Strategy. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide one and a three -quarter times leveraged exposure to the calendar quarter performance of the iShares 20+ Year Treasury Bond ETF. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar quarter basis, before fees and expenses, 175% performance of the iShares 20+ Year Treasury Bond ETF for a full calendar quarter, and not for any other period, by entering into one or more swaps on the iShares 20+ Year Treasury Bond ETF. A full calendar quarter is measured from the close of trading on the last business day of one calendar quarter to the close … Show more… Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide one and a three -quarter times leveraged exposure to the calendar quarter performance of the iShares 20+ Year Treasury Bond ETF. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar quarter basis, before fees and expenses, 175% performance of the iShares 20+ Year Treasury Bond ETF for a full calendar quarter, and not for any other period, by entering into one or more swaps on the iShares 20+ Year Treasury Bond ETF. A full calendar quarter is measured from the close of trading on the last business day of one calendar quarter to the close of trading on the last business day of the following calendar quarter. 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 quarter and September 30 th is the last business day of the following calendar quarter, the calendar quarter performance is measured from the close of trading on June 28 th to the close of trading on September 30 th . 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 iShares 20+ Year Treasury Bond ETF. 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 iShares 20+ Year Treasury Bond ETF. The Advisor attempts to consistently apply leverage to maintain the Funds exposure to 175% of the iShares 20+ Year Treasury Bond ETFs quarterly return, and expects to rebalance the Funds holdings quarterly in an attempt to maintain such exposure. As a defensive measure, if abnormal market conditions or other circumstances cause a change in the value of iShares 20+ Year Treasury Bond ETF 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 iShares 20+ Year Treasury Bond ETF (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 -48 %. For example, if the price of iShares 20+ Year Treasury Bond ETF drops by 48% for the period by February 14 th of the calendar quarter, the Fund will rebalance its portfolio on February 14 th by resetting the swaps to the 175% 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 iShares 20+ Year Treasury Bond ETF 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 iShares 20+ Year Treasury Bond ETF is an index -based exchange traded fund that seeks to track investment results that, before fees and expenses, of an index designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than or equal to twenty years. The underlying index consists of publicly -issued U.S. Treasury securities that have a remaining maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the Fed). In addition, the securities in the underlying index must be fixed -rate and denominated in U.S. dollars. The Fund has derived all disclosures contained in this document regarding the iShares 20+ Year Treasury Bond ETF from the publicly available documents described above. In connection with the offering of the Funds securities, none of the Fund, the Trust, the Advisor, and 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 iShares 20+ Year Treasury Bond ETF. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the iShares 20+ Year Treasury Bond ETF 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 iShares 20+ Year Treasury Bond ETF have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the iShares 20+ Year Treasury Bond ETF could affect the value of the Funds investments with respect to the iShares 20+ Year Treasury Bond ETF 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 iShares 20+ Year Treasury Bond ETF. THE TRADR 1.75X LONG TLT QUARTERLY ETF, INVESTMENT MANAGERS SERIES TRUST II, AND AXS INVESTMENTS LLC ARE NOT AFFILIATED WITH iSHARES 20+ YEAR TREASURY BOND ETF, iSHARES TRUST, OR BLACKROCK FUND ADVISORS. Show less