EDGAR HTML

Tradr
2X Long ACHR
Daily ETF

ARCX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/arcx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long ACHR Daily ETF (ARCX)	$32	1.30%²

1	The Fund commenced operations on June 9, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$22,389,202
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

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 (833) 297-2587 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

Tradr 2X Long ACHR Daily ETF

Tradr
2X Long ALAB
Daily ETF

LABX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/labx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long ALAB Daily ETF (LABX)	$19	1.30%²

1	The Fund commenced operations on August 11, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$30,341,151
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	118%
Swap	(18)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long ALAB Daily ETF

Tradr
2X Long APLD
Daily ETF

APLX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/aplx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long APLD Daily ETF (APLX)	$14	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$9,911,118
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	77%
Swap	23%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long APLD Daily ETF

Tradr
2X Long APP
Daily ETF

APPX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/appx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long APP Daily ETF (APPX)	$197	1.30%²

1	The Fund commenced operations on April 24, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$118,414,540
Total number of portfolio holdings	3
Portfolio turnover rate as of the end of the reporting period	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	93%
Cash*	7%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long APP Daily ETF

Tradr
2X Long ASTS
Daily ETF

ASTX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/astx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long ASTS Daily ETF (ASTX)	$31	1.30%²

1	The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$69,382,476
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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*	88%
Swap	12%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long ASTS Daily ETF

Tradr
2X Long CEG
Daily ETF

CEGX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/cegx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long CEG Daily ETF (CEGX)	$30	1.30%²

1	The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$2,892,800
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long CEG Daily ETF

Tradr
2X Long CLSK
Daily ETF

CLSX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/clsx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long CLSK Daily ETF (CLSX)	$8	1.30%²

1	The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$9,738,337
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long CLSK Daily ETF

Tradr
2X Long CRDO
Daily ETF

CRDU

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/crdu#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long CRDO Daily ETF (CRDU)	$5	1.30%²

1	The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$4,742,014
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	121%
Swap	(21)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long CRDO Daily ETF

Tradr
2X Long CRWV
Daily ETF

CWVX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/cwvx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long CRWV Daily ETF (CWVX)	$27	1.30%²

1	The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$269,783,701
Total number of portfolio holdings	3
Portfolio turnover rate as of the end of the reporting period	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	52%
Cash*	48%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long CRWV Daily ETF

Tradr
2X Long DDOG
Daily ETF

DOGD

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/dogd#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long DDOG Daily ETF (DOGD)	$20	1.30%²

1	The Fund commenced operations on August 11, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,777,310
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long DDOG Daily ETF

Tradr
2X Long ENPH
Daily ETF

ENPX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/enpx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long ENPH Daily ETF (ENPX)	$5	1.30%²

1	The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$2,228,442
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	112%
Swap	(12)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long ENPH Daily ETF

Tradr
2X Long GEV
Daily ETF

GEVX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/gevx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long GEV Daily ETF (GEVX)	$33	1.30%²

1	The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$14,174,520
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long GEV Daily ETF

Tradr
2X Long GS
Daily ETF

GSX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Long GS Daily ETF (“Fund”) for the period of September 15, 2025 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/gsx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long GS Daily ETF (GSX)	$6	1.30%²

1	The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$892,064
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	98%
Swap	2%
Total	100%

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/gsx#literature. You can also request this information by contacting us at (833) 297-2587.

Householding

Tradr 2X Long GS Daily ETF

Tradr
2X Long Innovation 100
Monthly ETF

MQQQ

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Long Innovation 100 Monthly ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/mqqq-2x-long-triple-q-monthly-etf. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 2X Long Innovation 100 Monthly ETF (MQQQ)	$84	1.30%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$164,893,674
Total number of portfolio holdings	4
Portfolio turnover rate as of the end of the reporting period	22%

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*	42%
Swap	6%
Total	100%

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. You can also request this information by contacting us at (833) 297-2587.

