| Tradr
2X Long BE Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
40,765,009 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
40,765,009 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive
Equity on
Reference
Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Clear Street |
|
Bloom Energy Corporation |
|
Receive |
|
5.39% (OBFR01* + 175bps) |
|
At Maturity |
|
12/16/2026 |
|
$ |
66,129,730 |
|
|
$ |
- |
|
|
$ |
9,120,931 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
$ |
9,120,931 |
|
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long CLS Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
8,606,647 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
8,606,647 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Celestica, Inc. |
|
Receive |
|
5.39% (OBFR01* + 175bps) |
|
At Maturity |
|
12/16/2026 |
|
$ |
17,099,641 |
|
|
$ |
- |
|
|
$ |
(5,405,201 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(5,405,201 |
) |
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long CRML Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
6,732,231 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
6,732,231 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium
Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Clear Street |
|
Critical Metals Corporation |
|
Receive |
|
8.64% (OBFR01* + 500bps) |
|
At Maturity |
|
2/17/2027 |
|
$ |
5,539,065 |
|
|
$ |
- |
|
|
$ |
(18,082,377 |
) |
| Marex |
|
Critical Metals Corporation |
|
Receive |
|
6.64% (OBFR01* + 300bps) |
|
At Maturity |
|
3/9/2027 |
|
|
8,515,603 |
|
|
|
- |
|
|
|
1,262,396 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(16,819,981 |
) |
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long FLY Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
5,747,836 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
5,747,836 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Marex |
|
Firefly Aerospace, Inc. |
|
Receive |
|
7.64% (OBFR01* + 400bps) |
|
At Maturity |
|
11/23/2026 |
|
$ |
8,654,520 |
|
|
$ |
- |
|
|
$ |
1,789,779 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,789,779 |
|
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long IREN Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
36,576,984 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
36,576,984 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Marex |
|
IREN Ltd. |
|
Receive |
|
9.14% (OBFR01* + 550bps) |
|
At Maturity |
|
11/23/2026 |
|
$ |
67,919,591 |
|
|
$ |
- |
|
|
$ |
5,250,926 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,250,926 |
|
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long NNE Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
969,275 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
969,275 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Marex |
|
Nano Nuclear Energy, Inc. |
|
Receive |
|
6.64% (OBFR01* + 300bps) |
|
At Maturity |
|
12/13/2026 |
|
$ |
2,006,320 |
|
|
$ |
- |
|
|
$ |
(95,859 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(95,859 |
) |
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long ONDS Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
3,709,564 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
3,709,564 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive
Equity on Reference Entity |
|
Financing Rate |
|
Pay/Receive
Frequency |
|
Termination
Date |
|
Notional
Amount |
|
|
Premium
Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Marex |
|
Ondas Holdings, Inc. |
|
Receive |
|
6.64% (OBFR01* + 300bps) |
|
At Maturity |
|
3/9/2027 |
|
$ |
7,240,270 |
|
|
$ |
- |
|
|
$ |
147,316 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
147,316 |
|
|
| * |
OBFR01 - Overnight Bank Funding Rate, 3.64% as of
March 31, 2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long OPEN Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
10,349,408 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
10,349,408 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Opendoor Technologies, Inc. |
|
Receive |
|
32.64% (OBFR01* + 2900bps) |
|
At Maturity |
|
11/25/2026 |
|
$ |
362 |
|
|
$ |
- |
|
|
$ |
(124 |
) |
| Marex |
|
Opendoor Technologies, Inc. |
|
Receive |
|
9.64%
(OBFR01* + 600bps) |
|
At Maturity |
|
11/23/2026 |
|
|
21,171,674 |
|
|
|
- |
|
|
|
