Investment Managers Series Trust II – Tradr 2X Long SMR Daily ETF is a U.S.-domiciled, actively managed, non-diversified exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of the common shares of NuScale Power Corp. (NYSE: SMR). Trading under the ticker SMU and marketed under the Tradr ETFs brand, the Fund provides leveraged long single-stock exposure to NuScale Power, a nuclear-energy technology company, and is intended primarily for sophisticated investors and professional traders seeking short-term tactical exposure rather than long-term buy-and-hold investment results. The Fund pursues its investment objective principally through total return swap agreements and may also employ options and direct investments in NuScale Power common stock; it concentrates its investments in the industry assigned to NuScale Power and is subject to leverage, derivatives, counterparty, liquidity, options, concentration and daily-compounding risks. SMU does not seek to deliver its 200% performance objective over periods longer than a single trading day, and returns over longer periods may differ materially, including in direction, from twice the cumulative return of the underlying stock. The Fund commenced operations in July 2025 and is a series of Investment Managers Series Trust II, a Milwaukee, Wisconsin-based open-end management investment company; AXS Investments LLC serves as investment adviser, while Tradr ETFs acts as the product brand and sponsor platform. The Fund’s principal market is the United States, where its shares trade on Cboe BZX Exchange. Recent operational developments include a 1-for-3 reverse share split approved by the Trust’s Board of Trustees on February 24, 2026, based on the recommendation of AXS Investments LLC; SMU began trading on a split-adjusted basis on March 10, 2026, with the action intended to consolidate shares without changing aggregate shareholder value, subject to treatment of fractional shares.