Householding

Tradr 2X Long Innovation 100 Monthly ETF

Tradr
2X Long Innovation 100
Quarterly ETF

QQQP

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Long Innovation 100 Quarterly ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 2X Long Innovation 100 Quarterly ETF (QQQP)	$83	1.30%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$13,265,998
Total number of portfolio holdings	4
Portfolio turnover rate as of the end of the reporting period	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

Equity	48%
Cash*	29%
Swap	23%
Total	100%

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/qqqp-2x-long-triple-q-quarterly-etf. You can also request this information by contacting us at (833) 297-2587.

Householding

Tradr 2X Long Innovation 100 Quarterly ETF

Tradr
2X Long Innovation ETF

TARK

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Long Innovation ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 2X Long Innovation ETF (TARK)	$112	1.15%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$44,687,506
Total number of portfolio holdings	3
Portfolio turnover rate as of the end of the reporting period	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	66%
Cash*	34%
Total	100%

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

Householding

Tradr 2X Long Innovation ETF

Tradr
2X Long JOBY
Daily ETF

JOBX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/jobx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long JOBY Daily ETF (JOBX)	$10	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$18,104,690
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long JOBY Daily ETF

Tradr
2X Long LRCX
Daily ETF

LRCU

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/lrcu#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long LRCX Daily ETF (LRCU)	$22	1.30%²

1	The Fund commenced operations on August 18, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,343,759
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long LRCX Daily ETF

Tradr
2X Long MDB
Daily ETF

MDBX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/mdbx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long MDB Daily ETF (MDBX)	$21	1.30%²

1	The Fund commenced operations on August 18, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$2,105,826
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long MDB Daily ETF

Tradr
2X Long NBIS
Daily ETF

NEBX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/nebx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long NBIS Daily ETF (NEBX)	$15	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$100,968,474
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	85%
Swap	15%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long NBIS Daily ETF

Tradr
2X Long NVTS
Daily ETF

NVTX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/nvtx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long NVTS Daily ETF (NVTX)	$10	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$4,579,262
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long NVTS Daily ETF

Tradr
2X Long PONY
Daily ETF

PONX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/ponx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long PONY Daily ETF (PONX)	$14	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$3,584,991
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	60%
Swap	40%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long PONY Daily ETF

Tradr
2X Long QBTS
Daily ETF

QBTX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/qbtx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long QBTS Daily ETF (QBTX)	$207	1.30%²

1	The Fund commenced operations on April 24, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$65,145,131
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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	110%
Cash*	(10)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long QBTS Daily ETF

Tradr
2X Long QUBT
Daily ETF

QUBX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/qubx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long QUBT Daily ETF (QUBX)	$33	1.30%²

1	The Fund commenced operations on June 23, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$35,555,810
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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*	97%
Swap	3%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long QUBT Daily ETF

Tradr
2X Long RGTI
Daily ETF

RGTU

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/rgtu#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long RGTI Daily ETF (RGTU)	$118	1.30%²

1	The Fund commenced operations on June 23, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$8,471,359
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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	68%
Cash*	32%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long RGTI Daily ETF

Tradr
2X Long SMR
Daily ETF

SMU

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/smu#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long SMR Daily ETF (SMU)	$26	1.30%²

1	The Fund commenced operations on July 10, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$103,925,027
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long SMR Daily ETF

Tradr
2X Long SPY
Quarterly ETF

SPYQ

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Long SPY Quarterly ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/qqqp-2x-long-triple-q-quarterly-etf. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 2X Long SPY Quarterly ETF (SPYQ)	$77	1.30%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$11,285,299
Total number of portfolio holdings	4
Portfolio turnover rate as of the end of the reporting period	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

Equity	48%
Cash*	32%
Swap	20%
Total	100%

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

Householding

Tradr 2X Long SPY Quarterly ETF

Tradr
2X Long TEM
Daily ETF

TEMT

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/temt#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long TEM Daily ETF (TEMT)	$57	1.30%²

1	The Fund commenced operations on May 12, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$59,145,394
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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*	57%
Swap	43%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long TEM Daily ETF

Tradr
2X Long U
Daily ETF

UNX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/unx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long U Daily ETF (UNX)	$5	1.30%²

1	The Fund commenced operations on September 15, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$819,849
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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*	136%
Swap	(36)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long U Daily ETF