(2,118,423 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,118,547 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long PATH Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
3,004,363 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
3,004,363 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clearstreet |
|
UiPath, Inc. |
|
Receive |
|
7.14% (OBFR01* + 350bps) |
|
At Maturity |
|
2/17/2027 |
|
$ |
1,556,435 |
|
|
$ |
- |
|
|
$ |
(1,767,394 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,767,394 |
) |
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long SNPS Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
1,905,828 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
1,905,828 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Synopsys, Inc. |
|
Receive |
|
5.39% (OBFR01* + 175bps) |
|
At Maturity |
|
12/16/2026 |
|
$ |
3,992,688 |
|
|
$ |
- |
|
|
$ |
(520,846 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(520,846 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long SRPT Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
3,930,436 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
3,930,436 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Clear Street |
|
Sarepta Therapeutics, Inc. |
|
Receive |
|
8.64% (OBFR01* + 500bps) |
|
At Maturity |
|
11/25/2026 |
|
$ |
7,021,348 |
|
|
$ |
- |
|
|
$ |
(411,688 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(411,688 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long USAR Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
7,321,449 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
7,321,449 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
USA Rare Earth, Inc. |
|
Receive |
|
8.64% (OBFR01* + 500bps) |
|
At Maturity |
|
2/17/2027 |
|
$ |
4,589,614 |
|
|
$ |
- |
|
|
$ |
(3,937,993 |
) |
| Marex |
|
USA Rare Earth, Inc. |
|
Receive |
|
7.14%
(OBFR01* + 350bps) |
|
At Maturity |
|
3/9/2027 |
|
|
11,388,004 |
|
|
|
- |
|
|
|
(308,325 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(4,246,318 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long WDC Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
32,554,018 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
32,554,018 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive
Equity on Reference Entity |
|
Financing Rate |
|
Pay/Receive
Frequency |
|
Termination
Date |
|
Notional
Amount |
|
|
Premium
Paid (Received) |
|
|
Unrealized
Appreciation (Depreciation) |
|
| Clear Street |
|
Western Digital Corporation |
|
Receive |
|
5.39% (OBFR01* + 175bps) |
|
At Maturity |
|
3/3/2027 |
|
$ |
65,862,948 |
|
|
$ |
- |
|
|
$ |
(6,185,738 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(6,185,738 |
) |
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Long WULF Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
8,483,844 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
8,483,844 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Marex |
|
Terawulf, Inc. |
|
Receive |
|
8.64% (OBFR01* + 500bps) |
|
At Maturity |
|
11/23/2026 |
|
$ |
14,210,252 |
|
|
$ |
- |
|
|
$ |
627,599 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
627,599 |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short AMZN Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
251,738 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
251,738 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Marex |
|
Amazon.com, Inc. |
|
Pay |
|
2.14% (OBFR01* - 150bps) |
|
At Maturity |
|
4/24/2027 |
|
$ |
(507,654 |
) |
|
$ |
- |
|
|
$ |
1,664 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,664 |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short APLD Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
1,978,986 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
1,978,986 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Applied Digital Corporation |
|
Pay |
|
-1.36% (OBFR01* - 500bps) |
|
At Maturity |
|
2/24/2027 |
|
$ |
(280,127 |
) |
|
$ |
- |
|
|
$ |
14,218 |
|
| Marex |
|
Applied Digital Corporation |
|
Pay |
|
0.64% (OBFR01* - 300bps) |
|
At Maturity |
|
3/10/2027 |
|
|
(3,801,744 |
) |
|
|
- |
|
|
|
(932,602 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(918,384 |
) |
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short BE Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
