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53916 12688 10022 9927 5144 4160 44964 88448 10000 135168 41484 9921 25536 30016 9922 10000 10963 10000 10000 3992 10000 10000 3616 0001587982 false N-1A N-CSR INVESTMENT MANAGERS SERIES TRUST II 2026-07-31 Tradr2X Long AAOIDaily ETF Tradr2X Long AAOIDaily ETF AAOX This annual shareholder report contains important information about the Tradr 2X Long AAOI Daily ETF (“Fund”) for the period of March 23, 2026 (commencement of operations) to July 31, 2026. 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/aaox#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/aaox#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long AAOI Daily ETF<br/>(AAOX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">1.49<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 annual period of August 1, 2025 to July 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 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long AAOI Daily ETF (“AAOX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Applied Optoelectronics common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -58.40% since inception on March 23, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -1.50% and an annualized volatility of 149.4%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its fiber-optic networking business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Applied Optoelectronics annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165884.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long AAOI Daily ETF (AAOX)</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;">-58.40<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">14.23<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on March 23, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long AAOI Daily ETF (AAOX) -0.5840 S&P 500 Index 0.1423 2026-03-23 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/aaox#literature</span> for the most recent performance information.</div> <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>141,899,095</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: 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 advisory fees paid (net)</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>1,809,031</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> 141899095 2 1809031 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;">Allocation of Portfolio Holdings</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: 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 CBRSDaily ETF Tradr2X Long CBRSDaily ETF CBRX This annual shareholder report contains important information about the Tradr 2X Long CBRS Daily ETF (“Fund”) for the period of May 28, 2026 (commencement of operations) to July 31, 2026. 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/cbrx#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/cbrx#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long CBRS Daily ETF<br/>(CBRX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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 May 28, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long CBRS Daily ETF (“CBRX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Cerebras common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -52.52% since inception on May 28, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -18.09% and an annualized volatility of 139.8%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its artificial intelligence infrastructure solutions business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Cerebras annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165921.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long CBRS Daily ETF (CBRX)</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;">-52.52<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">-0.79<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on May 28, 2026. Since Inception return is cumulative if time since inception is less than one year.</div> </td> </tr> </table> Tradr 2X Long CBRS Daily ETF (CBRX) -0.5252 S&P 500 Index -0.0079 2026-05-28 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/cbrx#literature</span> for the most recent performance information.</div> <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>3,561,822</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: 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 advisory fees paid (net)</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>12,276</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> 3561822 1 12276 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;">Allocation of Portfolio Holdings</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;">118<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;">(18<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> 1.18 -0.18 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 COHRDaily ETF Tradr2X Long COHRDaily ETF COHX This annual shareholder report contains important information about the Tradr 2X Long COHR Daily ETF (“Fund”) for the period of February 18, 2026 (commencement of operations) to July 31, 2026. 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/cohx#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/cohx#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long COHR Daily ETF<br/>(COHX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</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 annual period of August 1, 2025 to July 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> 64 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long COHR Daily ETF (“COHX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Coherent common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -10.16% since inception on February 18, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 17.42% and an annualized volatility of 93.1%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its engineered materials and optoelectronic components business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Coherent annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165810.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long COHR Daily ETF (COHX)</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;">-10.16<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">9.40<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on February 18, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long COHR Daily ETF (COHX) -0.1016 S&P 500 Index 0.0940 2026-02-18 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/cohx#literature</span> for the most recent performance information.</div> <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>48,632,615</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: 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 advisory fees paid (net)</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>548,377</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> 48632615 1 548377 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;">Allocation of Portfolio Holdings</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;">88<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;">12<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> 0.88 0.12 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 LEUDaily ETF Tradr2X Long LEUDaily ETF LEUX This annual shareholder report contains important information about the Tradr 2X Long LEU Daily ETF (“Fund”) for the period of February 18, 2026 (commencement of operations) to July 31, 2026. 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/leux#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/leux#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long LEU Daily ETF<br/>(LEUX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">1.49<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 annual period of August 1, 2025 to July 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 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long LEU Daily ETF (“LEUX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Centrus Energy common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -48.56% since inception on February 18, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -14.39% and an annualized volatility of 81.5%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its low-enriched uranium business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Centrus Energy annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165847.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long LEU Daily ETF (LEUX)</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;">-48.56<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">9.40<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on February 18, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long LEU Daily ETF (LEUX) -0.4856 S&P 500 Index 0.0940 2026-02-18 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/leux#literature</span> for the most recent performance information.</div> <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>6,430,462</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: 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 advisory fees paid (net)</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>24,083</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> 6430462 1 24083 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;">Allocation of Portfolio Holdings</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;">84<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;">16<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> 0.84 0.16 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 LITEDaily ETF Tradr2X Long LITEDaily ETF LITX This annual shareholder report contains important information about the Tradr 2X Long LITE Daily ETF (“Fund”) for the period of January 26, 2026 (commencement of operations) to July 31, 2026. 