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MANAGERS SERIES TRUST II 2026-03-31 0001587982 false N-CSRS/A N-1A Tradr2X Long BEDaily ETF Tradr2X Long BEDaily ETF BEX This semi-annual shareholder report contains important information about the Tradr 2X Long BE Daily ETF (“Fund”) for the period of October 01, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/bex#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/bex#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long BE Daily ETF<br/>(BEX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>42</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 42 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40,765,009</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 40765009 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.78 0.22 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long CLSDaily ETF Tradr2X Long CLSDaily ETF CSEX This semi-annual shareholder report contains important information about the Tradr 2X Long CLS Daily ETF (“Fund”) for the period of November 12, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/csex#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/csex#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long CLS Daily ETF<br/>(CSEX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 38 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,606,647</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 8606647 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">163<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(63<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.63 -0.63 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long CRMLDaily ETF Tradr2X Long CRMLDaily ETF CRMX This semi-annual shareholder report contains important information about the Tradr 2X Long CRML Daily ETF (“Fund”) for the period of January 12, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/crmx#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/crmx#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long CRML Daily ETF<br/>(CRMX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>19</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 19 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,732,231</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 6732231 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">350<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(250<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 3.50 -2.50 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long FLYDaily ETF Tradr2X Long FLYDaily ETF FLYT This semi-annual shareholder report contains important information about the Tradr 2X Long FLY Daily ETF (“Fund”) for the period of October 22, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/flyt#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/flyt#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long FLY Daily ETF<br/>(FLYT)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 46 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,747,836</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 5747836 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.69 0.31 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long IRENDaily ETF Tradr2X Long IRENDaily ETF IREX This semi-annual shareholder report contains important information about the Tradr 2X Long IREN Daily ETF (“Fund”) for the period of October 22, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/irex#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/irex#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long IREN Daily ETF<br/>(IREX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 35 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36,576,984</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 36576984 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.86 0.14 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long NNEDaily ETF Tradr2X Long NNEDaily ETF NNEX This semi-annual shareholder report contains important information about the Tradr 2X Long NNE Daily ETF (“Fund”) for the period of November 12, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/nnex#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/nnex#literature (888) 528-7237 <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long NNE Daily ETF<br/>(NNEX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 31 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>969,275</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 969275 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">110<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(10<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.10 -0.10 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 20pt;">Material Fund Changes</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated<span style="white-space: nowrap;"> </span>at the close of business day April 27, 2026.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended April 7, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/nnex#literature</span>.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended April 7, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/nnex#literature</span>.</div> https://www.tradretfs.com/nnex#literature <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long ONDSDaily ETF Tradr2X Long ONDSDaily ETF ONDU This semi-annual shareholder report contains important information about the Tradr 2X Long ONDS Daily ETF (“Fund”) for the period of January 12, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/ondu#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/ondu#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long ONDS Daily ETF<br/>(ONDU)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 22 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,709,564</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 3709564 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.96 0.04 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long OPENDaily ETF Tradr2X Long OPENDaily ETF OPEX This semi-annual shareholder report contains important information about the Tradr 2X Long OPEN Daily ETF (“Fund”) for the period of October 22, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/opex#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/opex#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long OPEN Daily ETF<br/>(OPEX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 37 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>10,349,408</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 10349408 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">120<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(20<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.20 -0.20 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long PATHDaily ETF Tradr2X Long PATHDaily ETF PATX This semi-annual shareholder report contains important information about the Tradr 2X Long PATH Daily ETF (“Fund”) for the period of January 12, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/patx#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/patx#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long PATH Daily ETF<br/>(PATX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 22 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,004,363</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 3004363 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">159<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(59<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.59 -0.59 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long SNPSDaily ETF Tradr2X Long SNPSDaily ETF SNPX This semi-annual shareholder report contains important information about the Tradr 2X Long SNPS Daily ETF (“Fund”) for the period of November 12, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snpx#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/snpx#literature (888) 528-7237 <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SNPS Daily ETF<br/>(SNPX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 47 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,905,828</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 1905828 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">127<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(27<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.27 -0.27 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 20pt;">Material Fund Changes</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">On April 7, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Fund liquidated<span style="white-space: nowrap;"> </span>at the close of business day April 27, 2026.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended April 7, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snpx#literature</span>.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended April 7, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snpx#literature</span>.</div> https://www.tradretfs.com/snpx#literature <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long SRPTDaily ETF Tradr2X Long SRPTDaily ETF SRPU This semi-annual shareholder report contains important information about the Tradr 2X Long SRPT Daily ETF (“Fund”) for the period of October 22, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/srpu#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/srpu#literature (888) 528-7237 <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SRPT Daily ETF<br/>(SRPU)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>43</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 43 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,930,436</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 3930436 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">110<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(10<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.10 -0.10 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 20pt;">Material Fund Changes</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">On May 20, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund.<span style="white-space: nowrap;"> </span> The Fund will be liquidated on or about June 18, 2026.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of certain changes to the Fund since Oct 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended May 20, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/srpu#literature</span>.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of certain changes to the Fund since Oct 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated October 22, 2025, as amended May 20, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/srpu#literature</span>.