2,973,134 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
2,973,134 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Bloom Energy Corporation |
|
Pay |
|
1.64% (OBFR01* - 200bps) |
|
At Maturity |
|
3/17/2027 |
|
$ |
(547,704 |
) |
|
$ |
- |
|
|
$ |
(218,879 |
) |
| Marex |
|
Bloom Energy Corporation |
|
Pay |
|
1.64% (OBFR01* - 200bps) |
|
At Maturity |
|
3/25/2027 |
|
|
(5,482,467 |
) |
|
|
- |
|
|
|
(1,026,722 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,245,601 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short CLSK Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
113,791 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
113,791 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
CleanSpark, Inc. |
|
Pay |
|
-13.36% (OBFR01* - 1700bps) |
|
At Maturity |
|
3/24/2027 |
|
$ |
(278,544 |
) |
|
$ |
- |
|
|
$ |
56,818 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
56,818 |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short IREN Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
20,828,031 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
20,828,031 |
|
SWAP
CONTRACTS
EQUITY
SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid
(Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
IREN Ltd. |
|
Pay |
|
2.64% (OBFR01* - 100bps) |
|
At Maturity |
|
2/24/2027 |
|
$ |
(51,170,506 |
) |
|
$ |
- |
|
|
$ |
6,791,710 |
|
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
$ |
6,791,710 |
|
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short NBIS Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
4,187,654 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
4,187,654 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid (Received) |
|
|
Unrealized Appreciation
(Depreciation) |
|
| Clear Street |
|
Nebius Group N.V. |
|
Pay |
|
2.64% (OBFR01* - 100bps) |
|
At Maturity |
|
2/24/2027 |
|
$ |
(9,065,451 |
) |
|
$ |
- |
|
|
$ |
(1,605,014 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,605,014 |
) |
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
| Tradr
2X Short SMR Daily ETF |
| SCHEDULE
OF INVESTMENTS |
| As
of March 31, 2026 (Unaudited) |
| |
|
Value |
|
| Other Assets in Excess of Liabilities —
100.0% |
|
$ |
1,962,758 |
|
| TOTAL NET ASSETS — 100.0% |
|
$ |
1,962,758 |
|
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
| Counterparty |
|
Description |
|
Pay/Receive Equity on
Reference Entity |
|
Financing Rate |
|
Pay/Receive Frequency |
|
Termination Date |
|
Notional Amount |
|
|
Premium Paid
(Received) |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Clear Street |
|
Nuscale Power Corporation |
|
Pay |
|
-1.36% (OBFR01* - 500bps) |
|
At Maturity |
|
3/17/2027 |
|
$ |
(1,565,944 |
) |
|
$ |
- |
|
|
$ |
669,923 |
|
| Marex |
|
Nuscale Power Corporation |
|
Pay |
|
3.64% (OBFR01* - 200bps) |
|
At Maturity |
|
4/2/2027 |
|
|
(3,083,322 |
) |
|
|
- |
|
|
|
(204,503 |
) |
| TOTAL EQUITY SWAP
CONTRACTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
465,420 |
|
|
| * |
OBFR01 -
Overnight Bank Funding Rate, 3.64% as of March 31,
2026. |
See accompanying Notes to Financial
Statements.
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
March
31, 2026 (Unaudited)
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 21
separate Funds:
| Tradr
2X Long BE Daily ETF (“2X Long BE Daily ETF”) |
Tradr
2X Long USAR Daily ETF (“2X Long USAR Daily ETF”) |
| Tradr
2X Long CLS Daily ETF (“2X Long CLS Daily ETF”) |
Tradr
2X Long WDC Daily ETF (“2X Long WDC Daily ETF”) |
| Tradr
2X Long CRML Daily ETF (“2X Long CRML Daily ETF”) |
Tradr
2X Long WULF Daily ETF (“2X Long WULF Daily ETF”) |
| Tradr
2X Long FLY Daily ETF (“2X Long FLY Daily ETF”) |
Tradr
2X Short AMZN Daily ETF (“2X Short AMZN Daily ETF”) |
| Tradr
2X Long IREN Daily ETF (“2X Long IREN Daily ETF”) |
Tradr
2X Short APLD Daily ETF (“2X Short APLD Daily ETF”) |
| Tradr
2X Long NNE Daily ETF (“2X Long NNE Daily ETF”) |
Tradr
2X Short BE Daily ETF (“2X Short BE Daily ETF”) |
| Tradr
2X Long ONDS Daily ETF (“2X Long ONDS Daily ETF”) |
Tradr
2X Short CLSK Daily ETF (“2X Short CLSK Daily ETF”) |
| Tradr
2X Long OPEN Daily ETF (“2X Long OPEN Daily ETF”) |
Tradr
2X Short IREN Daily ETF (“2X Short IREN Daily ETF”) |
| Tradr
2X Long PATH Daily ETF (“2X Long PATH Daily ETF”) |