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/litx#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/litx#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long LITE Daily ETF<br/>(LITX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>136</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 annual period of August 1, 2025 to July 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> 136 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long LITE Daily ETF (“LITX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Lumentum common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of 155.36% since inception on January 26, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 114.75% and an annualized volatility of 100.8%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its optical and photonics products business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Lumentum annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1164603.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long LITE Daily ETF (LITX)<em></em></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;">155.36<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">8.40<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on January 26, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> 1.5536 0.0840 2026-01-26 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/litx#literature</span> for the most recent performance information.</div> <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>192,151,197</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;">4</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 advisory fees paid (net)</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>2,728,709</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> 192151197 4 2728709 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;">Allocation of Portfolio Holdings</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;">80<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></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> 0.80 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: 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 February 24, 2026, the Trust’s Board approved a three-for-one forward share split for shares of the Fund, effective after the close of business on March 9, 2026.</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 August 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 26, 2026, as amended February 25, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/litx#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 August 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 26, 2026, as amended February 25, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/litx#literature</span>.</div> https://www.tradretfs.com/litx#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 QNTDaily ETF Tradr2X Long QNTDaily ETF QNTU This annual shareholder report contains important information about the Tradr 2X Long QNT Daily ETF (“Fund”) for the period of June 30, 2026 (commencement of operations) to July 31, 2026. 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/qntu#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/qntu#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long QNT Daily ETF<br/>(QNTU)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>9</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 June 30, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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> 9 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long QNT Daily ETF (“QNTU” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Quantinuum common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -63.84% since inception on June 30, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -37.11% and an annualized volatility of 89.8%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its quantum computing and software solutions business. For more information on the company’s financial performance, please see the Quantinuum annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1166069.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long QNT Daily ETF (QNTU)</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;">-63.84<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">-0.06<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on June 30, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long QNT Daily ETF (QNTU) -0.6384 S&P 500 Index -0.0006 2026-06-30 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/qntu#literature</span> for the most recent performance information.</div> <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>497,005</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: 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 advisory fees paid (net)</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>876</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> 497005 1 876 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;">Allocation of Portfolio Holdings</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;">105<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;">(5<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> 1.05 -0.05 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 SNDKDaily ETF Tradr2X Long SNDKDaily ETF SNXX This annual shareholder report contains important information about the Tradr 2X Long SNDK Daily ETF (“Fund”) for the period of January 26, 2026 (commencement of operations) to July 31, 2026. 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/snxx#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/snxx#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SNDK Daily ETF<br/>(SNXX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>158</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;">1.54<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 annual period of August 1, 2025 to July 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> 158 0.0154 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long SNDK Daily ETF (“SNXX” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Sandisk common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of 200.16% since inception on January 26, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of 158.04% and an annualized volatility of 120.0%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its flash memory semiconductors business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Sandisk annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1164567.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SNDK Daily ETF (SNXX)</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;">200.16<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">8.40<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on January 26, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long SNDK Daily ETF (SNXX) 2.0016 S&P 500 Index 0.0840 2026-01-26 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snxx#literature</span> for the most recent performance information.</div> <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>1,398,453,836</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;">6</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 advisory fees paid (net)</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>14,032,876</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> 1398453836 6 14032876 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;">Allocation of Portfolio Holdings</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;">88<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;">Call Options</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;">6<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;">6<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> 0.88 0.06 0.06 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 14, 2026, the Trust’s Board approved a eight-for-one forward share split for shares of the Fund, effective after the close of business on June 2, 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 August 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 26, 2026, as amended February 25, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snxx#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 August 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated January 26, 2026, as amended February 25, 2026 at <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/snxx#literature</span>.</div> https://www.tradretfs.com/snxx#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 SpaceXDaily ETF Tradr2X Long SpaceXDaily ETF SPCM This annual shareholder report contains important information about the Tradr 2X Long SpaceX Daily ETF (“Fund”) for the period of June 12, 2026 (commencement of operations) to July 31, 2026. 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/spcm#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/spcm#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SpaceX Daily ETF<br/>(SPCM)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</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 June 12, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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> 14 0.0149 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Long SpaceX Daily ETF (“SPCM” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the SpaceX common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -60.08% since inception on June 12, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -8.08% and an annualized volatility of 93.5%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its aerospace and space technology business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the SpaceX annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165995.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Long SpaceX Daily ETF (SPCM)</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;">-60.08<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">0.90<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on June 12, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Long SpaceX Daily ETF (SPCM) -0.6008 S&P 500 Index 0.0090 2026-06-12 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/spcm#literature</span> for the most recent performance information.