Investment Managers Series Trust II (the "Trust") is a Delaware statutory trust that serves as the issuer of exchange-traded funds (ETFs), including the Tradr 2X Short APLD Daily ETF (ticker: APLZ). The Trust offers a range of leveraged and inverse ETFs focused on providing daily investment results, before fees and expenses, that correspond to two times (2x) the inverse daily performance of the common stock of Applied Digital Corporation (APLD); it employs swap agreements, futures contracts, and other derivatives to achieve its objectives. APLZ targets sophisticated investors seeking short-term tactical exposure to APLD's inverse performance, with daily resets that may lead to compounding effects over longer holding periods; the fund does not seek to achieve its stated investment objective over periods greater than one day.
Established in 2018 and headquartered in Milwaukee, Wisconsin, the Trust operates in the United States and is registered under the Investment Company Act of 1940 as an open-end management investment company. It is part of a broader series trust structure managed by Tidal Investments LLC (formerly ETF Managers Group), offering ETFs across segments such as leveraged equities, commodities, and thematic strategies; primary customers include institutional investors, financial advisors, and retail traders via major broker-dealers. Geographically, the Trust's funds list and trade exclusively on U.S. exchanges like NYSE Arca, with no international operations.
In recent developments, the Trust expanded its Tradr-branded suite with the launch of APLZ in late 2025, capitalizing on heightened volatility in AI infrastructure and data center stocks amid Applied Digital's growth phase; this followed strategic alliances with derivative counterparties to enhance liquidity for single-stock leveraged products. No major acquisitions, funding rounds, or reorganizations have been reported for the Trust in the past two years, though Tidal Investments continued rebranding efforts from ETF Managers Group to align with expanded ETF offerings.