0001587982假N-1AN-CSRS0001587982imstii : C 000235149 會員2024-03-312024-09-300001587982imstii : C 000235537 會員2024-03-312024-09-300001587982imstii : C 000235548 會員2024-03-312024-09-300001587982imstii : C 000236570 會員2024-03-312024-09-300001587982imstii : C 000251510 會員2024-03-312024-09-300001587982imstii : C 000251511 成員2024-03-312024-09-300001587982imstii : C 000251512 成員2024-03-312024-09-300001587982imstii : C 000251513 成員2024-03-312024-09-300001587982imstii : C 000251514 成員2024-03-312024-09-300001587982imstii : C 000251516 成員2024-03-312024-09-300001587982imstii : C 000251517 成員2024-03-312024-09-300001587982imstii : C 000251519 成員2024-03-312024-09-300001587982imstii : C 000251520 成員2024-03-312024-09-300001587982imstii : C 000251521 會員2024-03-312024-09-300001587982imstii : C 000251522 會員2024-03-312024-09-300001587982imstii : C 000251526 會員2024-03-312024-09-3000015879822024-03-312024-09-300001587982imstii : C 000235149 會員2024-09-300001587982imstii : C 000235149 會員us-gaap:現金會員2024-09-300001587982imstii : C 000235149 會員us-gaap:掉期會員2024-09-300001587982imstii : C 000235537 會員2024-09-300001587982imstii : C 000235537 會員us-gaap:現金會員2024-09-300001587982imstii : C 000235537 會員us-gaap:互換會員2024-09-300001587982imstii : C 000235548 會員2024-09-300001587982imstii : C 000235548 會員us-gaap:現金會員2024-09-300001587982imstii : C 000235548 成員us-gaap:互換成員2024-09-300001587982imstii : C 000236570 成員2024-09-300001587982imstii : C 000236570 成員us-gaap:現金成員2024-09-300001587982imstii : C 000236570 成員us-gaap:互換成員2024-09-300001587982imstii : C 000251510 成員2024-09-300001587982imstii : C 000251510 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251510 成員us-gaap:互換成員2024-09-300001587982imstii : C 000251511 成員2024-09-300001587982imstii : C 000251511 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251511 成員us-gaap:掉期成員2024-09-300001587982imstii : C 000251512 成員2024-09-300001587982imstii : C 000251512 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251513 成員2024-09-300001587982imstii : C 000251513 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251513 成員us-gaap:掉期成員2024-09-300001587982imstii : C 000251514 成員2024-09-300001587982imstii : C 000251514 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251514 成員us-gaap:掉期成員2024-09-300001587982imstii : C 000251516 成員2024-09-300001587982imstii : C 000251516 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251516 成員us-gaap:互換成員2024-09-300001587982imstii : C 000251517 成員2024-09-300001587982imstii : C 000251517 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251517 成員us-gaap:互換成員2024-09-300001587982imstii : C 000251519 成員2024-09-300001587982imstii : C 000251519 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251520 成員2024-09-300001587982imstii : C 000251520 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251520 成員us-gaap:互換成員2024-09-300001587982imstii : C 000251521 成員2024-09-300001587982imstii : C 000251521 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251522 成員2024-09-300001587982imstii : C 000251522 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251526 成員2024-09-300001587982imstii : C 000251526 成員us-gaap:現金成員2024-09-300001587982imstii : C 000251526 成員us-gaap:交換成員2024-09-30iso4217:美元指數iso4217:美元指數xbrli:sharesxbrli:純粹xbrli:sharesutr:Dimstii:Holding
There were no changes in or disagreements with the Fund'saccountants during the reporting period.
額外信息的可用性
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/tark-2x-long-innovation-etf. You can also request this information by contacting us at (833) 297-2587.
There were no changes in or disagreements with the Fund'saccountants during the reporting period.
額外信息的可用性
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/spyb-2x-long-spy-weekly-etf您也可以通過撥打(833) 297-2587聯繫我們以請求此信息。
There were no changes in or disagreements with the Fund'saccountants during the reporting period.
額外信息的可用性
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.tradretfs.com/nvdw-1.75x-long-nvda-weekly-etf. You can also request this information by contacting us at (833) 297-2587.
There were no changes in or disagreements with the Fund'saccountants during the reporting period.
額外信息的可用性
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.tradretfs.com/spyq-2x-long-spy-quarterly-etf. You can also request this information by contacting us at (833) 297-2587.
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES As of September 30, 2024 (Unaudited)
Tradr
Tradr
2X
Long Innovation ETF
1.5X
Short NVDA Daily ETF
Assets:
Cash
$
11,669,452
$
6,138,644
Cash collateral
held for open swap contracts
33,347,164
37,493,065
Unrealized appreciation
on open swap contracts
16,644,362
5,830,297
Receivables:
Fund shares sold
1,952,166
-
Prepaid expenses
456
694
Other receivable
-
-
Total assets
63,613,600
49,462,700
Liabilities:
Unrealized depreciation
on open swap contracts
-
-
Payables:
Advisory fees
26,976
28,173
Fund administration fees
15,356
12,364
Transfer agent
fees and expenses
15,250
30,876
Custody fees
22,136
34,226
Trustees' deferred
compensation (Note 3)
10,610
11,774
Fund accounting fees
10,498
11,418
Auditing fees
8,522
9,022
Legal fees
5,868
2,171
Chief Compliance
Officer fees
2,234
481
Shareholder
reporting fees
1,825
863
Trustees' fees
and expenses
1,029
1,538
Payable for
swaps
-
-
Accrued other
expenses
21,824
18,844
Total liabilities
142,128
161,750
Commitments and contingencies (Note
3)
Net Assets
$
63,471,472
$
49,300,950
Components of Net
Assets:
Paid-in capital (par value of $0.01
per share with an unlimited number of shares authorized)
$
45,053,878
$
223,349,341
Total distributable
earnings (accumulated deficit)
18,417,594
(174,048,391
)
Net Assets
$
63,471,472
$
49,300,950
Shares of beneficial interest issued
and outstanding
1,951,380
*
1,400,175
Net asset value per share
$
32.53
$
35.21
*
The Fund had a 2-1 forward stock split
after the close of business November 26, 2024, which is retroactively adjusted as of September 30, 2024. See Note 1 in the accompanying
Notes to Financial Statements.
See accompanying Notes to Financial
Statements.
13
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
Tradr
2X
Short TSLA Daily ETF
2X
Short Innovation Daily ETF
Assets:
Cash
$
252,680
$
29,041,201
Cash collateral
held for open swap contracts
89,757,049
51,649,217
Unrealized appreciation
on open swap contracts
-
645,532
Receivables:
Fund shares sold
9,676,613
1,951,058
Prepaid expenses
734
967
Other
receivable
-
47,137
Total
assets
99,687,076
83,335,112
Liabilities:
Unrealized depreciation
on open swap contracts
20,191,330
4,919,821
Payables:
Advisory fees
35,875
59,164
Fund administration fees
19,311
89,494
Transfer agent
fees and expenses
36,060
15,199
Custody fees
34,765
27,105
Trustees' deferred
compensation (Note 3)
19,159
27,363
Fund accounting fees
11,119
24,089
Auditing fees
8,522
9,455
Legal fees
5,743
32,242
Chief Compliance
Officer fees
4,231
10,727
Shareholder
reporting fees
2,822
5,172
Trustees' fees
and expenses
4,061
9,712
Payable for
swaps
505,826
-
Accrued
other expenses
21,322
24,056
Total
liabilities
20,900,146
5,253,599
Commitments and contingencies (Note
3)
Net Assets
$
78,786,930
$
78,081,513
Components of Net
Assets:
Paid-in capital (par value of $0.01
per share with an unlimited number of shares authorized)
$
165,155,424
$
158,773,780
Total
distributable earnings (accumulated deficit)
(86,368,494
)
(80,692,267
)
Net
Assets
$
78,786,930
$
78,081,513
Shares of beneficial
interest issued and outstanding
712,500
*
1,000,000
**
Net asset value per share
$
110.58
$
78.09
*
The Fund had a 1-6 reverse stock
split after the close of business November 26, 2024, which is retroactively adjusted as of September 30, 2024. See Note 1 in the accompanying
Notes to Financial Statements.
**
The Fund had a 1-3 reverse stock
split after the close of business November 26, 2024, which is retroactively adjusted as of September 30, 2024. See Note 1 in the accompanying
Notes to Financial Statements.
See
accompanying Notes to Financial Statements.