Tradr
2X Long UPST
Daily ETF

UPSX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/upsx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long UPST Daily ETF (UPSX)	$33	1.30%²

1	The Fund commenced operations on June 9, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$47,140,130
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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*	122%
Swap	(22)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Long UPST Daily ETF

Tradr
2X Long VOYG
Daily ETF

VOYX

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-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 September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/voyx#literature. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment¹
Tradr 2X Long VOYG Daily ETF (VOYX)	$8	1.30%²

1	The Fund commenced operations on September 8, 2025. If the Fund had been operational for the entire semi-annual period of April 1, 2025 to September 30, 2025, expenses would have been higher.
2	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$1,216,448
Total number of portfolio holdings	1
Portfolio turnover rate as of the end of the reporting period	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%

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 (833) 297-2587.

Householding

Tradr 2X Long VOYG Daily ETF

Tradr
1X Short Innovation
Daily ETF

SARK

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 1X Short Innovation Daily ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.tradretfs.com/sark-2x-short-innovation-daily-etf. You can also request this information by contacting us at (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 1X Short Innovation Daily ETF (SARK)	$40	1.03%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$70,298,597
Total number of portfolio holdings	3
Portfolio turnover rate as of the end of the reporting period	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*	108%
Swap	(8)%
Total	100%

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-2x-short-innovation-daily-etf. You can also request this information by contacting us at (833) 297-2587.

Householding

Tradr 1X Short Innovation Daily ETF

Tradr
1.5X Short NVDA
Daily ETF

NVDS

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 1.5X Short NVDA Daily ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. 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 (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 1.5X Short NVDA Daily ETF (NVDS)	$40	1.15%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$51,718,717
Total number of portfolio holdings	2
Portfolio turnover rate as of the end of the reporting period	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*	126%
Swap	(26)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 1.5X Short NVDA Daily ETF

Tradr
2X Short TSLA
Daily ETF

TSLQ

SEMI-ANNUAL SHAREHOLDER REPORT | September 30, 2025

This semi-annual shareholder report contains important information about the Tradr 2X Short TSLA Daily ETF (“Fund”) for the period of April 1, 2025 to September 30, 2025. 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 (833) 297-2587.

Fund Expenses

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tradr 2X Short TSLA Daily ETF (TSLQ)	$34	1.15%¹

1	Annualized.

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$465,306,351
Total number of portfolio holdings	4
Portfolio turnover rate as of the end of the reporting period	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*	161%
Swap	(61)%
Total	100%

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 (833) 297-2587.

Householding

Tradr 2X Short TSLA Daily ETF

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

This report and the financial statements contained herein are provided for the general information of the shareholders of the Tradr ETFs (the “ETFs”). This report is not authorized for distribution to prospective investors in the ETFs unless preceded or accompanied by an effective shareholder report and prospectus.

