Investment Managers Series Trust II – Tradr 2X Short CBRS Daily ETF is a U.S.-domiciled actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to two times the inverse (-200%) of the daily performance of the common stock of Cerebras Systems Inc. (Nasdaq: CBRS). Trading under the ticker CBRZ on Cboe BZX Exchange, the Fund provides leveraged inverse exposure to Cerebras, a semiconductor company, primarily through swaps and other derivatives and may also invest directly in CBRS shares, cash and cash equivalents, and other instruments consistent with its investment objective. The Fund resets its exposure daily and is intended for sophisticated investors and professional traders seeking short-term tactical exposure; it does not seek to achieve its stated objective over periods longer than a single trading day. CBRZ is part of the Tradr ETFs product family, is advised by AXS Investments LLC, distributed by ALPS Distributors Inc., and carries a 1.49% expense ratio. Investment Managers Series Trust II, the Fund’s issuer, is headquartered in Milwaukee, Wisconsin. The Fund commenced operations on May 28, 2026, following a May 27, 2026 prospectus filing, and was launched by Tradr ETFs alongside the Tradr 2X Long CBRS Daily ETF (CBRX), expanding Tradr’s lineup of single-stock leveraged and inverse ETFs linked to semiconductor and artificial-intelligence infrastructure companies.