Investment Managers Series Trust II - Tradr 2X Long OPEN Daily ETF
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- Investment Managers Series Trust II – Tradr 2X Long OPEN Daily ETF is a U.S.-domiciled, actively managed leveraged exchange-traded fund that seeks, before fees and expenses, to provide daily investment results corresponding to 200% of the daily performance of Opendoor Technologies Inc. common stock (NASDAQ: OPEN). Trading under the ticker symbol OPEX on Cboe BZX Exchange, the Fund is a series of Investment Managers Series Trust II and is advised by AXS Investments LLC. Established on October 22, 2025, the Fund is administered through the Trust, whose business address is in Milwaukee, Wisconsin. Its principal offering is a single-security leveraged ETF designed for sophisticated investors and professional traders seeking short-term, actively monitored bullish exposure to Opendoor Technologies Inc.; it does not seek to provide its stated 2x return objective over periods longer than one trading day. The Fund obtains leveraged exposure principally through total-return swap agreements with major global financial institutions; listed call options, including FLEX Options; and, where appropriate, direct holdings of OPEN common stock. Under normal market conditions, it maintains at least 80% exposure to financial instruments providing two-times leveraged daily exposure to OPEN, rebalances its portfolio daily, and may invest cash collateral in U.S. Treasury securities; money market funds; short-term bond ETFs; commercial paper; and other short-term corporate debt instruments. The Fund is non-diversified and concentrated in the Real Estate Agents & Managers industry assigned to Opendoor; it carries a 1.30% annual management fee and does not offer listed options on its own shares. In its latest material operational change, the Trust’s Board of Trustees approved a 1-for-3 reverse split of OPEX shares on February 24, 2026, following the recommendation of AXS Investments LLC. The reverse split took effect after the March 9, 2026 market close, with OPEX commencing split-adjusted trading on March 10, 2026; the action consolidated every three pre-split shares into one share and did not alter shareholders’ aggregate investment value, apart from the treatment of fractional shares.