Tradr
2X Short NBIS Daily ETF (“2X Short NBIS Daily ETF”) |
| Tradr
2X Long SNPS Daily ETF (“2X Long SNPS Daily ETF”) |
Tradr
2X Short SMR Daily ETF (“2X Short SMR Daily ETF”) |
| Tradr
2X Long SRPT Daily ETF (“2X Long SRPT Daily ETF”) |
|
The
Funds seek leveraged and inverse leveraged investment results, before fees and
expenses, of the daily 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 BE Daily ETF |
|
November
12, 2025 |
|
Bloom
Energy Corporation |
|
200% |
| 2X
Long CLS Daily ETF |
|
November
12, 2025 |
|
Celestica,
Inc. |
|
200% |
| 2X
Long CRML Daily ETF |
|
January
12, 2026 |
|
Critical
Metals Corporation |
|
200% |
| 2X
Long FLY Daily ETF |
|
October
22, 2025 |
|
Firefly
Aerospace, Inc. |
|
200% |
| 2X
Long IREN Daily ETF |
|
October
22, 2025 |
|
IREN
Ltd. |
|
200% |
| 2X
Long NNE Daily ETF |
|
November
12, 2025 |
|
Nano
Nuclear Energy, Inc. |
|
200% |
| 2X
Long ONDS Daily ETF |
|
January
12, 2026 |
|
Ondas
Holdings, Inc. |
|
200% |
| 2X
Long OPEN Daily ETF |
|
October
22, 2025 |
|
Opendoor
Technologies, Inc. |
|
200% |
| 2X
Long PATH Daily ETF |
|
January
12, 2026 |
|
UiPath,
Inc. |
|
200% |
| 2X
Long SNPS Daily ETF |
|
November
12, 2025 |
|
Synopsys,
Inc. |
|
200% |
| 2X
Long SRPT Daily ETF |
|
October
22, 2025 |
|
Sarepta
Therapeutics, Inc. |
|
200% |
| 2X
Long USAR Daily ETF |
|
January
12, 2026 |
|
USA
Rare Earth, Inc. |
|
200% |
| 2X
Long WDC Daily ETF |
|
January
26, 2026 |
|
Western
Digital Corporation |
|
200% |
| 2X
Long WULF Daily ETF |
|
October
22, 2025 |
|
Terawulf,
Inc. |
|
200% |
| 2X
Short AMZN Daily ETF |
|
March
23, 2026 |
|
Amazon.com,
Inc. |
|
-200% |
| 2X
Short APLD Daily ETF |
|
January
21, 2026 |
|
Applied
Digital Corporation |
|
-200% |
| 2X
Short BE Daily ETF |
|
February
10, 2026 |
|
Bloom
Energy Corporation |
|
-200% |
| 2X
Short CLSK Daily ETF |
|
February
18, 2026 |
|
CleanSpark,
Inc. |
|
-200% |
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
| Fund
Name |
|
Commencement
of Operations |
|
Underlying
Security |
|
Leverage |
| 2X
Short IREN Daily ETF |
|
January
21, 2026 |
|
IREN
Ltd. |
|
-200% |
| 2X
Short NBIS Daily ETF |
|
January
21, 2026 |
|
Nebius
Group N.V. |
|
-200% |
| 2X
Short SMR Daily ETF |
|
February
10, 2026 |
|
Nuscale
Power Corporation |
|
-200% |
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.
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.
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
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.
(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.
(d)
Capital Share Transactions
Fund
Shares are listed and traded on the CBOE Exchange (the “Exchange”) 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 the 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 (Unaudited)
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.
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, 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 (Unaudited)
(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
Advisory Fee |
|
|
|
Investment
Advisory Fee |
| 2X
Long BE Daily ETF |
|
1.30% |
|
2X
Long USAR Daily ETF |
|
1.49% |
| 2X
Long CLS Daily ETF |
|
1.30% |
|
2X
Long WDC Daily ETF |
|
1.49% |
| 2X
Long CRML Daily ETF |
|
1.49% |
|
2X
Long WULF Daily ETF |
|
1.30% |
| 2X
Long FLY Daily ETF |
|
1.30% |
|
2X
Short AMZN Daily ETF |
|
1.49% |
| 2X
Long IREN Daily ETF |
|
1.30% |
|
2X
Short APLD Daily ETF |
|
1.49% |
| 2X
Long NNE Daily ETF |
|
1.30% |
|
2X
Short BE Daily ETF |
|
1.49% |
| 2X
Long ONDS Daily ETF |
|
1.49% |
|
2X
Short CLSK Daily ETF |
|
1.49% |
| 2X
Long OPEN Daily ETF |
|
1.30% |
|
2X
Short IREN Daily ETF |
|
1.49% |
| 2X
Long PATH Daily ETF |
|
1.49% |
|
2X
Short NBIS Daily ETF |
|
1.49% |
| 2X
Long SNPS Daily ETF |
|
1.30% |
|
2X
Short SMR Daily ETF |
|
1.49% |
| 2X
Long SRPT Daily ETF |
|
1.30% |
|
|
|
|
The
Advisor has agreed to pay all expenses of the Funds except for the advisory fee,
interest, taxes, brokerage commissions and other expenses incurred in placing
orders for the purchase and sale of securities and other investment instruments,
acquired fund fees and expenses, accrued deferred tax liability, extraordinary
expenses, and distribution fees and expenses paid by each Fund under any
distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.
