104757.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long PONY Daily ETF (PONX) | -72.16% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/ponx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3550591 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$36984 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 83% |
| Swap | 17% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/ponx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long PONY Daily ETF

Tradr

2X Long QBTS

Daily ETF

QBTX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long QBTS Daily ETF ("Fund") for the period of April 24, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/qbtx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long QBTS Daily ETF<br>(QBTX) | $1261.31%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on April 24, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long QBTS Daily ETF ("QBTX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the D-Wave Quantum common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of 6.00% since inception on April 24, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 91.63% and an annualized volatility of 118.79%.

The Reference Asset performance was driven by the performance of its quantum computing business. For more information on the company's financial performance, please see the D-Wave Quantum annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104145.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long QBTS Daily ETF (QBTX) | 6.00% |
| S&P 500 Index | 20.44% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on April 24, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/qbtx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$41037951 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$800415 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 233% |
| Swap | (133)% |
| Total | 100% |

---

#### Material Fund Changes
On October 2, 2025, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on October 20, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended October 3, 2025 at https://www.tradretfs.com/qbtx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/qbtx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long QBTS Daily ETF

Tradr

2X Long QUBT

Daily ETF

QUBX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long QUBT Daily ETF ("Fund") for the period of June 23, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/qubx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long QUBT Daily ETF<br>(QUBX) | $531.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on June 23, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long QUBT Daily ETF ("QUBX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Quantum Computing common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -93.96% since inception on June 23, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -60.86% and an annualized volatility of 98.67%.

The Reference Asset performance was driven by the performance of its quantum computing business. For more information on the company's financial performance, please see the Quantum Computing annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104325.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long QUBT Daily ETF (QUBX) | -93.96% |
| S&P 500 Index | 9.37% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on June 23, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/qubx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13515385 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$303953 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 107% |
| Swap | (7)% |
| Total | 100% |

---

#### Material Fund Changes
On November 17, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on December 1, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended November 18, 2025 at https://www.tradretfs.com/qubx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/qubx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long QUBT Daily ETF

Tradr

2X Long RGTI

Daily ETF

RGTU

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long RGTI Daily ETF ("Fund") for the period of June 23, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/rgtu#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long RGTI Daily ETF<br>(RGTU) | $831.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on June 23, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long RGTI Daily ETF ("RGTU" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Rigetti Computing common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -34.05% since inception on June 23, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 30.12% and an annualized volatility of 106.21%.

The Reference Asset performance was driven by the performance of its quantum computing. For more information on the company's financial performance, please see the Rigetti Computing annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104289.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long RGTI Daily ETF (RGTU) | -34.05% |
| S&P 500 Index | 9.37% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on June 23, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/rgtu#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$7228170 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$97408 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 91% |
| Swap | 9% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

On October 2, 2025, the Trust's Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on October 20, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended February 25, 2026 at https://www.tradretfs.com/rgtu#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/rgtu#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long RGTI Daily ETF

Tradr

2X Long SMR

Daily ETF

SMU

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long SMR Daily ETF ("Fund") for the period of July 10, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/smu#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long SMR Daily ETF<br>(SMU) | $491.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long SMR Daily ETF ("SMU" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nuscale Power common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -96.31% since inception on July 10, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -69.91% and an annualized volatility of 100.91%.

The Reference Asset performance was driven by the performance of its small modular reactor business. For more information on the company's financial performance, please see the Nuscale Power's annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104469.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long SMR Daily ETF (SMU) | -96.31% |
| S&P 500 Index | 4.87% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 10, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/smu#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$46872174 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$866594 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 104% |
| Swap | (4)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

On November 17, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on December 1, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 9, 2025, as amended February 25, 2026 at https://www.tradretfs.com/smu#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/smu#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long SMR Daily ETF

Tradr

2X Long SPY

Quarterly ETF

SPYQ

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long SPY Quarterly ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.tradretfs.com/spyq-2x-long-spy-quarterly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 2X Long SPY Quarterly ETF<br>(SPYQ) | $143 | 1.26% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long SPY Quarterly ETF ("SPYQ" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the quarterly performance of the SPDR S&P 500 ETF (the "Reference Asset") which itself tracks the S&P 500 Index (the "Index"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ended March 31, 2026, the Fund had a total return of 26.49% and an average quarterly statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 17.80% and an annualized volatility of 18.54%.

The Index performance was driven by the performance of its ten largest companies (NVIDIA, Microsoft, Apple, etc.) which accounted for more than one-third of the Index weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104073.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long SPY Quarterly ETF (SPYQ) | 26.49% | 10.58% |
| S&P 500 Index | 17.80% | 10.08% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 30, 2024. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.tradretfs.com/tark-2x-long-innovation-etf#literaturetwo for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11170842 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$13971 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;174% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Equity | 52% |
| Cash\* | 43% |
| Swap | 5% |
| Total | 100% |

---

#### Material Fund Changes
On February 1, 2026, the Advisor has lowered its management fee from 1.00% to 0.95% and has removed its expense cap of 1.30%. In addition, the Fund has been restructured as a unitary fee.

On May 21, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on June 2, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended January 30, 2026 at https://www.tradretfs.com/spyq-2x-long-spy-quarterly-etf#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.tradretfs.com/spyq-2x-long-spy-quarterly-etf#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long SPY Quarterly ETF

Tradr

2X Long TEM

Daily ETF

TEMT

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long TEM Daily ETF ("Fund") for the period of May 12, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/temt#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long TEM Daily ETF<br>(TEMT) | $761.31%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on May 12, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long TEM Daily ETF ("TEMT" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Tempus AI common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -69.74% since inception on May 12, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -27.87% and an annualized volatility of 67.31%.

The Reference Asset performance was driven by the performance of its AI-enabled diagnostic medical solutions business. For more information on the company's financial performance, please see the Tempus AI annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104181.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long TEM Daily ETF (TEMT) | -69.74% |
| S&P 500 Index | 12.98% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on May 12, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/temt#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$38399224 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$524151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 125% |
| Swap | (25)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended February 25, 2026 at https://www.tradretfs.com/temt#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/temt#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long TEM Daily ETF

Tradr

2X Long U

Daily ETF

UNX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long U Daily ETF ("Fund") for the period of September 15, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/unx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long U Daily ETF<br>(UNX) | $391.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long U Daily ETF ("UNX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Unity Software common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -88.07% since inception on September 15, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -52.85% and an annualized volatility of 84.07%.

The Reference Asset performance was driven by the performance of its software business. For more information on the company's financial performance, please see the Unity Software annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1105009.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long U Daily ETF (UNX) | -88.07% |
| S&P 500 Index | -0.68% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 15, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/unx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4234005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$16313 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 156% |
| Swap | (56)% |
| Total | 100% |

---

#### Material Fund Changes
On February 24, 2026, the Trust's Board approved a one-for-ten reverse share split for shares of the Fund, effective after the close of business on March 9, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended February 25, 2026 at https://www.tradretfs.com/unx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/unx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long U Daily ETF

Tradr

2X Long UPST

Daily ETF

UPSX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long UPST Daily ETF ("Fund") for the period of June 9, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/upsx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long UPST Daily ETF<br>(UPSX) | $591.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on June 9, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long UPST Daily ETF ("UPSX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Upstart Holdings common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -88.81% since inception on June 9, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -55.33% and an annualized volatility of 70.76%.

The Reference Asset performance was driven by the performance of its cloud-based AI lending platform business. For more information on the company's financial performance, please see the Upstart Holdings annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104253.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long UPST Daily ETF (UPSX) | -88.81% |
| S&P 500 Index | 9.78% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on June 9, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/upsx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$20711636 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$453791 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 367% |
| Swap | (267)% |
| Total | 100% |

---

#### Material Fund Changes
On November 17, 2025, the Trust's Board approved a one-for-five reverse share split for shares of the Fund, effective after the close of business on December 1, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated April 24, 2025, as amended November 18, 2025 at https://www.tradretfs.com/upsx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/upsx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long UPST Daily ETF

Tradr

2X Long VOYG

Daily ETF

VOYX

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Long VOYG Daily ETF ("Fund") for the period of September 8, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/voyx#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 2X Long VOYG Daily ETF<br>(VOYX) | $491.30%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Long VOYG Daily ETF ("VOYX" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Voyager Technologies common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ending March 31, 2026, the Fund had a total return of -64.60% since inception on September 8, 2025 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -20.50% and an annualized volatility of 84.97%.

The Reference Asset performance was driven by the performance of its national security and space solutions business. For more information on the company's financial performance, please see the Voyager Technologies annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1104865.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 2X Long VOYG Daily ETF (VOYX) | -64.60% |
| S&P 500 Index | 1.19% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on September 8, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/voyx#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$885299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$8384 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 96% |
| Swap | 4% |
| Total | 100% |

---

#### Material Fund Changes
On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated at the close of business day April 27, 2026.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated September 8, 2025, as amended April 7, 2026 at https://www.tradretfs.com/voyx#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/voyx#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Long VOYG Daily ETF

Tradr

1X Short Innovation 100

Monthly ETF

SMQ

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 1X Short Innovation 100 Monthly ETF ("Fund") for the period of November 28, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/smq#literature. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| Tradr 1X Short Innovation 100 Monthly ETF<br>(SMQ) | $531.50%<sup>2</sup> |

---

---

| | |
|:---|:---|
| *1* | **The Fund commenced operations on November 28, 2025. If the Fund had been operational for the entire annual period of April 1, 2025 to March 31, 2026, expenses would have been higher.**  |
| *2* | **Annualized.**  |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 1X Short Innovation-100 Monthly ETF ("SMQ" or the "Fund") seeks daily investment results, before fees and expenses, that correspond to one times (1x) the inverse monthly performance of the Invesco QQQ ETF (the "Reference Asset") which itself tracks the Nasdaq-100 Index (the "Index"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the period ended March 31, 2026, the Fund had a total return of 8.35% since inception on November 28, 2025 and an average monthly statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -6.56% and an annualized volatility of 16.00%.

The Index performance was driven by the performance of its ten largest companies (NVIDIA, Microsoft, Apple, etc.) which accounted for nearly 50% of the Index weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1109273.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | Since<br>Inception<sup>1</sup> |
| Tradr 1X Short Innovation 100 Monthly ETF (SMQ) | 8.35% |
| S&P 500 Index | -4.28% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on November 28, 2025. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/smq#literature for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$810596 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 90% |
| Swap | 10% |
| Total | 100% |

---

#### Material Fund Changes
On May 20, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. The Fund will be liquidated on or about June 18, 2026.

This is summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended May 20, 2026 at https://www.tradretfs.com/smq#literature.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/smq#literature. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 1X Short Innovation 100 Monthly ETF

Tradr

1X Short Innovation

Daily ETF

SARK

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 1X Short Innovation Daily ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.tradretfs.com/sark-1x-short-innovation-daily-etf. You can also request this information by contacting us at (888) 528-7237.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 1X Short Innovation Daily ETF<br>(SARK) | $82 | 0.99% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 1X Short Innovation ETF ("SARK" or the "Fund") sought daily investment results, before fees and expenses, that correspond to two times (2x) the inverse daily performance of the ARK Innovation ETF (the "Reference Asset"). After fiscal year end, the Fund adjusted its leverage to one times (1X) the inverse daily performance of the Reference Security. The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ending March 31, 2026, the Fund had a total return of -34.22% and an average daily statistical correlation of over 0.99 to negative two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 42.06% and an annualized volatility of 42.25%.

The Reference Asset performance was driven by the performance of its ten largest companies (Tesla, CRISPR, etc.) which accounted for over 50% of the Reference Asset weight. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1103965.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 1X Short Innovation Daily ETF (SARK) | -34.22% | -10.34% |
| S&P 500 Index | 17.80% | 9.37% |
| ARK Innovation ETF Index | 42.06% | -12.61% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on November 5, 2021. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/sark-1x-short-innovation-daily-etf for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$78708165 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$526062 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 87% |
| Swap | 13% |
| Total | 100% |

---

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/sark-1x-short-innovation-daily-etf. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 1X Short Innovation Daily ETF

Tradr

1.5X Short NVDA

Daily ETF

NVDS

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 1.5X Short NVDA Daily ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/nvds-1.5x-short-nvda-daily-etf. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 1.5X Short NVDA Daily ETF<br>(NVDS) | $80 | 1.15% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 1.5X Short NVDA ETF ("NVDS" or the "Fund") sought daily investment results, before fees and expenses, that correspond to one and a half times (1.5x) the inverse daily performance of the NVIDIA common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ending March 31, 2026, the Fund had a total return of -61.63% and an average daily statistical correlation of over 0.99 to negative one and a half times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 60.95% and an annualized volatility of 41.23%.

The Reference Asset performance was driven by the performance of its artificial intelligence business and other business lines. For more information on NVIDIA financial performance, please see the NVIDIA annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1103893.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 1.5X Short NVDA Daily ETF (NVDS) | -61.63% | -69.22% |
| S&P 500 Index | 17.80% | 17.37% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 13, 2022. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/nvds-1.5x-short-nvda-daily-etf for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$24325769 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$207789 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 89% |
| Swap | 11% |
| Total | 100% |

---

#### Material Fund Changes
On October 2, 2025, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on October 20, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended October 3, 2025 at https://www.tradretfs.com/nvds-1.5x-short-nvda-daily-etf.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/nvds-1.5x-short-nvda-daily-etf. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 1.5X Short NVDA Daily ETF

Tradr

2X Short TSLA

Daily ETF

TSLQ

![TSR - Tradr Fund Logo Cover](images_434.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Tradr 2X Short TSLA Daily ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tradretfs.com/tslq-2x-short-tsla-daily-etf. You can also request this information by contacting us at (888) 528-7237.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Tradr 2X Short TSLA Daily ETF<br>(TSLQ) | $69 | 1.15% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Tradr 2X Short TSLA ETF ("TSLQ" or the "Fund") sought daily investment results, before fees and expenses, that correspond to two times (2x) the inverse daily performance of the Tesla common stock (the "Reference Asset"). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund's investment objective.

For the fiscal year ending March 31, 2026, the Fund had a total return of -79.89% and an average daily statistical correlation of over 0.99 to negative two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 43.44% and an annualized volatility of 55.50%.

The Reference Asset performance was driven by the performance of its electrical car business. For more information on Tesla financial performance, please see the Tesla annual shareholders report and quarterly filings. Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund's Index, expenses, transaction costs, the volatility of the Fund's Reference Asset (and its impact on compounding), and other miscellaneous factors.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1103929.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Tradr 2X Short TSLA Daily ETF (TSLQ) | -79.89% | -58.63% |
| S&P 500 Index | 17.80% | 17.37% |

---

 *<sup><sup>1</sup></sup>* *The Fund commenced operations on July 13, 2022. Since Inception return is cumulative if time since inception is less than one year.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.tradretfs.com/tslq-2x-short-tsla-daily-etf for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$181946019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$2917309 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund. \*Cash includes cash, cash equivalents and other assets less liabilities.

**Allocation of Portfolio Holdings** 

---

| | |
|:---|:---|
| Cash\* | 83% |
| Swap | 17% |
| Total | 100% |

---

#### Material Fund Changes
On October 2, 2025, the Trust's Board approved a one-for-three reverse share split for shares of the Fund, effective after the close of business on October 20, 2025.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025, as amended October 3, 2025 at https://www.tradretfs.com/tslq-2x-short-tsla-daily-etf.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/tslq-2x-short-tsla-daily-etf. You can also request this information by contacting us at (888) 528-7237.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 528-7237 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Tradr 2X Short TSLA Daily ETF

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-888-528-7237.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Board of Trustees of the Registrant has determined that the Registrant has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its Audit Committee: Messrs. Thomas Knipper and John P. Zader. The audit committee financial experts are "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | Tradr ETFs | FYE 3/31/2026 | FYE 3/31/2025 |
| (a) | Audit Fees | $412500 | $93500 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $93300 | $17900 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| Tradr ETFs | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | Tradr ETFs | FYE 3/31/2026 | FYE 3/31/2025 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

**Tradr 2X Long ACHR Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $7949798 |
| **TOTAL NET ASSETS — 100.0%** | $**7949798** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Archer Aviation, Inc. | Receive | 6.14% (OBFR01\* + 250bps) | At Maturity | 10/16/2026 | $19967640 | $- | $(14621059) |
| Marex | Archer Aviation, Inc. | Receive | 6.14% (OBFR01\* + 250bps) | At Maturity | 7/10/2026 | 1652011 |  | 32089 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(14588970)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ALAB Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $27383587 |
| **TOTAL NET ASSETS — 100.0%** | $**27383587** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Astera Labs, Inc. | Receive | 5.39% (OBFR01\* + 175bps) | At Maturity | 9/16/2026 | $65734925 | $- | $(37093223) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(37093223)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APLD Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $41073714 |
| **TOTAL NET ASSETS — 100.0%** | $**41073714** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Applied Digital Corporation | Receive | 9.89% (OBFR01\* + 625bps) | At Maturity | 10/13/2026 | $74527 | $- | $5631427 |
| Marex | Applied Digital Corporation | Receive | 8.64% (OBFR01\* + 500bps) | At Maturity | 11/7/2026 | 72561297 |  | 9488871 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**15120298** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APP Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $108360703 |
| **TOTAL NET ASSETS — 100.0%** | $**108360703** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Cantor Fitzgerald | AppLovin Corporation - Class A | Receive | 6.14% (OBFR01<sup>\*</sup> + 250bps) | At Maturity | 2/16/2027 | $43329832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $3011072 |
| Clear Street | AppLovin Corporation - Class A | Receive | 5.39% (OBFR01<sup>\*</sup> + 175bps) | At Maturity | 5/27/2026 | 114061290 |  | (11700671) |
| Marex | AppLovin Corporation - Class A | Receive | 6.14% (OBFR01<sup>\*</sup> + 250bps) | At Maturity | 5/25/2026 | 12867534 |  | 216397 |
| TD Cowen | AppLovin Corporation - Class A | Receive | 5.64% (OBFR01<sup>\*</sup> + 200bps) | At Maturity | 5/1/2026 | 42335692 |  | 3336791 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(5136411)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ASTS Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $224593124 |
| **TOTAL NET ASSETS — 100.0%** | $**224593124** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | AST SpaceMobile, Inc. | Receive | 9.64% (OBFR01\* + 600bps) | At Maturity | 8/26/2026 | $311071187 | $- | $(171970691) |
| Marex | AST SpaceMobile, Inc. | Receive | 9.64% (OBFR01\* + 600bps) | At Maturity | 9/27/2026 | 151908010 |  | 15220096 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(156750595)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CEG Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $7832236 |
| **TOTAL NET ASSETS — 100.0%** | $**7832236** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Constellation Energy Corporation | Receive | 5.39% (OBFR01\* + 175bps) | At Maturity | 8/12/2026 | $16221399 | $- | $(3089553) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(3089553)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CLSK Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $16151029 |
| **TOTAL NET ASSETS — 100.0%** | $**16151029** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | CleanSpark, Inc. | Receive | 9.14% (OBFR01\* + 550bps) | At Maturity | 10/20/2026 | $244589 | $- | $2206025 |
| Marex | CleanSpark, Inc. | Receive | 8.14% (OBFR01\* + 450bps) | At Maturity | 11/7/2026 | 31814047 |  | 754225 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**2960250** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CORZ Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $7441997 |
| **TOTAL NET ASSETS — 100.0%** | $**7441997** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Core Scientific, Inc. | Receive | 8.64% (OBFR01<sup>\*</sup> + 500bps) | At Maturity | 12/9/2026 | $325785 | $- | $(341961) |
| Marex | Core Scientific, Inc. | Receive | 6.64% (OBFR01<sup>\*</sup> + 300bps) | At Maturity | 12/13/2026 | 13717680 |  | 933341 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**591380** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRDO Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $28291338 |
| **TOTAL NET ASSETS — 100.0%** | $**28291338** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Credo Technology Group Holding Ltd. | Receive | 6.64% (OBFR01\* + 300bps) | At Maturity | 10/20/2026 | $64895900 | $- | $(18295360) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(18295360)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRWV Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $96552443 |
| **TOTAL NET ASSETS — 100.0%** | $**96552443** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | CoreWeave, Inc. | Receive | 7.14% (OBFR01\* + 350bps) | At Maturity | 8/12/2026 | $78374951 | $- | $(16303227) |
| Marex | CoreWeave, Inc. | Receive | 7.14% (OBFR01\* + 350bps) | At Maturity | 9/22/2026 | 970718 |  | 95892 |
| TD Cowen | CoreWeave, Inc. | Receive | 6.14% (OBFR01\* + 250bps) | At Maturity | 5/1/2026 | 124300528 |  | (12127228) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(28334563)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long DDOG Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $2409992 |
| **TOTAL NET ASSETS — 100.0%** | $**2409992** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Datadog, Inc. - Class A | Receive | 5.39% (OBFR01\* + 175bps) | At Maturity | 9/16/2026 | $4892217 | $- | $(780035) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(780035)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ENPH Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $2576308 |
| **TOTAL NET ASSETS — 100.0%** | $**2576308** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Enphase Energy, Inc. | Receive | 7.64% (OBFR01<sup>\*</sup> + 400bps) | At Maturity | 10/20/2026 | $3928687 | $- | $602683 |
| Marex | Enphase Energy, Inc. | Receive | 6.64% (OBFR01<sup>\*</sup> + 300bps) | At Maturity | 11/7/2026 | 842770 |  | 86596 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**689279** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long GEV Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $26413768 |
| **TOTAL NET ASSETS — 100.0%** | $**26413768** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | GE Vernova, Inc. | Receive | 5.39% (OBFR01<sup>\*</sup> + 175bps) | At Maturity | 8/12/26 | $36072886 | $- | $13361456 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**13361456** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long IBM Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $355605 |
| **TOTAL NET ASSETS — 100.0%** | $**355605** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | International Business Machines Corporation | Receive | 6.14% (OBFR01<sup>\*</sup> + 250bps) | At Maturity | 4/24/2027 | $717621 | $- | $(7498) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(7498)** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Monthly ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS—58.3%** |  |
| 102713 | Invesco QQQ Trust Series 1 | $**59283889** |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $60,355,063) | **59283889** |
|  | **TOTAL INVESTMENTS—58.3%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $60,355,063) | **59283889** |
|  | Other Assets in Excess of Liabilities—41.7% | 42373150 |
|  | **TOTAL NET ASSETS—100.0%** | $**101657039** |