Tradr 2X Long ACHR Daily ETF (the “2X Long ACHR Daily ETF”), Tradr 2X Long ALAB Daily ETF (the “2X Long ALAB Daily ETF”), Tradr 2X Long APLD Daily ETF (the “2X Long APLD Daily ETF”), Tradr 2X Long APP Daily ETF (the “2X Long APP Daily ETF”), Tradr 2X Long ASTS Daily ETF (the “2X Long ASTS Daily ETF”), Tradr 2X Long CEG Daily ETF (the “2X Long CEG Daily ETF”), Tradr 2X Long CLSK Daily ETF (the “2X Long CLSK Daily ETF”), Tradr 2X Long CRDO Daily ETF (the “2X Long CRDO Daily ETF”), Tradr 2X Long CRWV Daily ETF (the “2X Long CRWV Daily ETF”), Tradr 2X Long DDOG Daily ETF (the “2X Long DDOG Daily ETF”), Tradr 2X Long ENPH Daily ETF (the “2X Long ENPH Daily ETF”), Tradr 2X Long GEV Daily ETF (the “2X Long GEV Daily ETF”), Tradr 2X Long GS Daily ETF (the “2X Long GS Daily ETF”), Tradr 2X Long Innovation 100 Monthly ETF (the “2X Long Innovation 100 Monthly ETF”), Tradr 2X Long Innovation 100 Quarterly ETF (the “2X Long Innovation 100 Quarterly ETF”), Tradr 2X Long Innovation ETF (the “2X Long Innovation ETF”), Tradr 2X Long JOBY Daily ETF (the “2X Long JOBY Daily ETF”), Tradr 2X Long LRCX Daily ETF (the “2X Long LRCX Daily ETF”), Tradr 2X Long MDB Daily ETF (the “2X Long MDB Daily ETF”), Tradr 2X Long NBIS Daily ETF (the “2X Long NBIS Daily ETF”), Tradr 2X Long NVTS Daily ETF (the “2X Long NVTS Daily ETF”), Tradr 2X Long PONY Daily ETF (the “2X Long PONY Daily ETF”), Tradr 2X Long QBTS Daily ETF (the “2X Long QBTS Daily ETF”), Tradr 2X Long QUBT Daily ETF (the “2X Long QUBT Daily ETF”), Tradr 2X Long RGTI Daily ETF (the “2X Long RGTI Daily ETF”), Tradr 2X Long SMR Daily ETF (the “2X Long SMR Daily ETF”), Tradr 2X Long SPY Quarterly ETF (the “2X Long SPY Quarterly ETF”), Tradr 2X Long TEM Daily ETF (the “2X Long TEM Daily ETF”), Tradr 2X Long U Daily ETF (the “2X Long U Daily ETF”), Tradr 2X Long UPST Daily ETF (the “2X Long UPST Daily ETF”), Tradr 2X Long VOYG Daily ETF (the “2X Long VOYG Daily ETF”), Tradr 1X Short Innovation Daily ETF (the “1X Short Innovation Daily ETF”), Tradr 1.5X Short NVDA Daily ETF (the “1.5X Short NVDA Daily ETF”) and Tradr 2X Short TSLA Daily ETF (the “2X Short TSLA Daily”) (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”).

The Funds seek leveraged and inverse leveraged investment results, before fees and expenses, of the daily, weekly, 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:

On October 2, 2025, the Trust’s Board approved a three-for-one forward share split for shares of the 2X Long APP Daily ETF effective after the close of business on October 20, 2025. On October 21, 2025, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on October 20, 2025. The forward share split did not change the total value of the shareholders’ investments in the Fund. This forward share split has been retroactively adjusted in the financial statements.

On May 21, 2025, the Trust’s Board approved a one-for-five reverse share split for shares of the 2X Long Innovation 100 Monthly ETF, 2X Long SPY Quarterly ETF and 2X Long Innovation 100 Quarterly ETF, effective after the close of business on June 2, 2025. On June 3, 2025, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business on June 2, 2025. The reverse share split did not change the total value of the shareholders’ investments in each Fund. This reverse share split has been retroactively adjusted in the financial statements.

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 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 November 15, 2024, the Trust’s Board approved a two-for-one forward share split for shares of the 2X Long Innovation ETF, effective after the close of business on November 26, 2024. On November 27, 2024, shareholders will be deemed to hold two Fund shares for every one Fund share previously held as of the close of business on November 26, 2024. The forward share split did not change the total value of the shareholders’ investments in the Fund. This forward share split has been retroactively adjusted in the financial statements.

On November 15, 2022, the Trust’s Board approved a one-for-five reverse share split for shares of the 2X Long Innovation ETF, effective after the close of business on November 30, 2022. On December 1, 2022, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business on November 30, 2022. The reverse share split did not change the total value of the shareholders’ investments in the Fund.

On October 2, 2025, the Trust’s Board approved a three-for-one forward share split for shares of the 2X Long QBTS Daily ETF effective after the close of business on October 20, 2025. On October 21, 2025, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on October 20, 2025. The forward share split did not change the total value of the shareholders’ investments in the Fund. This forward share split has been retroactively adjusted in the financial statements.

On October 2, 2025, the Trust’s Board approved a three-for-one forward share split for shares of the 2X Long RGTI Daily ETF effective after the close of business on October 20, 2025. On October 21, 2025, shareholders will be deemed to hold three Fund shares for every one Fund share previously held as of the close of business on October 20, 2025. The forward share split did not change the total value of the shareholders’ investments in the Fund. This forward share split has been retroactively adjusted in the financial statements.