14
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
Tradr
2X
Long SPY
2X
Long Triple Q
Monthly
ETF
Monthly
ETF
Assets:
Cash
$
593,400
$
2,894,289
Cash collateral
held for open swap contracts
410,000
2,680,000
Unrealized appreciation
on open swap contracts
32,365
443,182
Receivables:
Due from Advisor
14,928
10,203
Prepaid
offering costs
11,609
11,609
Total
assets
1,062,302
6,039,283
Liabilities:
Unrealized depreciation
on open swap contracts
-
-
Payables:
Fund administration fees
4,004
4,004
Transfer agent
fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Auditing fees
1,741
1,741
Legal fees
1,381
1,381
Chief Compliance
Officer fees
437
437
Shareholder
reporting fees
398
398
Trustees' fees
and expenses
921
921
Due to Advisor
- offering costs
12,500
12,500
Accrued
other expenses
969
969
Total
liabilities
27,687
27,687
Commitments and
contingencies (Note 3)
Net Assets
$
1,034,615
$
6,011,596
Components of Net
Assets:
Paid-in capital (par value of $0.01
per share with an unlimited number of shares authorized)
$
1,000,000
$
5,555,110
Total
distributable earnings (accumulated deficit)
34,615
456,486
Net
Assets
$
1,034,615
$
6,011,596
Shares of beneficial
interest issued and outstanding
40,000
230,000
Net asset value per share
$
25.87
$
26.14
See
accompanying Notes to Financial Statements.
15
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
Tradr
2X
Long SOXX
2X
Long SPY
Monthly
ETF
Weekly
ETF
Assets:
Cash
$
393,400
$
593,400
Cash collateral
held for open swap contracts
610,000
410,000
Unrealized appreciation
on open swap contracts
-
28,967
Receivables:
Due from Advisor
15,018
14,931
Prepaid offering
costs
11,609
11,610
Total assets
1,030,027
1,058,908
Liabilities:
Unrealized depreciation
on open swap contracts
9,683
-
Payables:
Fund administration fees
4,004
4,004
Transfer agent
fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Auditing fees
1,741
1,742
Legal fees
1,381
1,381
Chief Compliance
Officer fees
437
437
Shareholder
reporting fees
398
398
Trustees' fees
and expenses
921
921
Due to Advisor
- offering costs
12,500
12,500
Accrued other
expenses
969
969
Total liabilities
37,370
27,688
Commitments and contingencies (Note
3)
Net Assets
$
992,657
$
1,031,220
Components of Net
Assets:
Paid-in
capital (par value of $0.01 per share with an unlimited number of shares authorized)
$
1,000,000
$
1,000,000
Total distributable
earnings (accumulated deficit)
(7,343
)
31,220
Net Assets
$
992,657
$
1,031,220
Shares of beneficial interest issued
and outstanding
40,000
40,000
Net asset value per share
$
24.82
$
25.78
See accompanying
Notes to Financial Statements.
16
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
Tradr
2X
Long Triple Q
2X
Long SOXX
Weekly
ETF
Weekly
ETF
Assets:
Cash
$
1,754,663
$
393,400
Cash collateral
held for open swap contracts
1,310,000
610,000
Unrealized appreciation
on open swap contracts
95,238
4,988
Receivables:
Due from Advisor
14,144
15,035
Prepaid
offering costs
11,610
11,609
Total
assets
3,185,655
1,035,032
Liabilities:
Unrealized depreciation
on open swap contracts
43,262
41,032
Payables:
Fund administration fees
4,004
4,004
Transfer agent
fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Auditing fees
1,742
1,741
Legal fees
1,381
1,381
Chief Compliance
Officer fees
437
437
Shareholder
reporting fees
398
398
Trustees' fees
and expenses
921
921
Due to Advisor
- offering costs
12,500
12,500
Accrued
other expenses
969
969
Total
liabilities
70,950
68,719
Commitments and contingencies (Note
3)
Net Assets
$
3,114,705
$
966,313
Components of Net
Assets:
Paid-in capital (par value of $0.01
per share with an unlimited number of shares authorized)
$
3,056,785
$
1,000,000
Total
distributable earnings (accumulated deficit)
57,920
(33,687
)
Net
Assets
$
3,114,705
$
966,313
Shares of beneficial
interest issued and outstanding
120,000
40,000
Net asset value per share
$
25.96
$
24.16
See accompanying Notes to Financial
Statements.
17
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
Tradr
1.75X
Long NVDA
1.5X
Long TSLA
Weekly
ETF
Weekly
ETF
Assets:
Cash
$
56,552
$
393,400
Cash collateral
held for open swap contracts
710,000
610,000
Unrealized appreciation
on open swap contracts
-
334,263
Receivables:
Due from Advisor
15,108
14,771
Prepaid offering
costs
11,609
11,610
Total assets
793,269
1,364,044
Liabilities:
Unrealized depreciation
on open swap contracts
21,082
-
Payables:
Fund administration fees
4,004
4,004
Transfer agent
fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Auditing fees
1,742
1,741
Legal fees
1,381
1,381
Chief Compliance
Officer fees
437
437
Shareholder
reporting fees
398
398
Trustees' fees
and expenses
921
921
Due to Advisor
- offering costs
12,500
12,500
Accrued other
expenses
969
969
Total liabilities
48,770
27,687
Commitments and contingencies (Note
3)
Net Assets
$
744,499
$
1,336,357
Components of Net
Assets:
Paid-in capital (par value of $0.01
per share with an unlimited number of shares authorized)
$
763,426
$
1,000,000
Total distributable
earnings (accumulated deficit)
(18,927
)
336,357
Net Assets
$
744,499
$
1,336,357
Shares of beneficial interest issued
and outstanding
30,000
40,000
Net asset value per share
$
24.82
$
33.41
See accompanying Notes to Financial
Statements.
18
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
2X Long SPY Quarterly ETF
Tradr
2X Long Triple Q Quarterly ETF
Assets:
Receivables:
Fund shares sold
$
2,500,000
$
2,500,000
Prepaid
offering costs
12,500
12,500
Total
assets
2,512,500
2,512,500
Liabilities:
Payables:
Due
to Advisor - offering costs
12,500
12,500
Total
liabilities
12,500
12,500
Commitments and contingencies (Note
3)
Net Assets
$
2,500,000
$
2,500,000
Components of Net
Assets:
Paid-in
capital (par value of $0.01 per share with an unlimited number of shares authorized)
$
2,500,000
$
2,500,000
Net
Assets
$
2,500,000
$
2,500,000
Shares of beneficial
interest issued and outstanding
100,000
100,000
Net asset value per share
$
25.00
$
25.00
See accompanying Notes to Financial
Statements.
19
Tradr
Funds STATEMENTS OF ASSETS AND LIABILITIES - Continued As of September 30, 2024 (Unaudited)
Tradr
2X Long TLT Monthly ETF
Tradr
1.75X Long TLT Quarterly ETF
Assets:
Receivables:
Fund shares sold
$
3,000,000
$
3,000,000
Prepaid
offering costs
12,500
12,500
Total
assets
3,012,500
3,012,500
Liabilities:
Payables:
Due
to Advisor - offering costs
12,500
12,500
Total
liabilities
12,500
12,500
Commitments and contingencies (Note
3)
Net Assets
$
3,000,000
$
3,000,000
Components of Net
Assets:
Paid-in capital
(par value of $0.01 per share with an unlimited number of shares authorized)
$
3,000,000
$
3,000,000
Net
Assets
$
3,000,000
$
3,000,000
Shares of beneficial
interest issued and outstanding
120,000
120,000
Net asset value per share
$
25.00
$
25.00
See accompanying Notes to Financial
Statements.
20
Tradr
Funds STATEMENTS OF OPERATIONS For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr 2X
Long Innovation ETF
Tradr 1.5X
Short NVDA Daily ETF
Investment Income:
Interest
$
1,054,382
$
1,772,176
Total
investment income
1,054,382
1,772,176
Expenses:
Advisory fees
270,519
313,605
Fund administration fees
35,973
30,778
Transfer agent
fees and expenses
6,121
3,652
Custody fees
37,976
59,084
Fund accounting fees
21,080
21,545
Miscellaneous
10,774
2,663
Shareholder reporting
fees
8,990
15,527
Auditing fees
8,522
9,023
Trustees' fees
and expenses
8,228
8,241
Legal fees
7,592
3,834
Chief Compliance
Officer fees
3,426
1,863
Insurance
fees
1,081
650
Total expenses
420,282
470,465
Advisory
fees (waived) recovered
(92,589
)
(90,836
)
Net
expenses
327,693
379,629
Net
investment income (loss)
726,689
1,392,547
Realized and Unrealized
Gain (Loss) on:
Net realized
gain (loss) on:
Swap
contracts
5,530,983
(56,341,520
)
Net
realized gain (loss)
5,530,983
(56,341,520
)
Net change in
unrealized appreciation/depreciation on:
Swap
contracts
(14,155,787
)
38,389,639
Net
change in unrealized appreciation/depreciation
(14,155,787
)
38,389,639
Net
realized and unrealized gain (loss)
(8,624,804
)
(17,951,881
)
Net
Increase (Decrease) in Net Assets from Operations
$
(7,898,115
)
$
(16,559,334
)
See accompanying Notes to Financial
Statements.