---

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Monthly ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Invesco QQQ Trust, Series 1 | Receive | 4.64% (OBFR01<sup>\*</sup> + 100bps) | At Maturity | 11/30/2026 | $78073192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(7329219) |
| TD Cowen | Invesco QQQ Trust, Series 1 | Receive | 4.39% (OBFR01<sup>\*</sup> + 75bps) | At Maturity | 5/1/2026 | 10205353 |  | 993144 |
| Wells Fargo | Invesco QQQ Trust, Series 1 | Receive | 4.64% (OBFR01<sup>\*</sup> + 100bps) | At Maturity | 3/1/2027 | 60208973 |  | (315753) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(6651828)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Quarterly ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS—52.2%** |  |
| 14117 | Invesco QQQ Trust Series 1 | $**8148050** |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,305,236) | **8148050** |
|  | **TOTAL INVESTMENTS—52.2%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,305,236) | **8148050** |
|  | Other Assets in Excess of Liabilities—47.8% | 7473285 |
|  | **TOTAL NET ASSETS—100.0%** | $**15621335** |

---

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Quarterly ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Invesco QQQ Trust, Series 1 | Receive | 4.64% (OBFR01\* + 100bps) | At Maturity | 12/9/2026 | $6734344 | $- | $(468665) |
| TD Cowen | Invesco QQQ Trust, Series 1 | Receive | 4.39% (OBFR01\* + 75bps) | At Maturity | 5/1/2026 | 5275739 |  | 1060099 |
| Wells Fargo | Invesco QQQ Trust, Series 1 | Receive | 4.64% (OBFR01\* + 100bps) | At Maturity | 7/7/2026 | 10244183 |  | (166545) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**424889** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $**18727571** |
| **TOTAL NET ASSETS — 100.0%** | $**18727571** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | ARK Innovation ETF | Receive | 4.19% (OBFR01<sup>\*</sup> + 55bps) | At Maturity | 7/29/2026 | $8198518 | $- | $(304068) |
| Goldman Sachs | ARK Innovation ETF | Receive | 3.74% (OBFR01<sup>\*</sup> + 10bps) | At Maturity | 4/19/2027 | 2614652 |  | (176874) |
| TD Cowen | ARK Innovation ETF | Receive | 4.14% (OBFR01<sup>\*</sup> + 50bps) | At Maturity | 5/1/2026 | 11695391 |  | 11180803 |
| Wells Fargo | ARK Innovation ETF | Receive | 3.64% (OBFR01<sup>\*</sup>) | At Maturity | 3/9/2027 | 6648127 |  | (402831) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**10297030** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long JOBY Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $19637527 |
| **TOTAL NET ASSETS — 100.0%** | $**19637527** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Joby Aviation, Inc. | Receive | 6.39% (OBFR01\* + 275bps) | At Maturity | 10/13/2026 | $44751914 | $- | $(12234862) |
| Marex | Joby Aviation, Inc. | Receive | 6.64% (OBFR01\* + 300bps) | At Maturity | 11/14/2026 | 3596380 |  | (321694) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(12556556)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long LRCX Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $18466408 |
| **TOTAL NET ASSETS — 100.0%** | $**18466408** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Lam Research Corporation | Receive | 5.39% (OBFR01\* + 175bps) | At Maturity | 9/23/2026 | $40219457 | $- | $(8355187) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(8355187)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long MDB Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $3144206 |
| **TOTAL NET ASSETS — 100.0%** | $**3144206** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | MongoDB, Inc. | Receive | 5.39% (OBFR01<sup>\*</sup> + 175bps) | At Maturity | 9/23/2026 | $6602556 | $- | $(2894329) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(2894329)** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NBIS Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $103441782 |
| **TOTAL NET ASSETS — 100.0%** | $**103441782** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Nebius Group N.V. | Receive | 7.14% (OBFR01<sup>\*</sup> + 350bps) | At Maturity | 10/13/2026 | $152130888 | $- | $22462353 |
| Marex | Nebius Group N.V. | Receive | 6.64% (OBFR01<sup>\*</sup> + 300bps) | At Maturity | 11/9/2026 | 21560215 |  | 3059135 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**25521488** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NVTS Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $18742029 |
| **TOTAL NET ASSETS — 100.0%** | $**18742029** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | Navitas Semiconductor Corporation | Receive | 8.14% (OBFR01<sup>\*</sup> + 450bps) | At Maturity | 11/09/2026 | $35381746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(127907) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(127907)** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long PONY Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $3550591 |
| **TOTAL NET ASSETS — 100.0%** | $**3550591** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | Pony AI, Inc. | Receive | 7.64% (OBFR01\* + 400bps) | At Maturity | 11/21/2026 | $6487295 | $- | $616331 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**616331** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QBTS Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $41037951 |
| **TOTAL NET ASSETS — 100.0%** | $**41037951** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | D-Wave Quantum, Inc. | Receive | 9.89% (OBFR01<sup>\*</sup> + 625bps) | At Maturity | 7/22/2026 | $98883577 | $- | $(54306228) |
| Marex | D-Wave Quantum, Inc. | Receive | 10.39% (OBFR01<sup>\*</sup> + 675bps) | At Maturity | 5/25/2026 | 914330 |  | (95348) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(54401576)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QUBT Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $13515385 |
| **TOTAL NET ASSETS — 100.0%** | $**13515385** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Quantum Computing, Inc. | Receive | 11.64% (OBFR01<sup>\*</sup> + 800bps) | At Maturity | 10/27/2026 | $631037 | $- | $(180158) |
| Marex | Quantum Computing, Inc. | Receive | 10.89% (OBFR01<sup>\*</sup> + 725bps) | At Maturity | 7/24/2026 | 26988871 |  | (828268) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(1008426)** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long RGTI Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $7228170 |
| **TOTAL NET ASSETS — 100.0%** | $**7228170** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | Rigetti Computing, Inc. | Receive | 8.14% (OBFR01<sup>\*</sup> + 450bps) | At Maturity | 7/24/2026 | $13769030 | $- | $683060 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**683060** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SMR Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $46872174 |
| **TOTAL NET ASSETS — 100.0%** | $**46872174** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | Nuscale Power Corporation | Receive | 11.14% (OBFR01<sup>\*</sup> + 750bps) | At Maturity | 9/6/2026 | $95046070 | $- | $(1835896) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(1835896)** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SPY Quarterly ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 52.3%** |  |
| 8984 | SPDR S&P 500 ETF Trust | $**5842655** |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $5,823,110) | **5842655** |
|  | **TOTAL INVESTMENTS — 52.3%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $5,823,110) | **5842655** |
|  | Other Assets in Excess of Liabilities — 47.7% | 5328187 |
|  | **TOTAL NET ASSETS — 100.0%** | $**11170842** |

---

ETF – Exchange-Traded Fund

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SPY Quarterly ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | SPDR S&P 500 ETF Trust | Receive | 4.64% (OBFR01\* + 100bps) | At Maturity | 12/9/2026 | $4667259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(165148) |
| TD Cowen | SPDR S&P 500 ETF Trust | Receive | 4.39% (OBFR01\* + 75bps) | At Maturity | 5/1/2026 | 5484469 |  | 488634 |
| Wells Fargo | SPDR S&P 500 ETF Trust | Receive | 4.64% (OBFR01\* + 100bps) | At Maturity | 7/7/2026 | 5559375 |  | 234814 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**558300** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long TEM Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $38399224 |
| **TOTAL NET ASSETS — 100.0%** | $**38399224** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Tempus AI, Inc. | Receive | 7.14% (OBFR01\* + 350bps) | At Maturity | 6/22/2026 | $49764485 | $- | $(9119675) |
| Marex | Tempus AI, Inc. | Receive | 7.64% (OBFR01\* + 400bps) | At Maturity | 6/13/2026 | 33814290 |  | (421436) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(9541111)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long U Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $4234005 |
| **TOTAL NET ASSETS — 100.0%** | $**4234005** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Unity Software, Inc. | Receive | 5.89% (OBFR01\* + 225bps) | At Maturity | 10/20/2026 | $7449770 | $- | $(2353997) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(2353997)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long UPST Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $20711636 |
| **TOTAL NET ASSETS — 100.0%** | $**20711636** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | Upstart Holdings, Inc. | Receive | 9.14% (OBFR01\* + 550bps) | At Maturity | 9/16/2026 | $54536475 | $- | $(55270923) |
| Marex | Upstart Holdings, Inc. | Receive | 8.64% (OBFR01\* + 500bps) | At Maturity | 7/10/2026 | 1667416 |  | (18283) |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**(55289206)** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long VOYG Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $885299 |
| **TOTAL NET ASSETS — 100.0%** | $**885299** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Marex | Voyager Technologies, Inc. | Receive | 8.64% (OBFR01\* + 500bps) | At Maturity | 11/21/2026 | $1728681 | $- | $38328 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**38328** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation 100 Monthly ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $810596 |
| **TOTAL NET ASSETS — 100.0%** | $**810596** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| TD Cowen | Invesco QQQ Trust | Pay | 3.14% (OBFR01\* - 50bps) | At Maturity | 5/1/2026 | $(863684) | $- | $77683 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  | $**77683** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $78708165 |
| **TOTAL NET ASSETS — 100.0%** | $**78708165** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | ARK Innovation ETF | Pay | 1.14% (OBFR01<sup>\*</sup> - 250bps) | At Maturity | 2/10/2027 | $(25893813) | $- | $2379781 |
| Goldman Sachs | ARK Innovation ETF | Pay | 0.74% (OBFR01<sup>\*\*</sup> - 290bps) | At Maturity | 5/7/2026 | (337342) |  | 26780 |
| TD Cowen | ARK Innovation ETF | Pay | -1.36% (OBFR01<sup>\*</sup> - 500bps) | At Maturity | 5/1/2026 | (23662643) |  | 6620997 |
| Wells Fargo | ARK Innovation ETF | Pay | 1.14% (OBFR01<sup>\*</sup> - 250bps) | At Maturity | 3/1/2027 | (37100633) |  | 1317550 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**10345108** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 1.5X Short NVDA Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $24325769 |
| **TOTAL NET ASSETS — 100.0%** | $**24325769** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Clear Street | NVIDIA Corporation | Pay | 3.14% (OBFR01\* -50bps) | At Maturity | 2/10/2027 | $(13144092) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $319830 |
| TD Cowen | NVIDIA Corporation | Pay | 3.29% (OBFR01\* -35bps) | At Maturity | 5/1/2026 | (26820526) |  | 2400286 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**2720116** |

---

\* OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Short TSLA Daily ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
|  | Value |
| Other Assets in Excess of Liabilities — 100.0% | $181946019 |
| **TOTAL NET ASSETS — 100.0%** | $**181946019** |

---

**SWAP CONTRACTS**

**EQUITY SWAP CONTRACTS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Pay/Receive |  |  |  | | Premium | Unrealized |
|  |  | Equity on |  | Pay/Receive | Termination | Notional | Paid | Appreciation |
| Counterparty | Description | Reference Entity | Financing Rate | Frequency | Date | Amount | (Received) | (Depreciation) |
| Cantor Fitzgerald | Tesla, Inc. | Pay | 2.64% (OBFR01\* -100bps) | At Maturity | 10/23/2026 | $(107857360) | $- | $8803537 |
| Clear Street | Tesla, Inc. | Pay | 2.64% (OBFR01\* -100bps) | At Maturity | 1/5/2027 | (65100019) |  | (4280132) |
| Goldman Sachs | Tesla, Inc. | Pay | 3.44% (OBFR01\* -20bps) | At Maturity | 4/6/2026 | (49619331) |  | 4259703 |
| Marex | Tesla, Inc. | Pay | 5.14% (OBFR01\* +150bps) | At Maturity | 5/22/2026 | (11901282) |  | (394229) |
| TD Cowen | Tesla, Inc. | Pay | 3.14% (OBFR01\* -50bps) | At Maturity | 5/1/2026 | (169308858) |  | 21939675 |
| **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** | **TOTAL EQUITY SWAP CONTRACTS** |  |  |  |  | $**30328554** |

---

<sup>\*</sup> OBFR01 - Overnight Bank Funding Rate, 3.64% as of March 31, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long ACHR**<br> **Daily ETF** | **Tradr**<br> **2X Long ALAB<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1064876 | $1860957 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 21496832 | 62670000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 32089 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 22593797 | 64530957 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 14621059 | 37093223 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 22940 | 54147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14643999 | 37147370 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $7949798 | $27383587 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $31033554 | $86068366 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (23083756) | (58684779) |
| **Net Assets** | $7949798 | $27383587 |
| Shares of beneficial interest issued and outstanding | 542983<sup>1</sup> | 1828315<sup>2</sup> |
| Net asset value per share | $14.64 | $14.98 |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long APLD**<br> **Daily ETF** | **Tradr**<br> **2X Long APP<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1607398 | $83336 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 29067570 | 121674214 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 15120298 | 6564260 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 926619 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 46721885 | 128321810 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 11700671 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 8076545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 68171 | 183891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral | 5580000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5648171 | 19961107 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $41073714 | $108360703 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $59141179 | $112030281 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (18067465) | (3669578) |
| **Net Assets** | $41073714 | $108360703 |
| Shares of beneficial interest issued and outstanding | 3770000<sup>1</sup> | 3963316<sup>2,3</sup> |
| Net asset value per share | $10.89 | $27.34 |

---

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long ASTS<br> Daily ETF** | **Tradr**<br> **2X Long CEG<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $8484007 | $888202 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 365772581 | 9660000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 15220096 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 7277100 | 395627 |
| &nbsp;&nbsp;&nbsp;Total assets | 396753784 | 10943829 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 171970691 | 3089553 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 189969 | 22040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 172160660 | 3111593 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $224593124 | $7832236 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $191130651 | $11099964 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 33462473 | (3267728) |
| **Net Assets** | $224593124 | $7832236 |
| Shares of beneficial interest issued and outstanding | 6175000 | 495000 |
| Net asset value per share | $36.37 | $15.82 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long CLSK<br> Daily ETF** | **Tradr**<br> **2X Long CORZ**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1543999 | $1248688 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 10923852 | 5437962 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 2960250 | 933341 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 2870688 | 173152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 18298789 | 7793143 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 341961 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 27760 | 9185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral | 2120000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2147760 | 351146 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $16151029 | $7441997 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $76553300 | $9021188 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (60402271) | (1579191) |
| **Net Assets** | $16151029 | $7441997 |
| Shares of beneficial interest issued and outstanding | 1915000 | 860000 |
| Net asset value per share | $8.43 | $8.65 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long CRDO**<br> **Daily ETF** | **Tradr**<br> **2X Long CRWV**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $508935 | $5210586 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 45825000 | 119860771 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  | 95892 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 301863 |  |
| &nbsp;&nbsp;&nbsp;Due from other | - | 512100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 46635798 | 125679349 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 18295360 | 28430455 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 576363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 49100 | 120088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18344460 | 29126906 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $28291338 | $96552443 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $67492679 | $132527968 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (39201341) | (35975525) |
| **Net Assets** | $28291338 | $96552443 |
| Shares of beneficial interest issued and outstanding | 1874982<sup>1</sup> | 5026980<sup>2</sup> |
| Net asset value per share | $15.09 | $19.21 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long DDOG**<br> **Daily ETF** | **Tradr**<br> **2X Long ENPH**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $126153 | $109897 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 3070000 | 1784346 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  | 689279 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Due from other | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 3196153 | 2583522 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 780035 |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 6126 | 7214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 786161 | 7214 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $2409992 | $2576308 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $3190027 | $2025008 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (780035) | 551300 |
| **Net Assets** | $2409992 | $2576308 |
| Shares of beneficial interest issued and outstanding | 150000 | 155000 |
| Net asset value per share | $16.07 | $16.62 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long GEV<br> Daily ETF** | **Tradr**<br> **2X Long IBM<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $0 and $0, respectively) | $- | $- |
| &nbsp;&nbsp;&nbsp;Cash | 1583432 | 68328 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 11510000 | 294858 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 13361456 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26454888 | 363186 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 7498 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 41120 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 41120 | 7581 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $26413768 | $355605 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $13457836 | $362825 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 12955932 | (7220) |
| **Net Assets** | $26413768 | $355605 |
| Shares of beneficial interest issued and outstanding | 510000 | 15000 |
| Net asset value per share | $51.79 | $23.71 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long Innovation 100**<br> **Monthly ETF** | **Tradr**<br> **2X Long Innovation 100**<br> **Quarterly ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $60,355,063 and $8,305,236, respectively) | $59283889 | $8148050 |
| &nbsp;&nbsp;&nbsp;Cash | 2456995 | 759316 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 43045000 | 5660157 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 993144 | 1060099 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 3572105 | 669517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 20792 | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 109371925 | 16305203 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 7644972 | 635210 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 38930 | 13240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 2263 | 5209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 3081 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 4019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 13562 | 13639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8059 | 2673 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | - | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7714886 | 683868 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $101657039 | $15621335 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $100340549 | $14664307 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 1316490 | 957028 |
| **Net Assets** | $101657039 | $15621335 |
| Shares of beneficial interest issued and outstanding | 646991<sup>1</sup> | 102994<sup>2</sup> |
| Net asset value per share | $157.12 | $151.67 |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long Innovation ETF** | **Tradr**<br> **2X Long JOBY**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $3906140 | $506890 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 9380001 | 31728553 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 11180803 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 273 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 24467217 | 32235443 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 883773 | 12556556 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 8642 | 41360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 15889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 6706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral | 4730096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 14442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 17580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 5098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 7521 |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 13129 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5739646 | 12597916 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $18727571 | $19637527 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $(5092822) | $60160209 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 23820393 | (40522682) |
| **Net Assets** | $18727571 | $19637527 |
| Shares of beneficial interest issued and outstanding | 531380 | 1069982<sup>1</sup> |
| Net asset value per share | $35.24 | $18.35 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long LRCX<br> Daily ETF** | **Tradr**<br> **2X Long MDB<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1374181 | $186849 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 25480000 | 5860000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26854181 | 6046849 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 8355187 | 2894329 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 32586 | 8314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for cash collateral |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 8387773 | 2902643 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $18466408 | $3144206 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $15689803 | $5311776 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 2776605 | (2167570) |
| **Net Assets** | $18466408 | $3144206 |
| Shares of beneficial interest issued and outstanding | 595000<sup>1</sup> | 160000 |
| Net asset value per share | $31.04 | $19.65 |

---

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long NBIS<br> Daily ETF** | **Tradr**<br> **2X Long NVTS**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $9758069 | $1095269 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 63641576 | 17804044 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 25521488 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 4673959 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 103595092 | 18899313 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 127907 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 153310 | 29377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 153310 | 157284 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $103441782 | $18742029 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $171251808 | $35807562 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (67810026) | (17065533) |
| **Net Assets** | $103441782 | $18742029 |
| Shares of beneficial interest issued and outstanding | 3210000 | 890000 |
| Net asset value per share | $32.22 | $21.06 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long PONY**<br> **Daily ETF** | **Tradr**<br> **2X Long QBTS**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $156145 | $992731 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 2788864 | 92948040 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 616331 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | - | 1577940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 3561340 | 95518711 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 54401576 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 10749 | 79184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10749 | 54480760 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $3550591 | $41037951 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $10350867 | $95783040 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (6800276) | (54745089) |
| **Net Assets** | $3550591 | $41037951 |
| Shares of beneficial interest issued and outstanding | 510000 | 5205000<sup>1</sup> |
| Net asset value per share | $6.96 | $7.88 |