</div> <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>10,474,797</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: 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 advisory fees paid (net)</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>26,029</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> 10474797 1 26029 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;">Allocation of Portfolio Holdings</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;">116<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;">(16<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> 1.16 -0.16 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 CBRSDaily ETF Tradr2X Short CBRSDaily ETF CBRZ This annual shareholder report contains important information about the Tradr 2X Short CBRS Daily ETF (“Fund”) for the period of May 28, 2026 (commencement of operations) to July 31, 2026. 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/cbrz#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/cbrz#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short CBRS Daily ETF<br/>(CBRZ)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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 May 28, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Short CBRS Daily ETF (“CBRZ” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Cerebras common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of -47.80% since inception on May 28, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -18.09% and an annualized volatility of 139.8%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its artificial intelligence infrastructure solutions business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the Cerebras annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1165958.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short CBRS Daily ETF (CBRZ)</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;">-47.80<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">-0.79<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on May 28, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Short CBRS Daily ETF (CBRZ) -0.4780 S&P 500 Index -0.0079 2026-05-28 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/cbrz#literature</span> for the most recent performance information.</div> <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>3,130,881</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: 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 advisory fees paid (net)</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>8,222</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> 3130881 1 8222 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;">Allocation of Portfolio Holdings</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;">58<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></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> 0.58 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: 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 SpaceXDaily ETF Tradr2X Short SpaceXDaily ETF SPCG This annual shareholder report contains important information about the Tradr 2X Short SpaceX Daily ETF (“Fund”) for the period of June 12, 2026 (commencement of operations) to July 31, 2026. 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/spcg#literature</span>. You can also request this information by contacting us at (888) 528-7237. https://www.tradretfs.com/spcg#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 $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short SpaceX Daily ETF<br/>(SPCG)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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 June 12, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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: 14pt;">Management's Discussion of Fund Performance</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">SUMMARY OF RESULTS</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The Tradr 2X Short SpaceX Daily ETF (“SPCG” or the “Fund”) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the SpaceX common stock (the “Reference Asset”). The Fund invests in financial instruments that the Advisor believes, in combination, should produce daily returns consistent with the Fund’s investment objective.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">For the period ending July 31, 2026, the Fund had a total return of 56.36% since inception on June 12, 2026 and an average daily statistical correlation of over 0.99 to two times that of the return of the Reference Asset after fees and the cost of leverage financing. For the same period, the Reference Asset had a total return of -8.08% and an annualized volatility of 93.5%.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 14pt;">The Reference Asset performance was driven by the performance of its aerospace and space technology business.<span style="white-space: nowrap;"> </span> For more information on the company’s financial performance, please see the SpaceX annual shareholders report and quarterly filings.<span style="white-space: nowrap;"> </span> Primary factors affecting Fund performance include the total return of the securities and derivatives held by the Fund, the performance of the assets to which any derivatives are linked, financing rates paid or earned, the types of derivative contracts used and their correlation to the Fund’s Reference Asset, expenses, transaction costs, the volatility of the Fund’s Reference Asset (and its impact on compounding), and other miscellaneous factors.</div> <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(46, 45, 112); margin-top: 14pt;">Fund Performance</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.</div> <div style="font-size: 9pt; margin-top: 0px; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; color: rgb(46, 45, 112);">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_1166032.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </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; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Since<br/>Inception<sup style="font-size: smaller;">1</sup></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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Tradr 2X Short SpaceX Daily ETF (SPCG)</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;">56.36<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-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Index</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;">0.90<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; font-style: italic; font-size: 8pt; 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; text-align: left; font-size: 6pt; vertical-align: super; font-weight: normal; padding: 0;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt; font-size: 6pt; vertical-align: super;"><sup style="font-size: 6pt; vertical-align: super;">1</sup></div> </td> <td style="font-family: 'Arial'; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-size: 7.5pt; padding: 0 0 0 5pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The Fund commenced operations on June 12, 2026. Since Inception return is cumulative if time since inception is less than one year. </div> </td> </tr> </table> Tradr 2X Short SpaceX Daily ETF (SPCG) 0.5636 S&P 500 Index 0.0090 2026-06-12 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 7.5pt;">Visit <span style="text-decoration-line: underline; color: rgb(46, 45, 112); font-family: 'arial'; font-size: 9pt;">https://www.tradretfs.com/spcg#literature</span> for the most recent performance information.</div> <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>25,411,317</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: 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 advisory fees paid (net)</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>34,903</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> 25411317 1 34903 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;">Allocation of Portfolio Holdings</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;">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;">74<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;">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;">26<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> 0.74 0.26 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;">The Fund did not have any material changes that occurred since the beginning of the reporting period.</div> <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 June 12, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on June 12, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on May 28, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on May 28, 2026. Since Inception return is cumulative if time since inception is less than one year. The Fund commenced operations on March 23, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 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 annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on February 18, 2026. Since Inception return is cumulative if time since inception is less than one year.  The Fund commenced operations on March 23, 2026. Since Inception return is cumulative if time since inception is less than one year.  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 annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on February 18, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 26, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on January 26, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on June 30, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on June 30, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on January 26, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on January 26, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities. The Fund commenced operations on June 12, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on June 12, 2026. Since Inception return is cumulative if time since inception is less than one year.  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 May 28, 2026. If the Fund had been operational for the entire annual period of August 1, 2025 to July 31, 2026, expenses would have been higher. Annualized. The Fund commenced operations on May 28, 2026. Since Inception return is cumulative if time since inception is less than one year.  Cash includes cash, cash equivalents and other assets less liabilities.