# EDGAR Filing Document

**Accession Number:** 0001587982
**File Stem:** 0001398344-26-010538
**Filing Date:** 2026-6
**Character Count:** 188672
**Document Hash:** 0da8eb5b5351d98782790630e9d18d75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010538.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001398344-26-010538

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust II
- **CENTRAL INDEX KEY:** 0001587982

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22894
- **FILM NUMBER:** 261072253

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2295

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Series and Classes Contracts Data

### Astoria Real Assets ETF (Series ID: S000074985)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000233574 | Astoria Real Assets ETF | PPI             |

### AXS Green Alpha ETF (Series ID: S000077398)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000237806 | AXS Green Alpha ETF | NXTE            |

### AXS Esoterica NextG Economy ETF (Series ID: S000079287)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000240275 | AXS Esoterica NextG Economy ETF | WUGI            |

### AXS Knowledge Leaders ETF (Series ID: S000083575)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000247342 | AXS Knowledge Leaders ETF | KNO             |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22894</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST II</u>**

(Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**

(Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**

(Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

Astoria

Real Assets ETF

PPI

![TSR - AXS Fund Logo Cover](images_435.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the Astoria Real Assets ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.axsinvestments.com/ppi/#literature. You can also request this information by contacting us at (833) 297-2587.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Astoria Real Assets ETF<br>(PPI) | $71 | 0.58% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Astoria Real Assets ETF (PPI) returned 44.86% during the 1-year period ending 3/31/2026, while its benchmark (70% MSCI All Country World Index, 20% Bloomberg Commodity Index, and 10% Bloomberg US TIPS 1-3 Year) Index returned 21.11%. The ETF was incepted on 12/29/2021 and is an actively managed strategy.

Equities positively contributed to the lion's share of the ETF's return, while commodities also notably contributed to the ETF's performance. Our fixed income positions marginally contributed to the ETF's return.

**Equities**

The largest contributors were Vertiv Holdings Co. Class A, Rolls-Royce Holdings plc, and AngloGold Ashanti PLC, which added 2.52%, 2.36%, and 2.06%, respectively, to the Fund's performance.

The largest detractors were Siemens Energy AG, VICI Properties Inc, and Occidental Petroleum Corporation, which subtracted 0.34%, 0.28%, and 0.27%, respectively, from the ETF's return.

**Commodities**

The SPDR Gold MiniShares Trust (GLDM) contributed 3.97% to the Fund's performance, while the Aberdeen Physical Silver Shares ETF (SIVR) and the Aberdeen Physical Precious Metals Basket Shares ETF (GLTR) increased the ETF's return by 1.59% and 0.34%, respectively.

**Fixed Income**

TIPS (Treasury Inflation-Protected Securities) also positively contributed to the Fund's performance as the Schwab US TIPS ETF (SCHP), iShares 0-5 Year TIPS Bond ETF (STIP), and the F/m Ultrashort Treasury Inflation-Protected Security ETF (RBIL) added 0.13%, 0.10%, and 0.03%, respectively.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1107022.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| Astoria Real Assets ETF (PPI) | 44.86% | 14.83% |
| MSCI ACWI (Net) Index | 20.01% | 7.97% |
| Astoria Blended Benchmark Index | 21.11% | 8.62% |
| Bloomberg Commodity Total Return Index | 32.29% | 11.79% |
| Bloomberg U.S. TIPS 1-3 Year (USD) Index | 3.72% | 3.41% |

---

 *<sup><sup>1</sup></sup>* *<sup>The Fund commenced operations on December 29, 2021. Since Inception return is cumulative if time since inception is less than one year.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.axsinvestments.com/ppi/#performance-section for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$140461659 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$433629 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Gold MiniShares Trust | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC - ADR | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie S.A. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;E.ON S.E. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1107027.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1107032.jpg)

#### Material Fund Changes
Effective July 1, 2025, the Advisor reduced its management fee from 0.70% to 0.55%.

This is summary of changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is dated July 31, 2025 as amended December 10, 2025 at www.axsinvestments.com/ppi/#literature.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.axsinvestments.com/ppi/#literature. You can also request this information by contacting us at (833) 297-2587.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (833) 297-2587 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

Astoria Real Assets ETF

AXS

Esoterica NextG Economy ETF

WUGI

![TSR - AXS Fund Logo Cover](images_435.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the AXS Esoterica NextG Economy ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.axsinvestments.com/wugi/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AXS Esoterica NextG Economy ETF<br>(WUGI) | $87 | 0.78% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ended March 31, 2026, the Fund had positive performance (+22.44%). The Fund primarily invested in the technology sector such as semiconductors, software and Internet, etc.