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.
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
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.
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.
Note
4 – Share Splits
The
table below includes Share splits for the Funds during the period ended March
31, 2026. 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 Date |
|
Split
Ratio |
| 2X
Long CRML Daily ETF |
|
3/10/2026 |
|
1:3 |
| 2X
Long IREN Daily ETF |
|
3/10/2026 |
|
1:3 |
| 2X
Long OPEN Daily ETF |
|
3/10/2026 |
|
1:3 |
Note
5 – Federal Income Taxes
At
March 31, 2026, cost of investments, gross unrealized appreciation, and gross
unrealized depreciation on investments owned by the Funds, based on cost for
federal income tax purposes were $0.
Note
6 – Investment Transactions
There
were no purchases and sales of investments for the period ended March 31,
2026.
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 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.
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
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. |
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 |
|
|
Liabilities |
|
| |
|
Level 2 |
|
|
Level 2 |
|
| Fund* |
|
Swap Contracts** |
|
|
Swap Contracts** |
|
| 2X Long BE
Daily ETF |
|
$ |
9,120,931 |
|
|
$ |
- |
|
| 2X Long CLS Daily
ETF |
|
|
- |
|
|
|
5,405,201 |
|
| 2X Long CRML Daily
ETF |
|
|
1,262,396 |
|
|
|
18,082,377 |
|
| 2X Long FLY Daily
ETF |
|
|
1,789,779 |
|
|
|
- |
|
| 2X Long IREN Daily
ETF |
|
|
5,250,926 |
|
|
|
- |
|
| 2X Long NNE Daily
ETF |
|
|
- |
|
|
|
95,859 |
|
| 2X Long ONDS Daily
ETF |
|
|
147,316 |
|
|
|
- |
|
| 2X Long OPEN Daily
ETF |
|
|
- |
|
|
|
2,118,547 |
|
| 2X Long PATH Daily
ETF |
|
|
- |
|
|
|
1,767,394 |
|
| 2X Long SNPS Daily
ETF |
|
|
- |
|
|
|
520,846 |
|
| 2X Long SRPT Daily
ETF |
|
|
- |
|
|
|
411,688 |
|
| 2X Long USAR Daily
ETF |
|
|
- |
|
|
|
4,246,318 |
|
| 2X Long WDC Daily
ETF |
|
|
- |
|
|
|
6,185,738 |
|
| 2X Long WULF Daily
ETF |
|
|
627,599 |
|
|
|
- |
|
| 2X Short AMZN Daily
ETF |
|
|
1,664 |
|
|
|
- |
|
| 2X Short APLD Daily
ETF |
|
|
14,218 |
|
|
|
932,602 |
|
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
| |
|
Assets |
|
|
Liabilities |
|
| |
|
Level 2 |
|
|
Level 2 |
|
| Fund* |
|
Swap Contracts** |
|
|
Swap Contracts** |
|
| 2X Short BE Daily ETF |
|
$ |
- |
|
|
$ |
1,245,601 |
|
| 2X Short CLSK Daily ETF |
|
|
56,818 |
|
|
|
- |
|
| 2X Short IREN Daily ETF |
|
|
6,791,710 |
|
|
|
- |
|
| 2X Short NBIS Daily ETF |
|
|
- |
|
|
|
1,605,014 |
|
| 2X Short SMR Daily ETF |
|
|
669,923 |
|
|
|
204,503 |
|
*
The Funds did not hold any Level 1 or 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 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
Location |
|
|
Derivatives not
designated as
hedging
instruments |
|
|
Asset
Derivatives
Value |
|
|
Liability
Derivatives
Value |
|
| 2X Long BE
Daily ETF |
|
|
Unrealized appreciation/
depreciation on open swap contracts |
|
|
|
Equity contracts |
|
|
$ |
9,120,931 |
|
|
$ |
- |
|
| 2X Long CLS Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
5,405,201 |
|
| 2X Long CRML Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
1,262,396 |
|
|
|
18,082,377 |
|
| 2X Long FLY Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
1,789,779 |
|
|
|
- |
|
| 2X Long IREN Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
5,250,926 |
|
|
|
- |
|
| 2X Long NNE Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
95,859 |
|
| 2X Long ONDS Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
147,316 |
|
|
|
- |
|
| 2X Long OPEN Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
2,118,547 |
|
| 2X Long PATH Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
1,767,394 |
|
| 2X Long SNPS Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