---

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long QUBT**<br> **Daily ETF** | **Tradr**<br> **2X Long RGTI<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $0 and $0, respectively) | $- | $- |
| &nbsp;&nbsp;&nbsp;Cash | 691341 | 335112 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 13863161 | 6229240 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  | 683060 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 14554502 | 7247412 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 1008426 |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 30691 | 19242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1039117 | 19242 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $13515385 | $7228170 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $128877088 | $27795295 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (115361703) | (20567125) |
| **Net Assets** | $13515385 | $7228170 |
| Shares of beneficial interest issued and outstanding | 1789982<sup>1</sup> | 501652<sup>2,3</sup> |
| Net asset value per share | $7.55 | $14.41 |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long SMR<br> Daily ETF** | **Tradr**<br> **2X Long SPY<br> Quarterly ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $0 and $5,823,110, respectively) | $- | $5842655 |
| &nbsp;&nbsp;&nbsp;Cash | 2291915 | 473907 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 46493654 | 3961146 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  | 723448 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 363534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest |  | 17149 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 48785569 | 11384697 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 1835896 | 165148 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 77499 | 9709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  | 13639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees |  | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  | 2341 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | - | 4783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1913395 | 213855 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $46872174 | $11170842 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $347768440 | $9845669 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (300896266) | 1325173 |
| **Net Assets** | $46872174 | $11170842 |
| Shares of beneficial interest issued and outstanding | 3389641<sup>1,2</sup> | 76988<sup>3</sup> |
| Net asset value per share | $13.83 | $145.10 |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long TEM<br> Daily ETF** | **Tradr 2X Long U<br> Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1215798 | $66520 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 46782470 | 6530000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 47998268 | 6596520 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 9541111 | 2353997 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 57933 | 8518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 9599044 | 2362515 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $38399224 | $4234005 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $65282788 | $6919009 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (26883564) | (2685004) |
| **Net Assets** | $38399224 | $4234005 |
| Shares of beneficial interest issued and outstanding | 2163318<sup>1</sup> | 141986<sup>2</sup> |
| Net asset value per share | $17.75 | $29.82 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-10 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long UPST**<br> **Daily ETF** | **Tradr**<br> **2X Long VOYG**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $506613 | $159906 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 75531821 | 689406 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts |  | 38328 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 76038434 | 887640 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts | 55289206 |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 37592 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 55326798 | 2341 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $20711636 | $885299 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $117674349 | $2091793 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (96962713) | (1206494) |
| **Net Assets** | $20711636 | $885299 |
| Shares of beneficial interest issued and outstanding | 1480983<sup>1</sup> | 100000 |
| Net asset value per share | $13.99 | $8.85 |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **1X Short Innovation 100**<br> **Monthly ETF** | **Tradr**<br> **1X Short Innovation**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $619139 | $50081158 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 150000 | 18461060 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 77683 | 10345108 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 14401 |  |
| &nbsp;&nbsp;&nbsp;Prepaid offering costs | 8356 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | - | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 869579 | 78888079 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  | 46754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 3238 | 9625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 7924 | 6565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1542 | 15482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 11295 | 14317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 15500 | 18600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 305 | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 10 | 35599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1564 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2144 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor - offering costs | 12500 |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 857 | 21233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 58983 | 179914 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $810596 | $78708165 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $723760 | $179199512 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 86836 | (100491347) |
| **Net Assets** | $810596 | $78708165 |
| Shares of beneficial interest issued and outstanding | 15000 | 2378308 |
| Net asset value per share | $54.04 | $33.09 |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **1.5X Short NVDA**<br> **Daily ETF** | **Tradr**<br> **2X Short TSLA**<br> **Daily ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $6316935 | $637516 |
| &nbsp;&nbsp;&nbsp;Cash collateral held for open swap contracts | 17232441 | 158362469 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open swap contracts | 2720116 | 35002915 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid offering costs |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 274 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26269766 | 194006088 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open swap contracts |  | 4674361 |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 1775844 | 7041807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 16340 | 20775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 15652 | 82935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 31206 | 36614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 16204 | 53562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 14734 | 28598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18819 | 18600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3716 | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 17893 | 62709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3555 | 12492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4592 | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 9028 | 6496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor - offering costs |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 16414 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1943997 | 12060069 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $24325769 | $181946019 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $235813175 | $824441130 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (211487406) | (642495111) |
| **Net Assets** | $24325769 | $181946019 |
| Shares of beneficial interest issued and outstanding | 821700<sup>1</sup> | 7401350<sup>1</sup> |
| Net asset value per share | $29.60 | $24.58 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long ACHR**<br> **Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long ALAB**<br> **Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $479014 | $1081826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 479014 | 1081826 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 176825 | 302901 |
| &nbsp;&nbsp;&nbsp;Interest expense | 5 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 176830 | 302901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 302184 | 778925 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (10189276) | (23450226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10189276) | (23450226) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (14588970) | (37093223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (14588970) | (37093223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (24778246) | (60543449) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(24476062)** | $**(59764524)** |

---

<sup>1</sup> The Fund commenced operations on June 9, 2025.

<sup>2</sup> The Fund commenced operations on August 11, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long APLD<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long APP<br> Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $609284 | $1457312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 609284 | 1457312 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 318700 | 962313 |
| &nbsp;&nbsp;&nbsp;Interest expense | 52838 | 43741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 371538 | 1006054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 237746 | 451258 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 1253875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (35335437) | 6693845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (35335437) | 7947720 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 15120298 | (5136411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 15120298 | (5136411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (20215139) | 2811309 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(19977393)** | $**3262567** |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> The Fund commenced operations on April 24, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long ASTS<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long CEG<br> Daily ETF<sup>1</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $3192253 | $139482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3192253 | 139482 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1411667 | 53422 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1411667 | 53422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1780586 | 86060 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 188432482 | (347166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 188432482 | (347166) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (156750595) | (3089553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (156750595) | (3089553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 31681887 | (3436719) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**33462473** | $**(3350659)** |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long CLSK<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long CORZ**<br> **Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $372206 | $60277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 372206 | 60277 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 190761 | 26990 |
| &nbsp;&nbsp;&nbsp;Interest expense | 23758 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 214519 | 26990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 157687 | 33287 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (64954505) | (2288650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (64954505) | (2288650) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 2960250 | 591380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 2960250 | 591380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (61994255) | (1697270) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(61836568)** | $**(1663983)** |

---

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> The Fund commenced operations on November 4, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long CRDO**<br> **Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long CRWV**<br> **Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $423334 | $2878446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 423334 | 2878446 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 161049 | 1399376 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 161049 | 1401324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 262285 | 1477122 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (21618085) | (10663063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (21618085) | (10663063) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (18295360) | (28334563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (18295360) | (28334563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (39913445) | (38997626) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(39651160)** | $**(37520504)** |

---

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long DDOG**<br> **Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long ENPH**<br> **Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $37976 | $64438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 37976 | 64438 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 16642 | 25748 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 16642 | 25748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 21334 | 38690 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (109354) | (219685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (109354) | (219685) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (780035) | 689279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (780035) | 689279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (889389) | 469594 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(868055)** | $**508284** |

---

<sup>1</sup> The Fund commenced operations on August 11, 2025.

<sup>2</sup> The Fund commenced operations on September 15, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long GEV<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long IBM<br> Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $- | $- |
| &nbsp;&nbsp;&nbsp;Interest | 391659 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 391659 | 336 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 175911 | 83 |
| &nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 20 |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Insurance fees |  |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;Offering costs |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 175931 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 175931 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 215728 | 253 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1163979) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1163979) | 25 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 13361456 | (7498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 13361456 | (7498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 12197477 | (7473) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**12413205** | $**(7220)** |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> The Fund commenced operations on March 23, 2026.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long Innovation 100**<br> **Monthly ETF** | **Tradr**<br> **2X Long Innovation 100**<br> **Quarterly ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $206930 | $26929 |
| &nbsp;&nbsp;&nbsp;Interest | 1241518 | 344359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1448448 | 371288 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 793018 | 158253 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 47036 | 45720 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 17787 | 13077 |
| &nbsp;&nbsp;&nbsp;Custody fees | 5092 | 7688 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 29289 | 23462 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 11196 | 4598 |
| &nbsp;&nbsp;&nbsp;Legal fees | 7332 | 6475 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 13562 | 13639 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10090 | 3563 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 226 | 585 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2884 | 2476 |
| &nbsp;&nbsp;&nbsp;Offering costs | 5376 | 6266 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3530 | 5529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 946418 | 291331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | 34330 | (93734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 980748 | 197597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 467700 | 173691 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1538457 | (17290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 11620054 | 660722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 13158511 | 643432 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1071174) | (157186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (5610543) | 1851899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (6681717) | 1694713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 6476794 | 2338145 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**6944494** | $**2511836** |

---

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long Innovation ETF** | **Tradr**<br> **2X Long JOBY**<br> **Daily ETF<sup>1</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $715062 | $560689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 715062 | 560689 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 381610 | 195018 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 53606 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 27135 |  |
| &nbsp;&nbsp;&nbsp;Custody fees | 7266 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 133116 |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 42482 |  |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 17436 |  |
| &nbsp;&nbsp;&nbsp;Legal fees | 13201 |  |
| &nbsp;&nbsp;&nbsp;Auditing fees | 18600 |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10906 |  |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2597 |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 6471 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2734 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 717160 | 195018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (121897) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 595263 | 195018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 119799 | 365671 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4085262) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 44097328 | (29235026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 40012066 | (29235026) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (4590427) | (12556556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (4590427) | (12556556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 35421639 | (41791582) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**35541438** | $**(41425911)** |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long LRCX<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long MDB<br> Daily ETF<sup>1</sup>** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;Interest | $182738 | $50113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 182738 | 50113 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 77352 | 26895 |
| &nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Insurance fees |  |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 77352 | 26895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 77352 | 26895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 105386 | 23218 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 11026406 | 2227419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 11026406 | 2227419 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (8355187) | (2894329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (8355187) | (2894329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 2671219 | (666910) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**2776605** | $**(643692)** |

---

<sup>1</sup> The Fund commenced operations on August 18, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long NBIS<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long NVTS<br> Daily ETF<sup>1</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $2457379 | $223974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2457379 | 223974 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 984416 | 106654 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | 123542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 984416 | 230196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1472963 | (6222) |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | (1455985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (100095250) | (9907115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (100095250) | (11363100) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 25521488 | (127907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 25521488 | (127907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (74573762) | (11491007) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(73100799)** | $**(11497229)** |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long PONY**<br> **Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long QBTS<br> Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $105874 | $1804119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 105874 | 1804119 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 36984 | 800415 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | 6425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 36984 | 806840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 68890 | 997279 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 2688606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (7727216) | (1089813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7727216) | 1598793 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 616331 | (54401576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 616331 | (54401576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (7110885) | (52802783) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(7041995)** | $**(51805504)** |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> The Fund commenced operations on April 24, 2025.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long QUBT**<br> **Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long RGTI<br> Daily ETF<sup>1</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $- | $- |
| &nbsp;&nbsp;&nbsp;Interest | 992531 | 236264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 992531 | 236264 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 303953 | 97408 |
| &nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Insurance fees |  |  |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;Offering costs |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous |  |  |
| &nbsp;&nbsp;&nbsp;Excise tax expense | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 303953 | 97408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 303953 | 97408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 688578 | 138856 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 1549388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (118972655) | (20704466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (118972655) | (19155078) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1008426) | 683060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1008426) | 683060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (119981081) | (18472018) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(119292503)** | $**(18333162)** |

---

<sup>1</sup> The Fund commenced operations on June 23, 2025.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long SMR<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long SPY<br> Quarterly ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $- | $46702 |
| &nbsp;&nbsp;&nbsp;Interest | 3214548 | 274674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 3214548 | 321376 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 866594 | 122312 |
| &nbsp;&nbsp;&nbsp;Fund administration fees |  | 40574 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  | 10940 |
| &nbsp;&nbsp;&nbsp;Custody fees |  | 11881 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 511 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees |  | 26546 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees |  | 10361 |
| &nbsp;&nbsp;&nbsp;Legal fees |  | 6475 |
| &nbsp;&nbsp;&nbsp;Auditing fees |  | 13639 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  | 2131 |
| &nbsp;&nbsp;&nbsp;Insurance fees |  | 445 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  | 1937 |
| &nbsp;&nbsp;&nbsp;Offering costs |  | 6541 |
| &nbsp;&nbsp;&nbsp;Miscellaneous |  | 7529 |
| &nbsp;&nbsp;&nbsp;Excise tax expense | - | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 866594 | 263333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | (108341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 866594 | 154992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 2347954 | 166384 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 20360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (308219584) | 773378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (308219584) | 793738 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | 19545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1835896) | 1283572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1835896) | 1303117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (310055480) | 2096855 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(307707526)** | $**2263239** |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long TEM<br> Daily ETF<sup>1</sup>** | **Tradr<br> 2X Long U <br> Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1080156 | $56010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1080156 | 56010 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 524151 | 16313 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2759 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 526910 | 16313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 553246 | 39697 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1970154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (10131627) | (417654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (8161473) | (417654) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (9541111) | (2353997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (9541111) | (2353997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (17702584) | (2771651) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(17149338)** | $**(2731954)** |

---

<sup>1</sup> The Fund commenced operations on May 12, 2025.

<sup>2</sup> The Fund commenced operations on September 15, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **2X Long UPST<br> Daily ETF<sup>1</sup>** | **Tradr**<br> **2X Long VOYG**<br> **Daily ETF<sup>2</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1528742 | $7040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1528742 | 7040 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 453791 | 8384 |
| &nbsp;&nbsp;&nbsp;Interest expense | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 453791 | 8384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1074951 | (1344) |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (46127475) | (1347022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (46127475) | (1347022) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (55289206) | 38328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (55289206) | 38328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (101416681) | (1308694) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(100341730)** | $**(1310038)** |

---

<sup>1</sup> The Fund commenced operations on June 9, 2025.

<sup>2</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **1X Short Innovation 100**<br> **Monthly ETF<sup>1</sup>** | **Tradr**<br> **1X Short Innovation**<br> **Daily ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $10183 | $2098277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 10183 | 2098277 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 3454 | 526062 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 8304 | 52872 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 7924 | 10145 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1542 | 7577 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 11295 | 39846 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2970 | 9926 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5968 | 7944 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 15500 | 18600 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1989 | 6241 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 42 | 3517 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 326 | 2523 |
| &nbsp;&nbsp;&nbsp;Offering costs | 4144 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1566 | 7094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 65024 | 692347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (3454) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (56400) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 5170 | 692347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 5013 | 1405930 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 6535 | 1957965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6535 | 1957965 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 77683 | (9430653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 77683 | (9430653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 84218 | (7472688) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**89231** | $**(6066758)** |

---

<sup>1</sup> The Fund commenced operations on November 28, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year/Period Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Tradr**<br> **1.5X Short NVDA**<br> **Daily ETF** | **Tradr**<br> **2X Short TSLA**<br> **Daily ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $1482789 | $11124147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1482789 | 11124147 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 367272 | 3097226 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 53340 | 330331 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 52115 | 110507 |
| &nbsp;&nbsp;&nbsp;Custody fees | 15152 | 1073 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 2329 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 41487 | 99402 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 22999 | 28042 |
| &nbsp;&nbsp;&nbsp;Legal fees | 10499 | 59194 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 18819 | 18600 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 11915 | 91223 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1850 | 16772 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 6243 | 38252 |
| &nbsp;&nbsp;&nbsp;Offering costs |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2405 | 38569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 604096 | 3931520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (159483) | (179917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 444613 | 3751603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1038176 | 7372544 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (17795306) | (396339398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (17795306) | (396339398) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (14488134) | (100787876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (14488134) | (100787876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (32283440) | (497127274) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(31245264)** | $**(489754730)** |

---

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ACHR Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $302184 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (10189276) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (14588970) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (24476062) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 58718474 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26292614) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 32425860 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 7949798 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $7949798 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 826000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (283017) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 542983 |

---

 

<sup>1</sup> The Fund commenced operations on June 9, 2025.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ALAB Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $778925 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (23450226) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (37093223) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (59764524) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 131574175 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (44426064) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 87148111 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 27383587 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $27383587 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2923334 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1095019) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1828315 |

---

 

<sup>1</sup> The Fund commenced operations on August 11, 2025.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APLD Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $237746 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (35335437) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 15120298 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (19977393) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 159402458 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (98351351) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 61051107 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 41073714 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $41073714 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6920000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3150000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3770000 |

---

 

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APP Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $451258 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 7947720 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (5136411) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3262567 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (6932145) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 368724830 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (256694549) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 112030281 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 108360703 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $108360703 |
| **Capital Share Transactions<sup>2,3</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7955000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3991684) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3963316 |

---

<sup>1</sup> The Fund commenced operations on April 24, 2025.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ASTS Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1780586 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 188432482 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (156750595) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 33462473 |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 648859053 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (457728402) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 191130651 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 224593124 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $224593124 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14275000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (8100000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 6175000 |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CEG Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $86060 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (347166) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (3089553) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (3350659) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 17780834 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6597939) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 11182895 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 7832236 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $7832236 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 800000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (305000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 495000 |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CLSK Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $157687 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (64954505) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 2960250 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (61836568) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 133717088 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (55729491) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 77987597 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 16151029 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $16151029 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4500000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2585000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1915000 |

---

<sup>1</sup> The Fund commenced operations on September 15, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CORZ Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $33287 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (2288650) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 591380 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1663983) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 15839717 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6733737) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 9105980 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 7441997 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $7441997 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1365000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (505000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 860000 |

---

<sup>1</sup> The Fund commenced operations on November 4, 2025.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRDO Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $262285 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (21618085) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (18295360) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (39651160) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 100959933 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (33017435) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 67942498 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 28291338 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $28291338 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2873333 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (998351) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1874982 |

---

 

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRWV Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1477122 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (10663063) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (28334563) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (37520504) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (3061505) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 719790229 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (582655777) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 137134452 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 96552443 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $96552443 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16644000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11617020) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 5026980 |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long DDOG Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $21334 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (109354) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (780035) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (868055) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 5989721 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2711674) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3278047 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2409992 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $2409992 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 245000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (95000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 150000 |

---

<sup>1</sup> The Fund commenced operations on August 11, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ENPH Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $38690 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (219685) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 689279 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 508284 |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 9411721 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7343697) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2068024 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2576308 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $2576308 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 465000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (310000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 155000 |

---

<sup>1</sup> The Fund commenced operations on September 15, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long GEV Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $215728 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (1163979) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 13361456 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12413205 |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 35774203 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (21773640) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 14000563 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 26413768 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $26413768 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1130000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (620000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 510000 |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long IBM Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $253 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 25 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (7498) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (7220) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 362825 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 362825 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 355605 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $355605 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 15000 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 15000 |

---

<sup>1</sup> The Fund commenced operations on March 23, 2026.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Monthly ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Period Ended<br> March 31, 2025<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $467700 | $149892 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 13158511 | (2090749) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and swap contracts | (6681717) | (1041285) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6944494 | (2982142) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (2531898) | (3478) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 305330180 | 53251676 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (214990671) | (43361122) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 90339509 | 9890554 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 94752105 | 6904934 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6904934 | - |
| &nbsp;&nbsp;&nbsp;End of period | $101657039 | $6904934 |
| **Capital Share Transactions<sup>2</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1805000 | 391000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1218009) | (331000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 586991 | 60000 |

---

<sup>1</sup> The Fund commenced operations on August 30, 2024.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Quarterly ETF STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Period Ended<br> March 31, 2025<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $173691 | $135886 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 643432 | (470352) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and swap contracts | 1694713 | (1427010) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2511836 | (1761476) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 94581892 | 15869820 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (91697698) | (3883039) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2884194 | 11986781 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 5396030 | 10225305 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 10225305 | - |
| &nbsp;&nbsp;&nbsp;End of period | $15621335 | $10225305 |
| **Capital Share Transactions<sup>2</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 634000 | 124000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (624006) | (31000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 9994 | 93000 |

---

<sup>1</sup> The Fund commenced operations on September 30, 2024.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $119799 | $934871 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 40012066 | 8782547 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (4590427) | (15912692) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 35541438 | (6195274) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (7447087) | (356203) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 113841722 | 76705393 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (174359015) | (82921040) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (60517293) | (6215647) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (32422942) | (12767124) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 51150513 | 63917637 |
| &nbsp;&nbsp;&nbsp;End of period | $18727571 | $51150513 |
| **Capital Share Transactions<sup>1</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1850000 | 2355000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3120000) | (2155000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (1270000) | 200000 |

---

<sup>1</sup> The Fund had a 2-1 forward stock split after the close of business November 26, 2024. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long JOBY Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $365671 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (29235026) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (12556556) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (41425911) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 89574122 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (28510684) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 61063438 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 19637527 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $19637527 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1416667 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (346685) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1069982 |

---

 

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long LRCX Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $105386 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 11026406 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (8355187) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2776605 |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 25393180 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (9703377) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 15689803 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 18466408 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $18466408 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 930000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (335000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 595000 |

---

<sup>1</sup> The Fund commenced operations on August 18, 2025.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long MDB Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $23218 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 2227419 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (2894329) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (643692) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 14774547 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (10986649) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3787898 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 3144206 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $3144206 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 470000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (310000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 160000 |

---

<sup>1</sup> The Fund commenced operations on August 18, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NBIS Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1472963 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (100095250) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 25521488 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (73100799) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 406828776 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (230286195) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 176542581 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 103441782 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $103441782 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8685000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5475000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3210000 |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NVTS Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(6222) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | (11363100) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (127907) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (11497229) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (1494075) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1494075) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 84702106 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (52968773) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 31733333 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 18742029 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $18742029 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1555000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (665000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 890000 |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long PONY Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $68890 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (7727216) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 616331 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (7041995) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 13474796 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2882210) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 10592586 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 3550591 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $3550591 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 605000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (95000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 510000 |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QBTS Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $997279 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 1598793 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (54401576) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (51805504) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (10366851) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 532376943 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (429166637) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 103210306 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 41037951 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $41037951 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 15515000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (10310000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 5205000 |

---

<sup>1</sup> The Fund commenced operations on April 24, 2025.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QUBT Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $688578 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (118972655) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (1008426) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (119292503) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 228922505 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (96114617) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 132807888 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 13515385 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $13515385 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3453000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1663018) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1789982 |

---

<sup>1</sup> The Fund commenced operations on June 23, 2025.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long RGTI Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $138856 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | (19155078) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 683060 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (18333162) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (2233966) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 65848596 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (38053298) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 27795298 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 7228170 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $7228170 |
| **Capital Share Transactions<sup>2,3</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 961666 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (460014) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 501652 |

---

<sup>1</sup> The Fund commenced operations on June 23, 2025.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SMR Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2347954 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (308219584) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (1835896) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (307707526) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 530562177 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (175982477) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 354579700 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 46872174 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $46872174 |
| **Capital Share Transactions<sup>2,3</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4501000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1111359) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3389641 |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SPY Quarterly ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Period Ended<br> March 31, 2025<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $166384 | $86320 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | 793738 | (281231) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and swap contracts | 1303117 | (725272) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2263239 | (920183) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (20871) | - |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 52219540 | 11357415 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (50185755) | (3542543) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2033785 | 7814872 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 4276153 | 6894689 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6894689 | - |
| &nbsp;&nbsp;&nbsp;End of period | $11170842 | $6894689 |
| **Capital Share Transactions<sup>2</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 393000 | 88000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (376012) | (28000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 16988 | 60000 |

---

<sup>1</sup> The Fund commenced operations on September 30, 2024.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long TEM Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $553246 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and swap contracts | (8161473) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (9541111) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (17149338) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (9734226) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 219948303 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (154665515) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 65282788 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 38399224 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $38399224 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4121667 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1958349) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 2163318 |

---

<sup>1</sup> The Fund commenced operations on May 12, 2025.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long U Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $39697 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (417654) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (2353997) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2731954) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 13849234 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6883275) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 6965959 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 4234005 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $4234005 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 361000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (219014) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 141986 |

---

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> The Fund had a 1-10 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long UPST Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1074951 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (46127475) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (55289206) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (100341730) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 153697249 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (32643883) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 121053366 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 20711636 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $20711636 |
| **Capital Share Transactions<sup>2</sup>:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1974000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (493017) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1480983 |

---

<sup>1</sup> The Fund commenced operations on June 9, 2025.

