[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","qzv7o6v710a4q9ue3lpbi2jjh","revision",2,"title","Tradr 2X Long/Short 系列ETF 2026年7月31日报告期表现","originalTitle","Investment Managers Series Trust II (0001587982) (Filer)","summary","Tradr 2X Long AAOI Daily ETF在2026年7月31日报告期总回报-58.40%，基金费用率1.49%；Tradr 2X Long LITE Daily ETF总回报155.36%，基金费用率1.49%；Tradr 2X Short SpaceX Daily ETF总回报56.36%，基金费用率1.49%。各基金投资组合以现金和互换合约为主，部分基金存在高波动性和杠杆风险。","reason","多只杠杆ETF在2026年7月31日报告期出现显著亏损或高回报，部分基金费用率1.49%，投资组合以现金和互换合约为主，存在高波动性和杠杆风险。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-08T19:10:16.000Z","discoveredAt","2026-10-08T19:52:18.318Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[],"score",63,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fdKmBP_tzlkI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","26162143-6e8b-411e-94e8-810572e9ec71","Tradr 2X 系列ETF表现报告",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 N-CSR

经认证的注册管理投资公司股东报告

投资公司法案文件编号

811-22894

投资经理系列信托 II

(注册人名称，如章程中所指定)

235 W. Galena Street

密尔沃基，WI 53212

(主要执行办公室地址) (邮政编码)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(服务代理人姓名和地址)

注册人的电话号码，包括区号：

(626) 385-5777

财政年度结束日期：

7月31日

报告期间日期：

2026年7月31日

项目 1. 向股东报告。

(a) 根据1940年投资公司法（经修订）第30e-1条，注册人向股东发送的年度报告如下：

Tradr
2X Long AAOI
每日ETF

AAOX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关Tradr 2X Long AAOI每日ETF（“基金”）在2026年3月23日（运营开始）至2026年7月31日期间的重要信息。您可以在 https://www.tradretfs.com/aaox#literature 找到有关基金的更多信息。您也可以通过致电 (888) 528-7237 与我们联系以获取此信息。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	作为10,000美元投资的百分比支付的费用¹
Tradr 2X Long AAOI每日ETF (AAOX)	$38	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 该基金于2026年3月23日开始运营。如果该基金在2025年8月1日至2026年7月31日的整个年度期间运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

管理层对基金表现的讨论

结果摘要

Tradr 2X Long AAOI每日ETF（“AAOX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Applied Optoelectronics普通股（“参考资产”）的每日表现相一致，为两倍（2x）。基金投资于顾问认为，组合起来应产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日，自2026年3月23日成立以来，该基金的总回报率为-58.40%，在扣除费用和杠杆融资成本后，与参考资产回报率的平均每日统计相关性超过0.99。在同一期间，参考资产的总回报率为-1.50%，年化波动率为149.4%。

参考资产的表现由其光纤网络业务的表现驱动。有关该公司财务表现的更多信息，请参阅Applied Optoelectronics年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报率、任何衍生品所关联资产的表现、支付或获得的融资利率、所使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表比较了基金最近完成的10个财政年度末或基金存续期间（如较短）的初始和后续账户价值。它假设在第一个财政年度初进行10,000美元的初始投资，投资于同期适当的广泛证券市场指数。

$10,000的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Long AAOI Daily ETF (AAOX)	-58.40%
S&P 500 指数	14.23%

\n\n\n\n\n\n\n

\n\n

基金于2026年3月23日开始运营。自成立以来的回报率在成立时间不足一年时为累计值。

\n\n

请注意，基金过去的表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分配或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/aaox#literature 获取最新的业绩信息。

基金关键统计数据

下表列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$141,899,095
投资组合持仓总数	2
总管理费（净额）	$1,809,031
报告期结束时的投资组合换手率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	69%
互换	31%
总计	100%

基金重大变动

自报告期开始以来，基金没有发生任何重大变动。

会计师变更及分歧

在报告期间，基金没有发生会计师变更或分歧。

其他信息的可获得性

您可以在 https://www.tradretfs.com/aaox#literature 找到关于基金的其他信息，如招股说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 联系我们请求此信息。

集中送达

为了减少费用，对于具有相同常住地址且具有相同姓氏的股东，或我们合理认为他们是同一家庭成员的股东，我们将只发送一份招股说明书、代理书、财务报告和其他通讯。除非我们收到其他通知，否则只要他们仍然是基金的股东，我们将继续只向收件人发送这些材料的一份副本。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们将在收到您的请求后30天内开始向您发送这些材料的单独副本。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Long AAOI Daily ETF

Tradr
2X Long CBRS
Daily ETF

CBRX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Long CBRS Daily ETF（“基金”）从2026年5月28日（开始运营）至2026年7月31日的期间的重要信息。您可以在 https://www.tradretfs.com/cbrx#literature 找到有关基金的其他信息。您也可以通过致电 (888) 528-7237 联系我们请求此信息。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	作为10,000美元投资的百分比支付的成本¹
Tradr 2X Long CBRS Daily ETF (CBRX)	$20	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n 基金于2026年5月28日开始运作。如果基金在2025年8月1日至2026年7月31日的整个年度期间运作，费用将会更高。 \n
2	\n 年化。 \n

基金管理层对基金表现的讨论

业绩摘要

Tradr 2X Long CBRS Daily ETF（“CBRX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Cerebras普通股（“参考资产”）的每日表现相一致，为两倍（2x）。基金投资于顾问认为结合后应能产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日，自2026年5月28日成立以来，基金的总回报率为-52.52%，在扣除费用和杠杆融资成本后，与参考资产回报率的平均每日统计相关性超过0.99，为两倍。同期，参考资产的总回报率为-18.09%，年化波动率为139.8%。

参考资产的表现由其人工智能基础设施解决方案业务的表现驱动。有关公司财务表现的更多信息，请参阅Cerebras年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、所使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表和图表比较了基金最近完成的10个财政年度或基金存续期间（如较短）结束时的初始和后续账户价值。它假设在第一个财政年度开始时投入10,000美元，投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Long CBRS Daily ETF（CBRX）	-52.52%
标普500指数	-0.79%

\n\n\n\n\n\n\n

基金于2026年5月28日开始运作。如果自成立以来的时间不足一年，自成立以来的回报是累计的。

请注意，基金的历史表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分红或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/cbrx#literature 获取最新的业绩信息。

基金关键统计数据

以下表格列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$3,561,822
投资组合持仓总数	1
已支付的总管理费用（净额）	$12,276
报告期结束时的投资组合周转率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	118%
互换	(18)%
总计	100%

基金重大变动

基金在报告期开始以来没有发生任何重大变动。

会计师的变动和分歧

在报告期间，基金的会计师没有发生变化或存在分歧。

附加信息的可用性

您可以在https://www.tradretfs.com/cbrx#literature找到有关基金的附加信息，例如招募说明书、财务信息、基金持仓和投票信息。您也可以通过致电(888) 528-7237联系我们来请求此信息。

集中送达

为了减少费用，我们将向具有相同常住地址且具有相同姓氏的股东，或我们合理认为是同一家庭成员的股东，只发送一份招募说明书、代理投票书、财务报告和其他通讯。除非我们收到其他通知，否则在您仍然是基金股东的期间，我们将继续只向收件人发送一份此类材料。如果您希望收到单独的邮件，请致电(888) 528-7237，我们在收到您的请求后30天内将开始向您发送单独的副本。

基金的分销商是ALPS Distributors, Inc。

Tradr 2X Long CBRS Daily ETF

Tradr
2X Long COHR
Daily ETF

COHX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关Tradr 2X Long COHR Daily ETF（“基金”）在2026年2月18日（运营开始）至2026年7月31日期间的重要信息。您可以在https://www.tradretfs.com/cohx#literature找到有关基金的附加信息。您也可以通过致电(888) 528-7237联系我们来请求此信息。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	作为10,000美元投资的百分比成本¹
Tradr 2X Long COHR Daily ETF (COHX)	$64	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 基金于2026年2月18日开始运营。如果基金在整个2025年8月1日至2026年7月31日的年度期间都已运营，费用将会更高。 \n\n
2	\n\n 年化 \n\n

基金管理层对基金业绩的讨论

结果摘要

Tradr 2X Long COHR Daily ETF（“COHX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Coherent普通股（“参考资产”）的每日表现相一致的两倍（2x）。基金投资于顾问认为组合起来应产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日，自2026年2月18日成立以来，基金的总回报率为-10.16%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍相比，平均每日统计相关性超过0.99。在同一期间，参考资产的总回报率为17.42%，年化波动率为93.1%。

参考资产的表现由其工程材料和光电子组件业务的表现所推动。有关公司财务表现的更多信息，请参阅Coherent年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

下图和图表比较了基金最近完成的10个财政年度或基金存续期间（如较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时投入了10,000美元，投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报	自成立以来¹
Tradr 2X Long COHR Daily ETF (COHX)	-10.16%
标准普尔500指数	9.40%

\n\n\n\n\n\n\n

\n\n

基金于2026年2月18日开始运营。如果自成立以来的时间不足一年，自成立以来的回报是累计的。

\n\n

请注意，基金的历史表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分红或赎回基金股份时需要缴纳的税款。

访问 https://www.tradretfs.com/cohx#literature 获取最新的表现信息。

基金关键统计数据

下表列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$48,632,615
投资组合持仓总数	1
已支付的总管理费（净额）	$548,377
报告期结束时的投资组合换手率	0%

持仓的图形表示

下表显示了基金的投资构成，表示基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	88%
互换	12%
总计	100%

基金的重大变动

自报告期开始以来，基金没有发生重大变动。

会计师的变更和分歧

在报告期间，基金没有发生会计师的变更或分歧。

其他信息的可获得性

您可以在 https://www.tradretfs.com/cohx#literature 找到有关基金的其他信息，如招募说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 向我们索取此信息。

集中邮寄

为了降低成本，如果股东的常住地址相同，并且姓氏相同，或者我们合理认为他们是同一家庭的成员，我们将向他们发送一份招股说明书、委托书、财务报告和其他通讯资料。除非我们收到其他通知，否则只要他们仍是基金的股东，我们将继续只向收件人发送这些资料的一份副本。如果您希望收到单独的邮件，请拨打 (888) 528-7237，我们在收到您的请求后30天内将开始向您发送单独的副本。

该基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Long COHR Daily ETF

Tradr
2X Long LEU
Daily ETF

LEUX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Long LEU Daily ETF（“基金”）在 2026年2月18日（运营开始）至2026年7月31日这段时间的重要信息。您可以在 https://www.tradretfs.com/leux#literature 找到有关该基金的更多信息。您也可以通过致电 (888) 528-7237 与我们联系来请求这些信息。

基金费用

（基于假设的 10,000 美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000 美元投资的成本	10,000 美元投资的费用百分比¹
Tradr 2X Long LEU Daily ETF (LEUX)	$51	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 该基金于 2026 年 2 月 18 日开始运营。如果该基金在 2025 年 8 月 1 日至 2026 年 7 月 31 日的整个年度期间都已运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

基金管理层对基金业绩的讨论

结果摘要

Tradr 2X Long LEU Daily ETF（“LEUX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与 Centrus Energy 普通股（“参考资产”）的每日表现相一致，且为两倍（2x）。该基金投资于顾问认为组合起来应产生与基金投资目标一致的每日回报的金融工具。

截至 2026 年 7 月 31 日的期间，自 2026 年 2 月 18 日成立以来，该基金的总回报率为 -48.56%，在扣除费用和杠杆融资成本后，与参考资产回报率的平均每日统计相关性超过 0.99。在同一期间，参考资产的总回报率为 -14.39%，年化波动率为 81.5%。

参考资产的表现由其低浓缩铀业务的表现驱动。有关该公司财务表现的更多信息，请参阅 Centrus Energy 年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表和图表比较了基金最近完成的 10 个财政年度或基金存续期间（如果较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时进行 10,000 美元的初始投资，并投资于同期适当、广泛的基础证券市场指数。

$10,000的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Long LEU Daily ETF (LEUX)	-48.56%
标普500指数	9.40%

\n\n\n\n\n\n\n

\n\n

基金于2026年2月18日开始运营。如果自成立以来的时间少于一年，自成立以来的回报率是累计的。

\n\n

请注意，基金的过去表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。

访问 https://www.tradretfs.com/leux#literature 获取最新的业绩信息。

基金关键统计数据

以下表格列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$6,430,462
投资组合持仓总数	1
总管理费（净额）	$24,083
报告期末的投资组合周转率	0%

持仓的图表表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	84%
互换	16%
总计	100%

基金重大变动

自报告期开始以来，基金没有发生任何重大变动。

会计师变更和分歧

在报告期间，基金的会计师没有发生变更或出现分歧。

其他信息的可获得性

您可以在 https://www.tradretfs.com/leux#literature 找到关于基金的其他信息，如招股说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 向我们请求此信息。

集中投递

为了减少费用，我们将向具有相同住宅地址且具有相同姓氏的股东，或我们合理认为是同一家庭成员的股东，只投递一份招股说明书、代理投票书、财务报告和其他通讯。除非我们收到其他通知，否则只要您仍是基金的股东，我们将继续只向收件人发送一份此类材料。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们将在收到您的请求后30天内开始向您发送单独的这些材料。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Long LEU Daily ETF

Tradr
2X Long LITE
Daily ETF

LITX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Long LITE Daily ETF（“基金”）在2026年1月26日（开始运营）至2026年7月31日之间的相关信息。您可以在 https://www.tradretfs.com/litx#literature 找到关于基金的其他信息。您也可以通过致电 (888) 528-7237 向我们请求此信息。

本报告描述了在报告期间发生的基金变动。

基金费用

（基于假设的$10,000投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	$10,000投资的成本	作为$10,000投资的百分比支付的成本¹
Tradr 2X Long LITE Daily ETF (LITX)	$136	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 基金于2026年1月26日开始运营。如果基金在整个2025年8月1日至2026年7月31日的年度期间都处于运营状态，费用将会更高。 \n\n
2	\n\n 年化。 \n\n

基金管理层对基金表现的讨论

业绩摘要

Tradr 2X Long LITE Daily ETF（“LITX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Lumentum普通股（“参考资产”）的每日表现相一致的两倍（2x）。“基金”投资于顾问认为组合后应产生与基金投资目标一致的每日收益的金融工具。

