Investment Managers Series Trust II – Tradr 2X Short LITE Daily ETF (Cboe: LITZ) is a U.S.-domiciled, exchange-traded fund launched on April 23, 2026, that seeks daily investment results, before fees and expenses, corresponding to two times the inverse (-200%) of the daily performance of Lumentum Holdings Inc. common stock (Nasdaq: LITE). The fund is a series of Investment Managers Series Trust II, an open-end management investment company headquartered in Milwaukee, Wisconsin, and is managed by AXS Investments LLC under the Tradr ETFs brand. LITZ provides a single-stock inverse leveraged trading vehicle for sophisticated investors, professional traders, institutions and retail investors seeking to express a short-term bearish view on Lumentum, a communications-equipment and optical-networking technology company. The fund obtains its exposure principally through financial instruments, including total-return swaps, options and other derivatives, and rebalances its exposure daily; it is not designed to achieve its stated objective over periods longer than one trading day. LITZ was introduced by Tradr ETFs alongside the Tradr 2X Short SNDK Daily ETF as a first-to-market pair of Cboe-listed inverse leveraged single-stock strategies targeting Lumentum and Sandisk Corp.; the launch expanded Tradr’s range of precision-built long and inverse ETFs. In September 2026, the fund announced a 1-for-4 reverse share split, with split-adjusted trading scheduled to begin September 22, 2026.