<sup>2</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long VOYG Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(1344) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (1347022) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 38328 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1310038) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 3514644 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1319307) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2195337 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 885299 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $885299 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 160000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (60000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 100000 |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation 100 Monthly ETF STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $5013 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 6535 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | 77683 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 89231 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (2472) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 1000000 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (276163) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 723837 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 810596 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;End of period | $810596 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 20000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5000) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 15000 |

---

<sup>1</sup> The Fund commenced operations on November 28, 2025.

 

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1405930 | $2645610 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | 1957965 | (60343869) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (9430653) | 54248600 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (6066758) | (3449659) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (2112336) | (7481605) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 214898848 | 186931508 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (196802347) | (232791243) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 18096501 | (45859735) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 9917407 | (56790999) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 68790758 | 125581757 |
| &nbsp;&nbsp;&nbsp;End of period | $78708165 | $68790758 |
| **Capital Share Transactions<sup>1</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6525000 | 2850000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5475000) | (3080025) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 1050000 | (230025) |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business November 26, 2024. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 1.5X Short NVDA Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1038176 | $1989121 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (17795306) | (64238352) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (14488134) | 49767592 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (31245264) | (12481639) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (3941740) | (6329706) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 213769743 | 565830966 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (198590905) | (572906786) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 15178838 | (7075820) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (20008166) | (25887165) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 44333935 | 70221100 |
| &nbsp;&nbsp;&nbsp;End of period | $24325769 | $44333935 |
| **Capital Share Transactions<sup>1</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5326667 | 5007000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5006692) | (4871340) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 319975 | 135660 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Short TSLA Daily ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** | | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $7372544 | $3596834 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on swap contracts | (396339398) | (193646044) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on swap contracts | (100787876) | 117363136 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (489754730) | (72686074) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | (33613308) | (10208668) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 3216981677 | 1792352426 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2862936398) | (1463956532) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 354045279 | 328395894 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (169322759) | 245501152 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 351268778 | 105767626 |
| &nbsp;&nbsp;&nbsp;End of period | $181946019 | $351268778 |
| **Capital Share Transactions<sup>1,2</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 91203334 | 11673056 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (86358362) | (9270011) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 4844972 | 2403045 |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-6 reverse stock split after the close of business November 25, 2024. See Note 4 in the accompanying Notes to Financial Statements.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ACHR Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $125.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.90 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (111.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (110.36) |
| **Net asset value, end of period** | $14.64 |
| **Total return<sup>4,5</sup>** | (88.29)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $7950 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7,8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.22%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.22%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on June 9, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the period ended March 31, 2026.

<sup>8</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ALAB Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $75.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (60.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (60.02) |
| **Net asset value, end of period** | $14.98 |
| **Total return<sup>4,5</sup>** | (80.03)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $27384 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.34%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.34%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on August 11, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APLD Daily ETF FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $8.33 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.56 |
| **Net asset value, end of period** | $10.89 |
| **Total return<sup>4,5</sup>** | 30.68%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $41074 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.51%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.51%<sup>7,8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.97%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.97%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 8, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lower by 0.21% for the period ended March 31, 2026.

<sup>8</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long APP Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31, 2026<sup>1,2,3</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.66 |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (3.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.32) |
| **Net asset value, end of period** | $27.34 |
| **Total return<sup>5,6</sup>** | 18.48%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $108361 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.36%<sup>8,9</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.36%<sup>8,9</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.61%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.61%<sup>9</sup> |
| Portfolio turnover rate | 0%<sup>7</sup> |

---

 

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on April 24, 2025.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.06% for the period ended March 31, 2026.

<sup>9</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ASTS Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 11.37 |
| **Net asset value, end of period** | $36.37 |
| **Total return<sup>3,4</sup>** | 45.48%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $224593 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.64%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.64%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CEG Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (9.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (9.18) |
| **Net asset value, end of period** | $15.82 |
| **Total return<sup>3,4</sup>** | (36.72)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $7832 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.10%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.10%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CLSK Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (16.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (16.57) |
| **Net asset value, end of period** | $8.43 |
| **Total return<sup>3,4</sup>** | (66.28)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $16151 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.46%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.46%<sup>6,7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.07%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.07%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> If interest expense had been excluded, the expense ratios would have been lower by 0.16% for the period ended March 31, 2026.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CORZ Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (16.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (16.35) |
| **Net asset value, end of period** | $8.65 |
| **Total return<sup>3,4</sup>** | (65.40)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $7442 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.60%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.60%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on November 4, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRDO Daily ETF FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $75.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (60.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (59.91) |
| **Net asset value, end of period** | $15.09 |
| **Total return<sup>4,5</sup>** | (79.88)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $28291 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.12%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.12%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 15, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long CRWV Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $125.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (105.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (105.33) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.46) |
| **Net asset value, end of period** | $19.21 |
| **Total return<sup>4,5</sup>** | (84.35)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $96552 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7,8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.37%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.37%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on July 10, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the period ended March 31, 2026.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long DDOG Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (9.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (8.93) |
| **Net asset value, end of period** | $16.07 |
| **Total return<sup>3,4</sup>** | (35.72)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $2410 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.67%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.67%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on August 11, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long ENPH Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (8.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (8.38) |
| **Net asset value, end of period** | $16.62 |
| **Total return<sup>3,4</sup>** | (33.52)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $2576 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.95%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.95%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on September 15, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long GEV Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 26.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 26.79 |
| **Net asset value, end of period** | $51.79 |
| **Total return<sup>3,4</sup>** | 107.16%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $26414 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6,7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.60%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.60%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

<sup>1</sup> The Fund commenced operations on July 10, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the period ended March 31, 2026.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long IBM Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.29) |
| **Net asset value, end of period** | $23.71 |
| **Total return<sup>3,4</sup>** | (5.16)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $356 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.96%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.96%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on March 23, 2026.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Monthly ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,**<br> **2026<sup>1</sup>** | **For the <br> Period Ended <br> March 31, <br> 2025<sup>2</sup>** |
| **Net asset value, beginning of period** | $115.10 | $125.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 1.01 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 44.67 | (11.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 45.68 | (9.85) |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (3.66) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.66) | (0.05) |
| **Net asset value, end of period** | $157.12 | $115.10 |
| **Total return<sup>4,5</sup>** | 39.19% | (7.90)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $101657 | $6905 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.17%<sup>7</sup> | 2.68%<sup>8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.21%<sup>7</sup> | 1.31%<sup>8,9</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.62% | 1.02%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.58% | 2.39%<sup>9</sup> |
| Portfolio turnover rate | 158% | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on August 30, 2024.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Effective February 1, 2026, the Advisor agreed to lower its investment advisory fee for the Fund from 1.00% to 0.95%.

<sup>8</sup> If excise tax expense had been excluded, the expense ratios would have been lowered by 0.01% for the period ended March 31, 2025.

<sup>9</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation 100 Quarterly ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,**<br> **2026<sup>1</sup>** | **For the <br> Period Ended <br> March 31, <br> 2025<sup>2</sup>** |
| **Net asset value, beginning of period** | $109.95 | $125.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 1.68 | 1.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 40.04 | (16.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 41.72 | (15.05) |
| **Net asset value, end of period** | $151.67 | $109.95 |
| **Total return<sup>4,5</sup>** | 37.94% | (12.04)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $15621 | $10225 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.83%<sup>7</sup> | 2.68%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.24%<sup>7</sup> | 1.30%<sup>8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.50% | 0.89%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.09% | 2.27%<sup>8</sup> |
| Portfolio turnover rate | 263% | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 30, 2024.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Effective February 1, 2026, the Advisor agreed to lower its investment advisory fee for the Fund from 1.00% to 0.95%.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long Innovation ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025<sup>1</sup>** | **For the <br> Year Ended <br> March 31, 2024** | **For the<br> Period Ended**<br>**March 31, 2023<sup>2,3</sup>** |
| **Net asset value, beginning of period** | $28.40 | $39.92 | $32.17 | $75.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.14 | 0.54 | 0.82 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 21.41 | (11.80) | 6.93 | (43.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 21.55 | (11.26) | 7.75 | (42.83) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (14.71) | (0.26) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (14.71) | (0.26) | - | - |
| **Net asset value, end of period** | $35.24 | $28.40 | $39.92 | $32.17 |
| **Total return<sup>5,6</sup>** | 58.52% | (28.46)% | 24.07% | (57.11)%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $18728 | $51151 | $63918 | $50871 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.78%<sup>8</sup> | 1.39% | 1.49% | 1.43%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.48%<sup>8</sup> | 1.15% | 1.15% | 1.15%<sup>9</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.00% | 1.31% | 2.05% | 0.36%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.30% | 1.55% | 2.39% | 0.64%<sup>9</sup> |
| Portfolio turnover rate | 0% | 0% | 0% | 0%<sup>7</sup> |

---

<sup>1</sup> The Fund had a 2-1 forward stock split after the close of business November 26, 2024. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-5 stock split after the close of business November 30, 2022. Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on April 28, 2022.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.33% for the period ended March 31, 2026.

<sup>9</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long JOBY Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $75.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.67 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (57.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (56.65) |
| **Net asset value, end of period** | $18.35 |
| **Total return<sup>4,5</sup>** | (75.53)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $19638 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.43%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.43%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 8, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long LRCX Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $8.33 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 22.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 22.71 |
| **Net asset value, end of period** | $31.04 |
| **Total return<sup>4,5</sup>** | 272.48%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $18466 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.77%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.77%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on August 18, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long MDB Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (5.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (5.35) |
| **Net asset value, end of period** | $19.65 |
| **Total return<sup>3,4</sup>** | (21.40)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $3144 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.12%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.12%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on August 18, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NBIS Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.22 |
| **Net asset value, end of period** | $32.22 |
| **Total return<sup>3,4</sup>** | 28.88%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $103442 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.94%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.94%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long NVTS Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.42) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From return of capital | (3.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.52) |
| **Net asset value, end of period** | $21.06 |
| **Total return<sup>3,4</sup>** | (2.61)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $18742 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.81%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.81%<sup>6,7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.08)%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.08)%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> If interest expense had been excluded, the expense ratios would have been lowered by 1.51% for the period ended March 31, 2026.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.* 

**Tradr 2X Long PONY Daily ETF** 

**FINANCIAL HIGHLIGHTS**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (18.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (18.04) |
| **Net asset value, end of period** | $6.96 |
| **Total return<sup>3,4</sup>** | (72.16)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $3551 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.42%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.42%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QBTS Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $8.33 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.91 |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (4.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.36) |
| **Net asset value, end of period** | $7.88 |
| **Total return<sup>4,5</sup>** | 6.00%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $41038 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.31%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.31%<sup>7,8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.62%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.62%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on April 24, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the period ended March 31, 2026.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long QUBT Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $125.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.72 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (118.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (117.45) |
| **Net asset value, end of period** | $7.55 |
| **Total return<sup>4,5</sup>** | (93.96)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $13515 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.94%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.94%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on June 23, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long RGTI Daily ETF FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2,3</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.74 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (8.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (7.49) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (3.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.10) |
| **Net asset value, end of period** | $14.41 |
| **Total return<sup>5,6</sup>** | (34.05)%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $7228 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.85%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.85%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>7</sup> |

---

 

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 3-1 forward stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on June 23, 2025.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SMR Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2,3</sup>** |
| **Net asset value, beginning of period** | $375.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 1.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (362.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (361.17) |
| **Net asset value, end of period** | $13.83 |
| **Total return<sup>5,6</sup>** | (96.31)%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $46872 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.52%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.52%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>7</sup> |

---

 

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on July 10, 2025.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long SPY Quarterly ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,**<br> **2026<sup>1</sup>** | **For the <br> Period Ended <br> March 31, <br> 2025<sup>2</sup>** |
| **Net asset value, beginning of period** | $114.90 | $125.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 1.96 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 28.51 | (11.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 30.47 | (10.10) |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.27) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.27) | - |
| **Net asset value, end of period** | $145.10 | $114.90 |
| **Total return<sup>4,5</sup>** | 26.49% | (8.08)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $11171 | $6895 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.14%<sup>7,8</sup> | 3.73%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.26%<sup>7,8</sup> | 1.30%<sup>9</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.47% | (0.05)%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.35% | 2.38%<sup>9</sup> |
| Portfolio turnover rate | 174% | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business June 2, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 30, 2024.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Effective February 1, 2026, the Advisor agreed to lower its investment advisory fee for the Fund from 1.00% to 0.95%.

<sup>8</sup> If interest expense and excise tax expense had been excluded, the expense ratios would have been lowered by 0.02% for the period ended March 31, 2026.

<sup>9</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long TEM Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $75.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (54.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (53.40) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (3.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.85) |
| **Net asset value, end of period** | $17.75 |
| **Total return<sup>4,5</sup>** | (69.74)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $38399 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.31%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.31%<sup>7,8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.37%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.37%<sup>8</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on May 12, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the period ended March 31, 2026.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long U Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $250.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.72 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (220.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (220.18) |
| **Net asset value, end of period** | $29.82 |
| **Total return<sup>4,5</sup>** | (88.07)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $4234 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.15%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.15%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-10 reverse stock split after the close of business March 9, 2026. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on September 15, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long UPST Daily ETF FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1,2</sup>** |
| **Net asset value, beginning of period** | $125.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (112.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (111.01) |
| **Net asset value, end of period** | $13.99 |
| **Total return<sup>4,5</sup>** | (88.81)%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $20712 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 3.07%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 3.07%<sup>7</sup> |
| Portfolio turnover rate | 0%<sup>6</sup> |

---

 

<sup>1</sup> The Fund had a 1-5 reverse stock split after the close of business December 1, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on June 9, 2025.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Long VOYG Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $25.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (16.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (16.15) |
| **Net asset value, end of period** | $8.85 |
| **Total return<sup>3,4</sup>** | (64.60)%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $885 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.30%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.21)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | (0.21)%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on September 8, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation 100 Monthly ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026<sup>1</sup>** |
| **Net asset value, beginning of period** | $50.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.16 |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) |
| **Net asset value, end of period** | $54.04 |
| **Total return<sup>3,4</sup>** | 8.35%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $811 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 18.87%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (15.91)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.46%<sup>6</sup> |
| Portfolio turnover rate | 0%<sup>5</sup> |

---

 

<sup>1</sup> The Fund commenced operations on November 28, 2025.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>4</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 1X Short Innovation Daily ETF^** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> March 31,**<br> **2025<sup>1</sup>** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Year Ended<br> March 31,**<br> **2023<sup>2</sup>** | **For the<br> Year Ended<br> September 30,<br> 2022<sup>3</sup>** |
| **Net asset value, beginning of period** | $51.79 | $80.58 | $120.06 | $185.67 | $90.00 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.66 | 2.21 | 4.53 | 1.71 | (0.72) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (18.51) | (24.48) | (34.23) | (26.07) | 96.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (17.85) | (22.27) | (29.70) | (24.36) | 95.67 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.85) | (6.52) | (9.78) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (41.25) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.85) | (6.52) | (9.78) | (41.25) | - |
| **Net asset value, end of period** | $33.09 | $51.79 | $80.58 | $120.06 | $185.67 |
| **Total return<sup>5,6</sup>** | (34.22)% | (24.95)% | (24.22)% | (19.82)%<sup>7</sup> | 106.28%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $78708 | $68791 | $125582 | $310158 | $374405 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 0.99% | 0.91% | 0.94% | 1.01%<sup>8</sup> | 0.83%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.99% | 0.95%<sup>9</sup> | 0.75% | 0.75%<sup>8</sup> | 0.75%<sup>8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.00% | 3.28% | 4.04% | 2.03%<sup>8</sup> | (0.58)%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.00% | 3.24%<sup>9</sup> | 4.23% | 2.29%<sup>8</sup> | (0.50)%<sup>8</sup> |
| Portfolio turnover rate | 0% | 0% | 0% | 0%<sup>7</sup> | 0%<sup>7</sup> |

---

---

| | |
|:---|:---|
| ^ | With the Plan of Reorganization with respect to the AXS Short Innovation Daily ETF (formerly, Tuttle Capital Short Innovation ETF), shareholders received shares of the AXS Short Innovation Daily ETF effective as of the close of business on August 5, 2022. See Note 1 in the accompanying Notes to Financial Statements. |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business November 26, 2024. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> Fiscal year end changed to March 31, effective October 1, 2022.

<sup>3</sup> The Fund commenced operations on November 5, 2021.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

<sup>9</sup> Effective August 6, 2024, the Advisor has contractually agreed to limit the annual operating expenses to 1.15%. Prior to August 6, 2024, the Advisor had contractually agreed to limit the annual operating expenses to 0.75%.

 

*See accompanying Notes to Financial Statements.* 

 **Tradr 1.5X Short NVDA Daily ETF** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,**<br> **2026<sup>1</sup>** | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,**<br> **2024<sup>2</sup>** | **For the<br> Period Ended<br> March 31,<br> 2023<sup>3</sup>** |
| **Net asset value, beginning of period** | $88.35 | $191.82 | $1203.60 | $3750.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.99 | 3.72 | 23.40 | 27.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (55.77) | (96.42) | (971.13) | (2506.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (54.78) | (92.70) | (947.73) | (2478.60) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (3.97) | (10.77) | (64.05) | (8.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (59.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.97) | (10.77) | (64.05) | (67.80) |
| **Net asset value, end of period** | $29.60 | $88.35 | $191.82 | $1203.60 |
| **Total return<sup>5,6</sup>** | (61.63)% | (47.05)% | (81.73)% | (66.14)%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $24326 | $44334 | $70221 | $91474 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.56% | 1.45% | 1.42% | 1.81%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.15% | 1.15% | 1.15% | 1.15%<sup>8</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.27% | 3.24% | 4.38% | 1.69%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.68% | 3.54% | 4.65% | 2.35%<sup>8</sup> |
| Portfolio turnover rate | 0% | 0% | 0% | 0%<sup>7</sup> |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had two 1-5 reverse stock splits after the close of business August 14, 2023 and April 2, 2024. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on July 13, 2022.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**Tradr 2X Short TSLA Daily ETF FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,**<br> **2026<sup>1</sup>** | **For the<br> Year Ended<br> March 31,**<br> **2025<sup>2</sup>** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Period Ended<br> March 31,<br> 2023<sup>3</sup>** |
| **Net asset value, beginning of period** | $137.40 | $689.76 | $766.08 | $900.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>4</sup> | 0.71 | 4.14 | 23.04 | 14.76 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (111.61) | (552.54) | (32.22) | (112.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (110.90) | (548.40) | (9.18) | (97.38) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.92) | (3.96) | (67.14) | (8.28) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (28.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.92) | (3.96) | (67.14) | (36.54) |
| **Net asset value, end of period** | $24.58 | $137.40 | $689.76 | $766.08 |
| **Total return<sup>5,6</sup>** | (79.89)% | (78.99)% | 2.44% | (12.97)%<sup>7</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $181946 | $351269 | $105768 | $112371 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.21%<sup>8</sup> | 1.23%<sup>9</sup> | 1.45% | 1.21%<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 1.15%<sup>8</sup> | 1.17%<sup>9</sup> | 1.15% | 1.15%<sup>10</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 2.20% | 2.66% | 3.27% | 2.21%<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 2.26% | 2.72% | 3.57% | 2.27%<sup>10</sup> |
| Portfolio turnover rate | 0% | 0% | 0% | 0%<sup>7</sup> |

---

<sup>1</sup> The Fund had a 1-3 reverse stock split after the close of business October 20, 2025. See Note 4 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 1-6 reverse stock split after the close of business November 26, 2024. See Note 4 in the accompanying Notes to Financial Statements.

<sup>3</sup> The Fund commenced operations on July 13, 2022.

<sup>4</sup> Based on average shares outstanding during the period.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>7</sup> Not annualized.

<sup>8</sup> If interest expense had been excluded, the expense ratios would have remained unchanged for the year ended March 31, 2026.

<sup>9</sup> If excise tax expense had been excluded, the expense ratios would have been lowered by 0.02% for the year ended March 31, 2025.