21
Tradr
Funds STATEMENTS OF OPERATIONS - Continued For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr
2X Short TSLA Daily ETF
Tradr
2X Short Innovation Daily ETF
Investment Income:
Interest
$
2,001,023
$
2,441,341
Total
investment income
2,001,023
2,441,341
Expenses:
Advisory fees
423,647
355,716
Fund administration fees
46,335
20,934
Transfer agent
fees and expenses
11,412
5,299
Custody fees
48,049
20,769
Fund accounting fees
21,779
11,776
Miscellaneous
4,784
15,358
Shareholder reporting
fees
10,831
12,102
Auditing fees
8,522
8,449
Trustees' fees
and expenses
15,381
8,258
Legal fees
5,275
9,405
Chief Compliance
Officer fees
3,935
3,234
Insurance
fees
1,242
2,581
Total expenses
601,192
473,881
Advisory
fees (waived) recovered
(88,358
)
(30,732
)
Net
expenses
512,834
443,149
Net
investment income (loss)
1,488,189
1,998,192
Realized and Unrealized
Gain (Loss) on:
Net realized
gain (loss) on:
Swap
contracts
(17,654,033
)
(28,292,150
)
Net
realized gain (loss)
(17,654,033
)
(28,292,150
)
Net change in
unrealized appreciation/depreciation on:
Swap
contracts
(33,944,624
)
30,198,550
Net
change in unrealized appreciation/depreciation
(33,944,624
)
30,198,550
Net
realized and unrealized gain (loss)
(51,598,657
)
1,906,400
Net
Increase (Decrease) in Net Assets from Operations
$
(50,110,468
)
$
3,904,592
See accompanying Notes to Financial
Statements.
22
Tradr
Funds STATEMENTS OF OPERATIONS - Continued For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr
2X Long SPY Monthly ETF*
Tradr
2X Long Triple Q Monthly ETF*
Investment Income:
Interest
$
3,376
$
19,154
Total
investment income
3,376
19,154
Expenses:
Advisory fees
865
4,500
Fund administration fees
4,004
4,004
Transfer agent
fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Miscellaneous
633
633
Shareholder reporting
fees
398
398
Auditing fees
1,742
1,742
Trustees' fees
and expenses
921
921
Legal fees
1,381
1,381
Chief Compliance
Officer fees
437
437
Insurance fees
336
336
Offering
costs
891
890
Total expenses
16,944
20,578
Advisory fees
(waived) recovered
(865
)
(4,500
)
Other
expenses absorbed
(14,953
)
(10,228
)
Net
expenses
1,126
5,850
Net
investment income (loss)
2,250
13,304
Realized and Unrealized
Gain (Loss) on:
Net realized
gain (loss) on:
Net
realized gain (loss)
-
-
Net change in
unrealized appreciation/depreciation on:
Swap
contracts
32,365
443,182
Net
change in unrealized appreciation/depreciation
32,365
443,182
Net
realized and unrealized gain (loss)
32,365
443,182
Net
Increase (Decrease) in Net Assets from Operations
$
34,615
$
456,486
*
The Fund commenced operations on
August 30, 2024.
See accompanying Notes to Financial
Statements.
23
Tradr Funds
STATEMENTS OF OPERATIONS - Continued
For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr
Tradr
2X Long SOXX
2X Long SPY
Monthly ETF*
Weekly ETF*
Investment Income:
Interest
$
3,375
$
3,375
Total investment income
3,375
3,375
Expenses:
Advisory fees
796
863
Fund administration fees
4,004
4,004
Transfer agent fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Miscellaneous
633
633
Shareholder reporting fees
398
398
Auditing fees
1,742
1,742
Trustees' fees and expenses
921
921
Legal fees
1,381
1,381
Chief Compliance Officer fees
437
437
Insurance fees
336
336
Offering costs
890
890
Total expenses
16,874
16,941
Advisory fees (waived) recovered
(796
)
(863
)
Other expenses absorbed
(15,043
)
(14,956
)
Net expenses
1,035
1,122
Net investment income (loss)
2,340
2,253
Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Net realized gain (loss)
-
-
Net change in unrealized appreciation/depreciation on:
Swap contracts
(9,683
)
28,967
Net change in unrealized appreciation/depreciation
(9,683
)
28,967
Net realized and unrealized gain (loss)
(9,683
)
28,967
Net Increase (Decrease) in Net Assets from Operations
$
(7,343
)
$
31,220
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
24
Tradr Funds
STATEMENTS OF OPERATIONS - Continued
For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr
Tradr
2X Long Triple Q
2X Long SOXX
Weekly ETF*
Weekly ETF*
Investment Income:
Interest
$
7,854
$
3,375
Total investment income
7,854
3,375
Expenses:
Advisory fees
1,468
783
Fund administration fees
4,004
4,004
Transfer agent fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Miscellaneous
633
633
Shareholder reporting fees
398
398
Auditing fees
1,742
1,742
Trustees' fees and expenses
921
921
Legal fees
1,381
1,381
Chief Compliance Officer fees
437
437
Insurance fees
336
336
Offering costs
891
890
Total expenses
17,547
16,861
Advisory fees (waived) recovered
(1,468
)
(783
)
Other expenses absorbed
(14,169
)
(15,060
)
Net expenses
1,910
1,018
Net investment income (loss)
5,944
2,357
Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Net realized gain (loss)
-
-
Net change in unrealized appreciation/depreciation on:
Swap contracts
51,976
(36,044
)
Net change in unrealized appreciation/depreciation
51,976
(36,044
)
Net realized and unrealized gain (loss)
51,976
(36,044
)
Net Increase (Decrease) in Net Assets from Operations
$
57,920
$
(33,687
)
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
25
Tradr Funds
STATEMENTS OF OPERATIONS - Continued
For the Six Months/Period Ended September 30, 2024 (Unaudited)
Tradr
Tradr
1.75X Long NVDA
1.5X Long TSLA
Weekly ETF *
Weekly ETF *
Investment Income:
Interest
$
3,100
$
3,376
Total investment income
3,100
3,376
Expenses:
Advisory fees
727
986
Fund administration fees
4,004
4,004
Transfer agent fees and expenses
1,534
1,534
Custody fees
357
357
Fund accounting fees
3,445
3,445
Miscellaneous
633
633
Shareholder reporting fees
398
398
Auditing fees
1,742
1,742
Trustees' fees and expenses
921
921
Legal fees
1,381
1,381
Chief Compliance Officer fees
437
437
Insurance fees
336
336
Offering costs
890
890
Total expenses
16,805
17,064
Advisory fees (waived) recovered
(727
)
(986
)
Other expenses absorbed
(15,133
)
(14,796
)
Net expenses
945
1,282
Net investment income (loss)
2,155
2,094
Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Net realized gain (loss)
-
-
Net change in unrealized appreciation/depreciation on:
Swap contracts
(21,082
)
334,263
Net change in unrealized appreciation/depreciation
(21,082
)
334,263
Net realized and unrealized gain (loss)
(21,082
)
334,263
Net Increase (Decrease) in Net Assets from Operations
$
(18,927
)
$
336,357
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
26
Tradr 2X Long Innovation ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended
For the
September 30, 2024
(Unaudited)
Year Ended March
31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
726,689
$
1,456,668
Net realized gain (loss) on swap contracts
5,530,983
(3,660,047
)
Net change in unrealized appreciation/depreciation on swap contracts
(14,155,787
)
28,371,355
Net increase (decrease) in net assets resulting
from operations
(7,898,115
)
26,167,976
Capital Transactions:
Net proceeds from shares sold
38,318,258
121,856,220
Cost of shares redeemed
(30,866,308
)
(134,977,535
)
Net increase (decrease) in net assets from capital
transactions
7,451,950
(13,121,315
)
Total increase (decrease) in net assets
(446,165
)
13,046,661
Net Assets:
Beginning of period
63,917,637
50,870,976
End of period
$
63,471,472
$
63,917,637
Capital Share Transactions:*
Shares sold
1,350,000
3,760,000
Shares redeemed
(1,000,000
)
(3,740,000
)
Net increase (decrease) in capital share transactions
350,000
20,000
*
The Fund had a 2-1 forward stock split after the close of business November 26, 2024, which is retroactively
adjusted as of September 30,2024. See Note 1 in the accompanying Notes to Financial Statements.
See accompanying Notes to Financial Statements.
27
Tradr 1.5X Short NVDA Daily ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended
For the
September 30, 2024 (Unaudited)
Year Ended March 31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
1,392,547
$
4,034,960
Net realized gain (loss) on swap contracts
(56,341,520
)
(115,482,199
)
Net change in unrealized appreciation/depreciation on swap contracts
38,389,639
(15,375,439
)
Net increase (decrease) in net assets resulting
from operations
(16,559,334
)
(126,822,678
)
Distributions to Shareholders:
Total distributions to shareholders
-
(8,099,106
)
Capital Transactions:
Net proceeds from shares sold
391,599,873
678,976,601
Cost of shares redeemed
(395,960,689
)
(565,307,589
)
Net increase (decrease) in net assets from capital
transactions
(4,360,816
)
113,669,012
Total increase (decrease) in net assets
(20,920,150
)
(21,252,772
)
Net Assets:
Beginning of period
70,221,100
91,473,872
End of period
$
49,300,950
$
70,221,100
Capital Share Transactions:
Shares sold
8,286,000
5,110,000
Shares redeemed
(7,984,021
)
(4,239,804
)
Net increase (decrease) in capital share transactions
301,979
870,196
See accompanying Notes to Financial Statements.
