Strategy. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar month performance of the Invesco QQQ Trust SM . The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar month basis, before fees and expenses, 200% performance of the Invesco QQQ Trust SM for a full calendar month, and not for any other period, by entering into one or more swaps on the Invesco QQQ Trust SM , investing directly in Invesco QQQ Trust SM , purchasing listed options on the Invesco QQQ TrustSM SM or the NASDAQ 100 Index , , and/or investing in futures contracts on the … Show more… Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar month performance of the Invesco QQQ Trust SM . The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar month basis, before fees and expenses, 200% performance of the Invesco QQQ Trust SM for a full calendar month, and not for any other period, by entering into one or more swaps on the Invesco QQQ Trust SM , investing directly in Invesco QQQ Trust SM , purchasing listed options on the Invesco QQQ TrustSM SM or the NASDAQ 100 Index , , and/or investing in futures contracts on the NASDAQ 100 Index . However, direct investments, options, and futures contracts are typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its monthly 2X investment objective. A full calendar month is measured from the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month. Business day means each day the NYSE is open for trading. For example, if June 28 th is the last business day of the calendar month and July 31 st is the last business day of the following calendar month, the calendar month performance is measured from the close of trading on June 28 th to the close of trading on July 31 st . The Fund will enter into one or more swaps with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Invesco QQQ Trust SM . The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g. , the return on or change in value of a particular dollar amount representing the Invesco QQQ Trust SM . The Advisor attempts to consistently apply leverage to maintain the Funds exposure to 200% of the Invesco QQQ Trust SM s monthly return, and expects to rebalance the Funds holdings monthly in an attempt to maintain such exposure. If the Advisor determines to use call options, the Fund will purchase exchange traded call options, including FLexible EXchange Options (FLEX Options.). FLEX Options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over -the-counter (OTC) options positions. Like traditional exchange -traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (QQQ) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. Additionally, the Fund may use other option strategies to produce similar exposure to Invesco QQQ Trust SM , like buying calls and selling puts with identical strike prices. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. The Fund may also utilize futures contracts on the NASDAQ 100 Index to seek to achieve leveraged exposure to the Invesco QQQ Trust SM . As a defensive measure, if abnormal market conditions or other circumstances cause a change in the value of Invesco QQQ Trust SM intra -period ( i.e. , other than at or near the close of the market of a calendar period) and the change exceeds a level that has been determined by the Advisor to represent a dramatic move in the price of Invesco QQQ Trust SM (the performance trigger) the Advisor will seek to reset the performance leverage of the Fund by rebalancing the portfolio. The performance trigger for the Fund is -35 %. For example, if the price of Invesco QQQ Trust SM drops by 35% for the period by the 15 th of the calendar month, the Fund will rebalance its portfolio on the 15 th by resetting the swaps to the 200% leverage and delivering the performance through the end of the calendar period. In essence, the stub period between the triggered reset date and the end of the period is treated like a brand -new period which would have the effect of reducing the leverage return for that calendar period. The Advisor will make best efforts to reset the performance leverage intraday as soon as possible after the trigger level is reached. If the intra -period performance trigger is not reached until the final 30 minutes of trading, the Advisor will make best efforts to reset the performance leverage that day. However, if there is not enough time to do so, the performance leverage will reset the following trading day. If the Fund rebalances its portfolio intra -period due to the performance trigger, the Fund likely will not achieve its investment objective for that period. There is no guarantee that such defensive measures will be successful in protecting the viability of the Fund. As a result of its investment strategies, the Fund will be concentrated ( i.e. , hold 25% or more of its total assets in investments that provide exposure to an industry) to approximately the same extent as the Invesco QQQ Trust SM is so concentrated. Additionally, the Fund may invest all available cash in the Funds portfolio in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short -term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (Collateral Investments). The Invesco QQQ Trust SM is an index -based ETF that seeks to track investment results, before fees and expenses, of an index designed to measure the average performance of securities issued by 100 of the largest U.S. and international non -financial companies listed on the Nasdaq Stock Market LLC. The Invesco QQQ Trust SM seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the underlying index. The Fund has derived all disclosures contained in this document regarding the Invesco QQQ Trust SM from the publicly available documents described above. In connection with the offering of the Funds securities, none of the Fund, the Trust, the Advisor, or any of their affiliates has participated in the preparation of such documents. The Advisor has not made any due diligence inquiry with respect to the data or information underlying the publicly available information of the Invesco QQQ Trust SM . None of the Fund, the Trust, the Advisor, or any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the Invesco QQQ Trust SM is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Invesco QQQ Trust SM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the Invesco QQQ Trust SM could affect the value of the Funds investments with respect to the Invesco QQQ Trust SM and therefore the value of the Fund. None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the Invesco QQQ Trust SM . THE TRADR 2X LONG INNOVATION 100 MONTHLY ETF, INVESTMENT MANAGERS SERIES TRUST II, AND AXS INVESTMENTS LLC ARE NOT AFFILIATED WITH THE INVESCO QQQ TRUST SM , OR INVESCO CAPITAL MANAGEMENT LLC. Show less