TOP PERFORMANCE CONTRIBUTORS

Contributor #1: TSMC , contributed 7.78%. The company benefited from strong demand as AI development has been taking shape globally.

Contributor #2: Broadcom, contributed 5.53%. The company benefited from strong demand of AI Compute.

Contributor #3:Nvidia, contributed 4.78%. The company benefited from strong demand of AI Compute.

TOP PERFORMANCE DETRACTORS

Detractor #1: Meituan, detracted 1.12%. Suffered from renewed competition in the local services in China.

Detractor #2: Cadence Design System, detracted 0.78%. The company was negatively impacted by the trade war between China and the U.S. and the technology control.

Detractor #3: Robinhood Markets, detracted 0.67%. Suffered from demand loss due to weakness of crypto markets.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1107094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| AXS Esoterica NextG Economy ETF (WUGI) | 22.44% | 10.69% | 21.78% |
| S&P 500 Index | 17.80% | 12.06% | 18.14% |
| MSCI All Country World Index | 20.01% | 9.49% | 15.84% |

---

 *<sup><sup>1</sup></sup>* *<sup>The Fund commenced operations on March 30, 2020. Since Inception return is cumulative if time since inception is less than one year.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.axsinvestments.com/wugi-data/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26248330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$42913 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any. The Industry Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 18.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF | 2.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1107099.jpg)

**Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1107104.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.axsinvestments.com/wugi/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (833) 297-2587 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

AXS Esoterica NextG Economy ETF

AXS

Green Alpha ETF

NXTE

![TSR - AXS Fund Logo Cover](images_435.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the AXS Green Alpha ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.axsinvestments.com/nxte/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AXS Green Alpha ETF<br>(NXTE) | $116 | 1.00% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12-month period ending March 31, 2026, the AXS Green Alpha ETF (NXTE) generated a total return of 31.96%. The Fund primarily invested in common stocks and American Depository Receipts ("ADRs").

TOP PERFORMANCE CONTRIBUTORS

**Technology** \| Technology companies represented the most significant sector weighting during the period, and the Fund's selections in this sector contributed positively with a 22.78% contribution to Fund returns. These holdings had a total return of 75.43%.

**Energy** \| The Fund's holdings in the Energy sector were the second largest contributor to performance during the period, adding 6.43% to Fund returns. Companies in this sector demonstrated strong performance with a total return of 97.94%.

**Taiwan Semiconductor Manufacturing Company Ltd (ADR)** \| The Fund's position in Taiwan Semiconductor (Technology sector) provided the most significant individual contribution to NXTE's performance over the 1-year period, contributing 7.41% to Fund returns, on a total return of 106.06%.

TOP PERFORMANCE DETRACTORS

**Real Estate** \| The Fund's exposure to Real Estate companies was the largest detractor from performance, negatively impacting Fund returns by -4.08%. Real Estate sector holdings experienced macro headwinds, resulting in a total return of -25.43%**R.**

**Consumer Staples** \| Investments in the Consumer Staples sector detracted -1.85% from the Fund's returns. These holdings faced headwinds from market volatility and sector-specific challenges, generating a total return of -45.80%.

**Hudson Pacific Properties Inc.** \| The Fund's position in Hudson Pacific Properties provided the worst individual contribution to NXTE's performance over the 1-year period detracting -2.98%, on a total return of -71.38%.

*Data as of 3/31/2026, Bloomberg Finance LP.* 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1107058.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| AXS Green Alpha ETF (NXTE) | 31.96% | 8.33% |
| MSCI All Country World Index Investable Market Index | 20.64% | 18.77% |

---

 *<sup><sup>1</sup></sup>* *<sup>The Fund commenced operations on September 27, 2022. Since Inception return is cumulative if time since inception is less than one year.</sup>* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.axsinvestments.com/nxte-data/ for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43235720 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$434635 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. - Class A | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics A.G. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - Class A | 3.2% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1107063.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1107068.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.axsinvestments.com/nxte/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (833) 297-2587 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

AXS Green Alpha ETF

AXS

Knowledge Leaders ETF

KNO

![TSR - AXS Fund Logo Cover](images_435.jpg)

ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This annual shareholder report contains important information about the AXS Knowledge Leaders ETF ("Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.axsinvestments.com/kno/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| AXS Knowledge Leaders ETF<br>(KNO) | $82 | 0.75% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the last year, the AXS Knowledge Leaders ETF was up 17.77% based on NAV return. The fund invests primarily in mid-large cap stocks in Developed World.