28
Tradr 2X Short TSLA Daily ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended
For the
September 30, 2024
(Unaudited)
Year Ended March
31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
1,488,189
$
3,734,317
Net realized gain (loss) on swap contracts
(17,654,033
)
(23,255,014
)
Net change in unrealized appreciation/depreciation on swap contracts
(33,944,624
)
19,649,205
Net increase (decrease) in net assets resulting
from operations
(50,110,468
)
128,508
Distributions to Shareholders:
Total distributions to shareholders
-
(9,777,526
)
Capital Transactions:
Net proceeds from shares sold
564,395,064
992,642,539
Cost of shares redeemed
(541,265,292
)
(989,596,413
)
Net increase (decrease) in net assets from capital
transactions
23,129,772
3,046,126
Total increase (decrease) in net assets
(26,980,696
)
(6,602,892
)
Net Assets:
Beginning of period
105,767,626
112,370,518
End of period
$
78,786,930
$
105,767,626
Capital Share Transactions:*
Shares sold
3,053,333
4,738,333
Shares redeemed
(2,800,833
)
(4,718,333
)
Net increase (decrease) in capital share transactions
252,500
20,000
*
The Fund had a 1-6 reverse stock split after the close of business November 26, 2024, which is retroactively
adjusted as of September 30, 2024. See Note 1 in the accompanying Notes to Financial Statements.
See accompanying Notes to Financial Statements.
29
Tradr 2X Short Innovation Daily ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended
For the
September 30, 2024
(Unaudited)
Year Ended March
31, 2024
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
1,998,192
$
8,889,531
Net realized gain (loss) on swap contracts
(28,292,150
)
(42,116,086
)
Net change in unrealized appreciation/depreciation on swap contracts
30,198,550
(17,142,006
)
Net increase (decrease) in net assets resulting
from operations
3,904,592
(50,368,561
)
Distributions to Shareholders:
Total distributions to shareholders
-
(16,893,270
)
Capital Transactions:
Net proceeds from shares sold
118,971,014
362,642,105
Cost of shares redeemed
(170,375,850
)
(479,956,355
)
Net increase (decrease) in net assets from capital
transactions
(51,404,836
)
(117,314,250
)
Total increase (decrease) in net assets
(47,500,244
)
(184,576,081
)
Net Assets:
Beginning of period
125,581,757
310,157,838
End of period
$
78,081,513
$
125,581,757
Capital Share Transactions:*
Shares sold
1,350,000
3,533,333
Shares redeemed
(1,908,333
)
(4,558,333
)
Net increase (decrease) in capital share transactions
(558,333
)
(1,025,000
)
*
The Fund had a 1-3 reverse stock split after the close of business November 26, 2024, which is retroactively
adjusted as of September 30, 2024. See Note 1 in the accompanying Notes to Financial Statements.
See accompanying Notes to Financial Statements.
30
Tradr 2X Long SPY Monthly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,250
Net change in unrealized appreciation/depreciation on swap contracts
32,365
Net increase (decrease) in net assets resulting
from operations
34,615
Capital Transactions:
Net proceeds from shares sold
1,000,000
Net increase (decrease) in net assets from capital
transactions
1,000,000
Total increase (decrease) in net assets
1,034,615
Net Assets:
Beginning of period
-
End of period
$
1,034,615
Capital Share Transactions:
Shares sold
40,000
Net increase (decrease) in capital share transactions
40,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
31
Tradr 2X Long Triple Q Monthly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period
Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
13,304
Net change in unrealized appreciation/depreciation on swap contracts
443,182
Net increase (decrease) in net assets resulting
from operations
456,486
Capital Transactions:
Net proceeds from shares sold
7,100,955
Cost of shares redeemed
(1,545,845
)
Net increase (decrease) in net assets from capital
transactions
5,555,110
Total increase (decrease) in net assets
6,011,596
Net Assets:
Beginning of period
-
End of period
$
6,011,596
Capital Share Transactions:
Shares sold
300,000
Shares redeemed
(70,000
)
Net increase (decrease) in capital share transactions
230,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
32
Tradr 2X Long SOXX Monthly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,340
Net change in unrealized appreciation/depreciation on swap contracts
(9,683
)
Net increase (decrease) in net assets resulting
from operations
(7,343
)
Capital Transactions:
Net proceeds from shares sold
1,000,000
Net increase (decrease) in net assets from capital
transactions
1,000,000
Total increase (decrease) in net assets
992,657
Net Assets:
Beginning of period
-
End of period
$
992,657
Capital Share Transactions:
Shares sold
40,000
Net increase (decrease) in capital share transactions
40,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
33
Tradr 2X Long SPY Weekly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September 30, 2024* (Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,253
Net change in unrealized appreciation/depreciation on swap contracts
28,967
Net increase (decrease) in net assets resulting
from operations
31,220
Capital Transactions:
Net proceeds from shares sold
1,000,000
Net increase (decrease) in net assets from capital
transactions
1,000,000
Total increase (decrease) in net assets
1,031,220
Net Assets:
Beginning of period
-
End of period
$
1,031,220
Capital Share Transactions:
Shares sold
40,000
Net increase (decrease) in capital share transactions
40,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
34
Tradr 2X Long Triple Q Weekly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September 30, 2024* (Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
5,944
Net change in unrealized appreciation/depreciation on swap contracts
51,976
Net increase (decrease) in net assets resulting
from operations
57,920
Capital Transactions:
Net proceeds from shares sold
8,386,387
Cost of shares redeemed
(5,329,602
)
Net increase (decrease) in net assets from capital
transactions
3,056,785
Total increase (decrease) in net assets
3,114,705
Net Assets:
Beginning of period
-
End of period
$
3,114,705
Capital Share Transactions:
Shares sold
340,000
Shares redeemed
(220,000
)
Net increase (decrease) in capital share transactions
120,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
35
Tradr 2X Long SOXX Weekly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September
30, 2024* (Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,357
Net change in unrealized appreciation/depreciation on swap contracts
(36,044
)
Net increase (decrease) in net assets resulting
from operations
(33,687
)
Capital Transactions:
Net proceeds from shares sold
1,000,000
Net increase (decrease) in net assets from capital
transactions
1,000,000
Total increase (decrease) in net assets
966,313
Net Assets:
Beginning of period
-
End of period
$
966,313
Capital Share Transactions:
Shares sold
40,000
Net increase (decrease) in capital share transactions
40,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
36
Tradr 1.75X Long NVDA Weekly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the Period Ended
September 30, 2024* (Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,155
Net change in unrealized appreciation/depreciation on swap contracts
(21,082
)
Net increase (decrease) in net assets resulting
from operations
(18,927
)
Capital Transactions:
Net proceeds from shares sold
1,000,000
Cost of shares redeemed
(236,574
)
Net increase (decrease) in net assets from capital
transactions
763,426
Total increase (decrease) in net assets
744,499
Net Assets:
Beginning of period
-
End of period
$
744,499
Capital Share Transactions:
Shares sold
40,000
Shares redeemed
(10,000
)
Net increase (decrease) in capital share transactions
30,000
*
The Fund commenced operations on August 30, 2024.
See accompanying Notes to Financial Statements.
37
Tradr 1.5X Long TSLA Weekly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the
Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)
$
2,094
Net change in unrealized appreciation/depreciation on swap contracts
334,263
Net increase (decrease) in net assets resulting
from operations
336,357
Capital Transactions:
Net proceeds from shares sold
1,000,000
Net increase (decrease) in net assets from capital
transactions
1,000,000
Total increase (decrease) in net assets
1,336,357
Net Assets:
Beginning of period
-
End of period
$
1,336,357
Capital Share Transactions:
Shares sold
40,000
Net increase (decrease) in capital share transactions
40,000
*
The Fund commenced operations on
August 30, 2024.
See accompanying Notes to Financial Statements.
38
Tradr 2X Long SPY Quarterly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the
Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Capital Transactions:
Net proceeds from shares sold
$
2,500,000
Net increase (decrease) in net assets from capital
transactions
2,500,000
Total increase (decrease) in net assets
2,500,000
Net Assets:
Beginning of period
-
End of period
$
2,500,000
Capital Share Transactions:
Shares sold
100,000
Net increase (decrease) in capital share transactions
100,000
*
The Fund commenced operations on September 30, 2024.
See accompanying Notes to Financial Statements.
39
Tradr 2X Long Triple Q Quarterly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the
Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Capital Transactions:
Net proceeds from shares sold
$
2,500,000
Net increase (decrease) in net assets from capital
transactions
2,500,000
Total increase (decrease) in net assets
2,500,000
Net Assets:
Beginning of period
-
End of period
$
2,500,000
Capital Share Transactions:
Shares sold
100,000
Net increase (decrease) in capital share transactions
100,000
*
The Fund commenced operations on September 30, 2024.