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.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the 2X Short Innovation Daily ETF Predecessor Fund received the same aggregate share net asset value in the corresponding classes as noted below:

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 November 15, 2024, the Trust’s Board approved a one-for-three reverse share split for shares of the 2X Short Innovation Daily ETF, effective after the close of business on November 26, 2024. On November 27, 2024, shareholders will be deemed to hold one Fund share for every three Fund shares previously held as of the close of business on November 26, 2024. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share split has been retroactively adjusted in the financial statements.

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^th to March 31^st.

On October 2, 2025, the Trust’s Board approved a one-for-three reverse share split for shares of the 1.5X Short NVDA Daily ETF, effective after the close of business on October 20, 2025. On October 21, 2025, shareholders will be deemed to hold one Fund share for every three Fund shares previously held as of the close of business on October 20, 2025. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share split is reflected in the financial statements.

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 March 18, 2024, the Trust’s Board approved a one-for-five reverse share split for shares of the 1.5X Short NVDA Daily ETF, effective after the close of business on April 2, 2024. On April 3, 2024, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business on April 2, 2024. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share split is reflected in the financial statements.

On July 19, 2023, the Trust’s Board approved a one-for-five reverse share split for shares of the 1.5X Short NVDA Daily ETF, effective after the close of business on August 14, 2023. On August 15, 2023, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business on August 14, 2023. The reverse share split did not change the total value of the shareholders’ investments in the Fund.

On October 2, 2025, the Trust’s Board approved a one-for-three reverse share split for shares of the 2X Short TSLA Daily ETF, effective after the close of business on October 20, 2025. On October 21, 2025, shareholders will be deemed to hold one Fund share for every three Fund shares previously held as of the close of business on October 20, 2025. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share split is reflected in the financial statements.

On November 15, 2024, the Trust’s Board approved a one-for-six reverse share split for shares of the 2X Short TSLA Daily ETF, effective after the close of business on November 26, 2024. On November 27, 2024, shareholders will be deemed to hold one Fund share for every six Fund shares previously held as of the close of business on November 26, 2024. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse share split has been retroactively adjusted in the financial statements.

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.

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.

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.

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.

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 Statement 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.

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 the Funds is $250, regardless of the number of Creation Units created in the transaction.

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 Funds 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.

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 September 30, 2025, 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.

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.

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.

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:

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 2X Long Innovation 100 Monthly ETF, 2X Long Innovation 100 Quarterly ETF, 2X Long SPY Quarterly 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:

For the six months ended September 30, 2025, the Advisor waived its advisory fees and absorbed other expenses as follows:

For the six months ended September 30, 2025, the Advisor recovered $26,128 of its previously waived advisory fees for the 2X Short TSLA Daily 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:

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 six months/period ended September 30, 2025, 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 six months/period ended September 30, 2025, 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 six months/period ended September 30, 2025, are reported on the Statements of Operations.

At September 30, 2025, gross unrealized appreciation and depreciation on investments based on cost for federal income tax purposes were as follows:

The tax basis of the components of distributable net earnings (deficit) at March 31, 2025 were as follows:

The tax character of the distributions paid during the periods ended March 31, 2025 and 2024 (if applicable) were as follows:

As of March 31, 2025, the 2X Long Innovation 100 Monthly ETF, 2X Long Innovation 100 Quarterly ETF, 2X Long Innovation ETF and 2X Long SPY Quarterly ETF had qualified late-year ordinary losses which are deferred until fiscal year 2026 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.

As of March 31, 2025, the 2X Long Innovation 100 Monthly ETF had post-October capital losses of $1,712,499 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.

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, 2025, the 2X Long Innovation ETF utilized short-term capital loss carryforwards of $3,104,906.

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term investments, were as follows:

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 2X 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.

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.

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:

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 September 30, 2025, in valuing the Funds’ assets and liabilities carried at fair value:

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 six months/period ended September 30, 2025.

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 September 30, 2025, by risk category are as follows:

The effects of derivative instruments on the Statements of Operations for the six months/period ended September 30, 2025, are as follows:

The average quarterly volume of derivative instruments held by the Funds during the six months/period ended September 30, 2025, are as follows:

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 September 30, 2025, 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 September 30, 2025:

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.