截至2026年7月31日的期间，自2026年1月26日成立以来，基金的总回报率为155.36%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍之间的平均每日统计相关性超过0.99。同期，参考资产的总回报率为114.75%，年化波动率为100.8%。

参考资产的表现由其光电子和光子产品业务的表现驱动。有关公司财务表现的更多信息，请参阅Lumentum年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

下图和图表比较了基金最近完成的10个财政年度或基金存续期间（如果较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时进行了一笔10,000美元的投资，并投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Long LITE Daily ETF（LITX）	155.36%
标普500指数	8.40%

\n\n\n\n\n\n\n

\n\n

基金于2026年1月26日开始运营。如果自成立以来的时间不足一年，自成立以来的回报率是累计的。

\n\n

请注意，基金的历史表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分红或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/litx#literature 获取最新的表现信息。

基金关键统计数据

下表列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$192,151,197
投资组合持仓总数	4
已支付的总管理费用（净额）	$2,728,709
报告期结束时的投资组合周转率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	80%
互换	20%
总计	100%

基金重大变动

2026年2月24日，信托董事会批准了基金股份的三股拆一的前向股份拆分，自2026年3月9日业务结束后生效。

这是自2025年8月1日起基金的一些变动摘要。如需更完整的信息，您可以查阅基金的招募说明书，该说明书于2026年1月26日发布，并于2026年2月25日修订，网址为 https://www.tradretfs.com/litx#literature。

与会计师的变更和分歧

在报告期间，基金的会计师没有发生变更或分歧。

额外信息的可获取性

您可以在 https://www.tradretfs.com/litx#literature 找到有关基金的额外信息，例如招募说明书、财务信息、基金持仓和投票信息。您也可以通过致电 (888) 528-7237 与我们联系来请求这些信息。

集中送达

为了减少费用，如果股东的常住地址相同，且具有相同的姓氏，或我们合理认为他们是同一家庭的成员，我们将向他们发送一份招股说明书、代理投票书、财务报告和其他通讯资料的单份副本。除非我们收到其他通知，否则在您仍然是基金股东的期间，我们将继续仅向收件人发送这些资料的一份副本。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们在收到您的请求后30天内将开始向您发送这些资料的单独副本。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Long LITE Daily ETF

Tradr
2X Long QNT
Daily ETF

QNTU

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Long QNT Daily ETF（“基金”）在 2026年6月30日（运营开始）至 2026年7月31日期间的相关信息。您可以在 https://www.tradretfs.com/qntu#literature 找到有关基金的额外信息。您也可以通过致电 (888) 528-7237 与我们联系来请求这些信息。

基金费用

（基于假设的 10,000 美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000 美元投资的成本	作为 10,000 美元投资的百分比费用¹
Tradr 2X Long QNT Daily ETF (QNTU)	$9	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 该基金于 2026年6月30日开始运营。如果该基金在 2025年8月1日至 2026年7月31日的整个年度期间都已运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

基金管理层对基金业绩的讨论

业绩摘要

Tradr 2X Long QNT Daily ETF（“QNTU”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与 Quantinuum 普通股（“参考资产”）的每日表现的两倍（2x）相对应。基金投资于顾问认为组合后应产生与基金投资目标一致的每日收益的金融工具。

截至 2026年7月31日的期间，自 2026年6月30日成立以来，基金的总回报率为 -63.84%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍的平均每日统计相关性超过 0.99。在同一期间，参考资产的总回报率为 -37.11%，年化波动率为 89.8%。

参考资产的表现由其量子计算和软件解决方案业务的表现所推动。有关公司财务表现的更多信息，请参阅Quantinuum年度股东报告和季度文件。影响基金表现的主要因素包括基金所持证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、所使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

下图和图表比较了基金最近完成的10个财政年度或基金存续期间（如较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时投入了10,000美元，并投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报	自成立以来¹
Tradr 2X Long QNT Daily ETF (QNTU)	-63.84%
S&P 500 指数	-0.06%

\n\n\n\n\n\n\n

\n\n

基金于2026年6月30日开始运营。自成立以来的回报率在成立时间不足一年时为累计回报率

\n\n

请注意，基金过去的表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分配或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/qntu#literature 获取最新的表现信息。

基金关键统计数据

下表列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$497,005
投资组合持仓总数	1
已支付的总咨询费用（净额）	$876
报告期结束时的投资组合周转率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	105%
互换	(5)%
总计	100%

基金重大变动

自报告期开始以来，基金没有发生任何重大变动。

会计师变更和分歧

在报告期间，基金没有发生会计师变更或分歧。

其他信息的可获得性

您可以在 https://www.tradretfs.com/qntu#literature 找到有关基金的其他信息，如招股说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 要求获取这些信息。

集中送达

为了减少费用，对于具有相同住宅地址且具有相同姓氏的股东，或我们合理认为他们是同一家庭成员的股东，我们将只提供一份招股说明书、代理投票书、财务报告和其他通讯资料。除非我们收到其他通知，否则只要他们仍然是基金的股东，我们将继续只向收件人发送这些资料的一份副本。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们在收到您的请求后30天内将开始向您发送这些资料的单独副本。

基金的分销商是ALPS Distributors, Inc。

Tradr 2X Long QNT Daily ETF

Tradr
2X Long SNDK
Daily ETF

SNXX

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关Tradr 2X Long SNDK Daily ETF（“基金”）在2026年1月26日（运营开始）至2026年7月31日期间的的重要信息。您可以在 https://www.tradretfs.com/snxx#literature 找到有关基金的更多信息。您也可以通过致电 (888) 528-7237 与我们联系以获取此信息。

本报告描述了在报告期间基金发生的变化。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	占10,000美元投资的百分比的费用¹
Tradr 2X Long SNDK Daily ETF (SNXX)	$158	1.54%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 基金于2026年1月26日开始运营。如果基金在2025年8月1日至2026年7月31日的整个年度期间运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

基金管理层对基金业绩的讨论

业绩摘要

Tradr 2X Long SNDK Daily ETF（“SNXX”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Sandisk普通股（“参考资产”）的每日表现的两倍（2x）相对应。基金投资于顾问认为组合起来应产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日，自2026年1月26日成立以来，基金的总回报率为200.16%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍相比，平均每日统计相关性超过0.99。同期，参考资产的总回报率为158.04%，年化波动率为120.0%。

参考资产的表现由其闪存半导体业务的表现驱动。有关该公司财务表现的更多信息，请参阅Sandisk年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表和图表比较了基金最近完成的10个财政年度或基金存续期间（如果较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时进行10,000美元的初始投资，并在同期适当、广泛的基础证券市场指数中进行投资。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立¹
Tradr 2X Long SNDK Daily ETF (SNXX)	200.16%
S&P 500 指数	8.40%

\n\n\n\n\n\n\n

\n\n

基金于2026年1月26日开始运营。自成立以来的回报率在自成立以来的时间不足一年时为累计回报率。

\n\n

请注意，基金过去的业绩并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分红或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/snxx#literature 获取最新的业绩信息。

关键基金统计数据

下表概述了您应关注的关键基金统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$1,398,453,836
投资组合持仓总数	6
已支付的总咨询费用（净额）	$14,032,876
报告期末的组合周转率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。 *现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	88%
看涨期权	6%
互换	6%
总计	100%

基金重大变更

2026年5月14日，信托董事会批准了基金股份的八股拆一的正向股份拆分，自2026年6月2日业务结束后生效。

这是自2025年8月1日起基金的一些变更摘要。如需更完整的信息，您可以查阅基金的招募说明书，该说明书于2026年1月26日发布，2026年2月25日修订，网址为 https://www.tradretfs.com/snxx#literature。

与会计师的变更和分歧

在报告期间，基金的会计师没有发生变更或分歧。

其他信息的可用性

您可以在 https://www.tradretfs.com/snxx#literature 查阅有关基金的其他信息，例如招募说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 联系我们获取此信息。

集中送达

为了减少费用，我们将向具有相同常住地址且具有相同姓氏的股东，或我们合理认为是同一家庭成员的股东，只发送一份招募说明书、代理投票书、财务报告和其他通讯。除非我们收到其他通知，否则只要他们仍然是基金的股东，我们将继续只向收件人发送这些材料的一份副本。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们在收到您的请求后30天内将开始向您发送这些材料的单独副本。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Long SNDK Daily ETF

Tradr
2X Long SpaceX
Daily ETF

SPCM

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Long SpaceX Daily ETF（“基金”）在 2026 年 6 月 12 日（运营开始）至 2026 年 7 月 31 日期间的重要信息。您可以在 https://www.tradretfs.com/spcm#literature 查阅有关基金的其他信息。您也可以通过致电 (888) 528-7237 联系我们获取此信息。

基金费用

（基于假设的 10,000 美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000 美元投资的成本	10,000 美元投资的成本占百分比¹
Tradr 2X Long SpaceX Daily ETF (SPCM)	$14	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 该基金于 2026 年 6 月 12 日开始运营。如果该基金在整个 2025 年 8 月 1 日至 2026 年 7 月 31 日的年度期间都已运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

管理层对基金业绩的讨论

业绩摘要

Tradr 2X Long SpaceX Daily ETF（“SPCM”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与SpaceX普通股（“参考资产”）的每日表现相匹配，且为两倍（2x）。该基金投资于顾问认为结合后应产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日，自2026年6月12日成立以来，该基金总回报率为-60.08%，在扣除费用和杠杆融资成本后，与参考资产两倍回报的平均每日统计相关性超过0.99。同期，参考资产总回报率为-8.08%，年化波动率为93.5%。

参考资产的表现由其航空航天和太空技术业务的表现驱动。有关该公司财务表现的更多信息，请参阅SpaceX年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表和图表比较了基金最近完成的10个财政年度或基金存续期间（如较短）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时进行10,000美元的初始投资，投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Long SpaceX Daily ETF（SPCM）	-60.08%
标准普尔500指数	0.90%

\n\n\n\n\n\n\n

\n\n

该基金于2026年6月12日开始运营。如果自成立以来的时间不足一年，自成立以来的回报率是累计的。

\n\n

请注意，该基金过去的业绩并不能很好地预测该基金未来的表现。

图表和表格不反映股东在基金分红或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/spcm#literature 获取最新的业绩信息。

基金关键统计数据

以下表格列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$10,474,797
投资组合持仓总数	1
已支付的总管理费用（净额）	$26,029
报告期结束时的投资组合周转率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	116%
互换协议	(16)%
总计	100%

基金重大变动

自报告期开始以来，该基金没有发生任何重大变动。

会计师变更和分歧

在报告期间，该基金的会计师没有发生变更或出现分歧。

其他信息的可获得性

您可以在https://www.tradretfs.com/spcm#literature找到有关该基金的更多信息，包括招募说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电(888) 528-7237与我们联系来请求此信息。

集中送达

为了减少费用，如果股东的常住地址相同，且具有相同的姓氏，或我们合理认为他们是同一家庭的成员，我们将向其发送一份招募说明书、代理投票书、财务报告和其他通讯资料。除非我们收到其他通知，否则只要您仍是该基金的股东，我们将继续仅向收件人发送一份此类资料。如果您希望收到单独的邮件，请致电(888) 528-7237，我们在收到您的请求后30天内将开始向您发送单独的资料。

该基金的分销商是ALPS Distributors, Inc。

Tradr 2X Long SpaceX Daily ETF

Tradr
2X Short CBRS
Daily ETF

CBRZ

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关Tradr 2X Short CBRS Daily ETF（“基金”）在2026年5月28日（运营开始）至2026年7月31日之间的关键信息。您可以在https://www.tradretfs.com/cbrz#literature找到有关该基金的更多信息。您也可以通过致电(888) 528-7237来请求此信息。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	10,000美元投资的费用百分比¹
Tradr 2X Short CBRS Daily ETF (CBRZ)	$20	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 该基金于2026年5月28日开始运营。如果该基金在2025年8月1日至2026年7月31日的整个年度期间都已运营，费用将更高。 \n\n
2	\n\n 年化。 \n\n

管理层对基金表现的讨论

结果摘要

Tradr 2X Short CBRS Daily ETF（“CBRZ”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与Cerebras普通股（“参考资产”）的每日表现的两倍（2x）相对应。该基金投资于顾问认为组合后应产生与基金投资目标一致的每日回报的金融工具。

截至2026年7月31日的期间，自2026年5月28日成立以来，该基金的总回报率为-47.80%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍之间的平均每日统计相关性超过0.99。同期，参考资产的总回报率为-18.09%，年化波动率为139.8%。

参考资产的表现由其人工智能基础设施解决方案业务的表现驱动。有关该公司财务表现的更多信息，请参阅Cerebras年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报、任何衍生品所关联资产的表现、支付或获得的融资利率、所使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动性（及其对复利的影响）以及其他各种因素。

基金表现

以下图表比较了基金最近完成的10个财政年度末或基金存续期间（如果较短）的初始和后续账户价值。它假设在第一个财政年度开始时投入了10,000美元，并投资于同期适当的广泛证券市场指数。

$10,000的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Short CBRS Daily ETF (CBRZ)	-47.80%
S&P 500 指数	-0.79%

\n\n\n\n\n\n\n

\n\n

基金于2026年5月28日开始运营。如果自成立以来的时间不足一年，自成立以来的回报是累计的。

\n\n

请注意，基金过去的表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分配或赎回基金股份时需要支付的税款。

访问 https://www.tradretfs.com/cbrz#literature 获取最新的业绩信息。

基金关键统计数据

以下表格列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$3,130,881
投资组合持仓总数	1
总管理费（净额）	$8,222
报告期末的投资组合换手率	0%

持仓的图形表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

现金*	58%
互换	42%
总计	100%

基金重大变动

自报告期开始以来，基金没有发生任何重大变动。

会计师变更和分歧

在报告期间，基金的会计师没有发生变更或出现分歧。

额外信息的可用性

您可以在 https://www.tradretfs.com/cbrz#literature 找到有关基金的其他信息，如招股说明书、财务信息、基金持仓和代理投票信息。您也可以通过致电 (888) 528-7237 向我们请求此信息。

集中投递

为了减少费用，对于具有相同常住地址且具有相同姓氏的股东，或我们合理认为他们是同一家庭成员的股东，我们将只投递一份招股说明书、代理书、财务报告和其他通讯。除非我们收到其他通知，否则只要他们仍然是基金的股东，我们将继续只向收件人投递一份这些材料。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们将在收到您的请求后30天内开始向您投递这些材料的单独副本。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Short CBRS Daily ETF

Tradr
2X Short SpaceX
Daily ETF

SPCG

$\"TSR$

年度股东报告 | 2026年7月31日

本年度股东报告包含有关 Tradr 2X Short SpaceX Daily ETF（“基金”）从2026年6月12日（开始运营）至2026年7月31日的期间的重要信息。您可以在 https://www.tradretfs.com/spcg#literature 找到有关基金的其他信息。您也可以通过致电 (888) 528-7237 向我们请求此信息。

基金费用

（基于假设的10,000美元投资）

\n\n\n\n\n\n\n\n\n\n\n\n\n

基金（类别）	10,000美元投资的成本	作为10,000美元投资的百分比支付的成本¹
Tradr 2X Short SpaceX Daily ETF (SPCG)	$26	1.49%²

\n\n\n\n\n\n\n\n\n\n\n

1	\n\n 基金于2026年6月12日开始运营。如果基金在2025年8月1日至2026年7月31日的整个年度期间都处于运营状态，费用将会更高。 \n\n
2	\n\n 年化。 \n\n

基金管理层对基金表现的讨论

结果摘要

Tradr 2X Short SpaceX Daily ETF（“SPCG”或“基金”）旨在实现每日投资结果，在扣除费用和开支前，与SpaceX普通股（“参考资产”）的每日表现的两倍（2x）相对应。基金投资于顾问认为结合后应产生与基金投资目标一致的每日收益的金融工具。

截至2026年7月31日，自2026年6月12日成立以来，基金的总回报率为56.36%，在扣除费用和杠杆融资成本后，与参考资产回报率的两倍之间的平均每日统计相关性超过0.99。在同一期间，参考资产的总回报率为-8.08%，年化波动率为93.5%。

参考资产的表现由其航空航天和太空技术业务的表现驱动。有关公司财务表现的更多信息，请参阅SpaceX年度股东报告和季度文件。影响基金表现的主要因素包括基金持有的证券和衍生品的总回报率、任何衍生品所关联资产的表现、支付或获得的融资利率、所使用的衍生品合约类型及其与基金参考资产的相关性、费用、交易成本、基金参考资产的波动率（及其对复利的影响）以及其他各种因素。

基金表现

以下图表和图表比较了基金最近完成的10个财政年度或基金存续期间（以较短者为准）每个结束时的初始和后续账户价值。它假设在第一个财政年度开始时投资了10,000美元，并投资于同期适当的广泛证券市场指数。

10,000美元的增长

$\"Fund$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

平均年总回报率	自成立以来¹
Tradr 2X Short SpaceX Daily ETF（SPCG）	56.36%
标普500指数	0.90%

\n\n\n\n\n\n\n

\n\n

基金于2026年6月12日开始运营。自成立以来的回报率在自成立以来的时间不足一年时为累计值。

\n\n

请注意，基金的过去表现并不能很好地预测基金未来的表现。

图表和表格不反映股东在基金分配或赎回基金股份时需缴纳的税款。

访问 https://www.tradretfs.com/spcg#literature 获取最新的业绩信息。

基金关键统计数据

以下表格列出了您应关注的基金关键统计数据。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

基金净资产	$25,411,317
投资组合持仓总数	1
已支付的总管理费用（净额）	$34,903
截至报告期结束的组合周转率	0%

持仓的图表表示

下表显示了基金的投资构成，代表基金总净资产的百分比。*现金包括现金、现金等价物和其他资产减去负债。

投资组合持仓分配

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

互换	74%
现金*	26%
总计	100%

基金重大变化

自报告期开始以来，基金没有发生任何重大变化。

会计师的变更和分歧

在报告期间，基金的会计师没有发生变化或存在分歧。

附加信息的可用性

您可以在 https://www.tradretfs.com/spcg#literature 找到有关基金的其他信息，例如招募说明书、财务信息、基金持仓和投票信息。您也可以通过致电 (888) 528-7237 与我们联系来请求这些信息。

集中送达

为了减少费用，如果股东的常住地址相同，且具有相同的姓氏，或我们合理认为他们是同一家庭的成员，我们将向他们发送一份招募说明书、代理投票书、财务报告和其他通讯的副本。除非我们收到相反的通知，否则只要他们仍然是基金的股东，我们将继续只向收件人发送这些材料的一份副本。如果您希望收到单独的邮件，请致电 (888) 528-7237，我们在收到您的请求后30天内将开始向您发送这些材料的单独副本。

基金的分销商是 ALPS Distributors, Inc。

Tradr 2X Short SpaceX Daily ETF

(b) 不适用。

项目 2。\n道德准则。

注册人已制定适用于其首席执行官和首席财务官的道德准则。在本报告涵盖的期间内，注册人未对其道德准则进行任何修改。在本报告涵盖的期间内，注册人未授予任何道德准则条款的豁免。

注册人承诺，任何人在要求时，无需付费，可以通过邮寄方式向注册人索取其道德准则的副本，当他们致电注册人 1-888-528-7237 时。

项目 3。\n审计委员会财务专家。

注册人的受托人委员会已确定，注册人有以下“审计委员会财务专家”，根据 Form N-CSR 第 3(b) 条的定义，在其审计委员会任职：Thomas Knipper 先生和 John P. Zader 先生。审计委员会财务专家是“独立的”，正如 Form N-CSR 第 3(a)(2) 条中定义的那样。

项目\n4. 主要会计师费用和业务。

注册人在过去两个财政年度中聘请了其主要会计师，为其提供审计服务、与审计相关的服务、税务服务和其他服务。“审计服务”指的是对注册人年度财务报表进行审计，或会计师在与这些财政年度的法定和监管文件或业务相关的正常服务。“与审计相关的服务”指的是主要会计师提供的保证及相关服务，这些服务与审计的执行合理相关。“税务服务”指的是主要会计师提供的税务合规、税务建议和税务规划的专业服务。主要会计师没有提供“其他服务”。下表详细列出了过去两个财政年度中，主要会计师收取或预计收取的审计费用、与审计相关的费用、税务费用和其他费用的总费用。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Tradr ETFs	财年结束\n 7/31/2026	财年结束\n 7/31/2025
(a)	审计费用	$110,000	不适用
(b)	与审计相关的费用	不适用	不适用
(c)	税务费用	$25,000	不适用
(d)	其他所有费用	不适用	不适用

(e)(1) 审计委员会已制定了事先批准政策和程序，要求审计委员会事先批准注册人的所有审计和非审计服务，包括提供给与注册人有关联的任何实体的服务。

(e)(2) 根据事先批准要求的豁免，由Tait, Weller, & Baker LLP提供的适用于非审计服务的费用百分比如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Tradr\n ETFs	FYE\n 7/31/2026	FYE\n 7/31/2025
与审计相关的费用	0%	0%
税务费用	0%	0%
其他所有费用	0%	0%

\n \n \n \n

(f)

会计师事务所用于审计注册人财务报表的主要工作量均归因于其全职永久员工完成的工作。

下表显示了注册人会计师在过去两年中向注册人及其投资顾问（以及任何其他控制实体等——不包括子顾问）提供的服务所收取或预计收取的非审计费用。董事会信托人审计委员会已考虑向注册人的投资顾问提供的非审计服务是否与保持主要会计师的独立性相容，并得出结论认为，会计师提供的此类非审计服务并未损害会计师的独立性。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Tradr ETFs	FYE\n 7/31/2026	FYE\n 7/31/2025
(g)	注册人非审计相关费用	不适用	不适用
(h)	注册人的投资顾问	不适用	不适用

\n \n \n \n

(i)

不适用。

\n \n \n \n

(j)

不适用。

项目\n5. 上市注册人的审计委员会。

\n \n \n \n

(a)

对非上市发行人（根据《1934年证券交易法》第10A-3条定义）不适用。

\n \n \n \n

(b)

不适用。

项目\n6. 投资。

\n \n \n \n

(a)

投资组合清单作为向股东提交的报告的一部分，该报告提交于本表格第7项下。

\n \n \n \n

(b)

不适用。

项目 7。\n开放式管理投资公司的财务报表和财务亮点。

$\"\"$

\n \n \n \n

Tradr 2X Long AAOI Daily ETF

(AAOX)

\n \n

Tradr 2X Long CBRS Daily ETF

(CBRX)

\n \n

Tradr 2X Long COHR Daily ETF

(COHX)

\n \n

Tradr 2X Long LEU Daily ETF

(LEUX)

\n \n

Tradr 2X Long LITE Daily ETF

(LITX)

Tradr 2X Long QNT Daily ETF

(QNTU)

\n \n

Tradr 2X Long SNDK Daily ETF

(SNXX)

\n \n

Tradr 2X Long SpaceX Daily ETF

(SPCM)

\n \n

Tradr 2X Short CBRS Daily ETF

(CBRZ)

\n \n

Tradr 2X Short SpaceX Daily ETF

(SPCG)

年度财务报表和其他信息

2026年7月31日

Tradr ETFs

每个均为投资经理系列信托II的一个系列

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

投资组合清单	1
资产和负债表	12
经营业绩表	17
净资产变动表	22
财务亮点	32
财务报表附注	42
独立注册公共会计师事务所的报告	55

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

www.tradretfs.com

Tradr 2X Long AAOI Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	141,899,095
TOTAL NET ASSETS — 100.0%	$	141,899,095

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Applied Optoelectronics, Inc.

Receive

13.63% (OBFR01^* + 1,000bps)

At Maturity

5/5/2027

3,068,709

(1,190,609

)

Marex

Applied Optoelectronics, Inc.

Receive

11.63% (OBFR01^* + 800bps)

At Maturity

4/24/2027

236,103,813

45,364,756

TOTAL EQUITY SWAP CONTRACTS

44,174,147

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long CBRS Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	3,561,822
TOTAL NET ASSETS — 100.0%	$	3,561,822

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Cerebras Systems, Inc.

Receive

7.63% (OBFR01* + 400bps)

At Maturity

7/7/2027

6,396,872

(654,767

)

TOTAL EQUITY SWAP CONTRACTS

(654,767

)

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long COHR Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	48,632,615
TOTAL NET ASSETS — 100.0%	$	48,632,615

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Coherent Corporation

Receive

6.38% (OBFR01* + 275bps)

At Maturity

3/24/2027

90,717,727

5,678,334

TOTAL EQUITY SWAP CONTRACTS

5,678,334

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long LEU Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	6,430,462
TOTAL NET ASSETS — 100.0%	$	6,430,462

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Marex

Centrus Energy Corporation

Receive

6.63% (OBFR01^* + 300bps)

At Maturity

04/05/2027

11,012,307

1,054,157

TOTAL EQUITY SWAP CONTRACTS

1,054,157

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long LITE Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	192,151,197
TOTAL NET ASSETS — 100.0%	$	192,151,197

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Cantor Fitzgerald

Lumentum Holdings, Inc.

Receive

15.63% (OBFR01* + 1200bps)

At Maturity

5/21/2027

7,158,224

(1,590,735

)

Clearstreet

Lumentum Holdings, Inc.

Receive

8.88% (OBFR01*+ 525bps)

At Maturity

3/3/2027

191,050,541

49,651,341

Marex

Lumentum Holdings, Inc.

Receive

7.63% (OBFR01* + 400bps)

At Maturity

3/6/2027

49,330,605

3,336,995

TD Cowen

Lumentum Holdings, Inc.

Receive

8.13% (OBFR01* + 450bps)

At Maturity

6/2/2027

35,705,261

(13,241,115

)

TOTAL EQUITY SWAP CONTRACTS

38,156,486

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long QNT Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	497,005
TOTAL NET ASSETS — 100.0%	$	497,005

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Marex

Quantinuum, Inc.

Receive

7.13% (OBFR01* + 350bps)

At Maturity

8/1/2027

1,011,148

(26,203

)

TOTAL EQUITY SWAP CONTRACTS

(26,203

)

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Long SNDK Daily ETF
SCHEDULE OF INVESTMENTS
As\nof July 31, 2026

Number of Contracts			Value
		PURCHASED OPTIONS CONTRACTS — 6.5%
		CALL OPTIONS — 6.5%
	2,050	SanDisk Corporation
		Exercise Price: $800.00, Notional Amount: $164,000,000, Expiration Date: August 7, 2026		$	91,151,200
		TOTAL CALL OPTIONS
		(Cost $95,821,840)			91,151,200

		TOTAL PURCHASED OPTIONS CONTRACTS
		(Cost $95,821,840)			91,151,200

		TOTAL INVESTMENTS — 6.5%
		(Cost $95,821,840)			91,151,200
		Other Assets in Excess of Liabilities — 93.5%			1,307,302,636
		TOTAL NET ASSETS — 100.0%		$	1,398,453,836

See accompanying Notes to Financial Statements.

Tradr 2X Long SNDK Daily ETF

SCHEDULE OF INVESTMENTS - Continued

As of July 31, 2026

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clearstreet

SanDisk Corporation

Receive

13.63% (OBFR01* + 1000bps)

At Maturity

3/3/2027

732,203,850

424,114,042

Jane Street

SanDisk Corporation

Receive

11.63% (OBFR01* + 800bps)

At Maturity

7/13/2027

11,844,605

(5,385,941

)

Marex

SanDisk Corporation

Receive

7.63% (OBFR01* + 400bps)

At Maturity

3/5/2027

56,490,802

9,927,447

Ripple Prime

SanDisk Corporation

Receive

7.63% (OBFR01* + 400bps)

At Maturity

8/24/2027

64,362,411

(4,076,653

)

TD Cowen

SanDisk Corporation

Receive

7.13% (OBFR01* + 350bps)

At Maturity

6/2/2027

96,251,318

281,210,151

Wells Fargo

SanDisk Corporation

Receive

6.63% (OBFR01* + 300bps)

At Maturity

7/27/2027

1,397,191,727

(625,190,848

)

TOTAL EQUITY SWAP CONTRACTS

80,598,198

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements. 

Tradr 2X Long SpaceX Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	10,474,797
TOTAL NET ASSETS — 100.0%	$	10,474,797

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Space Exploration Technologies Corp.

Receive

5.38% (OBFR01* + 175bps)

At Maturity

7/21/2027

22,343,406

(1,652,500

)

TOTAL EQUITY SWAP CONTRACTS

(1,652,500

)

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Short CBRS Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	3,130,881
TOTAL NET ASSETS — 100.0%	$	3,130,881

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Cerebras Systems, Inc.

Pay

2.63% (OBFR01* - 100bps)

At Maturity

7/7/2027

(7,063,660

)

1,325,368

TOTAL EQUITY SWAP CONTRACTS

1,325,368

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr 2X Short SpaceX Daily ETF

SCHEDULE OF INVESTMENTS

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Value
Other Assets in Excess of Liabilities — 100.0%	$	25,411,317
TOTAL NET ASSETS — 100.0%	$	25,411,317

SWAP CONTRACTS

EQUITY SWAP CONTRACTS

Counterparty

Description

Pay/Receive
Equity on
Reference Entity

Financing Rate

Pay/Receive
Frequency

Termination
Date

Notional
Amount

Premium
Paid
(Received)

Value/
Unrealized
Appreciation
(Depreciation)

Clear Street

Space Exploration Technologies Corp.

Pay

2.63% (OBFR01* - 100bps)

At Maturity

7/21/2027

(65,554,278

)

18,787,696

TOTAL EQUITY SWAP CONTRACTS

18,787,696

\n \n \n \n \n

OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.

See accompanying\nNotes to Financial Statements.

Tradr Funds

STATEMENTS OF ASSETS AND LIABILITIES

As of July 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Tradr 2X Long AAOI Daily ETF			Tradr 2X Long CBRS Daily ETF
Assets:
Cash	$	6,165,983			$	74,429
Cash collateral held for open swap contracts		92,636,426				4,148,999
Unrealized appreciation on open swap contracts		45,364,756				-
Receivables:
Fund shares sold		-				-
Total assets		144,167,165				4,223,428

Liabilities:
Unrealized depreciation on open swap contracts		1,190,609				654,767
Payables:
Fund shares redeemed		781,200				-
Advisory fees		296,261				6,839
Total liabilities		2,268,070				661,606

Net Assets	$	141,899,095			$	3,561,822

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	539,648,684			$	4,258,876
Total distributable earnings (accumulated deficit)		(397,749,589	)			(697,054	)
Net Assets	$	141,899,095			$	3,561,822

Shares of beneficial interest issued and outstanding		13,650,000				300,000
Net asset value per share	$	10.40			$	11.87

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of July 31, 2026

	Tradr 2X Long COHR Daily ETF			Tradr 2X Long LEU Daily ETF
Assets:
Cash	$	956,139			$	480,135
Cash collateral held for open swap contracts		42,090,000				4,903,541
Unrealized appreciation on open swap contracts		5,678,334				1,054,157
Receivables:
Fund shares sold		-				-
Total assets		48,724,473				6,437,833

Liabilities:
Unrealized depreciation on open swap contracts		-				-
Payables:
Fund shares redeemed		-				-
Advisory fees		91,858				7,371
Total liabilities		91,858				7,371

Net Assets	$	48,632,615			$	6,430,462

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	89,672,605			$	8,642,376
Total distributable earnings (accumulated deficit)		(41,039,990	)			(2,211,914	)
Net Assets	$	48,632,615			$	6,430,462

Shares of beneficial interest issued and outstanding		2,165,000				500,000
Net asset value per share	$	22.46			$	12.86

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of July 31, 2026

	Tradr 2X Long LITE Daily ETF			Tradr 2X Long QNT Daily ETF
Assets:
Purchased options contracts, at value (cost $0 and $0, respectively)	$	-			$	-
Cash		-				86,847
Cash collateral held for open swap contracts		139,680,723				437,237
Cash collateral held for options or broker cash		-				-
Unrealized appreciation on open swap contracts		52,988,336				-
Receivables:
Investment securities sold		111,962,097				-
Fund shares sold		-				-
Due from Counterparty		-				-
Total assets		304,631,156				524,084

Liabilities:
Unrealized depreciation on open swap contracts		14,831,850				26,203
Payables:
Fund shares redeemed		75,182,115				-
Advisory fees		348,687				876
Investment securities purchased		-				-
Due to custodian		20,217,307				-
Payable for cash collateral		1,900,000				-
Total liabilities		112,479,959				27,079

Net Assets	$	192,151,197			$	497,005

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	139,459,674			$	1,343,793
Total distributable earnings (accumulated deficit)		52,691,523				(846,788	)
Net Assets	$	192,151,197			$	497,005

Shares of beneficial interest issued and outstanding		9,030,000	¹			55,000
Net asset value per share	$	21.28			$	9.04

\n \n \n \n

The Fund had a 3-1 forward stock split after the close of business March 9,\n 2026. See Note 4 in the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of July 31, 2026

	Tradr 2X Long SNDK Daily ETF			Tradr 2X Long SpaceX Daily ETF
Assets:
Purchased options contracts, at value (cost $95,821,840 and $0, respectively)	$	91,151,200			$	-
Cash		147,935,591				1,241,386
Cash collateral held for open swap contracts		1,342,930,125				11,900,000
Cash collateral held for options or broker cash		20,000,001				-
Unrealized appreciation on open swap contracts		715,251,640				-
Receivables:
Investment securities sold		51,509,387				-
Fund shares sold		52,454,622				-
Due from Counterparty		20,507,169				-
Total assets		2,441,739,735				13,141,386

Liabilities:
Unrealized depreciation on open swap contracts		634,653,442				1,652,500
Payables:
Fund shares redeemed		76,726,499				997,900
Advisory fees		3,604,118				16,189
Investment securities purchased		95,821,840				-
Due to custodian		-				-
Payable for cash collateral		232,480,000				-
Total liabilities		1,043,285,899				2,666,589

Net Assets	$	1,398,453,836			$	10,474,797

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	1,871,777,342			$	28,175,571
Total distributable earnings (accumulated deficit)		(473,323,506	)			(17,700,774	)
Net Assets	$	1,398,453,836			$	10,474,797

Shares of beneficial interest issued and outstanding		149,120,000	¹			1,050,000
Net asset value per share	$	9.38			$	9.98

\n \n \n \n

The Fund had a 8-1 forward stock split after the close of business June 2, 2026.\n See Note 4 in the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of July 31, 2026

	Tradr 2X Short CBRS Daily ETF			Tradr 2X Short SpaceX Daily ETF
Assets:
Cash	$	2,064,032			$	22,878,265
Cash collateral held for open swap contracts		4,640,000				4,980,000
Unrealized appreciation on open swap contracts		1,325,368				18,787,696
Receivables:
Investment securities sold		9,774,340				40,755,608
Fund shares sold		-				1,758,839
Total assets		17,803,740				89,160,408

Liabilities:
Payables:
Fund shares redeemed		2,934,878				23,047,663
Advisory fees		5,887				22,937
Investment securities purchased		11,732,094				40,678,491
Total liabilities		14,672,859				63,749,091

Net Assets	$	3,130,881			$	25,411,317

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	4,053,467			$	7,084,047
Total distributable earnings (accumulated deficit)		(922,586	)			18,327,270
Net Assets	$	3,130,881			$	25,411,317

Shares of beneficial interest issued and outstanding		240,000				650,000
Net asset value per share	$	13.05			$	39.09

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF OPERATIONS

For the Period Ended July 31, 2026

	\n Tradr 2X Long AAOI Daily ETF¹			\n Tradr 2X Long CBRS Daily ETF²
Investment Income:
Interest	$	3,214,658			$	26,022
Total investment income		3,214,658				26,022

Expenses:
Advisory fees		1,809,031				12,276
Total expenses		1,809,031				12,276
Net investment income (loss)		1,405,627				13,746

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Swap contracts		(443,329,363	)			(56,033	)
Net realized gain (loss)		(443,329,363	)			(56,033	)
Net change in unrealized appreciation/depreciation on:
Swap contracts		44,174,147				(654,767	)
Net change in unrealized appreciation/depreciation		44,174,147				(654,767	)
Net realized and unrealized gain (loss)		(399,155,216	)			(710,800	)

Net Increase (Decrease) in Net Assets from Operations	$	(397,749,589	)		$	(697,054	)

\n \n \n \n

The Fund commenced operations on March 23, 2026.

\n \n \n \n

The Fund commenced operations on May 28, 2026.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF OPERATIONS - Continued

For the Period Ended July 31, 2026

	\n Tradr 2X Long COHR \n Daily ETF¹			\n Tradr 2X Long LEU \n Daily ETF¹
Investment Income:
Interest	$	926,275			$	43,543
Total investment income		926,275				43,543

Expenses:
Advisory fees		548,377				24,083
Total expenses		548,377				24,083
Net investment income (loss)		377,898				19,460

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Swap contracts		(47,096,222	)			(3,285,531	)
Net realized gain (loss)		(47,096,222	)			(3,285,531	)
Net change in unrealized appreciation/depreciation on:
Swap contracts		5,678,334				1,054,157
Net change in unrealized appreciation/depreciation		5,678,334				1,054,157
Net realized and unrealized gain (loss)		(41,417,888	)			(2,231,374	)

Net Increase (Decrease) in Net Assets from Operations	$	(41,039,990	)		$	(2,211,914	)

¹ The\nFund commenced operations on February 18, 2026.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF OPERATIONS - Continued

For the Period Ended July 31, 2026

	\n Tradr 2X Long LITE Daily ETF¹		\n Tradr 2X Long QNT Daily ETF²
Investment Income:
Interest	$	3,499,721		$	2,392
Total investment income		3,499,721			2,392

Expenses:
Advisory fees		2,728,709			877
Interest expense		5,244			-
Total expenses		2,733,953			877
Net investment income (loss)		765,768			1,515

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		15,156,741			-
Purchased options contracts		-			-
Swap contracts		52,706,942			(822,100	)
Net realized gain (loss)		67,863,683			(822,100	)
Net change in unrealized appreciation/depreciation on:
Purchased options contracts		-			-
Swap contracts		38,156,486			(26,203	)
Net change in unrealized appreciation/depreciation		38,156,486			(26,203	)
Net realized and unrealized gain (loss)		106,020,169			(848,303	)

Net Increase (Decrease) in Net Assets from Operations	$	106,785,937		$	(846,788	)

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

The Fund commenced operations on June 30, 2026.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF OPERATIONS - Continued

For the Period Ended July 31, 2026

	\n Tradr 2X Long SNDK Daily ETF¹			\n Tradr 2X Long SpaceX Daily ETF²
Investment Income:
Interest	$	13,359,333			$	87,054
Total investment income		13,359,333				87,054

Expenses:
Advisory fees		14,032,876				26,029
Interest expense		483,448				-
Total expenses		14,516,324				26,029
Net investment income (loss)		(1,156,991	)			61,025

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Investments		-				-
Purchased options contracts		(175,088,505	)			-
Swap contracts		(373,005,568	)			(16,109,299	)
Net realized gain (loss)		(548,094,073	)			(16,109,299	)
Net change in unrealized appreciation/depreciation on:
Purchased options contracts		(4,670,640	)			-
Swap contracts		80,598,198				(1,652,500	)
Net change in unrealized appreciation/depreciation		75,927,558				(1,652,500	)
Net realized and unrealized gain (loss)		(472,166,515	)			(17,761,799	)

Net Increase (Decrease) in Net Assets from Operations	$	(473,323,506	)		$	(17,700,774	)

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

The Fund commenced operations on June 12, 2026.

See accompanying Notes to Financial Statements.

Tradr Funds

STATEMENTS OF OPERATIONS - Continued

For the Period Ended July 31, 2026

	\n Tradr 2X Short CBRS Daily ETF¹			\n Tradr 2X Short SpaceX Daily ETF²
Investment Income:
Interest	$	10,521			$	29,914
Total investment income		10,521				29,914

Expenses:
Advisory fees		8,222				34,903
Total expenses		8,222				34,903
Net investment income (loss)		2,299				(4,989	)

Realized and Unrealized Gain (Loss) on:
Net realized gain (loss) on:
Securities sold short		(2,259,432	)			(501,765	)
Swap contracts		9,179				46,328
Net realized gain (loss)		(2,250,253	)			(455,437	)
Net change in unrealized appreciation/depreciation on:
Swap contracts		1,325,368				18,787,696
Net change in unrealized appreciation/depreciation		1,325,368				18,787,696
Net realized and unrealized gain (loss)		(924,885	)			18,332,259

Net Increase (Decrease) in Net Assets from Operations	$	(922,586	)		$	18,327,270

\n \n \n \n

The Fund commenced operations on May 28, 2026.

\n \n \n \n

The Fund commenced operations on June 12, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long AAOI Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,405,627
Net realized gain (loss) on swap contracts		(443,329,363	)
Net change in unrealized appreciation/depreciation on swap contracts		44,174,147
Net increase (decrease) in net assets resulting from\n operations		(397,749,589	)

Capital Transactions:
Net proceeds from shares sold		1,515,578,256
Cost of shares redeemed		(975,929,572	)
Net increase (decrease) in net assets from capital\n transactions		539,648,684

Total increase (decrease) in net assets		141,899,095

Net Assets:
Beginning of period		-
End of period	$	141,899,095

Capital Share Transactions:
Shares sold		36,465,000
Shares redeemed		(22,815,000	)
Net increase (decrease) in capital share transactions		13,650,000

\n \n \n \n

The Fund commenced operations on March 23, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long CBRS Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	13,746
Net realized gain (loss) on swap contracts		(56,033	)
Net change in unrealized appreciation/depreciation on swap contracts		(654,767	)
Net increase (decrease) in net assets resulting from\n operations		(697,054	)

Capital Transactions:
Net proceeds from shares sold		12,208,095
Cost of shares redeemed		(7,949,219	)
Net increase (decrease) in net assets from capital\n transactions		4,258,876

Total increase (decrease) in net assets		3,561,822

Net Assets:
Beginning of period		-
End of period	$	3,561,822

Capital Share Transactions:
Shares sold		805,000
Shares redeemed		(505,000	)
Net increase (decrease) in capital share transactions		300,000

\n \n \n \n

The Fund commenced operations on May 28, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long COHR Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	377,898
Net realized gain (loss) on swap contracts		(47,096,222	)
Net change in unrealized appreciation/depreciation on swap contracts		5,678,334
Net increase (decrease) in net assets resulting from\n operations		(41,039,990	)

Capital Transactions:
Net proceeds from shares sold		288,470,985
Cost of shares redeemed		(198,798,380	)
Net increase (decrease) in net assets from capital\n transactions		89,672,605

Total increase (decrease) in net assets		48,632,615

Net Assets:
Beginning of period		-
End of period	$	48,632,615

Capital Share Transactions:
Shares sold		6,465,000
Shares redeemed		(4,300,000	)
Net increase (decrease) in capital share transactions		2,165,000

\n \n \n \n

The Fund commenced operations on February 18, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long LEU Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	19,460
Net realized gain (loss) on swap contracts		(3,285,531	)
Net change in unrealized appreciation/depreciation on swap contracts		1,054,157
Net increase (decrease) in net assets resulting from\n operations		(2,211,914	)

Capital Transactions:
Net proceeds from shares sold		11,953,747
Cost of shares redeemed		(3,311,371	)
Net increase (decrease) in net assets from capital\n transactions		8,642,376

Total increase (decrease) in net assets		6,430,462

Net Assets:
Beginning of period		-
End of period	$	6,430,462

Capital Share Transactions:
Shares sold		735,000
Shares redeemed		(235,000	)
Net increase (decrease) in capital share transactions		500,000

\n \n \n \n

The Fund commenced operations on February 18, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long LITE Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	765,768
Net realized gain (loss) on investments and swap contracts		67,863,683
Net change in unrealized appreciation/depreciation on swap contracts		38,156,486
Net increase (decrease) in net assets resulting from\n operations		106,785,937

Capital Transactions:
Net proceeds from shares sold		1,942,967,133
Cost of shares redeemed		(1,857,601,873	)
Net increase (decrease) in net assets from capital\n transactions		85,365,260

Total increase (decrease) in net assets		192,151,197

Net Assets:
Beginning of period		-
End of period	$	192,151,197

Capital Share Transactions²:
Shares sold		60,260,000
Shares redeemed		(51,230,000	)
Net increase (decrease) in capital share transactions		9,030,000

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

The Fund had a 3-1 forward stock split after the close of business March 9,\n 2026. See Note 4 in the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Tradr 2X Long QNT Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,515
Net realized gain (loss) on swap contracts		(822,100	)
Net change in unrealized appreciation/depreciation on swap contracts		(26,203	)
Net increase (decrease) in net assets resulting from\n operations		(846,788	)

Capital Transactions:
Net proceeds from shares sold		2,099,073
Cost of shares redeemed		(755,280	)
Net increase (decrease) in net assets from capital\n transactions		1,343,793

Total increase (decrease) in net assets		497,005

Net Assets:
Beginning of period		-
End of period	$	497,005

Capital Share Transactions:
Shares sold		95,000
Shares redeemed		(40,000	)
Net increase (decrease) in capital share transactions		55,000

\n \n \n \n

The Fund commenced operations on June 30, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long SNDK Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	(1,156,991	)
Net realized gain (loss) on purchased options contracts and swap contracts		(548,094,073	)
Net change in unrealized appreciation/depreciation on purchased options\n contracts and swap contracts		75,927,558
Net increase (decrease) in net assets resulting from\n operations		(473,323,506	)

Capital Transactions:
Net proceeds from shares sold		5,986,058,783
Cost of shares redeemed		(4,114,281,441	)
Net increase (decrease) in net assets from capital\n transactions		1,871,777,342

Total increase (decrease) in net assets		1,398,453,836

Net Assets:
Beginning of period		-
End of period	$	1,398,453,836

Capital Share Transactions²:
Shares sold		471,085,000
Shares redeemed		(321,965,000	)
Net increase (decrease) in capital share transactions		149,120,000

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

The Fund had a 8-1 forward stock split after the close of business June 2, 2026.\n See Note 4 in the accompanying Notes to Financial Statements.

See accompanying Notes to Financial Statements.

Tradr 2X Long SpaceX Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	61,025
Net realized gain (loss) on swap contracts		(16,109,299	)
Net change in unrealized appreciation/depreciation on swap contracts		(1,652,500	)
Net increase (decrease) in net assets resulting from\n operations		(17,700,774	)

Capital Transactions:
Net proceeds from shares sold		53,348,475
Cost of shares redeemed		(25,172,904	)
Net increase (decrease) in net assets from capital\n transactions		28,175,571

Total increase (decrease) in net assets		10,474,797

Net Assets:
Beginning of period		-
End of period	$	10,474,797

Capital Share Transactions:
Shares sold		2,280,000
Shares redeemed		(1,230,000	)
Net increase (decrease) in capital share transactions		1,050,000

\n \n \n \n

The Fund commenced operations on June 12, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Short CBRS Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended \n July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,299
Net realized gain (loss) on securities sold short and swap contracts		(2,250,253	)
Net change in unrealized appreciation/depreciation on swap contracts		1,325,368
Net increase (decrease) in net assets resulting from\n operations		(922,586	)

Capital Transactions:
Net proceeds from shares sold		27,527,533
Cost of shares redeemed		(23,474,066	)
Net increase (decrease) in net assets from capital\n transactions		4,053,467

Total increase (decrease) in net assets		3,130,881

Net Assets:
Beginning of period		-
End of period	$	3,130,881

Capital Share Transactions:
Shares sold		1,530,000
Shares redeemed		(1,290,000	)
Net increase (decrease) in capital share transactions		240,000

\n \n \n \n

The Fund commenced operations on May 28, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Short SpaceX Daily ETF

STATEMENTS OF CHANGES IN NET ASSETS

	\n For the Period Ended July 31, 2026¹
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	(4,989	)
Net realized gain (loss) on securities sold short and swap contracts		(455,437	)
Net change in unrealized appreciation/depreciation on swap contracts		18,787,696
Net increase (decrease) in net assets resulting from\n operations		18,327,270

Capital Transactions:
Net proceeds from shares sold		102,631,801
Cost of shares redeemed		(95,547,754	)
Net increase (decrease) in net assets from capital\n transactions		7,084,047

Total increase (decrease) in net assets		25,411,317

Net Assets:
Beginning of period		-
End of period	$	25,411,317

Capital Share Transactions:
Shares sold		4,525,000
Shares redeemed		(3,875,000	)
Net increase (decrease) in capital share transactions		650,000

\n \n \n \n

The Fund commenced operations on June 12, 2026.

See accompanying Notes to Financial Statements.

Tradr 2X Long AAOI Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.16
Net realized and unrealized gain (loss)		(14.76	)
Total from investment operations		(14.60	)
Net asset value, end of period	$	10.40

Total return^3,4		(58.40	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	141,899

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.16	%⁶
After fees waived and expenses absorbed/recovered		1.16	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on March 23, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

Net asset value total return is calculated assuming an initial investment made\n at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period,\n 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\n shareholder’s investment in the Fund based on market value due to the differences between the market price of the shares and the\n net asset value per share of the Fund.

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long CBRS Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.04
Net realized and unrealized gain (loss)		(13.17	)
Total from investment operations		(13.13	)
Net asset value, end of period	$	11.87

Total return^3,4		(52.52	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,562

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.67	%⁶
After fees waived and expenses absorbed/recovered		1.67	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on May 28, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long COHR Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.21
Net realized and unrealized gain (loss)		(2.75	)
Total from investment operations		(2.54	)
Net asset value, end of period	$	22.46

Total return^3,4		(10.16	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	48,633

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.03	%⁶
After fees waived and expenses absorbed/recovered		1.03	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on February 18, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long LEU Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.08
Net realized and unrealized gain (loss)		(12.22	)
Total from investment operations		(12.14	)
Net asset value, end of period	$	12.86

Total return^3,4		(48.56	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,430

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.20	%⁶
After fees waived and expenses absorbed/recovered		1.20	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on February 18, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long LITE Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026^1,2
Net asset value, beginning of period	$	8.33
Income from Investment Operations:
Net investment income (loss)³		0.08
Net realized and unrealized gain (loss)		12.87
Total from investment operations		12.95
Net asset value, end of period	$	21.28

Total return^4,5		155.36	%⁶

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	192,151

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%^7,8
After fees waived and expenses absorbed/recovered		1.49	%^7,8
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		0.42	%⁸
After fees waived and expenses absorbed/recovered		0.42	%⁸

Portfolio turnover rate		0	%⁶

\n \n \n \n

The Fund had a 3-1 forward stock split after the close of business March 9,\n 2026. See Note 4 in the accompanying Notes to Financial Statements.

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

⁴

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁵

\n \n \n \n

⁶

Not annualized.

\n \n \n \n

⁷

If interest expense had been excluded, the expense ratios would have remained\n unchanged for the period ended July 31, 2026.

\n \n \n \n

⁸

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long QNT Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.03
Net realized and unrealized gain (loss)		(15.99	)
Total from investment operations		(15.96	)
Net asset value, end of period	$	9.04

Total return^3,4		(63.84	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	497

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		2.58	%⁶
After fees waived and expenses absorbed/recovered		2.58	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on June 30, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long SNDK Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026^1,2
Net asset value, beginning of period	$	3.13
Income from Investment Operations:
Net investment income (loss)³		(0.01	)
Net realized and unrealized gain (loss)		6.26
Total from investment operations		6.25
Net asset value, end of period	$	9.38

Total return^4,5		200.16	%⁶

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,398,454

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.54	%^7,8
After fees waived and expenses absorbed/recovered		1.54	%^7,8
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		(0.12	)%⁸
After fees waived and expenses absorbed/recovered		(0.12	)%⁸

Portfolio turnover rate		0	%⁶

\n \n \n \n

The Fund had a 8-1 forward stock split after the close of business June 2, 2026.\n See Note 4 in the accompanying Notes to Financial Statements.

\n \n \n \n

The Fund commenced operations on January 26, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

⁴

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁵

\n \n \n \n

⁶

Not annualized.

\n \n \n \n

⁷

If interest expense had been excluded, the expense ratios would have been lower\n by 0.05% for the period ended July 31, 2026.

\n \n \n \n

⁸

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Long SpaceX Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.09
Net realized and unrealized gain (loss)		(15.11	)
Total from investment operations		(15.02	)
Net asset value, end of period	$	9.98

Total return^3,4		(60.08	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,475

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		3.49	%⁶
After fees waived and expenses absorbed/recovered		3.49	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on June 12, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Short CBRS Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		0.01
Net realized and unrealized gain (loss)		(11.96	)
Total from investment operations		(11.95	)
Net asset value, end of period	$	13.05

Total return^3,4		(47.80	)%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,131

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		0.42	%⁶
After fees waived and expenses absorbed/recovered		0.42	%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on May 28, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr 2X Short SpaceX Daily ETF

FINANCIAL HIGHLIGHTS

Per share operating performance.

For a capital share outstanding throughout each period.

	\n For the Period Ended July 31, 2026¹
Net asset value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income (loss)²		(0.01	)
Net realized and unrealized gain (loss)		14.10
Total from investment operations		14.09
Net asset value, end of period	$	39.09

Total return^3,4		56.36	%⁵

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,411

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.49	%⁶
After fees waived and expenses absorbed/recovered		1.49	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		(0.21	)%⁶
After fees waived and expenses absorbed/recovered		(0.21	)%⁶

Portfolio turnover rate		0	%⁵

\n \n \n \n

The Fund commenced operations on June 12, 2026.

\n \n \n \n

Based on average shares outstanding during the period.

\n \n \n \n

Total returns do not reflect the deduction of taxes that a shareholder would\n pay on the Fund distributions or redemption of Fund shares.

\n \n \n \n

⁴

\n \n \n \n

⁵

Not annualized.

\n \n \n \n

⁶

Annualized.

See accompanying Notes to Financial Statements.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS

July 31, 2026

Note 1 – Organization

Tradr Funds (each a “Fund” and collectively\nthe “Funds”) are organized as a non-diversified series of Investment Managers Series Trust II, a Delaware statutory trust\n(the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as\namended (the “1940 Act”). As of July 31, 2026, the Funds were comprised of the following 10 separate Funds:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Tradr 2X Long AAOI Daily ETF (“2X Long AAOI Daily\n ETF”)

Tradr 2X Long CBRS Daily ETF (“2X Long CBRS Daily ETF”)

Tradr 2X Long COHR Daily ETF (“2X Long COHR Daily ETF”)

Tradr 2X Long LEU Daily ETF (“2X Long LEU Daily ETF”)

Tradr 2X Long LITE Daily ETF (“2X Long LITE Daily ETF”)

Tradr 2X Long QNT Daily ETF (“2X Long QNT Daily ETF”)

Tradr 2X Long SNDK Daily ETF (“2X Long SNDK Daily ETF”)

Tradr 2X Long SpaceX Daily ETF (“2X Long SpaceX Daily ETF”)

Tradr 2X Short CBRS Daily ETF (“2X Short CBRS Daily ETF”)

Tradr 2X Short SpaceX Daily ETF (“2X Short SpaceX Daily ETF”)

The Funds seek leveraged and inversed leveraged investment\nresults, before fees and expenses, of the daily performance of the Funds’ underlying security listed in the table below. The Funds\nare actively managed exchange-traded funds (“ETF”).

The Funds’ commencement of operations, underlying\nsecurity and leverage are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund Name	Commencement of Operations	Underlying Security	Leverage
2X Long AAOI Daily ETF	March 23, 2026	Applied Optoelectronics, Inc.	200%
2X Long CBRS Daily ETF	May 28, 2026	Cerebras Systems, Inc.	200%
2X Long COHR Daily ETF	February 18, 2026	Coherent Corporation	200%
2X Long LEU Daily ETF	February 18, 2026	Centrus Energy Corporation	200%
2X Long LITE Daily ETF	January 26, 2026	Lumentum Holdings, Inc.	200%
2X Long QNT Daily ETF	June 30, 2026	Quantinuum, Inc.	200%
2X Long SNDK Daily ETF	January 26, 2026	SanDisk Corporation	200%
2X Long SpaceX Daily ETF	June 12, 2026	Space Exploration Technologies Corporation	200%
2X Short CBRS Daily ETF	May 28, 2026	Cerebras Systems, Inc.	-200%
2X Short SpaceX Daily ETF	June 12, 2026	Space Exploration Technologies Corporation	-200%

Each Fund is an investment company and accordingly\nfollows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard\nCodification Topic 946 “Financial Services—Investment Companies.”

Each Fund is deemed to be an individual reporting\nsegment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment\ndecisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the\ninformation utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes\nto the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The management of the\nFunds’ Advisor is deemed to be the Chief Operating Decision Maker (“CODM”) with respect to the Funds’ investment\ndecisions.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

Note 2 – Accounting Policies

The following is a summary of the\nsignificant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of\nfinancial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”)\nrequires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual\nresults could differ from these estimates.

(a) Valuation of Investments

The Funds value equity securities at the last reported\nsale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded,\nas 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\navailable, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on\nthe NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued\nat the daily closing net asset value of the respective investment company. Options are valued at either the last close price, the mean\nbetween the last reported bid and ask price, the last bid price or the last ask price. Debt securities are valued by utilizing a price\nsupplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including\nmatrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider\nsuch factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions.\nIf a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might\nreasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds’\nvaluation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ portfolio\ninvestments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures\nto be followed when the Funds must utilize fair value pricing.

(b) Swap Agreements

Each Fund will enter into swap agreements to pursue\nits investment objective of delivering a specific multiple (e.g. 200% or -200%) return to its underlying common stock or ETF for a single\nday. 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\nwith major financial institutions for a specified period ranging from a day to more than one year. In a standard “swap” transaction,\ntwo parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined investments\nor instruments. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional\namount,” e.g., the return on or change in value of a particular dollar amount invested in a “basket” of securities or\nan ETF representing a particular index. A Fund may use a combination of swaps on the underlying ETF and swaps on various investment vehicles\nthat are designed to track the performance of the underlying ETF. The underlying investment vehicle may not track the performance of the\nunderlying ETF due to embedded costs and other factors, which may increase a Fund’s correlation risk and impact a Fund’s ability\nto correlate with the underlying common stock or ETF.

With respect to the use of swap agreements, if the\nunderlying common stock or ETF has a dramatic intraday move that causes a material decline in net assets, the terms of a swap agreement\nbetween a Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event,\na Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with\nits investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the reference asset reverses\nall 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\nof lowering each Fund’s return.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

(c) Options

The Funds may write or purchase options contracts\nprimarily to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an\namount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current\nmarket value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised\nare treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or\nreceived on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss.\nIf an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining\nwhether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over\nwhether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change\nin the price of the security underlying the written option.

(d) Investment Transactions, Investment Income\nand Expenses

Investment transactions are accounted for on the trade\ndate. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable\nwithholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends,\nif applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax\nrules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a\nportion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s\nlegal obligation to pay reclaims as well as payment history and market convention. Expenses incurred by the Trust with respect to more\nthan one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an\nalternative allocation method can be more appropriately made.

(e) Capital Share Transactions

Fund Shares are listed and traded on the CBOE Exchange\n(the “Exchange”) on each day that the Exchange is open for business (“Business Day”). Individual Fund Shares may\nonly be purchased and sold on the Exchange through a broker-dealer. Because the Funds’ Shares trade at market prices rather than\nat their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

The Funds issue and redeem Shares on a continuous\nbasis at NAV only in large blocks of Shares called “Creation Units.” Except when aggregated in Creation Units, Shares are\nnot redeemable securities of the Funds. Fund Shares may only be purchased from or redeemed to the Funds by certain financial institutions\n(“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing\nprocess through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company\n(“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are\nissued and redeemed for cash.

Most retail investors will not qualify as Authorized\nParticipants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares\ndirectly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which\nwill be subject to customary brokerage commissions or fees.

A fixed purchase (i.e., creation) transaction fee\nis imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required\nto pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Funds may adjust the creation\ntransaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard\norders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage,\ntaxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such\ntransaction. The Funds may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services\nof an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for\nthe creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting\nthe deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser\nbears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction\nfee is designed to cover. The standard Creation Unit transaction fee for the Funds is $250, regardless of the number of Creation Units\ncreated in the transaction.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

A fixed redemption transaction fee may be imposed\nfor the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required\nto pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction\nfee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Funds may adjust the\nredemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Funds, may be imposed\nfor cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover\nnon-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the\nexecution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such\nintermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges.\nInvestors are responsible for the costs of transferring the securities constituting the Funds securities to the account of the Trust.\nThe non-standard charges are payable to the Funds as it incurs costs in connection with the redemption of Creation Units, the receipt\nof Funds securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for Funds is\n$250, regardless of the number of Creation Units created in the transaction. In addition, a variable fee, payable to a Fund, may be imposed\nfor cash redemptions, non-standard orders, or partial cash redemptions for the Fund. The variable fee is primarily designed to cover non-standard\ncharges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of\ntrades resulting from such transaction.

(f) Federal Income Taxes

The Funds intend to comply with the requirements of\nSubchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net\ninvestment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes.\nDue to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement\nand federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized\ngains and losses are recorded by the Funds.

Accounting for Uncertainty in Income Taxes\n(the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing\na Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the\ntechnical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position\nthat meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in\nthe financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense\nin the Statements of Operations.

The Income Tax Statement requires management of the\nFunds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’\ncurrent tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain\nstate tax authorities. As of July 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations\nin progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits\nwill significantly change in the next twelve months.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

(g) Distributions to Shareholders

The Funds will make distributions of net investment\nincome and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount\nand 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\nfrom net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences\nin the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

(h) Illiquid Securities

Pursuant to Rule 22e-4 under the 1940 Act, the Funds\nhave adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their illiquid\ninvestments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected\nto be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing\nthe market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by the Fund exceeds\n15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable\nin accordance with the Funds’ written LRMP.

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of each Fund, entered into an\nInvestment Advisory Agreement (the “Agreement”) with AXS Investments LLC (the “Advisor”). Under the terms of the\nAgreement, each Fund pays a monthly investment advisory fee to the Advisor at the following annual rates based on the average daily net\nassets of each Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Investment Advisory Fee		Investment Advisory Fee
2X Long AAOI Daily ETF	1.49%	2X Long QNT Daily ETF	1.49%
2X Long CBRS Daily ETF	1.49%	2X Long SNDK Daily ETF	1.49%
2X Long COHR Daily ETF	1.49%	2X Long SpaceX Daily ETF	1.49%
2X Long LEU Daily ETF	1.49%	2X Short CBRS Daily ETF	1.49%
2X Long LITE Daily ETF	1.49%	2X Short SpaceX Daily ETF	1.49%

The Advisor has agreed to pay all expenses of the\nFunds except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase\nand sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary\nexpenses, and distribution fees and expenses paid by each Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940\nAct.

Brown Brothers Harriman & Co. serves as the Funds’\nfund accountant, transfer agent and custodian. UMB Fund Services (“UMBFS”) and Mutual Fund Administration, LLC (“MFAC”)\nserve as the Funds’ co-administrators.

Certain trustees and officers of the Trust are employees\nof UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds’ co-administrators.

ALPS Distributors, Inc. serves as the Funds’\nDistributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services;\nthe Advisor pays the Distributor a fee for its distribution-related services.

Dziura Compliance Consulting, LLC provides Chief Compliance\nOfficer (“CCO”) services to the Trust.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

Note 4 – Share Splits

The table below includes Share splits for the Funds\nduring the periods ended July 31, 2026. The Share splits do not change the total value of the shareholders’ investments in the Funds.\nThese Share splits have been retroactively adjusted in the financial statements. Each Fund continues to trade on its primary listing exchange,\nas applicable.

\n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Split Effective Date	Split Ratio
2X Long LITE Daily ETF	3/10/26	3:1
2X Long SNDK Daily ETF	6/3/26	8:1

Note 5 – Federal Income Taxes

At July 31, 2026, gross unrealized appreciation and\ndepreciation on investments based on cost for federal income tax purposes were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on\n Investments
2X Long SNDK Daily ETF		$	95,821,840			$	-			$	(4,670,640	)		$	(4,670,640	)

The difference between cost amounts for financial\nstatement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets\nbe reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.\nFor the periods ended July 31, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total\ndistributable earnings (accumulated deficit) as follows:

	Increase (Decrease)
	Paid-in Capital		Total Distributable Earnings (Accumulated Deficit)
2X Long AAOI Daily ETF	$	-		$	-
2X Long CBRS Daily ETF		-			-
2X Long COHR Daily ETF		-			-
2X Long LEU Daily ETF		-			-
2X Long LITE Daily ETF		54,094,414			(54,094,414	)
2X Long QNT Daily ETF		-			-
2X Long SNDK Daily ETF		-			-
2X Long SpaceX Daily ETF		-			-
2X Short CBRS Daily ETF		-			-
2X Short SpaceX Daily ETF		-			-

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

The tax basis of the components of distributable net\nearnings (deficit) at July 31, 2026 were as follows:

Fund Name	Undistributed ordinary income		Undistributed long-term capital gains			Tax accumulated earnings		Accumulated capital and other losses	Unrealized appreciation (depreciation) on options\n contracts and swap contracts			Unrealized deferred compensation			Total distributable earnings (accumulated deficit)
2X Long AAOI Daily ETF	$	-		$	-		$	-	$	(441,923,736	)		$	44,174,147		$	-	$	(397,749,589	)
2X Long CBRS Daily ETF		-			-			-		(42,287	)			(654,767	)		-		(697,054	)
2X Long COHR Daily ETF		-			-			-		(46,718,324	)			5,678,334			-		(41,039,990	)
2X Long LEU Daily ETF		-			-			-		(3,266,071	)			1,054,157			-		(2,211,914	)
2X Long LITE Daily ETF		14,535,037			-			14,535,037		-				38,156,486			-		52,691,523
2X Long QNT Daily ETF		-			-			-		(820,585	)			(26,203	)		-		(846,788	)
2X Long SNDK Daily ETF		-			-			-		(549,251,064	)			75,927,558			-		(473,323,506	)
2X Long SpaceX Daily ETF		-			-			-		(16,048,274	)			(1,652,500	)		-		(17,700,774	)
2X Short CBRS Daily ETF		32,679			-			32,679		(2,280,633	)			1,325,368			-		(922,586	)
2X Short SpaceX Daily ETF		134,690			-			134,690		(595,116	)			18,787,696			-		18,327,270

As of July 31, 2026, the Funds listed below had qualified\nlate-year ordinary losses which are deferred until fiscal year 2027 for tax purposes. Net late-year ordinary losses incurred after December\n31 and within the taxable year and net late-year specified losses incurred after October 31 and within the taxable year, are deemed to\narise on the first day of the Funds’ next taxable year.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Late-year ordinary losses
2X Long AAOI Daily ETF	$	28,100,133
2X Long CBRS Daily ETF		42,287
2X Long COHR Daily ETF		3,583,438
2X Long LEU Daily ETF		205,230
2X Long LITE Daily ETF		-
2X Long QNT Daily ETF		7,556
2X Long SNDK Daily ETF		144,973,119
2X Long SpaceX Daily ETF		163,183
2X Short CBRS Daily ETF		-
2X Short SpaceX Daily ETF		-

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

As of July 31, 2026, the Funds listed below had net\ncapital loss carryovers as follows:

	Not subject to expiration:
	Short-term		Long-term			Total
2X Long AAOI Daily ETF	$	413,823,603		$	-		$	413,823,603
2X Long COHR Daily ETF		43,134,886			-			43,134,886
2X Long LEU Daily ETF		3,060,841			-			3,060,841
2X Long QNT Daily ETF		813,029			-			813,029
2X Long SNDK Daily ETF		404,277,945			-			404,277,945
2X Long SpaceX Daily ETF		15,885,091			-			15,885,091
2X Short CBRS Daily ETF		2,280,633			-			2,280,633
2X Short SpaceX Daily ETF		595,116			-			595,116

To the extent that a fund may realize future net capital\ngains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given\nyear may be subject to Internal Revenue Code limitations.

Note 6 – Investment Transactions

For the periods ended July 31, 2026, purchases and\nsales of investments, excluding short-term investments, were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Purchases		Sales			Proceeds from Securities Sold Short		Cover Short Securities
2X Long LITE Daily ETF	$	294,685,695		$	309,842,436		$	-	$	-
2X Short CBRS Daily ETF		-			-			18,079,600		15,820,168
2X Short SpaceX Daily ETF		-			-			62,293,488		61,791,723

Note 7 – Distribution Plan

The Trust has adopted a Distribution and Service Plan\npursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Funds are authorized to pay an amount up to 0.25%\nof their average daily net assets each year to reimburse the Distributor for amounts expended to finance activities primarily intended\nto result in the sale of Creation Units or the provision of investor services. The Distributor may also use this amount to compensate\nsecurities dealers or other persons that are APs for providing distribution assistance, including broker-dealer and shareholder support\nand educational and promotional services. The Funds do not and have no current intention of paying 12b-1 fees. However, in the event 12b-1\nfees 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\nshareholders’ investment and may cost shareholders more than certain other types of sales charges.

Note 8 – Indemnifications

In the normal course of business, the Funds enter\ninto contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under\nthese arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However,\nthe Funds expect the risk of loss to be remote.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

Note 9 – Fair Value Measurements and Disclosure

Fair Value Measurements and Disclosures defines\nfair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements.\nIt also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or\na 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,\nvarious inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad Levels\nas described below:

\n \n \n \n

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund\n has the ability to access.

\n \n \n \n

●

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the\n asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive\n market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

\n \n \n \n

●

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are\n not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset\n or liability, and would be based on the best information available.

The availability of observable inputs can vary from\nsecurity to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security\nis new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To\nthe extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair\nvalue requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized\nin Level 3.

The inputs used to measure fair value may fall into\ndifferent Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which\nthe fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value\nmeasurement in its entirety.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

The inputs or methodology used for valuing securities\nare not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of\nJuly 31, 2026, in valuing the Funds’ assets and liabilities carried at fair value:

	Assets		Assets			Liabilities
	Level 1		Level 2			Level 2
Fund*	Purchased Options Contracts		Swap Contracts**			Swap Contracts**
2X Long AAOI Daily ETF	$	-		$	45,364,756		$	1,190,609
2X Long CBRS Daily ETF		-			-			654,767
2X Long COHR Daily ETF		-			5,678,334			-
2X Long LEU Daily ETF		-			1,054,157			-
2X Long LITE Daily ETF		-			52,988,336			14,831,850
2X Long QNT Daily ETF		-			-			26,203
2X Long SNDK Daily ETF		91,151,200			715,251,640			634,653,442
2X Long SpaceX Daily ETF		-			-			1,652,500
2X Short CBRS Daily ETF		-			1,325,368			-
2X Short SpaceX Daily ETF		-			18,787,696			-

\n \n \n \n

The Funds did not hold any Level 3 securities at period end.

\n \n \n \n

Other financial instruments are derivative instruments such as swap contracts. Swap contracts are valued at\n the unrealized appreciation (depreciation) on the instrument.

Note 10 – Derivative and Hedging Disclosure

Derivatives and Hedging requires enhanced disclosures\nabout the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’\nfinancial position and performance. The Funds invested in purchased options contracts and swap contracts during the periods ended July\n31, 2026.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

The effects of these derivative instruments on the\nFunds’ financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations\nare presented in the tables below. The fair values of derivative instruments, as of July 31, 2026, by risk category are as follows:

Fund

Statements of Asset and Liabilities Location

Derivatives not
designated as
hedging
\n instruments

Asset
Derivatives

Value

Liability
Derivatives

Value

2X Long AAOI Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

45,364,756

1,190,609

2X Long CBRS Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

654,767

2X Long COHR Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

5,678,334

2X Long LEU Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

1,054,157

2X Long LITE Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

52,988,336

14,831,850

2X Long QNT Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

26,203

2X Long SNDK Daily ETF

Purchased options contracts, at value

Equity contracts

91,151,200

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

715,251,640

634,653,442

2X Long SpaceX Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

1,652,500

2X Short CBRS Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

1,325,368

2X Short SpaceX Daily ETF

Unrealized appreciation/depreciation on open swap contracts

Equity contracts

18,787,696

The effects of derivative instruments on the Statements\nof Operations for the periods ended July 31, 2026, are as follows:

Amount of Realized Gain or (Loss) on Derivatives\n Recognized in the Statements of Operations
Fund	Derivatives not designated as hedging instruments	Purchased Options Contracts			Open Swap Contracts
2X Long AAOI Daily ETF	Equity contracts	$	-			$	(443,329,363	)
2X Long CBRS Daily ETF	Equity contracts		-				(56,033	)
2X Long COHR Daily ETF	Equity contracts		-				(47,096,222	)
2X Long LEU Daily ETF	Equity contracts		-				(3,285,531	)
2X Long LITE Daily ETF	Equity contracts		-				52,706,942
2X Long QNT Daily ETF	Equity contracts		-				(822,100	)
2X Long SNDK Daily ETF	Equity contracts		(175,088,505	)			(373,005,568	)
2X Long SpaceX Daily ETF	Equity contracts		-				(16,109,299	)
2X Short CBRS Daily ETF	Equity contracts		-				9,179
2X Short SpaceX Daily ETF	Equity contracts		-				46,328

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

Change in Unrealized Appreciation/Depreciation\n on Derivatives Recognized in the Statements of Operations
Fund	Derivatives not designated as hedging instruments	Purchased Options Contracts			Open Swap Contracts
2X Long AAOI Daily ETF	Equity contracts	$	-			$	44,174,147
2X Long CBRS Daily ETF	Equity contracts		-				(654,767	)
2X Long COHR Daily ETF	Equity contracts		-				5,678,334
2X Long LEU Daily ETF	Equity contracts		-				1,054,157
2X Long LITE Daily ETF	Equity contracts		-				38,156,486
2X Long QNT Daily ETF	Equity contracts		-				(26,203	)
2X Long SNDK Daily ETF	Equity contracts		(4,670,640	)			80,598,198
2X Long SpaceX Daily ETF	Equity contracts		-				(1,652,500	)
2X Short CBRS Daily ETF	Equity contracts		-				1,325,368
2X Short SpaceX Daily ETF	Equity contracts		-				18,787,696

The average quarterly volume of derivative instruments\nheld by the Funds during the periods ended July 31, 2026, are as follows:

Fund	\n Derivatives not designated as \n hedging instruments	Investment	Notional Value
2X Long AAOI Daily ETF	Equity contracts	Open Swap Contracts	$	401,578,333
2X Long CBRS Daily ETF	Equity contracts	Open Swap Contracts		6,396,872
2X Long COHR Daily ETF	Equity contracts	Open Swap Contracts		119,385,351
2X Long LEU Daily ETF	Equity contracts	Open Swap Contracts		9,873,113
2X Long LITE Daily ETF	Equity contracts	Open Swap Contracts		342,633,670
2X Long QNT Daily ETF	Equity contracts	Open Swap Contracts		1,011,148
2X Long SNDK Daily ETF	Equity contracts	Purchased Options Contracts		164,000,000
2X Long SNDK Daily ETF	Equity contracts	Open Swap Contracts		1,483,500,439
2X Long SpaceX Daily ETF	Equity contracts	Open Swap Contracts		22,343,406
2X Short CBRS Daily ETF	Equity contracts	Open Swap Contracts		(7,063,660	)
2X Short SpaceX Daily ETF	Equity contracts	Open Swap Contracts		(65,554,278	)

Note 11 – Market Disruption and Geopolitical\nRisks

Certain local, regional, or global events such as\nwar, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other\nevents may have a significant impact on a security or instrument. These types of events and other like them are collectively referred\nto as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the\neconomies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen\nways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions,\ntariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability\nto participate impacted markets. The duration of these events could adversely affect the Funds’ performance, the performance of\nthe securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of “Market Disruptions and\nGeopolitical Risks” on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management\nis actively monitoring these events.

Tradr Funds

NOTES TO FINANCIAL STATEMENTS - Continued

July 31, 2026

Note 12 – New Accounting Pronouncements and\nRegulatory Updates

In the reporting period, the Funds adopted FASB Accounting\nStandards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income\ntax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially\nimpact financial statement disclosures and did not affect the Funds’ financial position or the results of its operations.

Note 13 – Events Subsequent to the Fiscal\nPeriod End

The Funds have adopted financial reporting rules regarding\nsubsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional\nevidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and\ntransactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions\nthat occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM

To the Shareholders of Tradr ETFs and

the Board of Trustees of Investment Managers Series Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets\nand liabilities of Tradr 2X Long AAOI Daily ETF, Tradr 2X Long CBRS Daily ETF, Tradr 2X Long COHR Daily ETF, Tradr 2X Long LEU Daily ETF,\nTradr 2X Long LITE Daily ETF, Tradr 2X Long QNT Daily ETF, Tradr 2X Long SNDK Daily ETF, Tradr 2X Long SpaceX Daily ETF, Tradr 2X Short\nCBRS Daily ETF and Tradr 2X Short SpaceX Daily ETF (the “Funds”), each a series of Investment Managers Series Trust II (the\n“Trust”), including the schedules of investments, as of July 31, 2026, the related statements of operations, the statements\nof changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively\nreferred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,\nthe financial position of the Funds as of July 31, 2026, the results of their operations, the changes in their net assets and their financial\nhighlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United\nStates of America.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Individual Funds constituting Tradr ETFs	Statements of operations	Statements of changes in net assets	Financial highlights
Tradr 2X Long AAOI Daily ETF	For the period March 23, 2026 (commencement of operations) through July 31,\n 2026	For the period March 23, 2026 (commencement of operations) through July 31,\n 2026	For the period March 23, 2026 (commencement of operations) through July 31, 2026
\n Tradr 2X Long CBRS Daily ETF \n Tradr 2X Short CBRS Daily ETF	For the period May 28, 2026 (commencement of operations) through July 31, 2026	For the period May 28, 2026 (commencement of operations) through July 31, 2026	For the period May 28, 2026 (commencement of operations) through July 31, 2026
\n Tradr 2X Long COHR Daily ETF \n Tradr 2X Long LEU Daily ETF	For the period February 18, 2026 (commencement of operations) through July 31,\n 2026	For the period February 18, 2026 (commencement of operations) through July 31,\n 2026	For the period February 18, 2026 (commencement of operations) through July 31, 2026
\n Tradr 2X Long LITE Daily ETF \n Tradr 2X Long SNDK Daily ETF	For the period January 26, 2026 (commencement of operations) through July 31,\n 2026	For the period January 26, 2026 (commencement of operations) through July 31,\n 2026	For the period January 26, 2026 (commencement of operations) through July 31, 2026
Tradr 2X Long QNT Daily ETF	For the period June 30, 2026 (commencement of operations) through July 31, 2026	For the period June 30, 2026 (commencement of operations) through July 31, 2026	For the period June 30, 2026 (commencement of operations) through July 31, 2026
\n Tradr 2X Long SpaceX Daily ETF \n Tradr 2X Short SpaceX Daily ETF	For the period June 12, 2026 (commencement of operations) through July 31, 2026	For the period June 12, 2026 (commencement of operations) through July 31, 2026	For the period June 12, 2026 (commencement of operations) through July 31, 2026

To the Shareholders of Tradr ETFs and

the Board of Trustees of Investment Managers Series Trust II

Basis for Opinion

These financial statements are the responsibility\nof the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits.\nWe are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and\nare required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules\nand regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in\nthe Trust since 2013.

We conducted our audits in accordance with the standards\nof the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements\nare free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform,\nan audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’\ninternal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026 by\ncorrespondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We\nbelieve that our audits provide a reasonable basis for our opinion.

\n \n \n \n \n \n \n \n \n \n

	$\"\"$

	TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

September 28, 2026

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited)

Item 8. Changes in and Disagreements\nwith Accountants for Open-End Management Investment Companies.

Not Applicable.

Item 9.\nProxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

Item 10. Remuneration Paid\nto Directors, Officers, and Others of Open-End Management Investment Companies.

This information is included in Item 7, as part of\nthe financial statements.

Item 11.\nStatement Regarding Basis for Approval of Investment Advisory Contract.

Board Consideration of Investment Advisory Agreement

At a meeting held on December 16, 2025 (the “December\nMeeting”), the Board of Trustees (the “Board”) of Investment Managers Series Trust II (the “Trust”),\nincluding the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined\nin the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the investment\nadvisory agreement (the “Advisory Agreement”) between the Trust and AXS Investments LLC (the “Advisor”)\nfor an initial two-year term, with respect to the following series of the Trust (each, a “December Fund” and collectively,\nthe “December Funds”):

\n \n \n \n

●

Tradr 2X Long AAOI Daily ETF,

\n \n \n \n

●

Tradr 2X Long COHR Daily ETF, and

\n \n \n \n

●

Tradr 2X Long LEU Daily ETF.

In addition, at a meeting held on January 21, 2026\n(the “January Meeting”), the Board, including the Independent Trustees, reviewed and unanimously approved the Advisory\nAgreement between the Trust and the Advisor for an initial two-year term, with respect to the following series of the Trust (each, a “January\nFund” and collectively, the “January Funds”):

\n \n \n \n

●

Tradr 2X Long SpaceX Daily ETF, and

\n \n \n \n

●

Tradr 2X Short SpaceX Daily ETF.

At a meeting held on April 22, 2026 (the “April\nMeeting”), the Board, including the Independent Trustees, reviewed and unanimously approved the Advisory Agreement between the\nTrust and the Advisor for an initial two-year term, with respect to the following series of the Trust (each, an “April Fund”\nand collectively, the “April Funds”):

\n \n \n \n

●

Tradr 2X Long CBRS Daily ETF,

\n \n \n \n

●

Tradr 2X Short CBRS Daily ETF, and

\n \n \n \n

●

Tradr 2X Long ONT Daily ETF.

The December Funds, January Funds, and April Funds\nare each referred to as a “Fund” and collectively as the “Funds”. In approving the Advisory Agreement\nwith respect to each Fund, the Board, including the Independent Trustees, determined that such approval was in the best interests of the\napplicable Fund and its shareholders.

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited) – Continued

Tradr\n2X Long AAOI Daily ETF, Tradr 2X Long COHR Daily ETF, and Tradr 2X Long LEU Daily ETF

Background

In advance of the December Meeting, the Board received\ninformation about the December Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund\nServices, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things,\nincluded information about the Advisor’s organization and financial condition; information regarding the background, experience,\nand compensation structure of relevant personnel who would be providing services to the December Funds; information about the Advisor’s\ncompliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio\nexecution and trading; information regarding the estimated profitability of the Advisor’s overall relationship with each Fund; and\nreports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) comparing the proposed advisory fee and estimated\ntotal expenses of each Fund with those of a group of comparable funds selected by Broadridge (each, a “Peer Group”)\nfrom Morningstar, Inc.’s relevant category (each, a “Fund Universe”). The Board also received a memorandum from\nlegal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for\ntheir consideration of the proposed approval of the Advisory Agreement. In addition, the Board considered information reviewed by the\nBoard regarding other series of the Trust managed by the Advisor during the year at other Board and Board committee meetings. No representatives\nof the Advisor were present during the Board’s consideration of the Advisory Agreement, and the Independent Trustees were represented\nby their legal counsel with respect to the matters considered.

In approving the Advisory Agreement, the Board and\nthe Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent\nTrustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various\nfactors.

Nature, Extent, and Quality of Services

The Board noted that although there was no relevant\nperformance information for it to review with respect to the December Funds, it was familiar with the Advisor as the investment advisor\nfor many other series of the Trust, including other ETFs based on the performance of single stocks. The Board considered the overall quality\nof the services to be provided by the Advisor to each December Fund. In doing so, the Board considered the Advisor’s specific responsibilities\nin all aspects of day-to-day management and oversight of the December Funds, as well as the qualifications, experience, and responsibilities\nof the personnel who would be involved in the day-to-day activities of the Funds. The Board also considered the overall quality of the\norganization and operations of the Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that\nbased on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage\neach December Fund, and that the Advisor would provide each Fund with a reasonable potential for good investment results.

Advisory Fees and Expense Ratios

The Board reviewed information regarding each December\nFund’s proposed advisory fee and estimated annual total expenses. The December Meeting materials indicated that each December Fund’s\nproposed annual investment advisory fee of 1.49% (gross of fee waivers) was lower than the Peer Group median, but higher than the U.S.\nFund Trading – Leveraged Equity Fund Universe median by 0.24%. The Trustees considered the Advisor’s assertion that the\nproposed advisory fee is justified because each December Fund is an innovative and unique product that is not otherwise available to investors.\nThe Trustees also noted that the proposed annual investment advisory fee for each December Fund was within the range of advisory fees\npaid by other series of the Trust managed by the Advisor.

The December Meeting materials indicated that each\nDecember Fund’s estimated annual total expenses of 1.49% (net of fee waivers) were below the Peer Group median, but higher than\nthe Fund Universe median by 0.44%. The Trustees considered the Advisor’s explanation that each December Fund is actively managed\nand requires investments in total return swaps and options, and that the net expense ratio for each Fund was set at a level at which the\nAdvisor can maintain the viability of the Fund.

The Board and the Independent Trustees concluded that,\nin light of the services proposed to be provided by the Advisor to each December Fund, the compensation proposed to be paid to the Advisor\nunder the Advisory Agreement would be fair and reasonable.

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited) – Continued

Profitability, Benefits to the Advisor, and\nEconomies of Scale

The Board next considered information relating to\nthe estimated profitability to the Advisor of its proposed relationship with each December Fund during its first year of operations, taking\ninto account estimated assets of $20 million. The Board determined that the anticipated profit level with respect to each December Fund\nwas reasonable.

The Board noted that the potential benefits received\nby the Advisor as a result of its proposed relationship with the December Funds, other than the receipt of its advisory fees, would include\nthe usual types of “fall out” benefits received by advisors to the Trust, including any research received from broker-dealers\nproviding execution services to the Funds, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the\nAdvisor’s compliance program, the intangible benefits of the Advisor’s association with the Funds generally, and any favorable\npublicity arising in connection with the Funds’ performance. The Board also noted that although the Advisory Agreement does not\nprovide for any advisory fee breakpoints, the December Funds’ asset levels would likely be too low to achieve significant economies\nof scale during the Funds’ initial startup period, and that any such economies would be considered in the future as the Funds’\nassets grow.

Conclusion

Based on these and other factors, the Board and the\nIndependent Trustees concluded that approval of the Advisory Agreement was in the best interests of each December Fund and its shareholders\nand, accordingly, approved the Advisory Agreement with respect to each December Fund.

Tradr\n2X Long SpaceX Daily ETF and Tradr 2X Short SpaceX Daily ETF

Background

In advance of the January Meeting, the Board received\ninformation about the January Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund\nServices, Inc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things,\nincluded information about the Advisor’s organization and financial condition; information regarding the background, experience,\nand compensation structure of relevant personnel who would be providing services to the January Funds; information about the Advisor’s\ncompliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio\nexecution and trading; information regarding the estimated profitability of the Advisor’s overall relationship with each Fund; and\nreports prepared by Broadridge comparing the proposed advisory fee and estimated total expenses of each Fund with those of its Peer Group\nand Fund Universe. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal\nstandards under the 1940 Act and other applicable law for their consideration of the proposed approval of the Advisory Agreement. In addition,\nthe Board considered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other\nBoard and Board committee meetings. No representatives of the Advisor were present during the Board’s consideration of the Advisory\nAgreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

Nature, Extent, and Quality of Services

The Board noted that although there was no relevant\nperformance information for it to review with respect to the January Funds, it was familiar with the Advisor as the investment advisor\nfor many other series of the Trust, including other ETFs based on the performance of single stocks. The Board considered the overall quality\nof the services to be provided by the Advisor to each January Fund. In doing so, the Board considered the Advisor’s specific responsibilities\nin all aspects of day-to-day management and oversight of the January Funds, as well as the qualifications, experience, and responsibilities\nof the personnel who would be involved in the day-to-day activities of the Funds. The Board also considered the overall quality of the\norganization and operations of the Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that\nbased on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage\neach January Fund, and that the Advisor would provide each Fund with a reasonable potential for good investment results.

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited) – Continued

Advisory Fees and Expense Ratios

The Board reviewed information regarding each January\nFund’s proposed advisory fee and estimated annual total expenses. The January Meeting materials indicated the following:

\n \n \n \n

●

The Tradr 2X Long SpaceX Daily ETF’s proposed annual investment advisory fee of 1.49% (gross of fee\n waivers) was higher than both the Peer Group and Trading – Leveraged Equity Fund Universe medians by 0.49%. The Trustees considered\n the Advisor’s assertion that the proposed advisory fee is justified because the Fund is an innovative and unique product that is\n not otherwise available to investors. The Trustees also noted that the proposed annual investment advisory fee was within the range of\n advisory fees paid by other series of the Trust managed by the Advisor.

The Tradr 2X Long SpaceX Daily ETF’s\nestimated annual total expenses of 1.49% (net of fee waivers) were higher than the Peer Group and Fund Universe medians by 0.32% and 0.34%,\nrespectively. The Trustees noted that the Fund’s higher estimated annual total expenses were in part attributable to the Fund’s\nhigher advisory fee. The Trustees also considered the Advisor’s explanation that the Fund is actively managed and requires investments\nin total return swaps and options, and that the net expense ratio for the Fund was set at a level at which the Advisor can maintain the\nviability of the Fund.

\n \n \n \n

●

The Tradr 2X Short SpaceX Daily ETF’s proposed annual investment advisory fee of 1.49% (gross of fee\n waivers) was higher than the Peer Group and Trading – Inverse Equity Fund Universe medians by 0.32% and 0.54%, respectively. The\n Trustees considered the Advisor’s assertion that the proposed advisory fee is justified because the Fund is an innovative and unique\n product that is not otherwise available to investors. The Trustees also noted that the proposed annual investment advisory fee was within\n the range of advisory fees paid by other series of the Trust managed by the Advisor.

The Tradr 2X Short SpaceX Daily ETF’s\nestimated annual total expenses of 1.49% (net of fee waivers) were higher than the Peer Group and Fund Universe medians by 0.10% and 0.39%,\nrespectively. The Trustees noted that the Fund’s higher estimated annual total expenses were in part attributable to the Fund’s\nhigher advisory fee. The Trustees also considered the Advisor’s explanation that the Fund is actively managed and requires investments\nin total return swaps and options, and that the net expense ratio for the Fund was set at a level at which the Advisor can maintain the\nviability of the Fund.

The Board and the Independent Trustees concluded that,\nin light of the services proposed to be provided by the Advisor to each January Fund, the compensation proposed to be paid to the Advisor\nunder the Advisory Agreement would be fair and reasonable.

Profitability, Benefits to the Advisor, and\nEconomies of Scale

The Board next considered information relating to\nthe estimated profitability to the Advisor of its proposed relationship with each January Fund during its first year of operations, taking\ninto account estimated assets of $20 million. The Board determined that the anticipated profit level with respect to each January Fund\nwas reasonable.

The Board noted that the potential benefits received\nby the Advisor as a result of its proposed relationship with the January Funds, other than the receipt of its advisory fees, would include\nthe usual types of “fall out” benefits received by advisors to the Trust, including any research received from broker-dealers\nproviding execution services to the Funds, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the\nAdvisor’s compliance program, the intangible benefits of the Advisor’s association with the Funds generally, and any favorable\npublicity arising in connection with the Funds’ performance. The Board also noted that although the Advisory Agreement does not\nprovide for any advisory fee breakpoints, the January Funds’ asset levels would likely be too low to achieve significant economies\nof scale during the Funds’ initial startup period, and that any such economies would be considered in the future as the Funds’\nassets grow.

Conclusion

Based on these and other factors, the Board and the\nIndependent Trustees concluded that approval of the Advisory Agreement was in the best interests of each January Fund and its shareholders\nand, accordingly, approved the Advisory Agreement with respect to each January Fund.

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited) – Continued

Tradr\n2X Long CBRS Daily ETF, Tradr 2X Short CBRS Daily ETF, and Tradr 2X Long ONT Daily ETF

Background

In advance of the April Meeting, the Board received\ninformation about the April Funds and the Advisory Agreement from the Advisor and from Mutual Fund Administration, LLC and UMB Fund Services,\nInc., the Trust’s co-administrators, certain portions of which are discussed below. The materials, among other things, included\ninformation about the Advisor’s organization and financial condition; information regarding the background, experience, and compensation\nstructure of relevant personnel who would be providing services to the April Funds; information about the Advisor’s compliance policies\nand procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading;\ninformation regarding the estimated profitability of the Advisor’s overall relationship with each Fund; and reports prepared by\nBroadridge comparing the proposed advisory fee and estimated total expenses of each Fund with those of its Peer Group and Fund Universe.\nThe Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under\nthe 1940 Act and other applicable law for their consideration of the proposed approval of the Advisory Agreement. In addition, the Board\nconsidered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other Board\nand Board committee meetings. No representatives of the Advisor were present during the Board’s consideration of the Advisory Agreement,\nand the Independent Trustees were represented by their legal counsel with respect to the matters considered.

Nature, Extent, and Quality of Services

The Board noted that although there was no relevant\nperformance information for it to review with respect to the April Funds, it was familiar with the Advisor as the investment advisor for\nmany other series of the Trust, including other ETFs based on the performance of single stocks. The Board considered the overall quality\nof the services to be provided by the Advisor to each April Fund. In doing so, the Board considered the Advisor’s specific responsibilities\nin all aspects of day-to-day management and oversight of the April Funds, as well as the qualifications, experience, and responsibilities\nof the personnel who would be involved in the day-to-day activities of the Funds. The Board also considered the overall quality of the\norganization and operations of the Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that\nbased on the various factors they had reviewed, the Advisor would have the capabilities, resources, and personnel necessary to manage\neach April Fund, and that the Advisor would provide each Fund with a reasonable potential for good investment results.

Advisory Fees and Expense Ratios

The Board reviewed information regarding each April\nFund’s proposed advisory fee and estimated annual total expenses. The April Meeting materials indicated the following:

\n \n \n \n

●

With respect to the Tradr 2X Long CBRS Daily ETF and Tradr 2X Long ONT Daily ETF, the proposed annual investment\n advisory fee of 1.49% (gross of fee waivers) was below the Peer Group median, but higher than the Trading – Leveraged Equity Fund\n Universe median by 0.49%. The Trustees considered the Advisor’s assertion that the proposed advisory fee is justified because\n each Fund is an innovative and unique product that is not otherwise available to investors. The Trustees also noted that the proposed\n annual investment advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

For the Tradr 2X Long CBRS Daily ETF and\nTradr 2X Long ONT Daily ETF, the estimated annual total expenses of 1.49% (net of fee waivers) were below the Peer Group median, but higher\nthan the Fund Universe median by 0.34%. The Trustees considered the Advisor’s explanation that each Fund is actively managed and\nrequires investments in total return swaps and options, and that the net expense ratio for each Fund was set at a level at which the Advisor\ncan maintain the viability of the Fund.

\n \n \n \n

●

For the Tradr 2X Short CBRS Daily ETF, the proposed annual investment advisory fee of 1.49% (gross of fee\n waivers) was higher than the Peer Group and Trading – Inverse Equity Fund Universe medians by 0.195% and 0.54%, respectively. The\n Trustees considered the Advisor’s assertion that the proposed advisory fee is justified because the Fund is an innovative and unique\n product that is not otherwise available to investors. The Trustees also noted that the proposed annual investment advisory fee was within\n the range of advisory fees paid by other series of the Trust managed by the Advisor.

The estimated annual total expenses of 1.49%\n(net of fee waivers) were lower than the Peer Group median, but higher than Fund Universe median by 0.35%. The Trustees considered the\nAdvisor’s explanation that the Fund is actively managed and requires investments in total return swaps and options, and that the\nnet expense ratio for the Fund was set at a level at which the Advisor can maintain the viability of the Fund.

Tradr Funds

Statement Regarding Basis for Approval of Investment\nAdvisory Contract (Unaudited) – Continued

The Board and the Independent Trustees concluded that,\nin light of the services proposed to be provided by the Advisor to each April Fund, the compensation proposed to be paid to the Advisor\nunder the Advisory Agreement would be fair and reasonable.

Profitability, Benefits to the Advisor, and\nEconomies of Scale

The Board next considered information relating to\nthe estimated profitability to the Advisor of its proposed relationship with each April Fund during its first year of operations, taking\ninto account estimated assets of $20 million. The Board determined that the anticipated profit level with respect to each April Fund was\nreasonable.

The Board noted that the potential benefits received\nby the Advisor as a result of its proposed relationship with the April Funds, other than the receipt of its advisory fees, would include\nthe usual types of “fall out” benefits received by advisors to the Trust, including any research received from broker-dealers\nproviding execution services to the Funds, the beneficial effects from the review by the Trust’s Chief Compliance Officer of the\nAdvisor’s compliance program, the intangible benefits of the Advisor’s association with the Funds generally, and any favorable\npublicity arising in connection with the Funds’ performance. The Board also noted that although the Advisory Agreement does not\nprovide for any advisory fee breakpoints, the April Funds’ asset levels would likely be too low to achieve significant economies\nof scale during the Funds’ initial startup period, and that any such economies would be considered in the future as the Funds’\nassets grow.

Conclusion

Based on these and other factors, the Board and the\nIndependent Trustees concluded that approval of the Advisory Agreement was in the best interests of each April Fund and its shareholders\nand, accordingly, approved the Advisory Agreement with respect to each April Fund.

Item\n12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.\nPortfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item\n14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.\nSubmission of Matters to a Vote of Security Holders.

The registrant has not made any material changes to\nthe procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 16.\nControls and Procedures.

\n \n \n \n

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s\n disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of\n a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under\n the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are\n effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported\n and made known to them by others within the Registrant and by the Registrant’s service provider.

\n \n \n \n

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule\n 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to\n materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities\nLending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously\nAwarded Compensation.

(a) Not Applicable.

(b) Not Applicable.

Item 19. Exhibits.

\n \n \n \n

(a)

(1) Any\n code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to\n satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to the Registrant’s Form N-CSR filed June 8,\n 2018.

(a) (2) Any policy required by the listing standards adopted pursuant\nto Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities\nassociation upon which the registrant’s securities are listed. Instruction to paragraph (a)(2). Not Applicable.

(a)\n(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a)\nunder the Act (17 CFR 270.30a-2(a)). Filed herewith.

(a) (4) Not Applicable.

(a) (5) Not Applicable.

\n \n \n \n

(b)

Certification pursuant to Section 906\n of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of\nthe Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on\nits behalf by the undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(Registrant)	Investment Managers Series Trust II

By (Signature and Title)	/s/ Scott Schulenburg
	Scott Schulenburg, President and Principal Executive Officer

Date	10/8/2026

Pursuant to the requirements of\nthe Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons\non behalf of the registrant and in the capacities and on the dates indicated.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

By (Signature and Title)	/s/ Scott Schulenburg
	Scott Schulenburg, President and Principal Executive Officer

Date	10/8/2026

By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer

Date	10/8/2026

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