Investment Managers Series Trust II (IMST II) serves as the issuer of the Tradr 2X Short IREN Daily ETF (ticker: IREZ), a leveraged exchange-traded fund designed to deliver two times the inverse (-2x) daily performance of the shares of Iris Energy Limited (IREN), a bitcoin mining company, for a single trading day, prior to fees and expenses; the fund employs swap agreements and other financial instruments to achieve its objectives, targeting sophisticated investors seeking short-term tactical exposure to bitcoin mining sector volatility. IMST II, established in 2016 and headquartered in Milwaukee, Wisconsin, United States, operates as a registered open-end management investment company under the Investment Company Act of 1940, offering a suite of actively managed and index-based ETFs across asset classes including equities, fixed income, commodities, and alternatives through various series trusts; it provides daily leveraged and inverse products, thematic sector funds, and commodity-linked ETFs, with geographic operations primarily focused on the U.S. market via listings on major exchanges like Nasdaq. Recent developments include the launch of the Tradr 2X Short IREN Daily ETF in late 2025, expanding the Tradr suite of daily leveraged ETFs targeting single-stock and sector-specific volatility; this follows strategic alliances with Swap entities for derivative exposure and ongoing enhancements to risk management protocols amid heightened interest in cryptocurrency-related inverse products.