<sup>10</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026** 

**Note 1 – Organization**

Tradr Funds (each a "Fund" and collectively the ''Funds'') are organized as a non-diversified series of Investment Managers Series Trust II, a Delaware statutory trust (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). As of March 31, 2026, the Funds were comprised of the following 36 separate Funds:

---

| | |
|:---|:---|
| Tradr 2X Long ACHR Daily ETF ("2X Long ACHR Daily ETF") | Tradr 2X Long LRCX Daily ETF ("2X Long LRCX Daily ETF") |
| Tradr 2X Long ALAB Daily ETF ("2X Long ALAB Daily ETF") | Tradr 2X Long MDB Daily ETF ("2X Long MDB Daily ETF") |
| Tradr 2X Long APLD Daily ETF ("2X Long APLD Daily ETF") | Tradr 2X Long NBIS Daily ETF ("2X Long NBIS Daily ETF") |
| Tradr 2X Long APP Daily ETF ("2X Long APP Daily ETF") | Tradr 2X Long NVTS Daily ETF ("2X Long NVTS Daily ETF") |
| Tradr 2X Long ASTS Daily ETF ("2X Long ASTS Daily ETF") | Tradr 2X Long PONY Daily ETF ("2X Long PONY Daily ETF") |
| Tradr 2X Long CEG Daily ETF ("2X Long CEG Daily ETF") | Tradr 2X Long QBTS Daily ETF ("2X Long QBTS Daily ETF") |
| Tradr 2X Long CLSK Daily ETF ("2X Long CLSK Daily ETF") | Tradr 2X Long QUBT Daily ETF ("2X Long QUBT Daily ETF") |
| Tradr 2X Long CORZ Daily ETF ("2X Long CORZ Daily ETF") | Tradr 2X Long RGTI Daily ETF ("2X Long RGTI Daily ETF") |
| Tradr 2X Long CRDO Daily ETF ("2X Long CRDO Daily ETF") | Tradr 2X Long SMR Daily ETF ("2X Long SMR Daily ETF") |
| Tradr 2X Long CRWV Daily ETF ("2X Long CRWV Daily ETF") | Tradr 2X Long SPY Quarterly ETF ("2X Long SPY Quarterly ETF") |
| Tradr 2X Long DDOG Daily ETF ("2X Long DDOG Daily ETF") | Tradr 2X Long TEM Daily ETF ("2X Long TEM Daily ETF") |
| Tradr 2X Long ENPH Daily ETF ("2X Long ENPH Daily ETF") | Tradr 2X Long U Daily ETF ("2X Long U Daily ETF") |
| Tradr 2X Long GEV Daily ETF ("2X Long GEV Daily ETF") | Tradr 2X Long UPST Daily ETF ("2X Long UPST Daily ETF") |
| Tradr 2X Long IBM Daily ETF ("2X Long IBM Daily ETF") | Tradr 2X Long VOYG Daily ETF ("2X Long VOYG Daily ETF") |
| Tradr 2X Long Innovation 100 Monthly ETF ("2X Long Innovation 100 Monthly ETF") | Tradr 1X Short Innovation 100 Monthly ETF ("1X Short Innovation 100 Monthly ETF") |
| Tradr 2X Long Innovation 100 Quarterly ETF ("2X Long Innovation 100 Quarterly ETF") | Tradr 1X Short Innovation Daily ETF ("1X Short Innovation Daily ETF") |
| Tradr 2X Long Innovation ETF ("2X Long Innovation ETF") | Tradr 1.5X Short NVDA Daily ETF ("1.5X Short NVDA Daily ETF") |
| Tradr 2X Long JOBY Daily ETF ("2X Long JOBY Daily ETF") | Tradr 2X Short TSLA Daily ETF ("2X Short TSLA Daily ETF") |

---

The Funds seek leveraged and inverse leveraged investment results, before fees and expenses, of the daily, monthly or quarterly performance of the Funds' underlying security listed in the table below. The Funds are actively managed exchange-traded funds ("ETF").

The Funds' commencement of operations, underlying security and leverage are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Commencement of Operations | Underlying Security | Leverage |
| 2X Long ACHR Daily ETF | June 9, 2025 | Archer Aviation, Inc. | 200% |
| 2X Long ALAB Daily ETF | August 11, 2025 | Astera Labs, Inc. | 200% |
| 2X Long APLD Daily ETF | September 8, 2025 | Applied Digital Corporation | 200% |
| 2X Long APP Daily ETF | April 24, 2025 | AppLovin Corporation | 200% |
| 2X Long ASTS Daily ETF | July 10, 2025 | AST SpaceMobile, Inc. | 200% |
| 2X Long CEG Daily ETF | July 10, 2025 | Constellation Energy Corporation | 200% |
| 2X Long CLSK Daily ETF | September 15, 2025 | CleanSpark, Inc. | 200% |
| 2X Long CORZ Daily ETF | November 4, 2025 | Core Scientific, Inc. | 200% |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Commencement of Operations | Underlying Security | Leverage |
| 2X Long CRDO Daily ETF | September 15, 2025 | Credo Technology Group Holding Ltd. | 200% |
| 2X Long CRWV Daily ETF | July 10, 2025 | CoreWeave, Inc. | 200% |
| 2X Long DDOG Daily ETF | August 11, 2025 | Datadog, Inc. | 200% |
| 2X Long ENPH Daily ETF | September 15, 2025 | Enphase Energy, Inc. | 200% |
| 2X Long GEV Daily ETF | July 10, 2025 | GE Vernova, Inc. | 200% |
| 2X Long IBM Daily ETF | March 23, 2026 | International Business Machines Corporation | 200% |
| 2X Long Innovation 100 Monthly ETF | August 30, 2024 | Invesco QQQ Trust | 200% |
| 2X Long Innovation 100 Quarterly ETF | September 30, 2024 | Invesco QQQ Trust | 200% |
| 2X Long Innovation ETF | April 28, 2022 | ARK Innovation ETF | 200% |
| 2X Long JOBY Daily ETF | September 8, 2025 | Joby Aviation, Inc. | 200% |
| 2X Long LRCX Daily ETF | August 18, 2025 | Lam Research Corporation | 200% |
| 2X Long MDB Daily ETF | August 18, 2025 | MongoDB, Inc. | 200% |
| 2X Long NBIS Daily ETF | September 8, 2025 | Nebius Group N.V. | 200% |
| 2X Long NVTS Daily ETF | September 8, 2025 | Navitas Semiconductor Corporation | 200% |
| 2X Long PONY Daily ETF | September 8, 2025 | Pony AI, Inc. | 200% |
| 2X Long QBTS Daily ETF | April 24, 2025 | D-Wave Quantum, Inc. | 200% |
| 2X Long QUBT Daily ETF | June 23, 2025 | Quantum Computing, Inc. | 200% |
| 2X Long RGTI Daily ETF | June 23, 2025 | Rigetti Computing, Inc. | 200% |
| 2X Long SMR Daily ETF | July 10, 2025 | Nuscale Power Corporation | 200% |
| 2X Long SPY Quarterly ETF | September 30, 2024 | SPDR® S&P 500® ETF Trust | 200% |
| 2X Long TEM Daily ETF | May 12, 2025 | Tempus AI, Inc. | 200% |
| 2X Long U Daily ETF | September 15, 2025 | Unity Software Inc. | 200% |
| 2X Long UPST Daily ETF | June 9, 2025 | Upstart Holdings, Inc. | 200% |
| 2X Long VOYG Daily ETF | September 8, 2025 | Voyager Technologies, Inc. | 200% |
| 1X Short Innovation 100 Monthly ETF | November 28, 2025 | Invesco QQQ Trust ETF | -100% |
| 1X Short Innovation Daily ETF | August 8, 2022 | ARK Innovation ETF | -100% |
| 1.5X Short NVDA Daily ETF | July 13, 2022 | NVIDIA Corporation | -150% |
| 2X Short TSLA Daily ETF | July 13, 2022 | Tesla, Inc. | -200% |

---

On February 1, 2026, the 2X Long Innovation 100 Monthly ETF lowered its management fee from 1.00% to 0.95%.

On May 16, 2025, the 2X Long Innovation 100 Monthly ETF changed its name from 2X Long Triple Q Monthly ETF to 2X Long Innovation 100 Monthly ETF.

On February 1, 2026, the 2X Long Innovation 100 Quarterly ETF lowered its management fee from 1.00% to 0.95%.

On May 16, 2025, the 2X Long Innovation 100 Quarterly ETF changed its name from 2X Long Triple Q Quarterly ETF to 2X Long Innovation 100 Quarterly ETF.

On February 1, 2026, the 2X Long SPY Quarterly ETF lowered its management fee from 1.00% to 0.95%.

The 1X Short Innovation Daily ETF commenced investment operations on August 8, 2022. Prior to that date, the Fund acquired the assets and assumed the liabilities of the Tuttle Capital Short Innovation ETF (the "Predecessor Fund"), a series of Collaborative Investment Series Trust in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The proposed Plan of Reorganization was approved by the Trust's Board on April 4, 2022, by the Board of Collaborative Investment Series Trust on February 16, 2022, and by beneficial owners of the 1X Short Innovation Daily ETF Predecessor Fund on July 29, 2022. The tax-free reorganization was accomplished on August 5, 2022. As a result of the reorganization, the Fund assumed the performance and accounting history of the 1X Short Innovation Daily ETF Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the 1X Short Innovation Daily ETF Predecessor Fund.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the 1X Short Innovation Daily ETF Predecessor Fund received the same aggregate share net asset value in the corresponding classes as noted below:

---

| | |
|:---|:---|
| Shares Issued | Net Assets |
| 6925000 | $339852874 |

---

The net unrealized depreciation of investments transferred was $41,087,479 as of the date of the acquisition.

On April 7, 2025, the Fund changed its name from Tradr 2X Short Innovation Daily ETF to Tradr 1X Short Innovation Daily ETF. Effective April 7, 2025, the Fund changed its investment strategy and objective to seek daily investment results, before fees and expenses, of one times the inverse (-100%) of the daily price and yield performance of the ARK Innovation ETF. Prior to April 7, 2025, the Fund's investment strategy and objective was to seek to provide daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily performance of the ARK Innovation ETF.

On July 15, 2024, the Fund changed its name from Tradr Short Innovation Daily ETF to Tradr 2X Short Innovation Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy and objective to seek daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily price and yield performance of the ARK Innovation ETF and accordingly, changed its name to Tradr 2X Short Innovation ETF. Prior to July 15, 2024, the Fund's investment strategy and objective was to seek to provide investment results that are approximately the inverse (or opposite) of, before fees and expenses, to the daily price and yield performance of the ARK Innovation ETF.

Effective October 1, 2022, the 1X Short Innovation Daily ETF changed fiscal year end from September 30<sup>th</sup> to March 31<sup>st</sup>.

On July 15, 2024, the Tradr 1.25X NVDA Bear Daily ETF changed its name to Tradr 1.5X Short NVDA Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy and objective to seek daily investment results, before fees and expenses, that correspond to one and a half times the inverse (-150%) of the daily performance of the common shares of NVIDIA Corporation. Prior to July 15, 2024, the Fund's investment strategy and objective was to seek daily investment results, before fees and expenses, that correspond to one and a half times the inverse (-125%) of the daily performance of the common shares of NVDA.

On July 15, 2024, the Tradr TSLA Bear Daily ETF changed its name to Tradr 2X Short TSLA Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy and objective to seek daily investment results, before fees and expenses, that correspond to two times the inverse (-200%) of the daily performance of the common shares of Tesla, Inc. Prior to July 15, 2024, the Fund's investment strategy and objective was to seek daily investment results, before fees and expenses, that correspond to the inverse (-100%) of the daily performance of the common shares of TSLA.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies."

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The Advisor is deemed to be the Chief Operating Decision Maker ("CODM") with respect to the Funds' investment decisions.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

**(a) Valuation of Investments**

The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds' valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Funds must utilize fair value pricing.

**(b) Swap Agreements**

Each Fund will enter into swap agreements to pursue its investment objective of delivering a specific multiple (e.g. 200% or -200%) return to its underlying common stock or ETF for a single day. The swap agreements may include as a reference asset investment vehicle that seek exposure to the underlying common stock or ETF.

Swap agreements are contracts entered into primarily with major financial institutions for a specified period ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index. A Fund may use a combination of swaps on the underlying ETF and swaps on various investment vehicles that are designed to track the performance of the underlying ETF. The underlying investment vehicle may not track the performance of the underlying ETF due to embedded costs and other factors, which may increase a Fund's correlation risk and impact a Fund's ability to correlate with the underlying common stock or ETF.

With respect to the use of swap agreements, if the underlying common stock or ETF has a dramatic intraday move that causes a material decline in net assets, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, a Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with its investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the reference asset reverses all or a portion of its intraday move by the end of the day. Any costs associated with using swap agreements may also have the effect of lowering each Fund's return.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**(c) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

The 2X Long Innovation 100 Monthly ETF incurred offering costs, which were amortized over a one-year period from August 30, 2024 (commencement of operations). The 2X Long Innovation 100 Quarterly ETF and 2X Long SPY Quarterly ETF incurred offering costs, which were amortized over a one-year period from September 30, 2024 (commencement of operations). The 1X Short Innovation 100 Monthly ETF incurred offering costs, which were amortized over a one-year period from November 28, 2025 (commencement of operations)

---

| | |
|:---|:---|
|  | Offering Costs |
| 2X Long Innovation 100 Monthly ETF | $12500 |
| 2X Long Innovation 100 Quarterly ETF | 12500 |
| 2X Long SPY Quarterly ETF | 12500 |
| 1X Short Innovation 100 Monthly ETF | 12500 |

---

**(d) Capital Share Transactions**

Fund Shares are listed and traded on The NASDAQ Stock Market LLC or CBOE Exchange (each an "Exchange" and collectively the ''Exchanges'') on each day that the Exchange is open for business ("Business Day"). Individual Fund Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Funds' Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Fund Shares may only be purchased from or redeemed to the Funds by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are issued and redeemed for cash.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A fixed purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Funds may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. The Funds may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fee for each Fund is $250, regardless of the number of Creation Units created in the transaction.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

A fixed redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Funds may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Funds, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Funds securities to the account of the Trust. The non-standard charges are payable to the Funds as it incurs costs in connection with the redemption of Creation Units, the receipt of Funds securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for each Fund is $250, regardless of the number of Creation Units created in the transaction. In addition, a variable fee, payable to a Fund, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction.

**(e) Federal Income Taxes**

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March 31, 2026, and during the prior three open tax years, if any, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**(f) Distributions to Shareholders**

The Funds will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**(g) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (the "Agreement") with AXS Investments LLC (the "Advisor"). Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the following annual rates based on the average daily net assets of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| | Investment<br> Advisory Fee | | Investment<br> Advisory Fee |
| 2X Long ACHR Daily ETF | 1.30% | 2X Long LRCX Daily ETF | 1.30% |
| 2X Long ALAB Daily ETF | 1.30% | 2X Long MDB Daily ETF | 1.30% |
| 2X Long APLD Daily ETF | 1.30% | 2X Long NBIS Daily ETF | 1.30% |
| 2X Long APP Daily ETF | 1.30% | 2X Long NVTS Daily ETF | 1.30% |
| 2X Long ASTS Daily ETF | 1.30% | 2X Long PONY Daily ETF | 1.30% |
| 2X Long CEG Daily ETF | 1.30% | 2X Long QBTS Daily ETF | 1.30% |
| 2X Long CLSK Daily ETF | 1.30% | 2X Long QUBT Daily ETF | 1.30% |
| 2X Long CORZ Daily ETF | 1.30% | 2X Long RGTI Daily ETF | 1.30% |
| 2X Long CRDO Daily ETF | 1.30% | 2X Long SMR Daily ETF | 1.30% |
| 2X Long CRWV Daily ETF | 1.30% | 2X Long SPY Quarterly ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.95%\* |
| 2X Long DDOG Daily ETF | 1.30% | 2X Long TEM Daily ETF | 1.30% |
| 2X Long ENPH Daily ETF | 1.30% | 2X Long U Daily ETF | 1.30% |
| 2X Long GEV Daily ETF | 1.30% | 2X Long UPST Daily ETF | 1.30% |
| 2X Long IBM Daily ETF | 1.30% | 2X Long VOYG Daily ETF | 1.30% |
| 2X Long Innovation 100 Monthly ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.95%\* | 1X Short Innovation 100 Monthly ETF | 1.00% |
| 2X Long Innovation 100 Quarterly ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.95%\* | 1X Short Innovation Daily ETF | 0.75% |
| 2X Long Innovation ETF | 0.95% | 1.5X Short NVDA Daily ETF | 0.95% |
| 2X Long JOBY Daily ETF | 1.30% | 2X Short TSLA Daily ETF | 0.95% |

---

\* Prior to February 1, 2026, the Investment Advisory Fee was 1.00%.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The Advisor has contractually agreed to waive its fee and, if necessary, to absorb other operating expenses to ensure that total annual operating expenses (excluding any front-end or contingent deferred loads, brokerage fees and commission, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Acquiring Fund officers and trustees or contractual indemnification of Fund service providers) will not exceed the total limit on annual operating expenses of each fund. These agreements are in effect until July 31, 2026 for the 2X Long Innovation ETF, 1.5X Short NVDA Daily ETF and 2X Short TSLA Daily ETF. These agreements are in effect until August 31, 2026 for the 1X Short Innovation 100 Monthly ETF and 1X Short Innovation Daily ETF. They may be terminated before that date only by the Trust's Board of Trustees. The table below contains the expense cap by Fund:

---

| | |
|:---|:---|
|  | Total Limit on Annual<br> Operating Expenses |
| 2X Long Innovation ETF | 1.15% |
| 1X Short Innovation 100 Monthly ETF | 1.50% |
| 1X Short Innovation Daily ETF | 1.15% |
| 1.5X Short NVDA Daily ETF | 1.15% |
| 2X Short TSLA Daily ETF | 1.15% |

---

For the period/year ended March 31, 2026, the Advisor waived its advisory fees and absorbed other expenses as follows:

---

| | |
|:---|:---|
|  | Advisory fees |
| 2X Long Innovation 100 Quarterly ETF | $93734 |
| 2X Long Innovation ETF | 121897 |
| 2X Long SPY Quarterly ETF | 108341 |
| 1X Short Innovation 100 Monthly ETF | 59854 |
| 1.5X Short NVDA Daily ETF | 159483 |
| 2X Short TSLA Daily ETF | 179917 |

---

For the year ended March 31, 2026, the Advisor recovered $34,330 of its previously waived advisory fees for the 2X Long Innovation 100 Monthly ETF.

The Advisor may recover from each Fund's fees and/or expenses previously waived and/or absorbed if each Fund's expense ratio, including the recovered expenses, falls below the expense limit at which it was waived. The Advisor is permitted to seek reimbursement from each Fund, subject to certain limitations, of fees waived or payments made to each Fund for a period ending three full years after the date of the waiver or payment. This reimbursement may be requested from each Fund if the reimbursement will not cause each Fund's annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than the dates stated below:

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **March 31, 2027** | **March 31, 2028** | **March 31, 2029** | **Total** |
| 2X Long Innovation ETF | $206174 | $143657 | $121897 | $471728 |
| 1X Short Innovation 100 Monthly ETF |  |  | 59854 | 59854 |
| 1X Short Innovation Daily ETF | 405352 |  |  | 405352 |
| 1.5X Short NVDA Daily ETF | 232672 | 170160 | 159483 | 562315 |
| 2X Short TSLA Daily ETF | 318800 | 75700 | 179917 | 574417 |

---

Prior to February 1, 2026, 2X Long Innovation 100 Monthly ETF, 2X Long Innovation 100 Quarterly ETF, 2X Long SPY Quarterly ETF waived advisory fees and other expenses. These amounts are no longer recoupable.

Brown Brothers Harriman & Co. serves as the Funds' fund accountant, transfer agent and custodian. UMB Fund Services ("UMBFS") and Mutual Fund Administration, LLC ("MFAC") serve as the Funds' co-administrators. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year/period ended March 31, 2026, are reported on the Statements of Operations.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the year/period ended March 31, 2026, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statements of Operations.

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various Fund in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts are adjusted for market value changes in the invested Fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and are disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation (depreciation) and income are included in the Trustees' fees and expenses in the Statements of Operations.