See accompanying Notes to Financial Statements.
40
Tradr 2X Long TLT Monthly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the
Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Capital Transactions:
Net proceeds from shares sold
$
3,000,000
Net increase (decrease) in net assets from capital
transactions
3,000,000
Total increase (decrease) in net assets
3,000,000
Net Assets:
Beginning of period
-
End of period
$
3,000,000
Capital Share Transactions:
Shares sold
120,000
Net increase (decrease) in capital share transactions
120,000
*
The Fund commenced operations on September 30, 2024.
See accompanying Notes to Financial Statements.
41
Tradr 1.75X Long TLT Quarterly ETF
STATEMENTS OF CHANGES IN NET ASSETS
For the
Period Ended
September 30, 2024*
(Unaudited)
Increase (Decrease) in Net Assets from:
Operations:
Capital Transactions:
Net proceeds from shares sold
$
3,000,000
Net increase (decrease) in net assets from capital
transactions
3,000,000
Total increase (decrease) in net assets
3,000,000
Net Assets:
Beginning of period
-
End of period
$
3,000,000
Capital Share Transactions:
Shares sold
120,000
Net increase (decrease) in capital share transactions
120,000
*
The Fund commenced operations on September 30, 2024.
See accompanying Notes to Financial Statements.
42
Tradr 2X Long Innovation ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Six Months
Ended
For the
September 30,
Year Ended
For the
2024
March 31,
Period Ended
(Unaudited)***
2024
March
31, 2023*,**
Net asset value, beginning of
period
$
39.92
$
32.17
$
75.00
Income from Investment Operations:
Net
investment income (loss)1
0.39
0.82
0.21
Net realized and unrealized gain (loss)
(7.78
)
6.93
(43.04
)
Total from investment operations
(7.39
)
7.75
(42.83
)
Net asset value, end of period
$
32.53
$
39.92
$
32.17
Total
return2,3
(18.51
)%4
24.07
%
(57.11
)%4
Total
return at market price3,5
(18.57
)%4
24.05
%
(57.11
)%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
63,471
$
63,918
$
50,871
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
1.47
%6
1.49
%
1.43
%6
After fees waived and expenses absorbed/recovered
1.15
%6
1.15
%
1.15
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
2.23
%6
2.05
%
0.36
%6
After fees waived and expenses absorbed/recovered
2.55
%6
2.39
%
0.64
%6
Portfolio turnover rate
-
%4
-
%
-
%4
*
The Fund commenced operations on April 28, 2022.
**
The Fund had a 1-5 reverse stock split after the close of business November 30, 2022. Note 1 in the accompanying
Notes to Financial Statements.
***
The Fund had a 2-1 forward stock split after the close of business November 26, 2024, which is retroactively
adjusted as of September 30, 2024. See Note 1 in the accompanying Notes to Financial Statements.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made at the net asset value at the
beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption
on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment
in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the
Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at market value at the beginning
of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last
day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined
as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last reported sale, regardless of volume,
and not an average price, and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less
than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
43
Tradr 1.5X Short NVDA Daily ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Six Months
Ended
For the
September 30,
Year Ended
For the
2024
March 31,
Period Ended
(Unaudited)
2024**
March 31, 2023*
Net asset value, beginning of period
$
63.94
$
401.20
$
1,250.00
Income from Investment Operations:
Net investment
income (loss)1
0.95
7.80
9.20
Net realized and unrealized gain (loss)
(29.68
)
(323.71
)
(835.40
)
Total from investment operations
(28.73
)
(315.91
)
(826.20
)
Less Distributions:
From net investment income
-
(21.35
)
(2.72
)
From net realized gain
-
-
(19.88
)
Total distributions
-
(21.35
)
(22.60
)
Net asset value, end of period
$
35.21
$
63.94
$
401.20
Total return2,3
(44.93
)%4
(81.73
)%
(66.14
)%4
Total return
at market price3,5
(45.00
)%4
(81.72
)%
(66.14
)%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
49,301
$
70,221
$
91,474
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
1.42
%6
1.42
%
1.81
%6
After fees waived and expenses absorbed/recovered
1.15
%6
1.15
%
1.15
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
3.95
%6
4.38
%
1.69
%6
After fees waived and expenses absorbed/recovered
4.22
%6
4.65
%
2.35
%6
Portfolio turnover rate
-
%4
-
%
-
%4
*
The Fund commenced operations on July 13, 2022.
**
The Fund had a 1-5 reverse stock split after the close of business August 14, 2023. See Note 1 in the accompanying
Notes to Financial Statements.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
Financial information from November 5, 2021 through August 5, 2022 is for Tuttle
Capital Short Innovation ETF, which was reorganized into the AXS Tradr 2X Short Innovation Daily ETF as of the close of business on August
5, 2022. See Note 1 in the accompanying Notes to Financial Statements.
*
The Fund commenced operations on November 5, 2021.
**
Fiscal year end changed to March 31, effective October 1, 2022.
***
The Fund had a 1-3 reverse stock split after the close of business November 26, 2024, which is retroactively
adjusted as of September 30, 2024. See Note 1 in the
accompanying Notes to Financial Statements.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made at the net asset value at the
beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption
on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment
in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the
Fund.
3
Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not
reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at market value at the beginning
of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last
day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined
as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last reported sale, regardless of volume,
and not an average price, and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less
than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
7
Effective August 6, 2024, the Advisor has contractually agreed to limit the annual operating expenses to 1.15%.
Prior to August 6, 2024, the Advisor had contractually agreed to limit the annual operating expenses to 0.75%.
See accompanying Notes to Financial Statements.
46
Tradr 2X Long SPY Monthly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.06
Net realized and unrealized gain (loss)
0.81
Total from investment operations
0.87
Net asset value, end of period
$
25.87
Total return2,3
3.48
%4
Total return
at market price3,5
3.56
%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
1,035
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
19.52
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(15.63
)%6
After fees waived and expenses absorbed/recovered
2.59
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
47
Tradr 2X Long Triple Q Monthly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of
period
$
25.00
Income from Investment Operations:
Net
investment income (loss)1
0.06
Net realized and unrealized gain (loss)
1.08
Total from investment operations
1.14
Net asset value, end of period
$
26.14
Total
return2,3
4.56
%4
Total
return at market price3,5
4.68
%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
6,012
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
4.57
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(0.32
)%6
After fees waived and expenses absorbed/recovered
2.95
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
48
Tradr 2X Long SOXX Monthly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of
period
$
25.00
Income from Investment Operations:
Net
investment income (loss)1
0.06
Net realized and unrealized gain (loss)
(0.24
)
Total from investment operations
(0.18
)
Net asset value, end of period
$
24.82
Total
return2,3
(0.72
)%4
Total
return at market price3,5
(0.64
)%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
993
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
21.18
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(16.94
)%6
After fees waived and expenses absorbed/recovered
2.94
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
49
Tradr 2X Long SPY Weekly ETF
FINANCIAL HIGHLIGHTS
Per
share operating performance.
For
a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.06
Net realized and unrealized gain (loss)
0.72
Total from investment operations
0.78
Net asset value, end of period
$
25.78
Total return2,3
3.12
%4
Total return
at market price3,5
3.32
%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
1,031
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
19.56
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(15.66
)%6
After fees waived and expenses absorbed/recovered
2.60
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
50
Tradr 2X Long Triple Q Weekly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.08
Net realized and unrealized gain (loss)
0.88
Total from investment operations
0.96
Net asset value, end of period
$
25.96
Total return2,3
3.84
%4
Total return
at market price3,5
3.88
%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
3,115
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
11.92
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(6.58
)%6
After fees waived and expenses absorbed/recovered
4.04
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
51
Tradr 2X Long SOXX Weekly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.06
Net realized and unrealized gain (loss)
(0.90
)
Total from investment operations
(0.84
)
Net asset value, end of period
$
24.16
Total return2,3
(3.36
)%4
Total return
at market price3,5
(3.40
)%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
966
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
21.50
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(17.20
)%6
After fees waived and expenses absorbed/recovered
3.00
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
52
Tradr 1.75X Long NVDA Weekly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.06
Net realized and unrealized gain (loss)
(0.24
)
Total from investment operations
(0.18
)
Net asset value, end of period
$
24.82
Total return2,3
(0.72
)%4
Total return
at market price3,5
(0.72
)%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
744
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
23.13
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(18.87
)%6
After fees waived and expenses absorbed/recovered
2.96
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
53
Tradr 1.5X Long TSLA Weekly ETF
FINANCIAL HIGHLIGHTS
Per share operating performance.
For a capital share outstanding throughout each period.
For the
Period Ended
September 30,
2024*
(Unaudited)
Net asset value, beginning of period
$
25.00
Income from Investment Operations:
Net investment
income (loss)1
0.05
Net realized and unrealized gain (loss)
8.36
Total from investment operations
8.41
Net asset value, end of period
$
33.41
Total return2,3
33.64
%4
Total return
at market price3,5
33.72
%4
Ratios and Supplemental Data:
Net assets, end of period (in thousands)
$
1,336
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered
17.26
%6
After fees waived and expenses absorbed/recovered
1.30
%6
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered
(13.84
)%6
After fees waived and expenses absorbed/recovered
2.12
%6
Portfolio turnover rate
-
%4
*
The Fund commenced operations on August 30, 2024.