TOP PERFORMANCE CONTRIBUTORS

The top contributors to performance for the year were:

1) Micron Technology (35.4% of the gains)

2) TE Connectivity (7.1% of the gains)

3) Suncor Energy (5.5% of the gains)

TOP PERFORMANCE DETRACTORS

The top detractors for performance for the year were:

1) Boston Scientific Corp (21.5% of the losses)

2) Constellation Software (14.4% of the losses)

3) SAP SE (10.1% of the losses)

Asset Allocation Contributions

From an asset allocation perspective, the following sectors contributed the most positively to performance: 1) Technology (26.9% of the gains), 2) Industrial (26.3% of the gains) and 3) Energy (9.7% of the gains). The following sectors subtracted the most from performance: 1) Consumer Staples (13.7% of the losses), 2) Consumer Discretionary (9.4% of the losses) and 3) Communications (4.7% of the losses).

From a country perspective, the biggest contributors were: 1) United States (25.0% of the gains), 2) Japan (16.0% of the gains) and 3) Ireland (15.5% of the gains). The biggest detractors were: 1) Germany (7.4% of the losses), 2) Australia (3.7% of the losses) and 3) Netherlands (2.4% of the losses).

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1107130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| AXS Knowledge Leaders ETF (KNO) | 17.77% | 4.66% | 8.51% |
| MSCI ACWI (Net) Index | 20.01% | 9.49% | 11.33% |
| MSCI World Equal Weighted NR Index | 17.63% | 6.44% | 8.66% |
| MSCI World Ex USA Equal Weighted NR Index | 23.21% | 6.17% | 7.47% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.axsinvestments.com/kno-data/for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$37385081 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (net)** | &nbsp;&nbsp;&nbsp;&nbsp;$305222 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyocera Corp. | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1107135.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1107140.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.axsinvestments.com/kno/#fundliterature. You can also request this information by contacting us at (833) 297-2587.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (833) 297-2587 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The Fund's distributor is ALPS Distributors, Inc.

AXS Knowledge Leaders ETF

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-833-297-2587.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Board of Trustees of the Registrant has determined that the Registrant has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its Audit Committee: Messrs. Thomas Knipper and John P. Zader. The audit committee financial experts are "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| Astoria Real Assets ETF, AXS Esoterica NextG ETF, AXS Green Alpha ETF, AXS Knowledge Leaders ETF | Astoria Real Assets ETF, AXS Esoterica NextG ETF, AXS Green Alpha ETF, AXS Knowledge Leaders ETF | <br> FYE 3/31/2026 | <br> FYE 3/31/2025 |
| (a) | Audit Fees | $62000 | $75000 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $10400 | $13000 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| Astoria Real Assets ETF, AXS Esoterica NextG ETF, AXS Green Alpha ETF, AXS Knowledge Leaders ETF | <br> FYE 3/31/2026 | <br> FYE 3/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| Astoria Real Assets ETF, AXS Esoterica NextG ETF, AXS Green Alpha ETF, AXS Knowledge Leaders ETF | Astoria Real Assets ETF, AXS Esoterica NextG ETF, AXS Green Alpha ETF, AXS Knowledge Leaders ETF | <br> FYE 3/31/2026 | <br> FYE 3/31/2025 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange
 Act of 1934).

(b) Not applicable.

**<u>Item 6. Investments.</u>**

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0098291-1_01.jpg)

**Astoria Real Assets ETF**

**(PPI)**

**AXS Green Alpha ETF**

**(NXTE)**

**AXS Esoterica NextG Economy ETF**

**(WUGI)**

**AXS Knowledge Leaders ETF**

**(KNO)**

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**MARCH 31, 2026**

**AXS ETFs**

*Each a series of Investment Managers Series Trust II*

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information | 43 |

---

*This report and the financial statements contained herein are provided for the general information of the shareholders of the AXS ETFs (the "ETFs"). This report is not authorized for distribution to prospective investors in the ETFs unless preceded or accompanied by an effective shareholder report and prospectus.*