520,846 |
|
| 2X Long SRPT Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
411,688 |
|
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
| Fund |
|
Statements of Asset and Liabilities
Location |
|
|
Derivatives
not
designated
as hedging
instruments |
|
|
Asset
Derivatives
Value |
|
|
Liability
Derivatives
Value |
|
| 2X Long USAR
Daily ETF |
|
|
Unrealized appreciation/
depreciation on open swap contracts |
|
|
|
Equity contracts |
|
|
$ |
- |
|
|
$ |
4,246,318 |
|
| 2X Long WDC Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
6,185,738 |
|
| 2X Long WULF Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
627,599 |
|
|
|
- |
|
| 2X Short AMZN Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
1,664 |
|
|
|
- |
|
| 2X Short APLD Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
14,218 |
|
|
|
932,602 |
|
| 2X Short BE Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
1,245,601 |
|
| 2X Short CLSK Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
56,818 |
|
|
|
- |
|
| 2X Short IREN Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
6,791,710 |
|
|
|
- |
|
| 2X Short NBIS Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
- |
|
|
|
1,605,014 |
|
| 2X Short SMR Daily ETF |
|
|
Unrealized appreciation/ depreciation on
open swap contracts |
|
|
|
Equity contracts |
|
|
|
669,923 |
|
|
|
204,503 |
|
The
effects of derivative instruments on the Statements of Operations for the period
ended March 31, 2026, are as follows:
| 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 BE
Daily ETF |
|
Equity
contracts |
|
|
$ |
(635,828 |
) |
| 2X Long CLS Daily ETF |
|
Equity
contracts |
|
|
|
(225,499 |
) |
| 2X Long CRML Daily ETF |
|
Equity
contracts |
|
|
|
(6,162,314 |
) |
| 2X Long FLY Daily ETF |
|
Equity
contracts |
|
|
|
(991,768 |
) |
| 2X Long IREN Daily ETF |
|
Equity
contracts |
|
|
|
(62,397,105 |
) |
| 2X Long NNE Daily ETF |
|
Equity
contracts |
|
|
|
(1,263,073 |
) |
| 2X Long ONDS Daily ETF |
|
Equity
contracts |
|
|
|
(4,622,662 |
) |
| 2X Long OPEN Daily ETF |
|
Equity
contracts |
|
|
|
(1,382,422 |
) |
| 2X Long PATH Daily ETF |
|
Equity
contracts |
|
|
|
(45,420 |
) |
| 2X Long SNPS Daily ETF |
|
Equity
contracts |
|
|
|
(59,625 |
) |
| 2X Long SRPT Daily ETF |
|
Equity
contracts |
|
|
|
(1,052,577 |
) |
| 2X Long USAR Daily ETF |
|
Equity
contracts |
|
|
|
(3,865,714 |
) |
| 2X Long WDC Daily ETF |
|
Equity
contracts |
|
|
|
(267,884 |
) |
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
| 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 WULF
Daily ETF |
|
Equity contracts |
|
|
$ |
(3,029,296 |
) |
| 2X Short AMZN Daily ETF |
|
Equity contracts |
|
|
|
25 |
|
| 2X Short APLD Daily ETF |
|
Equity contracts |
|
|
|
1,267,225 |
|
| 2X Short BE Daily ETF |
|
Equity contracts |
|
|
|
1,114,053 |
|
| 2X Short CLSK Daily ETF |
|
Equity contracts |
|
|
|
(1,660 |
) |
| 2X Short IREN Daily ETF |
|
Equity contracts |
|
|
|
58,958 |
|
| 2X Short NBIS Daily ETF |
|
Equity contracts |
|
|
|
7,504 |
|
| 2X Short SMR Daily ETF |
|
Equity contracts |
|
|
|
580,483 |
|
| 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 BE
Daily ETF |
|
Equity contracts |
|
|
$ |
9,120,931 |
|
| 2X Long CLS Daily ETF |
|
Equity contracts |
|
|
|
(5,405,201 |
) |
| 2X Long CRML Daily ETF |
|
Equity contracts |
|
|
|
(16,819,981 |
) |
| 2X Long FLY Daily ETF |
|
Equity contracts |
|
|
|
1,789,779 |
|
| 2X Long IREN Daily ETF |
|
Equity contracts |
|
|
|
5,250,926 |
|
| 2X Long NNE Daily ETF |
|
Equity contracts |
|
|
|
(95,859 |
) |
| 2X Long ONDS Daily ETF |
|
Equity contracts |
|
|
|
147,316 |
|
| 2X Long OPEN Daily ETF |
|
Equity contracts |
|
|
|
(2,118,547 |
) |
| 2X Long PATH Daily ETF |
|
Equity contracts |
|
|
|
(1,767,394 |
) |
| 2X Long SNPS Daily ETF |
|
Equity contracts |