1
Based on average shares outstanding during the period.
2
Net asset value total return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,
if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a
shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset
value per share of the Fund.
3
Total return would have been lower had fees not been waived or absorbed by the
Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund
shares.
4
Not annualized.
5
Market value total return is calculated assuming an initial investment made at
market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if
any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite
closing security price is defined as the last reported sale price on The NASDAQ Stock Market LLC. The composite closing price is the last
reported sale, regardless of volume, and not an average price, and may have occurred on a date prior to the close of the reporting period.
Market value may be greater or less than net asset value, depending on the Fund's closing price on The NASDAQ Stock Market LLC.
6
Annualized.
See accompanying Notes to Financial Statements.
54
Tradr Funds
NOTES TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited)
Note 1 – Organization
Tradr 2X Long Innovation ETF (formerly, AXS 2X
Innovation ETF) (the “2X Long Innovation ETF”), Tradr 1.5X Short NVDA Daily ETF (formerly, Tradr 1.25X NVDA Bear Daily ETF)
(the “1.5X Short NVDA Daily ETF”), Tradr 2X Short TSLA Daily ETF (formerly, Tradr TSLA Bear Daily ETF) (the “2X Short
TSLA Daily”), Tradr 2X Short Innovation Daily ETF (formerly, Tradr Short Innovation Daily ETF) (the “2X Short Innovation Daily
ETF”), Tradr 2X Long SPY Monthly ETF (the “2X Long SPY Monthly ETF”), Tradr 2X Long Triple Q Monthly ETF (the “2X
Long Triple Q Monthly ETF”), Tradr 2X Long SOXX Monthly ETF (the “2X Long SOXX Monthly ETF”), Tradr 2X Long SPY Weekly
ETF (the “2X Long SPY Weekly ETF”), Tradr 2X Long Triple Q Weekly ETF (the “2X Long Triple Q Weekly ETF”), Tradr
2X Long SOXX Weekly ETF (the “2X Long SOXX Weekly ETF”), Tradr 1.75X Long NVDA Weekly ETF (the “1.75X Long NVDA Weekly
ETF”), Tradr 1.5X Long TSLA Weekly ETF (the “1.5X Long TSLA Weekly ETF”), Tradr 2X Long SPY Quarterly ETF (the “2X
Long SPY Quarterly ETF”), Tradr 2X Long Triple Q Quarterly ETF (the “2X Long Triple Q Quarterly ETF”), Tradr 2X Long
TLT Monthly ETF (the “2X Long TLT Monthly ETF”) and Tradr 1.75X Long TLT Quarterly ETF (the “2X Long TLT Quarterly ETF”)
(each a “Fund” and collectively the ‘‘Funds’’) are organized as a non-diversified series of Investment
Managers Series Trust II, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Funds seek leveraged and inverse leveraged
investment results, before fees and expenses, of the daily, weekly, monthly or quarterly performance of the Funds’ underlying security
listed in the table below. The Funds are actively managed exchange-traded funds (“ETF”).
The Funds’ commencement of operations, underlying
security and leverage are as follows:
Fund Name
Commencement of Operations
Underlying Security
Leverage
2X Long Innovation ETF
April 28, 2022
ARK Innovation ETF
200
%
1.5X Short NVDA Daily ETF
July 13, 2022
NVIDIA Corporation
-150
%
2X Short TSLA Daily ETF
July 13, 2022
Tesla, Inc.
-200
%
2X Short Innovation Daily ETF
August 8, 2022
ARK Innovation ETF
-200
%
2X Long SPY Monthly ETF
August 30, 2024
SPDR® S&P 500® ETF Trust
200
%
2X Long Triple Q Monthly ETF
August 30, 2024
Invesco QQQ Trust
200
%
2X Long SOXX Monthly ETF
August 30, 2024
iShares® Semiconductor ETF
200
%
2X Long SPY Weekly ETF
August 30, 2024
SPDR® S&P 500® ETF Trust
200
%
2X Long Triple Q Weekly ETF
August 30, 2024
Invesco QQQ Trust
200
%
2X Long SOXX Weekly ETF
August 30, 2024
iShares® Semiconductor ETF
200
%
1.75X Long NVDA Weekly ETF
August 30, 2024
NVIDIA Corporation
175
%
1.5X Long TSLA Weekly ETF
August 30, 2024
Tesla, Inc.
150
%
2X Long SPY Quarterly ETF
September 30, 2024
SPDR® S&P 500® ETF Trust
200
%
2X Long Triple Q Quarterly ETF
September 30, 2024
Invesco QQQ Trust
200
%
2X Long TLT Monthly ETF
September 30, 2024
iShares® 20+ Year Treasury Bond ETF
200
%
1.75X Long TLT Quarterly ETF
September 30, 2024
iShares® 20+ Year Treasury Bond ETF
175
%
On November 15, 2024, the Trust’s Board
approved a two-for-one forward share split for shares of the 2X Long Innovation ETF, effective after the close of business on November
26, 2024. On November 27, 2024, shareholders will be deemed to hold two Fund shares for every one Fund share previously held as of the
close of business on November 26, 2024. The forward share split did not change the total value of the shareholders’ investments
in the Fund. This forward share split has been retroactively adjusted in the financial statements.
55
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
On November 15, 2022, the Trust’s Board
approved a one-for-five reverse share split for shares of the 2X Long Innovation ETF, effective after the close of business on November
30, 2022. On December 1, 2022, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the
close of business on November 30, 2022. The reverse share split did not change the total value of the shareholders’ investments
in the Fund.
On May 15, 2024, the Tradr 1.25X NVDA Bear Daily
ETF changed its name to Tradr 1.5X Short NVDA Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy and objective
to seek daily investment results, before fees and expenses, that correspond to one and a half times the inverse (-150%) of the daily performance
of the common shares of NVIDIA Corporation. Prior to July 15, 2024, the Fund’s investment strategy and objective was to seek daily
investment results, before fees and expenses, that correspond to one and a half times the inverse (-125%) of the daily performance of
the common shares of NVDA.
On March 18, 2024, the Trust’s Board approved
a one-for-five reverse share split for shares of the 1.5X Short NVDA Daily ETF, effective after the close of business on April 2, 2024.
On April 3, 2024, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business
on April 2, 2024. The reverse share split did not change the total value of the shareholders’ investments in the Fund. This reverse
share split is reflected in the financial statements.
On July 19, 2023, the Trust’s Board approved
a one-for-five reverse share split for shares of the 1.5X Short NVDA Daily ETF, effective after the close of business on August 14, 2023.
On August 15, 2023, shareholders will be deemed to hold one Fund share for every five Fund shares previously held as of the close of business
on August 14, 2023. The reverse share split did not change the total value of the shareholders’ investments in the Fund.
On May 15, 2024, the Tradr TSLA Bear Daily ETF
changed its name to Tradr 2X Short TSLA Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy and objective to
seek daily investment results, before fees and expenses, that correspond to two times the inverse (-200%) of the daily performance of
the common shares of Tesla, Inc. Prior to July 15, 2024, the Fund’s investment strategy and objective was to seek daily investment
results, before fees and expenses, that correspond to the inverse (-100%) of the daily performance of the common shares of TSLA.
On November 15, 2024, the Trust’s Board
approved a one-for-six reverse share split for shares of the 2X Short TSLA Daily ETF, effective after the close of business on November
26, 2024. On November 27, 2024, shareholders will be deemed to hold one Fund share for every six Fund shares previously held as of the
close of business on November 26, 2024. The reverse share split did not change the total value of the shareholders’ investments
in the Fund. This reverse share split has been retroactively adjusted in the financial statements.
Effective October 1, 2022, the 2X Short Innovation
Daily ETF changed fiscal year end from September 30th to March 31st.
The 2X Short Innovation Daily ETF commenced investment
operations on August 8, 2022. Prior to that date, the Fund acquired the assets and assumed the liabilities of the Tuttle Capital Short
Innovation ETF (the "2X Short Innovation Daily ETF Predecessor Fund"), a series of Collaborative Investment Series Trust in a
tax-free reorganization as set out in the Agreement and Plan of Reorganization. The proposed Plan of Reorganization was approved by the
Trust’s Board on April 4, 2022, by the Board of Collaborative Investment Series Trust on February 16, 2022, and by beneficial owners
of the 2X Short Innovation Daily ETF Predecessor Fund on July 29, 2022. The tax-free reorganization was accomplished on August 5, 2022.
As a result of the reorganization, the Fund assumed the performance and accounting history of the 2X Short Innovation Daily ETF Predecessor
Fund. Financial information included for the dates prior to the reorganization is that of the 2X Short Innovation Daily ETF Predecessor
Fund.