For purposes of the 1940 Act, the Funds 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.

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds’ financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Funds have adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

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 November 17, 2025, the Trust’s Board approved, based on the recommendation of the Advisor to the 2X Long ACHR Daily ETF, 2X Long CRWV Daily ETF, 2X Long QUBT Daily ETF, 2X Long SMR Daily ETF and 2X Long UPST Daily ETF, a 1-5 reverse split of the issued and outstanding shares of each Fund. After the close of trading on the Exchange on December 1, 2025, each Fund will affect a reverse split of its issued and outstanding shares. Shares of each Fund will begin trading on the Exchange on a split-adjusted basis on December 2, 2025.

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 2X Long ACHR Daily ETF	Tradr 2X Long ENPH Daily ETF	Tradr 2X Long NVTS Daily ETF	Tradr 2X Long VOYG Daily ETF
(ARCX)	(ENPX)	(NVTX)	(VOYX)

Tradr 2X Long ALAB Daily ETF	Tradr 2X Long GEV Daily ETF	Tradr 2X Long PONY Daily ETF	Tradr 1X Short Innovation Daily ETF (formerly, Tradr 2x Short Innovation Daily ETF)
(LABX)	(GEVX)	(PONX)	(SARK)

Tradr 2X Long APLD Daily ETF	Tradr 2X Long GS Daily ETF	Tradr 2X Long QBTS Daily ETF	Tradr 1.5X Short NVDA Daily ETF (formerly, Tradr 1.25X NVDA Bear Daily ETF)
(APLX)	(GSX)	(QBTX)	(NVDS)

Tradr 2X Long APP Daily ETF	Tradr 2X Long Innovation 100 Monthly ETF	Tradr 2X Long QUBT Daily ETF	Tradr 2X Short TSLA Daily ETF (formerly, Tradr TSLA Bear Daily ETF)
(APPX)	(formerly, Tradr 2x Long Triple Q Monthly ETF)	(QUBX)	(TSLQ)
	(MQQQ)

Tradr 2x Long ASTS Daily ETF	Tradr 2X Long Innovation 100 Quarterly ETF	Tradr 2X Long RGTI Daily ETF
(ASTX)	(formerly, Tradr 2x Long Triple Q Quarterly ETF)	(RGTU)
	(QQQP)
Tradr 2x Long CEG Daily ETF	Tradr 2X Long Innovation ETF (formerly, AXS 2X Innovation ETF)	Tradr 2X Long SMR Daily ETF
(CEGX)	(TARK)	(SMU)

Tradr 2X Long CLSK Daily ETF	Tradr 2X Long JOBY Daily ETF	Tradr 2X Long SPY Quarterly ETF
(CLSX)	(JOBX)	(SPYQ)

Tradr 2X Long CRDO Daily ETF	Tradr 2X Long LRCX Daily ETF	Tradr 2X Long TEM Daily ETF
(CRDU)	(LRCU)	(TEMT)

Tradr 2X Long CRWV Daily ETF	Tradr 2X Long MDB Daily ETF	Tradr 2X Long U Daily ETF
(CWVX)	(MDBX)	(UNX)

Tradr 2X Long DDOG Daily ETF	Tradr 2X Long NBIS Daily ETF	Tradr 2X Long UPST Daily ETF
(DOGD)	(NEBX)	(UPSX)

Item 7. Financial Statements and Financial Highlights
Schedules of Investments	1
Statements of Assets and Liabilities	38
Statements of Operations	55
Statements of Changes in Net Assets	72
Financial Highlights	106
Notes to Financial Statements	140

	Value
Other Assets in Excess of Liabilities — 100.0%	$	22,389,202
TOTAL NET ASSETS — 100.0%	$	22,389,202

	Value
Other Assets in Excess of Liabilities — 100.0%	$	30,341,151
TOTAL NET ASSETS — 100.0%	$	30,341,151

	Value
Other Assets in Excess of Liabilities — 100.0%	$	9,911,118
TOTAL NET ASSETS — 100.0%	$	9,911,118