</div> https://www.tradretfs.com/srpu#literature <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long USARDaily ETF Tradr2X Long USARDaily ETF USAX This semi-annual shareholder report contains important information about the Tradr 2X Long USAR Daily ETF (“Fund”) for the period of January 12, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/usax#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/usax#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long USAR Daily ETF<br/>(USAX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>25</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 25 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,321,449</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 7321449 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">158<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(58<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.58 -0.58 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long WDCDaily ETF Tradr2X Long WDCDaily ETF WDCX This semi-annual shareholder report contains important information about the Tradr 2X Long WDC Daily ETF (“Fund”) for the period of January 26, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/wdcx#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/wdcx#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long WDC Daily ETF<br/>(WDCX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>28</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 26, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 28 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32,554,018</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 32554018 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">119<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(19<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.19 -0.19 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Long WULFDaily ETF Tradr2X Long WULFDaily ETF WULX This semi-annual shareholder report contains important information about the Tradr 2X Long WULF Daily ETF (“Fund”) for the period of October 22, 2025 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/wulx#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/wulx#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long WULF Daily ETF<br/>(WULX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 51 0.0130 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,483,844</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 8483844 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.93 0.07 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short AMZNDaily ETF Tradr2X Short AMZNDaily ETF AMZO This semi-annual shareholder report contains important information about the Tradr 2X Short AMZN Daily ETF (“Fund”) for the period of March 23, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/amzo#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/amzo#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short AMZN Daily ETF<br/>(AMZO)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>4</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on March 23, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 4 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>251,738</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 251738 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.99 0.01 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short APLDDaily ETF Tradr2X Short APLDDaily ETF APLZ This semi-annual shareholder report contains important information about the Tradr 2X Short APLD Daily ETF (“Fund”) for the period of January 21, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/aplz#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/aplz#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short APLD Daily ETF<br/>(APLZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>26</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 26 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,978,986</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 1978986 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">146<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(46<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.46 -0.46 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short BEDaily ETF Tradr2X Short BEDaily ETF BEZ This semi-annual shareholder report contains important information about the Tradr 2X Short BE Daily ETF (“Fund”) for the period of February 10, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/bez#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/bez#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short BE Daily ETF<br/>(BEZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on February 10, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 18 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,973,134</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 2973134 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">142<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(42<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.42 -0.42 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short CLSKDaily ETF Tradr2X Short CLSKDaily ETF CLSZ This semi-annual shareholder report contains important information about the Tradr 2X Short CLSK Daily ETF (“Fund”) for the period of February 18, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/clsz#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/clsz#literature (888) 528-7237 <div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial';">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short CLSK Daily ETF<br/>(CLSZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>16</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on February 18, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 16 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>113,791</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 113791 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div><div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11,592<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2,602<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 115.92 26.02 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 20pt;">Material Fund Changes</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">On May 20, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation of the Fund. The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund.<span style="white-space: nowrap;"> </span> The Fund will be liquidated on or about June 18, 2026.</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of certain changes to the Fund since Oct 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 20, 2026, as amended May 20, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/srpu#literature</span>.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">This is summary of certain changes to the Fund since Oct 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 20, 2026, as amended May 20, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/srpu#literature</span>.</div> https://www.tradretfs.com/srpu#literature <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short IRENDaily ETF Tradr2X Short IRENDaily ETF IREZ This semi-annual shareholder report contains important information about the Tradr 2X Short IREN Daily ETF (“Fund”) for the period of January 21, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/irez#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/irez#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short IREN Daily ETF<br/>(IREZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 31 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20,828,031</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 20828031 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.67 0.33 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short NBISDaily ETF Tradr2X Short NBISDaily ETF NBIZ This semi-annual shareholder report contains important information about the Tradr 2X Short NBIS Daily ETF (“Fund”) for the period of January 21, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/nbiz#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/nbiz#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short NBIS Daily ETF<br/>(NBIZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 20 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,187,654</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">1</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 4187654 1 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">138<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(38<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 1.38 -0.38 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Tradr2X Short SMRDaily ETF Tradr2X Short SMRDaily ETF SMZ This semi-annual shareholder report contains important information about the Tradr 2X Short SMR Daily ETF (“Fund”) for the period of February 10, 2026 (commencement of operations) to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">www.tradretfs.com/smz#literature</span>. You can also request this information by contacting us at (888) 528-7237. www.tradretfs.com/smz#literature (888) 528-7237 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short SMR Daily ETF<br/>(SMZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span><sup style="font-size: smaller;">2</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">1</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">The Fund commenced operations on February 10, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; font-style: italic; text-align: left; margin-bottom: 0; width: 1.7%; font-size: 6pt; vertical-align: super; padding: 0;">2</td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 30 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,962,758</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">2</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table> 1962758 2 0 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">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.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(204, 51, 51); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(46, 45, 112); margin: 5pt 0px 5pt 0px;"><b>Allocation of Portfolio Holdings </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Cash*</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Swap</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">24<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">100<span>%</span></td> </tr> </table> 0.76 0.24 1 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. Annualized. The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on March 23, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on February 10, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on February 18, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 21, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on February 10, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. Cash includes cash, cash equivalents and other assets less liabilities. Annualized. The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on November 12, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on October 22, 2025. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 12, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher. Annualized. Cash includes cash, cash equivalents and other assets less liabilities. Annualized. The Fund commenced operations on January 26, 2026. If the Fund had been operational for the entire semi-annual period of October 1, 2025 to March 31, 2026, expenses would have been higher.