56
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
The reorganization was accomplished by the following
tax-free exchange in which each shareholder of the 2X Short Innovation Daily ETF Predecessor Fund received the same aggregate share net
asset value in the corresponding classes as noted below:
Shares Issued
Net Assets
6,925,000
$
339,852,874
The net unrealized depreciation of investments
transferred was $41,087,479 as of the date of the acquisition.
On May 15, 2024, the Fund changed its name from
AXS Short Innovation Daily ETF to Tradr Short Innovation Daily ETF. Effective July 15, 2024, the Fund changed its investment strategy
and objective to seek daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily price and yield
performance of the ARK Innovation ETF and accordingly, changed its name to Tradr 2X Short Innovation ETF. Prior to July 15, 2024, the
Fund’s investment strategy and objective was to seek to provide investment results that are approximately the inverse (or opposite)
of, before fees and expenses, to the daily price and yield performance of the ARK Innovation ETF.
On November 15, 2024, the Trust’s Board
approved a one-for-three reverse share split for shares of the Short Innovation Daily ETF, effective after the close of business on November
26, 2024. On November 27, 2024, shareholders will be deemed to hold one Fund share for every three Fund shares previously held as of the
close of business on November 26, 2024. The reverse share split did not change the total value of the shareholders’ investments
in the Fund. This reverse share split has been retroactively adjusted in the financial statements.
Each Fund is an investment company and accordingly
follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard
Codification Topic 946 “Financial Services—Investment Companies.”
Note 2 – Accounting
Policies
The following is a summary of
the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation
of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”)
requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual
results could differ from these estimates.
(a) Valuation of Investments
The Funds value equity securities at the last
reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities
are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price
is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities
traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies
are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price
supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including
matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider
such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.
If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might
reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds’
valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ portfolio
investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures
to be followed when the Funds must utilize fair value pricing..
57
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
(b) Swap Agreements
Each Fund will enter into swap agreements to pursue
its investment objective of delivering a specific multiple (e.g. 200% or -200%) return to its underlying common stock or ETF for a single
day. The swap agreements may include as a reference asset investment vehicle that seek exposure to the underlying common stock or ETF.
Swap agreements are contracts entered into primarily
with major financial institutions for a specified period ranging from a day to more than one year. In a standard “swap” transaction,
two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined investments
or instruments. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional
amount,” e.g., the return on or change in value of a particular dollar amount invested in a “basket” of securities or
an ETF representing a particular index. A Fund may use a combination of swaps on the underlying ETF and swaps on various investment vehicles
that are designed to track the performance of the underlying ETF. The underlying investment vehicle may not track the performance of the
underlying ETF due to embedded costs and other factors, which may increase a Fund’s correlation risk and impact a Fund’s ability
to correlate with the underlying common stock or ETF.
With respect to the use of swap agreements, if
the underlying common stock or ETF has a dramatic intraday move that causes a material decline in net assets, the terms of a swap agreement
between a Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event,
a Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with
its investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the reference asset reverses
all or a portion of its intraday move by the end of the day. Any costs associated with using swap agreements may also have the effect
of lowering each Fund’s return.
(c) Investment Transactions, Investment Income
and Expenses
Investment transactions are accounted for on the
trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable
withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends,
if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax
rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a
portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s
legal obligation to pay reclaims as well as payment history and market convention. Income and expenses of the Funds are allocated on a
pro rata basis to each class of shares net relative assets, except for distribution and service fees which are unique to each class of
shares. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except
where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.
A fixed redemption transaction fee may be imposed
for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required
to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction
fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Funds may adjust the
redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Funds, may be imposed
for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover
non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the
execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such
intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges.
Investors are responsible for the costs of transferring the securities constituting the Funds securities to the account of the Trust.
The non-standard charges are payable to the Funds as it incurs costs in connection with the redemption of Creation Units, the receipt
of Funds securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for Funds is
$250, regardless of the number of Creation Units created in the transaction.
(e) Federal Income Taxes
The Funds intend to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their
net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes.
Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement
and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized
gains and losses are recorded by the Funds.
Accounting for Uncertainty in Income Taxes
(the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing
a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the
technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position
that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in
the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense
in the Statements of Operations.
The Income Tax Statement requires management of
the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’
current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain
state tax authorities. As of September 30, 2024, and during the prior three open tax years, if any, the Funds did not have a liability
for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
60
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
(f) Distributions to Shareholders
The Funds will make distributions of net investment
income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount
and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The character of distributions made during the
year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences
in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.
(g) Illiquid Securities
Pursuant to Rule 22e-4 under the 1940 Act, the
Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their
illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably
be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly
changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by the
Funds exceed 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably
practicable in accordance with the Funds’ written LRMP.
Note 3 – Investment Advisory and Other
Agreements
The Trust, on behalf of each Fund, entered into
an Investment Advisory Agreement (the “Agreement”) with AXS Investments LLC (the “Advisor”). Under the terms of
the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the following annual rates based on the average daily
net assets of each Fund:
Investment Advisory Fee
2X Long Innovation ETF
0.95
%
1.5X Short NVDA Daily ETF
0.95
%
2X Short TSLA Daily ETF
0.95
%
2X Short Innovation Daily ETF
0.75
%*
2X Long SPY Monthly ETF
1.00
%
2X Long Triple Q Monthly ETF
1.00
%
2X Long SOXX Monthly ETF
1.00
%
2X Long SPY Weekly ETF
1.00
%
2X Long Triple Q Weekly ETF
1.00
%
2X Long SOXX Weekly ETF
1.00
%
1.75X Long NVDA Weekly ETF
1.00
%
1.5X Long TSLA Weekly ETF
1.00
%
2X Long SPY Quarterly ETF
1.00
%
2X Long Triple Q Quarterly ETF
1.00
%
61
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
Investment Advisory Fee
2X Long TLT Monthly ETF
1.00
%
1.75X Long TLT Quarterly ETF
1.00
%
*Effective August 6, 2024 the management fee was
increased from 0.65% from 0.75%.
The Advisor has contractually agreed to waive
its fee and, if necessary, to absorb other operating expenses to ensure that total annual operating expenses (excluding any front-end
or contingent deferred loads, brokerage fees and commission, acquired fund fees and expenses, fees and expenses associated with instruments
in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing
costs (such as interest and dividend expense on securities sold short), taxes, other fees related to underlying investments (such as option
fees and expenses or swap fees and expenses), or extraordinary expenses such as litigation (which may include indemnification of Acquiring
Fund officers and trustees or contractual indemnification of Fund service providers) will not exceed the total limit on annual operating
expenses of each fund. These agreements are in effect until March 31, 2025 for the 2X Long Innovation ETF, 1.5X Short NVDA Daily ETF and
2X Short TSLA Daily ETF. These agreements are in effect until August 31, 2025 for the 2X Short Innovation Daily ETF, 2X Long SPY Monthly
ETF, 2X Long Triple Q Monthly ETF, 2X Long SOXX Monthly ETF, 2X Long SPY Weekly ETF, 2X Long Triple Q Weekly ETF, 2X Long SOXX Weekly
ETF, 1.75X Long NVDA Weekly ETF, 1.5X Long TSLA Weekly ETF, 2X Long SPY Quarterly ETF, 2X Long Triple Q Quarterly ETF, 2X Long TLT Monthly
ETF and 1.75X Long TLT Quarterly ETF. They may be terminated before that date only by the Trust’s Board of Trustees. The table below
contains the expense cap by Fund:
Total Limit on Annual
Operating Expenses
2X Long Innovation ETF
1.15
%
1.5X Short NVDA Daily ETF
1.15
%
2X Short TSLA Daily ETF
1.15
%
2X Short Innovation Daily ETF
1.15
%*
2X Long SPY Monthly ETF
1.30
%
2X Long Triple Q Monthly ETF
1.30
%
2X Long SOXX Monthly ETF
1.30
%
2X Long SPY Weekly ETF
1.30
%
2X Long Triple Q Weekly ETF
1.30
%
2X Long SOXX Weekly ETF
1.30
%
1.75X Long NVDA Weekly ETF
1.30
%
1.5X Long TSLA Weekly ETF
1.30
%
2X Long SPY Quarterly ETF
1.30
%
2X Long Triple Q Quarterly ETF
1.30
%
2X Long TLT Monthly ETF
1.30
%
1.75X Long TLT Quarterly ETF
1.30
%
* Effect August 6, 2024, the annual operating
expense limit was increased from 0.75% to 1.15%.