ALPS Distributors, Inc. serves as the Funds' Distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year/period ended March 31, 2026, are reported on the Statements of Operations.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 4 – Share Splits**

The table below includes Share splits for the Funds during the years ended March 31, 2026 through 2022. The Share splits do not change the total value of the shareholders' investments in the Funds. These Share splits have been retroactively adjusted in the financial statements. Each Fund continues to trade on its primary listing exchange, as applicable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Split Effective<br> Date | Split<br> Ratio | Fund | Split Effective<br> Date | Split<br> Ratio |
| 2X Long ACHR Daily ETF | 12/2/2025 | 1:5 | 2X Long RGTI Daily ETF | 3/10/2026 | 1:3 |
| 2X Long ALAB Daily ETF | 3/10/2026 | 1:3 | 2X Long RGTI Daily ETF | 10/21/2025 | 3:1 |
| 2X Long APLD Daily ETF | 3/10/2026 | 3:1 | 2X Long SMR Daily ETF | 3/10/2026 | 1:3 |
| 2X Long APP Daily ETF | 3/10/2026 | 1:3 | 2X Long SMR Daily ETF | 12/2/2025 | 1:5 |
| 2X Long APP Daily ETF | 10/21/2025 | 3:1 | 2X Long SPY Quarterly ETF | 6/3/2025 | 1:5 |
| 2X Long CRDO Daily ETF | 3/10/2026 | 1:3 | 2X Long TEM Daily ETF | 3/10/2026 | 1:3 |
| 2X Long CRWV Daily ETF | 12/2/2025 | 1:5 | 2X Long U Daily ETF | 3/10/2026 | 1:10 |
| 2X Long Innovation 100 Monthly ETF | 6/3/2025 | 1:5 | 2X Long UPST Daily ETF | 12/2/2025 | 1:5 |
| 2X Long Innovation 100 Quarterly ETF | 6/3/2025 | 1:5 | 1X Short Innovation Daily ETF | 11/27/2024 | 1:3 |
| 2X Long Innovation ETF | 11/27/2024 | 2:1 | 1.5X Short NVDA Daily ETF | 10/21/2025 | 1:3 |
| 2X Long Innovation ETF | 12/1/2022 | 1:5 | 1.5X Short NVDA Daily ETF | 4/3/2024 | 1:5 |
| 2X Long JOBY Daily ETF | 3/10/2026 | 1:3 | 1.5X Short NVDA Daily ETF | 8/15/2023 | 1:5 |
| 2X Long LRCX Daily ETF | 3/10/2026 | 3:1 | 2X Short TSLA Daily ETF | 10/21/2025 | 1:3 |
| 2X Long QBTS Daily ETF | 10/21/2025 | 3:1 | 2X Short TSLA Daily ETF | 11/27/2024 | 1:6 |
| 2X Long QUBT Daily ETF | 12/2/2025 | 1:5 |  |  |  |

---

**Note 5 – Federal Income Taxes**

At March 31, 2026, gross unrealized appreciation and depreciation on investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost of<br> Investments | Gross<br> Unrealized<br> Appreciation | Gross<br> Unrealized<br> Depreciation | Net Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments |
| 2X Long Innovation 100 Monthly ETF | $60355063 | $147647 | $1218821 | $(1071174) |
| 2X Long Innovation 100 Quarterly ETF | 8305236 | 19726 | 176912 | (157186) |
| 2X Long SPY Quarterly ETF | 5823110 | 66114 | 46569 | 19545 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the periods ended March 31, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) as follows:

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | Increase (Decrease) | Increase (Decrease) |
|  | Paid-in Capital | Total Distributable Earnings<br> (Accumulated Deficit) |
| 2X Long ACHR Daily ETF | $(1392306) | $1392306 |
| 2X Long ALAB Daily ETF | (1079745) | 1079745 |
| 2X Long APLD Daily ETF | (1909928) | 1909928 |
| 2X Long APP Daily ETF |  |  |
| 2X Long ASTS Daily ETF |  |  |
| 2X Long CEG Daily ETF | (82931) | 82931 |
| 2X Long CLSK Daily ETF | (1434297) | 1434297 |
| 2X Long CORZ Daily ETF | (84792) | 84792 |
| 2X Long CRDO Daily ETF | (449819) | 449819 |
| 2X Long CRWV Daily ETF | (4606484) | 4606484 |
| 2X Long DDOG Daily ETF | (88020) | 88020 |
| 2X Long ENPH Daily ETF | (43016) | 43016 |
| 2X Long GEV Daily ETF | (542727) | 542727 |
| 2X Long IBM Daily ETF |  |  |
| 2X Long Innovation 100 Monthly ETF | 74 | (74) |
| 2X Long Innovation 100 Quarterly ETF | (187976) | 187976 |
| 2X Long Innovation ETF | 24038190 | (24038190) |
| 2X Long JOBY Daily ETF | (903229) | 903229 |
| 2X Long LRCX Daily ETF |  |  |
| 2X Long MDB Daily ETF | 1523878 | (1523878) |
| 2X Long NBIS Daily ETF | (5290773) | 5290773 |
| 2X Long NVTS Daily ETF | 4074229 | (4074229) |
| 2X Long PONY Daily ETF | (241719) | 241719 |
| 2X Long QBTS Daily ETF | (7427266) | 7427266 |
| 2X Long QUBT Daily ETF | (3930800) | 3930800 |
| 2X Long RGTI Daily ETF | (3) | 3 |
| 2X Long SMR Daily ETF | (6811260) | 6811260 |
| 2X Long SPY Quarterly ETF | (1511) | 1511 |
| 2X Long TEM Daily ETF |  |  |
| 2X Long U Daily ETF | (46950) | 46950 |
| 2X Long UPST Daily ETF | (3379017) | 3379017 |
| 2X Long VOYG Daily ETF | (103544) | 103544 |
| 1X Short Innovation 100 Monthly ETF | (77) | 77 |
| 1X Short Innovation Daily ETF | (356848) | 356848 |
| 1.5X Short NVDA Daily ETF |  |  |
| 2X Short TSLA Daily ETF |  |  |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The tax basis of the components of distributable net earnings (deficit) at March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Undistributed<br> ordinary income | Undistributed<br> long-term<br> capital gains | Tax accumulated<br> earnings | Accumulated capital<br> and other losses | Unrealized<br> appreciation<br> (depreciation) on<br> swap contracts | Unrealized<br> deferred<br> compensation | Total distributable <br> earnings (accumulated <br> deficit) |
| 2X Long ACHR Daily ETF | $- | $- | $- | $(8494786) | $(14588970) | $- | $(23083756) |
| 2X Long ALAB Daily ETF |  |  |  | (21591556) | (37093223) |  | (58684779) |
| 2X Long APLD Daily ETF |  |  |  | (33187763) | 15120298 |  | (18067465) |
| 2X Long APP Daily ETF | 1466833 |  | 1466833 |  | (5136411) |  | (3669578) |
| 2X Long ASTS Daily ETF | 200843962 |  | 200843962 | (10630894) | (156750595) |  | 33462473 |
| 2X Long CEG Daily ETF |  |  |  | (178175) | (3089553) |  | (3267728) |
| 2X Long CLSK Daily ETF |  |  |  | (63362521) | 2960250 |  | (60402271) |
| 2X Long CORZ Daily ETF |  |  |  | (2170571) | 591380 |  | (1579191) |
| 2X Long CRDO Daily ETF |  |  |  | (20905981) | (18295360) |  | (39201341) |
| 2X Long CRWV Daily ETF |  |  |  | (7640962) | (28334563) |  | (35975525) |
| 2X Long DDOG Daily ETF |  |  |  |  | (780035) |  | (780035) |
| 2X Long ENPH Daily ETF |  |  |  | (137979) | 689279 |  | 551300 |
| 2X Long GEV Daily ETF |  |  |  | (405524) | 13361456 |  | 12955932 |
| 2X Long IBM Daily ETF | 278 |  | 278 |  | (7498) |  | (7220) |
| 2X Long Innovation 100 Monthly ETF | 7391595 | 1655956 | 9047551 |  | (7723002) | (8059) | 1316490 |
| 2X Long Innovation 100 Quarterly ETF |  | 935623 | 935623 | (243625) | 267703 | (2673) | 957028 |
| 2X Long Innovation ETF | 2573907 | 10967036 | 13540943 |  | 10297030 | (17580) | 23820393 |
| 2X Long JOBY Daily ETF |  |  |  | (27966126) | (12556556) |  | (40522682) |
| 2X Long LRCX Daily ETF | 11131792 |  | 11131792 |  | (8355187) |  | 2776605 |
| 2X Long MDB Daily ETF | 726759 |  | 726759 |  | (2894329) |  | (2167570) |
| 2X Long NBIS Daily ETF |  |  |  | (93331514) | 25521488 |  | (67810026) |
| 2X Long NVTS Daily ETF |  |  |  | (16937626) | (127907) |  | (17065533) |
| 2X Long PONY Daily ETF |  |  |  | (7416607) | 616331 |  | (6800276) |
| 2X Long QBTS Daily ETF | 3308867 |  | 3308867 | (3652380) | (54401576) |  | (54745089) |
| 2X Long QUBT Daily ETF |  |  |  | (114353277) | (1008426) |  | (115361703) |
| 2X Long RGTI Daily ETF |  |  |  | (21250185) | 683060 |  | (20567125) |
| 2X Long SMR Daily ETF |  |  |  | (299060370) | (1835896) |  | (300896266) |
| 2X Long SPY Quarterly ETF | 401462 | 348837 | 750299 |  | 577845 | (2971) | 1325173 |
| 2X Long TEM Daily ETF |  |  |  | (17342453) | (9541111) |  | (26883564) |
| 2X Long U Daily ETF |  |  |  | (331007) | (2353997) |  | (2685004) |
| 2X Long UPST Daily ETF |  |  |  | (41673507) | (55289206) |  | (96962713) |
| 2X Long VOYG Daily ETF |  |  |  | (1244822) | 38328 |  | (1206494) |
| 1X Short Innovation 100 Monthly ETF | 10828 |  | 10828 | (1666) | 77683 | (9) | 86836 |
| 1X Short Innovation Daily ETF |  |  |  | (110800856) | 10345108 | (35599) | (100491347) |
| 1.5X Short NVDA Daily ETF | 303796 |  | 303796 | (214493425) | 2720116 | (17893) | (211487406) |
| 2X Short TSLA Daily ETF | 1701880 |  | 1701880 | (674462836) | 30328554 | (62709) | (642495111) |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The tax character of the distributions paid during the periods ended March 31, 2026 and 2025 (if applicable) were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: | Distributions paid from: |
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
| Fund Name | Ordinary<br> Income | Net long-term<br> capital gains | Return of<br> Capital | Total distributions<br> paid | Ordinary<br> Income | Net long-term<br> capital gains | Return of <br>Capital | Total<br> distributions<br> paid |
| 2X Long APP Daily ETF | $6932145 | $- | $- | $6932145 | $- | $- | $- | $- |
| 2X Long CRWV Daily ETF | 3061505 |  |  | 3061505 |  |  |  |  |
| 2X Long Innovation 100 Monthly ETF | 2531898 |  |  | 2531898 | 3478 |  |  | 3478 |
| 2X Long Innovation ETF | 1436306 | 6010781 |  | 7447087 |  | 356203 |  | 356203 |
| 2X Long NVTS Daily ETF | 1494075 |  |  | 1494075 |  |  |  |  |
| 2X Long QBTS Daily ETF | 10366851 |  |  | 10366851 |  |  |  |  |
| 2X Long RGTI Daily ETF | 2233966 |  |  | 2233966 |  |  |  |  |
| 2X Long SPY Quarterly ETF | 20871 |  |  | 20871 |  |  |  |  |
| 2X Long TEM Daily ETF | 9734226 |  |  | 9734226 |  |  |  |  |
| 1X Short Innovation 100 Monthly ETF | 2472 |  |  | 2472 |  |  |  |  |
| 1X Short Innovation Daily ETF | 2112336 |  |  | 2112336 | 7481605 |  |  | 7481605 |
| 1.5X Short NVDA Daily ETF | 3941740 |  |  | 3941740 | 6329706 |  |  | 6329706 |
| 2X Short TSLA Daily ETF | 33613308 |  |  | 33613308 | 10208668 |  |  | 10208668 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

As of March 31, 2026, the Funds listed below had qualified late-year ordinary losses which are deferred until fiscal year 2027 for tax purposes. Net late-year ordinary losses incurred after December 31 and within the taxable year and net late-year specified losses incurred after October 31 and within the taxable year, are deemed to arise on the first day of the Funds' next taxable year.

---

| | |
|:---|:---|
|  | Late-year ordinary losses |
| 2X Long ACHR Daily ETF | $438575 |
| 2X Long ALAB Daily ETF | 880760 |
| 2X Long APLD Daily ETF | 2381357 |
| 2X Long ASTS Daily ETF | 10630894 |
| 2X Long CEG Daily ETF | 178175 |
| 2X Long CLSK Daily ETF | 937612 |
| 2X Long CORZ Daily ETF | 188500 |
| 2X Long CRDO Daily ETF | 963140 |
| 2X Long CRWV Daily ETF | 3548316 |
| 2X Long ENPH Daily ETF | 137979 |
| 2X Long GEV Daily ETF | 405524 |
| 2X Long Innovation 100 Quarterly ETF | 243625 |
| 2X Long JOBY Daily ETF | 770974 |
| 2X Long NBIS Daily ETF | 3792195 |
| 2X Long NVTS Daily ETF | 756189 |
| 2X Long PONY Daily ETF | 207219 |
| 2X Long QBTS Daily ETF | 3652380 |
| 2X Long QUBT Daily ETF | 1200700 |
| 2X Long SMR Daily ETF | 4237569 |
| 2X Long U Daily ETF | 68369 |
| 2X Long UPST Daily ETF | 1585151 |
| 2X Long VOYG Daily ETF | 70675 |

---

As of March 31, 2026, the Funds listed below had post-october capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

---

| | |
|:---|:---|
|  | Post-october capital losses |
| 2X Long CRWV Daily ETF | $4092646 |
| 2X Long NVTS Daily ETF | 16181437 |
| 2X Long RGTI Daily ETF | 21250185 |
| 2X Long TEM Daily ETF | 17342453 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

As of March 31, 2026, the Funds listed below had net capital loss carryovers as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Not subject to expiration: | Not subject to expiration: | Not subject to expiration: |
|  | Short-term | Long-term | Total |
| 2X Long ACHR Daily ETF | $8056211 | $- | $8056211 |
| 2X Long ALAB Daily ETF | 20710796 |  | 20710796 |
| 2X Long APLD Daily ETF | 30806406 |  | 30806406 |
| 2X Long CLSK Daily ETF | 62424909 |  | 62424909 |
| 2X Long CORZ Daily ETF | 1982071 |  | 1982071 |
| 2X Long CRDO Daily ETF | 19942841 |  | 19942841 |
| 2X Long JOBY Daily ETF | 27195152 |  | 27195152 |
| 2X Long NBIS Daily ETF | 89539319 |  | 89539319 |
| 2X Long PONY Daily ETF | 7209388 |  | 7209388 |
| 2X Long QUBT Daily ETF | 113152577 |  | 113152577 |
| 2X Long SMR Daily ETF | 294822801 |  | 294822801 |
| 2X Long U Daily ETF | 262638 |  | 262638 |
| 2X Long UPST Daily ETF | 40088356 |  | 40088356 |
| 2X Long VOYG Daily ETF | 1174147 |  | 1174147 |
| 1X Short Innovation 100 Monthly ETF | 1666 |  | 1666 |
| 1X Short Innovation Daily ETF | 110789391 | 11465 | 110800856 |
| 1.5X Short NVDA Daily ETF | 214493425 |  | 214493425 |
| 2X Short TSLA Daily ETF | 664562808 | 9900028 | 674462836 |

---

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

During the fiscal year ended March 31, 2026, the Funds listed below utilized short-term/long-term capital loss carryforwards.

---

| | | | |
|:---|:---|:---|:---|
|  | Short-term | Long-term | Total |
| 1X Short Innovation Daily ETF | $1614221 | $– $| 1614221 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 6 – Investment Transactions**

For the periods ended March 31, 2026, purchases and sales of investments, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| 2X Long APP Daily ETF | $47846683 | $49100558 |
| 2X Long Innovation 100 Monthly ETF | 172232993 | 113416387 |
| 2X Long Innovation 100 Quarterly ETF | 33715927 | 25393401 |
| 2X Long Innovation ETF | 101218604 | 97133342 |
| 2X Long NVTS Daily ETF | 19417261 | 17961276 |
| 2X Long QBTS Daily ETF | 50379913 | 53068519 |
| 2X Long RGTI Daily ETF | 19796220 | 21345608 |
| 2X Long SPY Quarterly ETF | 18371450 | 12568700 |
| 2X Long TEM Daily ETF | 48325002 | 50295156 |

---

**Note 7 – Distribution Plan** 

The Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Funds, except for the 1X Short Innovation Daily ETF, are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse the Distributor for amounts expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. The Distributor may also use this amount to compensate securities dealers or other persons that are APs for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. The Funds do not and have no current intention of paying 12b-1 fees. However, in the event 12b-1 fees are charged in the future because these fees are paid out of a Fund's assets, over time these fees will increase the cost of shareholders' investment and may cost shareholders more than certain other types of sales charges.

**Note 8 – Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Note 9 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad Levels as described below:

● 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 relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of March 31, 2026, in valuing the Funds' assets and liabilities carried at fair value:

---

| | | | |
|:---|:---|:---|:---|
| | **Assets** | **Assets** | **Liabilities** |
| | **Level 1** | **Level 2** | **Level 2** |
| <br>**Fund\*** | **Exchange-Traded<br> Funds** | **Swap Contracts\*\*** | **Swap Contracts\*\*** |
| 2X Long ACHR Daily ETF | $- | $32089 | $14621059 |
| 2X Long ALAB Daily ETF |  |  | 37093223 |
| 2X Long APLD Daily ETF |  | 15120298 |  |
| 2X Long APP Daily ETF |  | 6564260 | 11700671 |
| 2X Long ASTS Daily ETF |  | 15220096 | 171970691 |
| 2X Long CEG Daily ETF |  |  | 3089553 |
| 2X Long CLSK Daily ETF |  | 2960250 |  |
| 2X Long CORZ Daily ETF |  | 933341 | 341961 |
| 2X Long CRDO Daily ETF |  |  | 18295360 |
| 2X Long CRWV Daily ETF |  | 95892 | 28430455 |
| 2X Long DDOG Daily ETF |  |  | 780035 |
| 2X Long ENPH Daily ETF |  | 689279 |  |
| 2X Long GEV Daily ETF |  | 13361456 |  |
| 2X Long IBM Daily ETF |  |  | 7498 |
| 2X Long Innovation 100 Monthly ETF | 59283889 | 993144 | 7644972 |
| 2X Long Innovation 100 Quarterly ETF | 8148050 | 1060099 | 635210 |
| 2X Long Innovation ETF |  | 11180803 | 883773 |
| 2X Long JOBY Daily ETF |  |  | 12556556 |
| 2X Long LRCX Daily ETF |  |  | 8355187 |
| 2X Long MDB Daily ETF |  |  | 2894329 |
| 2X Long NBIS Daily ETF |  | 25521488 |  |
| 2X Long NVTS Daily ETF |  |  | 127907 |
| 2X Long PONY Daily ETF |  | 616331 |  |
| 2X Long QBTS Daily ETF |  |  | 54401576 |
| 2X Long QUBT Daily ETF |  |  | 1008426 |
| 2X Long RGTI Daily ETF |  | 683060 |  |
| 2X Long SMR Daily ETF |  |  | 1835896 |
| 2X Long SPY Quarterly ETF | 5842655 | 723448 | 165148 |
| 2X Long TEM Daily ETF |  |  | 9541111 |
| 2X Long U Daily ETF |  |  | 2353997 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| | **Assets** | **Assets** | **Liabilities** |
| | **Level 1** | **Level 2** | **Level 2** |
| <br>**Fund\*** | **Exchange-Traded<br> Funds** | **Swap Contracts\*\*** | **Swap Contracts\*\*** |
| 2X Long UPST Daily ETF | $- | $- | $55289206 |
| 2X Long VOYG Daily ETF |  | 38328 |  |
| 1X Short Innovation 100 Monthly ETF |  | 77683 |  |
| 1X Short Innovation Daily ETF |  | 10345108 |  |
| 1.5X Short NVDA Daily ETF |  | 2720116 |  |
| 2X Short TSLA Daily ETF |  | 35002915 | 4674361 |

---

\* The Funds did not hold any Level 3 securities at period end.

\*\* Swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**Note 10 – Derivative and Hedging Disclosure**

*Derivatives and Hedging* requires enhanced disclosures about the Funds' derivative and hedging activities, including how such activities are accounted for and their effects on the Funds' financial position and performance. The Funds invested in swap contracts during the year/period ended March 31, 2026.

The effects of these derivative instruments on the Funds' financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations are presented in the tables below. The fair values of derivative instruments, as of March 31, 2026, by risk category are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Statements of Asset and Liabilities<br> Location** | **Derivatives not<br> designated as<br> hedging instruments** | **Asset<br> Derivatives**<br> **Value** | **Liability<br> Derivatives**<br> **Value** |
| 2X Long ACHR Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | $32089 | $14621059 |
| 2X Long ALAB Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 37093223 |
| 2X Long APLD Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 15120298 |  |
| 2X Long APP Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 6564260 | 11700671 |
| 2X Long ASTS Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 15220096 | 171970691 |
| 2X Long CEG Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 3089553 |
| 2X Long CLSK Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 2960250 |  |
| 2X Long CORZ Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 933341 | 341961 |
| 2X Long CRDO Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 18295360 |
| 2X Long CRWV Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 95892 | 28430455 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Statements of Asset and Liabilities<br> Location** | **Derivatives not<br> designated as<br> hedging<br> instruments** | **Asset<br> Derivatives**<br> **Value** | **Liability<br> Derivatives**<br> **Value** |
| 2X Long DDOG Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | $- | $780035 |
| 2X Long ENPH Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 689279 |  |
| 2X Long GEV Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 13361456 |  |
| 2X Long IBM Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 7498 |
| 2X Long Innovation 100 Monthly ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 993144 | 7644972 |
| 2X Long Innovation 100 Quarterly ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 1060099 | 635210 |
| 2X Long Innovation ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 11180803 | 883773 |
| 2X Long JOBY Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 12556556 |
| 2X Long LRCX Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 8355187 |
| 2X Long MDB Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 2894329 |
| 2X Long NBIS Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 25521488 |  |
| 2X Long NVTS Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 127907 |
| 2X Long PONY Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 616331 |  |
| 2X Long QBTS Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 54401576 |
| 2X Long QUBT Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 1008426 |
| 2X Long RGTI Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 683060 |  |
| 2X Long SMR Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 1835896 |
| 2X Long SPY Quarterly ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 723448 | 165148 |
| 2X Long TEM Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 9541111 |
| 2X Long U Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts |  | 2353997 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Statements of Asset and Liabilities<br> Location** | **Derivatives not<br> designated as<br> hedging<br> instruments** | **Asset<br> Derivatives**<br> **Value** | **Liability<br> Derivatives**<br> **Value** |
| 2X Long UPST Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | $- | $55289206 |
| 2X Long VOYG Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 38328 |  |
| 1X Short Innovation 100 Monthly ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 77683 |  |
| 1X Short Innovation Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 10345108 |  |
| 1.5X Short NVDA Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 2720116 |  |
| 2X Short TSLA Daily ETF | Unrealized appreciation/ depreciation on open swap contracts | Equity contracts | 35002915 | 4674361 |

---

The effects of derivative instruments on the Statements of Operations for the year/period ended March 31, 2026, are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** |
| Fund | Derivatives not designated as hedging instruments | Open Swap Contracts |
| 2X Long ACHR Daily ETF | Equity contracts | $(10189276) |
| 2X Long ALAB Daily ETF | Equity contracts | (23450226) |
| 2X Long APLD Daily ETF | Equity contracts | (35335437) |
| 2X Long APP Daily ETF | Equity contracts | 6693845 |
| 2X Long ASTS Daily ETF | Equity contracts | 188432482 |
| 2X Long CEG Daily ETF | Equity contracts | (347166) |
| 2X Long CLSK Daily ETF | Equity contracts | (64954505) |
| 2X Long CORZ Daily ETF | Equity contracts | (2288650) |
| 2X Long CRDO Daily ETF | Equity contracts | (21618085) |
| 2X Long CRWV Daily ETF | Equity contracts | (10663063) |
| 2X Long DDOG Daily ETF | Equity contracts | (109354) |
| 2X Long ENPH Daily ETF | Equity contracts | (219685) |
| 2X Long GEV Daily ETF | Equity contracts | (1163979) |
| 2X Long IBM Daily ETF | Equity contracts | 25 |
| 2X Long Innovation 100 Monthly ETF | Equity contracts | 11620054 |
| 2X Long Innovation 100 Quarterly ETF | Equity contracts | 660722 |
| 2X Long Innovation ETF | Equity contracts | 44097328 |
| 2X Long JOBY Daily ETF | Equity contracts | (29235026) |
| 2X Long LRCX Daily ETF | Equity contracts | 11026406 |
| 2X Long MDB Daily ETF | Equity contracts | 2227419 |
| 2X Long NBIS Daily ETF | Equity contracts | (100095250) |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in the Statements of Operations** |
| Fund | Derivatives not designated as hedging instruments | Open Swap Contracts |
| 2X Long NVTS Daily ETF | Equity contracts | $(9907115) |
| 2X Long PONY Daily ETF | Equity contracts | (7727216) |
| 2X Long QBTS Daily ETF | Equity contracts | (1089813) |
| 2X Long QUBT Daily ETF | Equity contracts | (118972655) |
| 2X Long RGTI Daily ETF | Equity contracts | (20704466) |
| 2X Long SMR Daily ETF | Equity contracts | (308219584) |
| 2X Long SPY Quarterly ETF | Equity contracts | 773378 |
| 2X Long TEM Daily ETF | Equity contracts | (10131627) |
| 2X Long U Daily ETF | Equity contracts | (417654) |
| 2X Long UPST Daily ETF | Equity contracts | (46127475) |
| 2X Long VOYG Daily ETF | Equity contracts | (1347022) |
| 1X Short Innovation 100 Monthly ETF | Equity contracts | 6535 |
| 1X Short Innovation Daily ETF | Equity contracts | 1957965 |
| 1.5X Short NVDA Daily ETF | Equity contracts | (17795306) |
| 2X Short TSLA Daily ETF | Equity contracts | (396339398) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** |
| Fund | Derivatives not designated as hedging instruments | Open Swap Contracts |
| 2X Long ACHR Daily ETF | Equity contracts | $(14588970) |
| 2X Long ALAB Daily ETF | Equity contracts | (37093223) |
| 2X Long APLD Daily ETF | Equity contracts | 15120298 |
| 2X Long APP Daily ETF | Equity contracts | (5136411) |
| 2X Long ASTS Daily ETF | Equity contracts | (156750595) |
| 2X Long CEG Daily ETF | Equity contracts | (3089553) |
| 2X Long CLSK Daily ETF | Equity contracts | 2960250 |
| 2X Long CORZ Daily ETF | Equity contracts | 591380 |
| 2X Long CRDO Daily ETF | Equity contracts | (18295360) |
| 2X Long CRWV Daily ETF | Equity contracts | (28334563) |
| 2X Long DDOG Daily ETF | Equity contracts | (780035) |
| 2X Long ENPH Daily ETF | Equity contracts | 689279 |
| 2X Long GEV Daily ETF | Equity contracts | 13361456 |
| 2X Long IBM Daily ETF | Equity contracts | (7498) |
| 2X Long Innovation 100 Monthly ETF | Equity contracts | (5610543) |
| 2X Long Innovation 100 Quarterly ETF | Equity contracts | 1851899 |
| 2X Long Innovation ETF | Equity contracts | (4590427) |
| 2X Long JOBY Daily ETF | Equity contracts | (12556556) |
| 2X Long LRCX Daily ETF | Equity contracts | (8355187) |
| 2X Long MDB Daily ETF | Equity contracts | (2894329) |
| 2X Long NBIS Daily ETF | Equity contracts | 25521488 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** | **Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations** |
| Fund | Derivatives not designated as hedging instruments | Open Swap Contracts |
| 2X Long NVTS Daily ETF | Equity contracts | $(127907) |
| 2X Long PONY Daily ETF | Equity contracts | 616331 |
| 2X Long QBTS Daily ETF | Equity contracts | (54401576) |
| 2X Long QUBT Daily ETF | Equity contracts | (1008426) |
| 2X Long RGTI Daily ETF | Equity contracts | 683060 |
| 2X Long SMR Daily ETF | Equity contracts | (1835896) |
| 2X Long SPY Quarterly ETF | Equity contracts | 1283572 |
| 2X Long TEM Daily ETF | Equity contracts | (9541111) |
| 2X Long U Daily ETF | Equity contracts | (2353997) |
| 2X Long UPST Daily ETF | Equity contracts | (55289206) |
| 2X Long VOYG Daily ETF | Equity contracts | 38328 |
| 1X Short Innovation 100 Monthly ETF | Equity contracts | 77683 |
| 1X Short Innovation Daily ETF | Equity contracts | (9430653) |
| 1.5X Short NVDA Daily ETF | Equity contracts | (14488134) |
| 2X Short TSLA Daily ETF | Equity contracts | (100787876) |

---

The average quarterly volume of derivative instruments held by the Funds during the year/period ended March 31, 2026, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Derivatives not<br> designated as hedging<br> instruments | Investment | Notional Value |
| 2X Long ACHR Daily ETF | Equity contracts | Open Swap Contracts | $30300451 |
| 2X Long ALAB Daily ETF | Equity contracts | Open Swap Contracts | 73305490 |
| 2X Long APLD Daily ETF | Equity contracts | Open Swap Contracts | 60563679 |
| 2X Long APP Daily ETF | Equity contracts | Open Swap Contracts | 122889393 |
| 2X Long ASTS Daily ETF | Equity contracts | Open Swap Contracts | 308764155 |
| 2X Long CEG Daily ETF | Equity contracts | Open Swap Contracts | 10455605 |
| 2X Long CLSK Daily ETF | Equity contracts | Open Swap Contracts | 34872614 |
| 2X Long CORZ Daily ETF | Equity contracts | Open Swap Contracts | 11119325 |
| 2X Long CRDO Daily ETF | Equity contracts | Open Swap Contracts | 41922314 |
| 2X Long CRWV Daily ETF | Equity contracts | Open Swap Contracts | 306298623 |
| 2X Long DDOG Daily ETF | Equity contracts | Open Swap Contracts | 3867156 |
| 2X Long ENPH Daily ETF | Equity contracts | Open Swap Contracts | 5888704 |
| 2X Long GEV Daily ETF | Equity contracts | Open Swap Contracts | 34835643 |
| 2X Long IBM Daily ETF | Equity contracts | Open Swap Contracts | 717621 |
| 2X Long Innovation 100 Monthly ETF | Equity contracts | Open Swap Contracts | 129862231 |
| 2X Long Innovation 100 Quarterly ETF | Equity contracts | Open Swap Contracts | 21015688 |
| 2X Long Innovation ETF | Equity contracts | Open Swap Contracts | 55952365 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| Fund | Derivatives not<br> designated as hedging<br> instruments | Investment | Notional Value |
| 2X Long JOBY Daily ETF | Equity contracts | Open Swap Contracts | $46747499 |
| 2X Long LRCX Daily ETF | Equity contracts | Open Swap Contracts | 17259276 |
| 2X Long MDB Daily ETF | Equity contracts | Open Swap Contracts | 5179285 |
| 2X Long NBIS Daily ETF | Equity contracts | Open Swap Contracts | 208114813 |
| 2X Long NVTS Daily ETF | Equity contracts | Open Swap Contracts | 21572095 |
| 2X Long PONY Daily ETF | Equity contracts | Open Swap Contracts | 8136512 |
| 2X Long QBTS Daily ETF | Equity contracts | Open Swap Contracts | 112677897 |
| 2X Long QUBT Daily ETF | Equity contracts | Open Swap Contracts | 42540697 |
| 2X Long RGTI Daily ETF | Equity contracts | Open Swap Contracts | 13261583 |
| 2X Long SMR Daily ETF | Equity contracts | Open Swap Contracts | 165747470 |
| 2X Long SPY Quarterly ETF | Equity contracts | Open Swap Contracts | 16755483 |
| 2X Long TEM Daily ETF | Equity contracts | Open Swap Contracts | 77992029 |
| 2X Long U Daily ETF | Equity contracts | Open Swap Contracts | 3870910 |
| 2X Long UPST Daily ETF | Equity contracts | Open Swap Contracts | 74423400 |
| 2X Long VOYG Daily ETF | Equity contracts | Open Swap Contracts | 2023144 |
| 1X Short Innovation 100 Monthly ETF | Equity contracts | Open Swap Contracts | (939858) |
| 1X Short Innovation Daily ETF | Equity contracts | Open Swap Contracts | (87857544) |
| 1.5X Short NVDA Daily ETF | Equity contracts | Open Swap Contracts | (58813191) |
| 2X Short TSLA Daily ETF | Equity contracts | Open Swap Contracts | (731421366) |

---

**Note 11 - Disclosures about Offsetting Assets and Liabilities**

*Disclosures about Offsetting Assets and Liabilities* requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivative Association ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Funds and each of its counterparties. These agreements allow the Funds and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Funds' custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Funds from its counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

It is the Funds' policy to recognize a net asset or liability equal to the unrealized appreciation (depreciation) of swap contracts. As of March 31, 2026, the Funds are subject to a master netting arrangement for swap contracts. The following tables show additional information regarding the offsetting of assets and liabilities, as of March 31, 2026:

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | |
| <br>**Fund/**<br> **Description** | <br>**Counterparty** |<br>**Gross Amounts<br> Recognized in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments\*** | **Cash<br> Collateral\*** |<br>**Net Amount** |
| **2X Long Innovation 100 Monthly ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts - liability payable | Clear Street | $7329219 | $- | $(7329219) | $- |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 993144 |  |  | 993144 |
| Unrealized depreciation on open swap contracts – liability payable | Wells Fargo | 315753 |  | (315753) |  |
| **2X Long Innovation 100 Quarterly ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts - liability payable | Clear Street | 468665 |  | (468665) |  |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 1060099 |  |  | 1060099 |
| Unrealized depreciation on open swap contracts – liability payable | Wells Fargo | 166545 |  | (166545) |  |
| **2X Long Innovation ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts – liability payable | Clear Street | 304068 |  | (304068) |  |
| Unrealized depreciation on open swap contracts – liability payable | Goldman Sachs | 176874 |  | (176874) |  |
| Unrealized appreciation on open swap contracts - asset receivable | TD Cowen | 11180803 |  |  | 11180803 |
| Unrealized depreciation on open swap contracts – liability payable | Wells Fargo | 402831 |  | (402831) |  |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | |
| <br>**Fund/**<br> **Description** | <br>**Counterparty** | **Gross Amounts<br> Recognized in<br> the Statements<br> of Assets and <br> Liabilities** | **Financial<br> Instruments\*** | **Cash<br> Collateral\*** |<br>**Net Amount** |
| **2X Long SPY Quarterly ETF** |  |  |  |  |  |
| Unrealized depreciation on open swap contracts – liability payable | Clear Street | $165148 | $- | $(165148) | $- |
| Unrealized appreciation on open swap contracts - asset receivable | TD Cowen | 488634 |  |  | 488634 |
| Unrealized appreciation on open swap contracts - asset receivable | Wells Fargo | 234814 |  |  | 234814 |
| **1X Short Innovation 100 Monthly ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 77683 |  |  | 77683 |
| **1X Short Innovation Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts – asset receivable | Clear Street | 2379781 |  |  | 2379781 |
| Unrealized appreciation on open swap contracts – asset receivable | Goldman Sachs | 26780 |  |  | 26780 |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 6620997 |  |  | 6620997 |
| Unrealized appreciation on open swap contracts – asset receivable | Wells Fargo | 1317550 |  |  | 1317550 |

---

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | **Amounts Not Offset in<br> Statement of Assets and<br> Liabilities** | |
| <br>**Fund/**<br> **Description** | <br>**Counterparty** | **Gross Amounts<br> Recognized in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial Instruments\*** | **Cash<br> Collateral\*** |<br>**Net Amount** |
| **1.5X Short NVDA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts – asset receivable | Clear Street | $319830 | $- | $- | $319830 |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 2400286 |  |  | 2400286 |
| **2X Short TSLA Daily ETF** |  |  |  |  |  |
| Unrealized appreciation on open swap contracts – asset receivable | Cantor Fitzgerald | 8803537 |  |  | 8803537 |
| Unrealized depreciation on open swap contracts - liability payable | Clear Street | 4280132 |  | (4280132) |  |
| Unrealized appreciation on open swap contracts – asset receivable | Goldman Sachs | 4259703 |  |  | 4259703 |
| Unrealized appreciation on open swap contracts – asset receivable | Marex | 394229 |  | (394229) |  |
| Unrealized appreciation on open swap contracts – asset receivable | TD Cowen | 21939675 |  |  | 21939675 |

---

\* Amounts relate to master netting agreements and collateral agreements which have been determined by the Advisor to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Statements of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

Due to the absence of a master netting agreement related to certain Funds' participation in OTC derivative transactions, no additional offsetting disclosures have been made on behalf of the other Funds not included in the table above.

**Tradr Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 12 – Market Disruption and Geopolitical Risks**

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Note 13 - Investments by Other Registered Investment Companies** 

For purposes of the 1940 Act, the 2X Long Innovation 100 Monthly ETF, 2X Long Innovation 100 Quarterly ETF, 2X Long Innovation ETF, 2X Long SPY Quarterly ETF, 1X Short Innovation Daily ETF, 1.5X Short NVDA Daily ETF and 2X Short TSLA Daily ETF are treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including shares of the Funds. Rule 12d1-4 of the 1940 Act permits other investment companies to invest in the Funds beyond the limits in Section 12(d)(1), subject to certain terms and conditions, including that such investment companies enter into an agreement with the Funds.

**Note 14 – New Accounting Pronouncements and Regulatory Updates**

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Funds' financial position or the results of its operations.

**Note 15 – Events Subsequent to the Fiscal Period End**

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

On May 20, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Tradr 1X Short Innovation 100 Monthly ETF. The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. The Fund will create and redeem creation units through June 11, 2026, which will also be the last day of trading on the Cboe BZX Exchange, Inc., the Fund's principal U.S. listing exchange. On or about June 18, 2026 (the "Liquidation Date"), the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date.

On May 14, 2026, the Board of Trustees of the Trust approved 3-for-1 forward splits of the issued and outstanding shares of the 2X Long GEV Daily ETF and 2X Long NBIS Daily ETF, effective after the close of trading on the CBOE Exchange on June 2, 2026.

On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation for the 2X Long DDOG Daily ETF, 2X Long ENPH Daily ETF, 2X Long MDB Daily ETF and 2X Long VOYG Daily ETF (the "Funds"). The Funds liquidated at the close of business day April 27, 2026.

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**Tradr Funds**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of Tradr ETFs and**

**the Board of Trustees of Investment Managers Series Trust II**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Tradr 2X Long ACHR Daily ETF, Tradr 2X Long ALAB Daily ETF, Tradr 2X Long APLD Daily ETF, Tradr 2X Long APP Daily ETF, Tradr 2X Long ASTS Daily ETF, Tradr 2X Long CEG Daily ETF, Tradr 2X Long CLSK Daily ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long CRDO Daily ETF, Tradr 2X Long CRWV Daily ETF, Tradr 2X Long DDOG Daily ETF, Tradr 2X Long ENPH Daily ETF, Tradr 2X Long GEV Daily ETF, Tradr 2X Long IBM Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long JOBY Daily ETF, Tradr 2X Long LRCX Daily ETF, Tradr 2X Long MDB Daily ETF, Tradr 2X Long NBIS Daily ETF, Tradr 2X Long NVTS Daily ETF, Tradr 2X Long PONY Daily ETF, Tradr 2X Long QBTS Daily ETF, Tradr 2X Long QUBT Daily ETF, Tradr 2X Long RGTI Daily ETF, Tradr 2X Long SMR Daily ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long TEM Daily ETF, Tradr 2X Long U Daily ETF, Tradr 2X Long UPST Daily ETF, Tradr 2X Long VOYG Daily ETF, Tradr 1X Short Innovation 100 Monthly ETF, Tradr 1X Short Innovation Daily ETF, Tradr 1.5X Short NVDA Daily ETF and Tradr 2X Short TSLA Daily ETF (the "Funds"), each a series of Investment Managers Series Trust II (the "Trust"), including the schedules of investments, as of March 31, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> Tradr ETFs** | **Statements of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Tradr 2X Long ACHR Daily ETF<br> Tradr 2X Long UPST Daily ETF | For the period June 9, 2025 (commencement of operations) through March 31, 2026 | For the period June 9, 2025 (commencement of operations) through March 31, 2026 | For the period June 9, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long ALAB Daily ETF<br> Tradr 2X Long DDOG Daily ETF | For the period August 11, 2025 (commencement of operations) through March 31, 2026 | For the period August 11, 2025 (commencement of operations) through March 31, 2026 | For the period August 11, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long APLD Daily ETF<br> Tradr 2X Long JOBY Daily ETF<br> Tradr 2X Long NBIS Daily ETF<br> Tradr 2X Long NVTS Daily ETF<br> Tradr 2X Long PONY Daily ETF<br> Tradr 2X Long VOYG Daily ETF | For the period September 8, 2025 (commencement of operations) through March 31, 2026 | For the period September 8, 2025 (commencement of operations) through March 31, 2026 | For the period September 8, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long APP Daily ETF<br> Tradr 2X Long QBTS Daily ETF | For the period April 24, 2025 (commencement of operations) through March 31, 2026<br>| For the period April 24, 2025 (commencement of operations) through March 31, 2026 | For the period April 24, 2025 (commencement of operations) through March 31, 2026 |

---

**Tradr Funds**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Continued**

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> Tradr ETFs** | **Statements of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Tradr 2X Long ASTS Daily ETF<br> Tradr 2X Long CEG Daily ETF<br> Tradr 2X Long CRWV Daily ETF<br> Tradr 2X Long GEV Daily ETF<br> Tradr 2X Long SMR Daily ETF | For the period July 10, 2025 (commencement of operations) through March 31, 2026 | For the period July 10, 2025 (commencement of operations) through March 31, 2026 | For the period July 10, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long CLSK Daily ETF<br> Tradr 2X Long CRDO Daily ETF<br> Tradr 2X Long ENPH Daily ETF<br> Tradr 2X Long U Daily ETF | For the period September 15, 2025 (commencement of operations) through March 31, 2026 | For the period September 15, 2025 (commencement of operations) through March 31, 2026 | For the period September 15, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long CORZ Daily ETF | For the period November 4, 2025 (commencement of operations) through March 31, 2026 | For the period November 4, 2025 (commencement of operations) through March 31, 2026 | For the period November 4, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long IBM Daily ETF | For the period March 23, 2026 (commencement of operations) through March 31, 2026 | For the period March 23, 2026 (commencement of operations) through March 31, 2026 | For the period March 23, 2026 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long Innovation 100 Monthly ETF | For the year ended<br> March 31, 2026 | For the year ended March 31, 2026 and for the period August 30, 2024 (commencement of operations) through March 31, 2025 | For the year ended March 31, 2026 and for the period August 30, 2024 (commencement of operations) through March 31, 2025 |
| Tradr 2X Long Innovation 100 Quarterly ETF<br> Tradr 2X Long SPY Quarterly ETF | For the year ended<br> March 31, 2026 | For the year ended March 31, 2026, and for the period September 30, 2024 (commencement of operations) through March 31, 2025 | For the year ended March 31, 2026, and for the period September 30, 2024 (commencement of operations) through March 31, 2025 |
| Tradr 2X Long Innovation ETF<br>| For the year ended<br> March 31, 2026 | For each of the two years in the period ended March 31, 2026 | For each of the three years in the period ended March 31, 2026 and for the period April 28, 2022 (commencement of operations) through March 31, 2023 |
| Tradr 2X Long LRCX Daily ETF<br> Tradr 2X Long MDB Daily ETF | For the period August 18, 2025 (commencement of operations) through March 31, 2026 | For the period August 18, 2025 (commencement of operations) through March 31, 2026 | For the period August 18, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long QUBT Daily ETF<br> Tradr 2X Long RGTI Daily ETF | For the period June 23, 2025 (commencement of operations) through March 31, 2026 | For the period June 23, 2025 (commencement of operations) through March 31, 2026 | For the period June 23, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 2X Long TEM Daily ETF<br>| For the period May 12, 2025 (commencement of operations) through March 31, 2026 | For the period May 12, 2025 (commencement of operations) through March 31, 2026 | For the period May 12, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 1X Short Innovation 100 Monthly ETF | For the period November 28, 2025 (commencement of operations) through March 31, 2026 | For the period November 28, 2025 (commencement of operations) through March 31, 2026 | For the period November 28, 2025 (commencement of operations) through March 31, 2026 |
| Tradr 1X Short Innovation Daily ETF | For the year ended<br> March 31, 2026 | For each of the two years in the period ended March 31, 2026 | For each of the three years in the period ended March 31, 2026, for the 6 months period ended March 31, 2023, and for the period November 5, 2021 (commencement of operations) through September 30, 2022 |
| Tradr 1.5X Short NVDA Daily ETF<br> Tradr 2X Short TSLA Daily ETF | For the year ended<br> March 31, 2026 | For each of the two years in the period ended March 31, 2026 | For each of the three years in the period ended March 31, 2026 and for the period July 13, 2022 (commencement of operations) through March 31, 2023 |

---

**Tradr Funds**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Continued**

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2013.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](image_1.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**May 29, 2026**

**Tradr Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

**Tax Information**

**Long-Term Capital Gain Designation**

For the year ended March 31, 2026, the 2X Long Innovation ETF designates $6,010,781 as a 20% rate gain distribution for purposes of the dividends paid deduction.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

**Board Consideration of Investment Advisory Agreement**

At an in-person meeting held on January 21, 2026 (the "*January Meeting*"), the Board of Trustees (the "*Board*") of Investment Managers Series Trust II (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and AXS Investments LLC (the "*Advisor*") for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each, a "*Fund*" and collectively, the "*Funds*"):

● Tradr 1.5X Short NVDA Daily ETF,

● Tradr 1X Short Innovation Daily ETF,

● Tradr 2X Long Innovation 100 Monthly ETF,

● Tradr 2X Short TSLA Daily ETF,

● Tradr 2X Long Innovation ETF,

● Tradr 2X Long Innovation 100 Quarterly ETF, and

● Tradr 2X Long SPY Quarterly ETF.