|
|
|
(520,846 |
) |
| 2X Long SRPT Daily ETF |
|
Equity contracts |
|
|
|
(411,688 |
) |
| 2X Long USAR Daily ETF |
|
Equity contracts |
|
|
|
(4,246,318 |
) |
| 2X Long WDC Daily ETF |
|
Equity contracts |
|
|
|
(6,185,738 |
) |
| 2X Long WULF Daily ETF |
|
Equity contracts |
|
|
|
627,599 |
|
| 2X Short AMZN Daily ETF |
|
Equity contracts |
|
|
|
1,664 |
|
| 2X Short APLD Daily ETF |
|
Equity contracts |
|
|
|
(918,384 |
) |
| 2X Short BE Daily ETF |
|
Equity contracts |
|
|
|
(1,245,601 |
) |
| 2X Short CLSK Daily ETF |
|
Equity contracts |
|
|
|
56,818 |
|
| 2X Short IREN Daily ETF |
|
Equity contracts |
|
|
|
6,791,710 |
|
| 2X Short NBIS Daily ETF |
|
Equity contracts |
|
|
|
(1,605,014 |
) |
| 2X Short SMR Daily ETF |
|
Equity contracts |
|
|
|
465,420 |
|
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
The
average quarterly volume of derivative instruments held by the Funds during the
period ended March 31, 2026, are as follows:
| Fund |
|
Derivatives
not designated as
hedging instruments |
|
|
Investment |
|
|
Notional Value |
|
| 2X Long BE
Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
$ |
51,013,944 |
|
| 2X Long CLS Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
14,695,350 |
|
| 2X Long CRML Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
14,054,668 |
|
| 2X Long FLY Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
6,336,236 |
|
| 2X Long IREN Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
70,405,398 |
|
| 2X Long NNE Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
1,632,334 |
|
| 2X Long ONDS Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
7,240,270 |
|
| 2X Long OPEN Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
28,744,309 |
|
| 2X Long PATH Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
1,556,435 |
|
| 2X Long SNPS Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
4,398,920 |
|
| 2X Long SRPT Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
7,269,292 |
|
| 2X Long USAR Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
15,977,618 |
|
| 2X Long WDC Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
65,862,948 |
|
| 2X Long WULF Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
16,575,825 |
|
| 2X Short APLD Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(4,081,871 |
) |
| 2X Short AMZN Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(507,654 |
) |
| 2X Short BE Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(6,030,171 |
) |
| 2X Short CLSK Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(278,544 |
) |
| 2X Short IREN Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(51,170,506 |
) |
| 2X Short NBIS Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(9,065,451 |
) |
| 2X Short SMR Daily ETF |
|
Equity contracts |
|
|
|
Open Swap Contracts |
|
|
|
(4,649,265 |
) |
Note
11 – 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
12 – 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.
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS - Continued
March
31, 2026 (Unaudited)
Note
13 – 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 has approved a Plan of
Liquidation for the 2X Long SRPT Daily ETF and 2X Short CLSK Daily ETF (each, a
“Fund”). Each Plan of Liquidation authorizes the termination, liquidation and
dissolution of the respective Fund. Each 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., each Fund’s principal U.S. listing
exchange. On or about June 18, 2026 (the “Liquidation Date”), each Fund
will cease operations, liquidate its assets, and prepare to distribute proceeds
to shareholders of record as of the Liquidation Date.
On
April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation
for the 2X Long NNE Daily ETF and 2X Long SNPS 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.