	Value
Other Assets in Excess of Liabilities — 100.0%	$	118,414,540
TOTAL NET ASSETS — 100.0%	$	118,414,540

	Value
Other Assets in Excess of Liabilities — 100.0%	$	69,382,476
TOTAL NET ASSETS — 100.0%	$	69,382,476

	Value
Other Assets in Excess of Liabilities — 100.0%	$	2,892,800
TOTAL NET ASSETS — 100.0%	$	2,892,800

	Value
Other Assets in Excess of Liabilities — 100.0%	$	9,738,337
TOTAL NET ASSETS — 100.0%	$	9,738,337

	Value
Other Assets in Excess of Liabilities — 100.0%	$	4,742,014
TOTAL NET ASSETS — 100.0%	$	4,742,014

	Value
Other Assets in Excess of Liabilities — 100.0%	$	269,783,701
TOTAL NET ASSETS — 100.0%	$	269,783,701

	Value
Other Assets in Excess of Liabilities — 100.0%	$	1,777,310
TOTAL NET ASSETS — 100.0%	$	1,777,310

	Value
Other Assets in Excess of Liabilities — 100.0%	$	2,228,442
TOTAL NET ASSETS — 100.0%	$	2,228,442

	Value
Other Assets in Excess of Liabilities — 100.0%	$	14,174,520
TOTAL NET ASSETS — 100.0%	$	14,174,520

	Value
Other Assets in Excess of Liabilities — 100.0%	$	892,064
TOTAL NET ASSETS — 100.0%	$	892,064

Number
of Shares			Value
		EXCHANGE-TRADED FUNDS — 51.9%
	142,545	Invesco QQQ Trust Series 1	$	85,579,742
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $84,153,390)		85,579,742

		TOTAL INVESTMENTS — 51.9%
		(Cost $84,153,390)		85,579,742

		Other Assets in Excess of Liabilities — 48.1%		79,313,932
		TOTAL NET ASSETS — 100.0%	$	164,893,674

	Value
Other Assets in Excess of Liabilities — 100.0%	$	44,687,506
TOTAL NET ASSETS — 100.0%	$	44,687,506

	Value
Other Assets in Excess of Liabilities — 100.0%	$	18,104,690
TOTAL NET ASSETS — 100.0%	$	18,104,690

	Value
Other Assets in Excess of Liabilities — 100.0%	$	1,343,759
TOTAL NET ASSETS — 100.0%	$	1,343,759

	Value
Other Assets in Excess of Liabilities — 100.0%	$	2,105,826
TOTAL NET ASSETS — 100.0%	$	2,105,826

	Value
Other Assets in Excess of Liabilities — 100.0%	$	100,968,474
TOTAL NET ASSETS — 100.0%	$	100,968,474

	Value
Other Assets in Excess of Liabilities — 100.0%	$	4,579,262
TOTAL NET ASSETS — 100.0%	$	4,579,262

	Value
Other Assets in Excess of Liabilities — 100.0%	$	3,584,991
TOTAL NET ASSETS — 100.0%	$	3,584,991

	Value
Other Assets in Excess of Liabilities — 100.0%	$	65,145,131
TOTAL NET ASSETS — 100.0%	$	65,145,131

	Value
Other Assets in Excess of Liabilities — 100.0%	$	35,555,810
TOTAL NET ASSETS — 100.0%	$	35,555,810

	Value
Other Assets in Excess of Liabilities — 100.0%	$	8,471,359
TOTAL NET ASSETS — 100.0%	$	8,471,359

	Value
Other Assets in Excess of Liabilities — 100.0%	$	103,925,027
TOTAL NET ASSETS — 100.0%	$	103,925,027

	Value
Other Assets in Excess of Liabilities — 100.0%	$	59,145,394
TOTAL NET ASSETS — 100.0%	$	59,145,394

	Value
Other Assets in Excess of Liabilities — 100.0%	$	819,849
TOTAL NET ASSETS — 100.0%	$	819,849

	Value
Other Assets in Excess of Liabilities — 100.0%	$	47,140,130
TOTAL NET ASSETS — 100.0%	$	47,140,130