At an in-person meeting held on July 15-16, 2025 (the "*July 2025 Meeting*"), the Board, including the Independent Trustees, reviewed and unanimously approved the Advisory Agreement between the Trust and the Advisor for an initial two-year term with respect to the following new series of the Trust (each, a "*New Fund*" and collectively, the "*New Funds*"):

● Tradr 2X Long CORZ Daily ETF, and

● Tradr 2X Long IBM Daily ETF.

At an in-person meeting held on July 23-24, 2024 (the "*July 2024 Meeting*"), the Board, including the Independent Trustees, reviewed and unanimously approved the Advisory Agreement between the Trust and the Advisor for an initial two-year term with respect to the Tradr 1X Short Innovation 100 Monthly ETF (the "*1X Short 100 Monthly Fund*"), a new series of the Trust.

In approving the renewal of the Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of each Fund and its shareholders. In approving the Advisory Agreement with respect to each New Fund and the 1X Short 100 Monthly Fund, the Board, including the Independent Trustees, determined that such approval was in the best interests of the applicable Fund and its shareholders.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

***<u>Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, and Tradr 2X Long SPY Quarterly ETF</u>***

 ****

***Background***

In advance of the January Meeting, the Board received information about the Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor's compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with each Fund; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each, a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant category (each, a "*Fund Universe*") for various periods ended October 31, 2025; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Agreement. In addition, the Board considered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

In renewing the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent, and Quality of Services***

With respect to the Funds, the Trustees considered the investment objective of each Fund, which require daily, monthly or quarterly rebalancing, as appropriate, of between one and two times the amount (or inverse of the amount) of the Fund's net assets; and Fund performance information, including the Fund's tracking error relative to its underlying issuer. The Trustees noted that, in view of the distinctive investment objective of each Fund, the investment performance of the Funds in absolute terms was not of the importance that normally attaches to the performance of actively managed funds. The Trustees considered that the extent to which each Fund achieved its objective to provide investment results relative to the underlying issuer on which the Fund was focused. Drawing upon reports provided to the Trustees by the Advisor throughout the preceding year, the Trustees determined that the Funds had tracked the performance (or inverse of the performance) of their underlying issuers within an acceptable range, and that the performance of each Fund was satisfactory. With respect to each Fund, the Trustees observed that the meeting materials reflected the following:

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

● The Tradr 1.5X Short NVDA Daily ETF's total return for the one-year period was above the Peer Group median return, but below the U.S. Fund Trading – Inverse Equity Fund Universe median return and the S&P 500 Total Return Index return by 19.22% and 84.74%, respectively. The Fund's annualized total return for the three-year period was the same as the Peer Group median return, but below the Fund Universe median return and the S&P 500 Total Return Index return by 52.47% and 100.69%, respectively. The Trustees considered the Advisor's explanation that the Fund's underperformance resulted from the strength of NVDA, which gained more than 50% for the one-year period and 1,400% for the three-year period, and that the Fund had met its investment objective.

● The Tradr 1X Short Innovation Daily ETF's annualized total return for the three-year period was below the U.S. Fund Trading – Inverse Equity Fund Universe and Peer Group median returns and the S&P 500 Total Return Index return by 11.14%, 22.95%, and 59.36%, respectively. The Fund's total return for the one-year period was below the Fund Universe and Peer Group median returns and the S&P 500 Total Return Index return by 16.79%, 39.10%, and 82.31%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group and benchmark was due to the performance and volatility of ARKK, and that the Fund had met its investment objective.

 ****

● The Tradr 2X Long Innovation 100 Monthly ETF's total return for the one-year period was above the U.S. Fund Trading – Leveraged Equity Fund Universe median return and the S&P 500 Total Return Index return, and the same as the Peer Group median return. The Trustees considered the Advisor's assertion that the fund had met its investment objective.

 

● The Tradr 2X Long Innovation 100 Quarterly ETF's total return for the one-year period was above the S&P 500 Total Return Index return, but below the U.S. Fund Trading – Leveraged Equity Fund Universe and Peer Group median returns by 0.14% and 0.40%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group was due to the performance and volatility of QQQ, and that the Fund had met its investment objective.

● The Tradr 2X Long Innovation ETF's total return for the one-year period was above the Peer Group and U.S. Fund Trading – Leveraged Equity Fund Universe median returns and the S&P 500 Total Return Index return. The Fund's annualized total return for the three-year period was above the Fund Universe median return and the S&P 500 Total Return Index return, but below the Peer Group median return by 10.54%. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group was due to the performance and volatility of ARKK, and that the Fund had met its investment objective.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

 ****

● Tradr 2X Long SPY Quarterly ETF's total return for the one-year period was above the S&P 500 Total Return Index return, but lower than the Peer Group and U.S. Fund Trading – Leveraged Equity Fund Universe median returns by 0.20% and 18.12%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group was due to the performance and volatility of SPY, and that the Fund had met its investment objective.

 

● The Tradr 2X Short TSLA Daily ETF's total return for the one-year period was above the Peer Group median return, but lower than the U.S. Fund Trading – Inverse Equity Fund Universe median return and the S&P 500 Total Return Index return by 48.16% and 113.68%, respectively. The Fund's annualized total return for the three-year period was below the Peer Group and Fund Universe median returns and the S&P 500 Total Return Index return by 13.44%, 43.19%, and 91.41%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group and benchmark was due to the performance and volatility of TSLA, and that the Fund had met its investment objective.

The Board considered the overall quality of services provided by the Advisor to the Funds. In doing so, the Board considered the Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Advisor, the commitment of the Advisor to the maintenance and growth of each Fund's assets, and the Advisor's compliance structure and compliance procedures. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to each Fund were satisfactory.

***Advisory Fees and Expense Ratios***

 ****

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

● The Tradr 1.5X Short NVDA Daily ETF's annual investment advisory fee (gross of fee waivers) was lower than the Peer Group median, but higher than the U.S. Fund Trading – Inverse Equity Fund Universe median by 0.20%. The Trustees observed that the Fund's advisory fee was not in the highest quartile of funds in the Fund Universe.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.05% and 0.16%, respectively. The Board observed that the Fund's net expenses were not in the highest quartile of funds in the Peer Group or the Fund Universe.

● The Tradr 1X Short Innovation Daily ETF's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group and U.S. Fund Trading – Inverse Equity Fund Universe medians. The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.03% and 0.07%, respectively. The Trustees observed that the Fund's net expenses were not in the highest quartile of funds in the Peer Group or the Fund Universe.

● Tradr 2X Long Innovation 100 Monthly ETF's annual investment advisory fee (gross of fee waivers) was lower than the U.S. Fund Trading – Leveraged Equity Fund Universe median, but higher than the Peer Group median by 0.21%. The Trustees considered the Advisor's assertions that the Fund offers an investment objective and strategies that are unique and distinct from those of the funds in the Peer Group and Fund Universe in that the Fund seeks 2X calendar month investment results of QQQ, which requires daily changes to and active management of the leverage ratio, and that the Fund's strategies are typically only available in more costly and less transparent portfolios that charge both management fees and performance fees.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.25% and 0.35%, respectively. The Trustees considered the Advisor's assertion that several of the funds in the Peer Group were part of larger fund complexes that could support lower expense caps than the Advisor.

● The Tradr 2X Long Innovation 100 Quarterly ETF's annual investment advisory fee (gross of fee waivers) was lower than the U.S. Fund Trading – Leveraged Equity Fund Universe median, but higher than the Peer Group median by 0.21%. The Trustees considered the Advisor's assertions that the Fund offers an investment objective and strategies that are unique and distinct from those of the funds in the Peer Group and Fund Universe in that the Fund seeks 2X calendar quarter investment results of QQQ, which requires daily changes to and active management of the leverage ratio, and that the Fund's strategies are typically only available in more costly and less transparent portfolios that charge both management fees and performance fees.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.25% and 0.35%, respectively. The Trustees considered the Advisor's observation that several of the funds in the Peer Group were part of larger fund complexes that could support lower expense caps than the Advisor.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

● The Tradr 2X Long Innovation ETF's annual investment advisory fee (gross of fee waivers) was lower than the U.S. Fund Trading – Leveraged Equity Fund Universe median, but higher than the Peer Group median by 0.10%. The Trustees observed that the Fund's advisory fee was not in the highest quartile of funds in the Peer Group.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.10% and 0.18%, respectively. The Trustees considered the Advisor's assertion that several of the funds in the Peer Group were part of larger fund complexes that could support lower expense caps than the Advisor.

● The Tradr 2X Long SPY Quarterly ETF's annual investment advisory fee (gross of fee waivers) was lower than the U.S. Fund Trading – Leveraged Equity Fund Universe median, but higher than the Peer Group median by 0.23%. The Trustees considered the Advisor's belief that the Fund offers an investment objective and strategies that are unique and distinct from those of the funds in the Peer Group and Fund Universe in that the Fund seeks 2X calendar quarter investment results of SPY, which requires daily changes to and active management of the leverage ratio, and that the Fund's strategies are typically only available in more costly and less transparent portfolios that charge both management fees and performance fees.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.25% and 0.46%, respectively. The Board observed, however, that the average net assets of the Fund were significantly lower than the average net assets of funds in the Peer Group. The Board also considered the Advisor's assertion that several of the funds in the Peer Group were part of larger fund complexes that could support lower expense caps than the Advisor.

● The Tradr 2X Short TSLA Daily ETF's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group median, but higher than the U.S. Fund Trading – Inverse Equity Fund Universe median by 0.20%. The Trustees noted that the Fund's advisory fee was not in the highest quartile of funds in the Fund Universe.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were the same as the Peer Group median, but higher than the Fund Universe median by 0.16%. The Trustees observed that the Fund's net expenses were not in the highest quartile of funds in the Fund Universe.

In reviewing the advisory fees and net expenses for each Fund, the Board noted that the Advisor does not manage any other accounts with the same objectives and policies as any of the Funds, and therefore they did not have a good basis for comparing each Fund's advisory fee with those of other similar client accounts of the Advisor; and that the Advisor set the net expenses for each Fund at a level at which the Advisor can maintain the viability of the Fund.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Funds.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended October 31, 2025, noting that the Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the Tradr 2X Long SPY Quarterly ETF; had waived a majority of its advisory fee for the Tradr 2X Long Innovation 100 Quarterly ETF; had waived a significant portion of its advisory fee for the Tradr 1.5X Short NVDA Daily ETF; had waived a portion of its advisory fee for the Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Long Innovation ETF, and Tradr 2X Short TSLA Daily ETF; and had not realized a profit with respect to the Tradr 2X Long Innovation 100 Quarterly ETF and Tradr 2X Long SPY Quarterly ETF. The Board determined that the profits of the Advisor from its relationships with the Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Long Innovation ETF and Tradr 2X Short TSLA Daily ETF were reasonable.

The Board also considered the benefits received by the Advisor as a result of the Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the Funds' assets grow.

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of the Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, approved the renewal of the Advisory Agreement with respect to each Fund.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

***<u>Tradr 2X Long CORZ Daily ETF and Tradr 2X Long IBM Daily ETF</u>***

 ****

***Background***

In advance of the July 2025 Meeting, the Board received information about the New Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel who would be providing services to the New Funds; information about the Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the estimated profitability of the Advisor's overall relationship with each New Fund; and reports prepared by Broadridge comparing the proposed advisory fee and estimated total expenses of each New Fund with those of a Peer Group selected by Broadridge from Morningstar, Inc.'s Trading – Leveraged Equity Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed approval of the Advisory Agreement. In addition, the Board considered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

In approving the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent, and Quality of Services***

The Board noted that although there was no relevant performance information for it to review with respect to the New Funds, it was familiar with the Advisor as the investment advisor for many other series of the Trust, including other ETFs based on the performance of single stocks. The Board considered the overall quality of the services to be provided by the Advisor to each New Fund. In doing so, the Board considered the Advisor's specific responsibilities in all aspects of day-to-day management and oversight of the New Funds, as well as the qualifications, experience, and responsibilities of the personnel who would be involved in the day-to-day activities of the New Funds. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage each New Fund, and that the Advisor would provide each New Fund with a reasonable potential for good investment results.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

***Advisory Fees and Expense Ratios***

The Board reviewed information regarding each New Fund's proposed advisory fee and estimated annual total expenses. The meeting materials indicated that each New Fund's proposed annual investment advisory fee of 1.30% (gross of fee waivers) was slightly higher than the Peer Group median by 0.01%, and higher than the Fund Universe median by 0.55%. The Board considered the Advisor's assertion that the proposed advisory fee is justified because each New Fund is an innovative and unique product that is not otherwise available to investors. The Board also noted that the proposed annual investment advisory fee for each New Fund was the same as that of other daily ETFs managed by the Advisor based on the performance of single stocks, and was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The meeting materials indicated that each New Fund's estimated annual total expenses of 1.30% (net of fee waivers) were the same as the Peer Group median, but higher than the Fund Universe median by 0.35%. The Board noted that the New Funds' higher estimated annual total expenses were in part attributable to the New Funds' higher advisory fees. The Board also noted that the estimated annual net expense ratio for each New Fund was the same as that of other daily ETFs managed by the Advisor based on the performance of single stocks. The Board also considered the Advisor's belief that the net expense ratio for each New Fund was set at a level at which the Advisor can maintain the viability of the New Fund.

The Board and the Independent Trustees concluded that, in light of the services proposed to be provided by the Advisor to each New Fund, the compensation proposed to be paid to the Advisor under the Advisory Agreement would be fair and reasonable.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information relating to the estimated profitability to the Advisor of its proposed relationship with the New Funds during their first year of operations, taking into account estimated assets of $20 million. The Board determined that the anticipated profit level with respect to each New Fund was reasonable.

The Board noted that the potential benefits received by the Advisor as a result of its proposed relationship with the New Funds, other than the receipt of its advisory fees, would include the usual types of "fall out" benefits received by advisors to the Trust, including any research received from broker-dealers providing execution services to the New Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the New Funds generally, and any favorable publicity arising in connection with the New Funds' performance. The Board also noted that although the Advisory Agreement does not provide for any advisory fee breakpoints, the New Funds' asset levels would likely be too low to achieve significant economies of scale during the New Funds' initial startup period, and that any such economies would be considered in the future as the New Funds' assets grow.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that approval of the Advisory Agreement was in the best interests of each New Fund and its shareholders and, accordingly, approved the Advisory Agreement with respect to each New Fund.

***<u>Tradr 1X Short Innovation 100 Monthly ETF</u>***

***Background***

In advance of the July 2024 Meeting, the Board received information about the 1X Short 100 Monthly Fund and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel who would be providing services to the Fund; information about the Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the estimated profitability of the Advisor's overall relationship with the Fund; and a report prepared by Broadridge comparing the proposed advisory fee and estimated total expenses of the Fund with those of the Peer Group selected by Broadridge from Morningstar, Inc.'s Trading – Inverse Equity Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed approval of the Advisory Agreement. In addition, the Board considered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other Board and Board committee meetings. No representatives of the Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

In approving the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent, and Quality of Services***

The Board noted that although there was no relevant performance information for it to review with respect to the 1X Short 100 Monthly Fund, it was familiar with the Advisor as the investment advisor for many other series of the Trust. The Board considered the overall quality of the services to be provided by the Advisor to the Fund. In doing so, the Board considered the Advisor's specific responsibilities in all aspects of day-to-day management and oversight of the Fund, as well as the qualifications, experience, and responsibilities of the personnel who would be involved in the day-to-day activities of the Fund. The Board also considered the overall quality of the organization and operations of the Advisor, as well as its compliance structure and compliance procedures.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage the 1X Short 100 Monthly Fund, and that the Advisor would provide the Fund with a reasonable potential for good investment results.

***Advisory Fee and Expense Ratio***

The Board reviewed information regarding the 1X Short 100 Monthly Fund's proposed advisory fee and estimated annual total expenses. The meeting materials indicated that the Fund's proposed annual investment advisory fee of 1.00% (gross of fee waivers) was lower than the Peer Group median, but higher than the Fund Universe median by 0.25%. The Board noted that the proposed annual investment advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The meeting materials indicated that the 1X Short 100 Monthly Fund's estimated annual total expenses of 1.50% (net of fee waivers) were higher than the Peer Group and Fund Universe medians by 0.22% and 0.55%, respectively. The Board noted that the Fund's higher estimated annual total expenses were in part attributable to the Fund's higher advisory fee, but that they were not in the highest quartile of funds in the Peer Group. The Board also noted that the Advisor had contractually agreed to limit the annual total expenses for the Fund, and the Board considered the Advisor's assertion that it had set the Fund's net expenses at a level at which the Advisor can maintain the viability of the Fund.

The Board and the Independent Trustees concluded that, in light of the services proposed to be provided by the Advisor to the 1X Short 100 Monthly Fund, the compensation proposed to be paid to the Advisor under the Advisory Agreement would be fair and reasonable.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information relating to the estimated profitability to the Advisor of its proposed relationship with the 1X Short 100 Monthly Fund during its first year of operations. The Board considered that the Advisor anticipated waiving a significant portion of its advisory fee with respect to the Fund, and determined that the anticipated profit level with respect to the Fund was reasonable.

The Board noted that the potential benefits received by the Advisor as a result of its proposed relationship with the 1X Short 100 Monthly Fund, other than the receipt of its advisory fee, would include the usual types of "fall out" benefits received by advisors to the Trust, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance. The Board also noted that although the Advisory Agreement does not provide for any advisory fee breakpoints, the Fund's asset level would likely be too low to achieve significant economies of scale during the Fund's initial startup period, and that any such economies would be considered in the future as the Fund's assets grow.

**Tradr 1.5X Short NVDA Daily ETF, Tradr 1X Short Innovation Daily ETF, Tradr 2X Long Innovation 100 Monthly ETF, Tradr 2X Short TSLA Daily ETF, Tradr 2X Long Innovation ETF, Tradr 2X Long Innovation 100 Quarterly ETF, Tradr 2X Long SPY Quarterly ETF, Tradr 2X Long CORZ Daily ETF, Tradr 2X Long IBM Daily ETF, and Tradr 1X Short Innovation 100 Monthly ETF** 

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that approval of the Advisory Agreement was in the best interests of the 1X Short 100 Monthly Fund and its shareholders and, accordingly, approved the Advisory Agreement with respect to the Fund.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a)](fp0098294-1_ex99cert.htm) [(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.](fp0098294-1_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (5) Not Applicable.

[*(b)*](fp0098294-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0098294-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust II |
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 6/8/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 6/8/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 6/8/2026 |

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## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Scott Schulenburg**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Tradr ETFs,</u>** each a series of Investment Managers
Series Trust II (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Scott Schulenburg |
|  |  | Scott Schulenburg<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of  **<u>Tradr ETFs,</u>** each a series of Investment Managers
Series Trust II (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>Tradr ETFs,</u>** each a series of Investment Managers Series Trust II (the "Trust"), for the year ended **March 31, 2026** (the "Report"), Scott Schulenburg, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

(1) the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 6/8/2026 |
| /s/ Scott Schulenburg | /s/ Scott Schulenburg |
| Scott Schulenburg | Scott Schulenburg |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.