62
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
For the six months/period ended September 30,
2024, the Advisor waived its advisory fees and absorbed other expenses as follows:
Advisory fees
2X Long Innovation ETF
$
92,589
1.5X Short NVDA Daily ETF
90,836
2X Short TSLA Daily ETF
88,358
2X Short Innovation Daily ETF
30,732
2X Long SPY Monthly ETF
15,818
2X Long Triple Q Monthly ETF
14,728
2X Long SOXX Monthly ETF
15,839
2X Long SPY Weekly ETF
15,819
2X Long Triple Q Weekly ETF
15,637
2X Long SOXX Weekly ETF
15,843
1.75X Long NVDA Weekly ETF
15,860
1.5X Long TSLA Weekly ETF
15,782
The Advisor may recover from each Fund’s
fees and/or expenses previously waived and/or absorbed if each Fund’s expense ratio, including the recovered expenses, falls below
the expense limit at which it was waived. The Advisor is permitted to seek reimbursement from each Fund, subject to certain limitations,
of fees waived or payments made to each Fund for a period ending three full years after the date of the waiver or payment. This reimbursement
may be requested from each Fund if the reimbursement will not cause each Fund’s annual expense ratio to exceed the lesser of (a)
the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect
at the time of the reimbursement. The potential recoverable amount is noted as “Commitments and contingencies” as reported
on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than the dates stated
below:
2X Long Innovation ETF
1.5X Short NVDA Daily ETF
2X Short TSLA Daily ETF
March 31, 2026
$
109,366
$
72,363
$
39,147
March 31, 2027
206,174
232,672
318,800
March 31, 2028
92,589
90,836
88,358
Total
$
408,129
$
396,871
$
446,305
2X Short Innovation Daily ETF
2X Long SPY Monthly ETF
2X Long Triple Q Monthly ETF
September 30, 2025
$
168,590
$
-
$
-
March 31, 2026
462,957
-
-
March 31, 2027
405,352
-
-
March 31, 2028
30,732
15,818
14,728
Total
$
1,067,631
$
15,818
$
14,728
2X Long SOXX Monthly ETF
2X Long SPY Weekly ETF
2X Long Triple Q Weekly ETF
March 31, 2028
$
15,839
$
15,819
$
15,637
Total
$
15,839
$
15,819
$
15,637
63
Tradr
Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
2X Long SOXX Weekly ETF
1.75X Long NVDA Weekly ETF
1.5X Long TSLA Weekly ETF
March 31, 2028
$
15,843
$
15,860
$
15,782
Total
$
15,843
$
15,860
$
15,782
Brown Brothers Harriman & Co. serves as the
Funds’ fund accountant, transfer agent and custodian. UMB Fund Services (“UMBFS”) and Mutual Fund Administration, LLC
(“MFAC”) serve as the Funds’ co-administrators. The Funds’ allocated fees incurred for fund accounting, fund administration,
transfer agency and custody services for the periods ended September 30, 2024, are reported on the Statements of Operations.
Certain trustees and officers of the Trust are
employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds’ co-administrators. For
the periods ended September 30, 2024, the Funds’ allocated fees incurred to Trustees who are not affiliated with the Funds’
co-administrators are reported on the Statements of Operations. The Funds’ Board of Trustees has adopted a Deferred Compensation
Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to
select various Fund in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment,
the Plan provides for the creation of a deferred payment account. The Funds’ liability for these amounts are adjusted for market
value changes in the invested Fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred
compensation liability under the Plan constitutes a general unsecured obligation of the Funds and are disclosed in the Statements of Assets
and Liabilities. Contributions made under the plan and the change in unrealized appreciation (depreciation) and income are included in
the Trustees' fees and expenses in the Statements of Operations.
ALPS Distributors, Inc. serves as the Funds’
Distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services;
the Advisor pays the Distributor a fee for its distribution-related services.
Dziura Compliance Consulting, LLC provides Chief
Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the periods
ended September 30, 2024, are reported on the Statements of Operations.
Note 4 – Federal Income Taxes
At September 30, 2024, cost of investments, gross
unrealized appreciation, and gross unrealized depreciation on investments owned by the Funds, based on cost for federal income tax purposes
were $0.
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NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
The tax basis of the components of distributable
net earnings (deficit) at March 31, 2024 were as follows:
2X Long Innovation ETF
1.5X Short NVDA Daily ETF
2X Short TSLA Daily ETF
Undistributed ordinary income
$
-
$
1,533,519
$
-
Undistributed long-term capital gains
-
-
-
Tax accumulated earnings
-
1,533,519
-
Accumulated capital and other losses
(4,477,049
)
(126,454,937
)
(49,997,606
)
Unrealized appreciation (depreciation) on swap contracts
30,800,149
(32,559,342
)
13,753,294
Unrealized deferred compensation
(7,391
)
(8,297
)
(13,714
)
Total distributable earnings (accumulated deficit)
$
26,315,709
$
(157,489,057
)
$
(36,258,026
)
2X Short Innovation Daily ETF
Undistributed ordinary income
$
-
Undistributed long-term capital gains
-
Tax accumulated earnings
-
Accumulated capital and other losses
(50,101,225
)
Unrealized appreciation (depreciation) on swap contracts
(34,472,839
)
Unrealized deferred compensation
(22,795
)
Total distributable earnings (accumulated deficit)
$
(84,596,859
)
The tax character of the distributions paid during
the periods ended March 31, 2024 and 2023 (if applicable) were as follows:
2X Long Innovation ETF
Distribution paid from:
March
31, 2024
March
31, 2023
Ordinary income
$
-
$
-
Net long-term capital gains
-
-
Total distributions paid
$
-
$
-
65
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Funds
NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
1.5X Short NVDA Daily ETF
Distribution paid from:
March
31, 2024
March
31, 2023
Ordinary income
$
8,099,106
$
451,820
Net long-term capital gains
-
-
Total distributions paid
$
8,099,106
$
451,820
2X Short TSLA Daily ETF
Distribution paid from:
March
31, 2024
March
31, 2023
Ordinary income
$
9,777,526
$
2,971,709
Net long-term capital gains
-
-
Total distributions paid
$
9,777,526
$
2,971,709
2X Short Innovation Daily ETF
Distribution paid from:
March
31, 2024
March
31, 2023
Ordinary income
$
16,893,270
$
65,646,748
Net long-term capital gains
-
-
Total distributions paid
$
16,893,270
$
65,646,748
As of March 31, 2024, the 2X Long Innovation ETF,
2X Short TSLA Daily ETF and 2X Short Innovation Daily ETF had qualified late-year ordinary losses which are deferred until fiscal year
2025 for tax purposes. Net late-year ordinary losses incurred after December 31 and within the taxable year and net late-year specified
losses incurred after October 31 and within the taxable year, are deemed to arise on the first day of the Funds’ next taxable year.
2X Long Innovation ETF
2X Short TSLA Daily ETF
2X Short Innovation Daily ETF
Late-year ordinary losses
$
1,372,143
$
519,462
$
1,753,163
As of March 31, 2024, the Funds had net capital loss
carryovers as follows:
2X Long Innovation ETF
1.5X Short NVDA Daily ETF
2X Short TSLA Daily ETF
2X Short Innovation Daily ETF
Not subject to expiration:
Short-term
$
3,104,906
$
126,454,937
$
49,478,144
$
48,348,062
Long-term
-
-
-
-
Total
$
3,104,906
$
126,454,937
$
49,478,144
$
48,348,062
To the extent that a fund may realize future net
capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in
any given year may be subject to Internal Revenue Code limitations.
During the fiscal year ended March 31, 2024, the
2X Long Innovation ETF utilized short-term capital loss carryforwards of $2,623,514.
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NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
Note 5 – Investment Transactions
There were no purchases and sales of investments
for the periods ended September 30, 2024.
There were no purchases and sales of in-kind transactions
for the periods ended September 30, 2024.
Note 6 – Distribution Plan
The Trust has adopted a Distribution and Service
Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Funds, except for the 2X Short Innovation
Daily ETF, are authorized to pay an amount up to 0.25% of their average daily net assets each year to reimburse the Distributor for amounts
expended to finance activities primarily intended to result in the sale of Creation Units or the provision of investor services. The Distributor
may also use this amount to compensate securities dealers or other persons that are APs for providing distribution assistance, including
broker-dealer and shareholder support and educational and promotional services. The Funds do not and have no current intention of paying
12b-1 fees. However, in the event 12b-1 fees are charged in the future because these fees are paid out of a Fund’s assets, over
time these fees will increase the cost of shareholders’ investment and may cost shareholders more than certain other types of sales
charges.
Note 7 – Indemnifications
In the normal course of business, the Funds enter
into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under
these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However,
the Funds expect the risk of loss to be remote.
Note 8 – Fair Value Measurements and
Disclosure
Fair Value Measurements and Disclosures defines
fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements.
It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or
a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under Fair Value Measurements and Disclosures,
various inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad Levels
as described below:
·
Level 1 – Unadjusted quoted prices in active markets
for identical assets or liabilities that the Fund has the ability to access.
·
Level 2 – Observable inputs other than quoted
prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,
yield curves, default rates and similar data.
·
Level 3 – Unobservable inputs for the asset
or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions
a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary
from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security
is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair
value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized
in Level 3.
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NOTES
TO FINANCIAL STATEMENTS
September
30, 2024 (Unaudited) - Continued
The inputs used to measure fair value may fall
into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within
which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair
value measurement in its entirety.
The inputs or methodology used for valuing securities
are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of
September 30, 2024, in valuing the Funds’ assets and liabilities carried at fair value:
