Tradr 2X Long AAOI Daily ETF (AAOX) is an actively managed exchange-traded fund launched by Investment Managers Series Trust II and managed by AXS Investments LLC, designed to deliver two times the daily performance of Applied Optoelectronics, Inc. common stock through direct exposure and derivatives, including swap agreements. The fund is domiciled in the United States, was formed on March 23, 2026, and is listed on Cboe under ticker AAOX; it carries a 1.49% expense ratio, is non-diversified, and is intended for trading-day exposure rather than long-term tracking. The fund’s core offering is a leveraged ETF strategy centered on telecommunications equipment exposure, with at least 80% of assets generally allocated to financial instruments providing 200% daily leveraged exposure to AAOI, and it may also hold AAOI shares directly. Recent developments include its March 2026 launch as a newly listed leveraged single-stock ETF, the availability of options on the fund, and continued trading activity with net assets reported around $211.8 million in recent market data.