 

www.axsinvestments.com

**Astoria Real Assets ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 89.8%** |  |
|  | **AEROSPACE/DEFENSE — 7.1%** |  |
| 10152 | Howmet Aerospace, Inc. | $2339630 |
| 5135 | Lockheed Martin Corp. | 3103543 |
| 678 | Rheinmetall A.G. | 1128431 |
| 145812 | Rolls-Royce Holdings PLC | 2176635 |
| 3942 | Safran S.A. | 1269027 |
|  |  | **10017266** |
|  | **AUTO MANUFACTURERS — 1.6%** |  |
| 4154 | Cummins, Inc. | **2234935** |
|  | **BUILDING MATERIALS — 1.5%** |  |
| 7645 | Holcim A.G. | 617651 |
| 47537 | Mitsubishi Electric Corp. | 1490443 |
|  |  | **2108094** |
|  | **CHEMICALS — 2.8%** |  |
| 12761 | Air Liquide S.A. | 2615998 |
| 10140 | CF Industries Holdings, Inc. | 1316577 |
|  |  | **3932575** |
|  | **COMPUTERS — 0.6%** |  |
| 5422 | Leidos Holdings, Inc. | **843229** |
|  | **DIVERSIFIED FINANCIAL SERVICES — 0.7%** |  |
| 6911 | AerCap Holdings N.V.<sup>1</sup> | **948051** |
|  | **ELECTRIC — 17.5%** |  |
| 86501 | AES Corp. | 1218799 |
| 16707 | American Electric Power Co., Inc. | 2189954 |
| 8224 | Constellation Energy Corp. | 2296552 |
| 143346 | E.ON S.E. | 3131495 |
| 19664 | Edison International | 1439012 |
| 28924 | Emera, Inc. | 1494543 |
| 115749 | Engie S.A. | 3695572 |
| 39559 | Exelon Corp. | 1939182 |
| 21256 | FirstEnergy Corp. | 1076829 |
| 119026 | Kansai Electric Power Co., Inc. | 1933639 |
| 8680 | NRG Energy, Inc. | 1268495 |
| 3491 | Talen Energy Corp.\* | 1114432 |
| 11569 | Vistra Corp. | 1739168 |
|  |  | **24537672** |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT — 3.7%** |  |
| 35569 | ABB Ltd. | 2799308 |
| 4375 | EnerSys | 760025 |

---

**Astoria Real Assets ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT (Continued)** |  |
| 38106 | Fujikura Ltd. | $979656 |
| 1321 | Powell Industries, Inc. | 714767 |
|  |  | **5253756** |
|  | **ENGINEERING & CONSTRUCTION — 2.9%** |  |
| 922 | Comfort Systems USA, Inc. | 1271429 |
| 1969 | Dycom Industries, Inc.\* | 667137 |
| 20129 | Kajima Corp. | 747388 |
| 1795 | Sterling Infrastructure, Inc.\* | 731050 |
| 6351 | Taisei Corp. | 640928 |
|  |  | **4057932** |
|  | **GAS — 0.7%** |  |
| 10362 | National Fuel Gas Co. | **973614** |
|  | **IRON/STEEL — 2.5%** |  |
| 5475 | ATI, Inc.\* | 796394 |
| 2223 | Carpenter Technology Corp. | 876195 |
| 9952 | Commercial Metals Co. | 611351 |
| 6711 | Steel Dynamics, Inc. | 1207980 |
|  |  | **3491920** |
|  | **MACHINERY-CONSTRUCTION & MINING — 6.6%** |  |
| 4039 | GE Vernova, Inc. | 3525643 |
| 9000 | Modec, Inc. | 829908 |
| 16527 | Siemens Energy A.G. | 2708783 |
| 8616 | Vertiv Holdings Co. - Class A | 2158997 |
|  |  | **9223331** |
|  | **METAL FABRICATE/HARDWARE — 0.5%** |  |
| 6745 | Mueller Industries, Inc. | **747346** |
|  | **MINING — 6.0%** |  |
| 11766 | Anglogold Ashanti PLC<sup>1</sup> | 1145538 |
| 38981 | Freeport-McMoRan, Inc. | 2291303 |
| 3046 | Mitsui Kinzoku Co., Ltd. | 536865 |
| 17767 | Newmont Corp. | 1923278 |
| 26663 | Rio Tinto PLC - ADR | 2487391 |
|  |  | **8384375** |
|  | **OIL & GAS — 16.5%** |  |
| 43003 | Antero Resources Corp.\* | 1825047 |
| 48302 | Canadian Natural Resources Ltd. | 2348733 |
| 27667 | CNX Resources Corp.\* | 1066563 |
| 41429 | Devon Energy Corp. | 2084707 |

---

**Astoria Real Assets ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **OIL & GAS (Continued)** |  |
| 16034 | EOG Resources, Inc. | $2318035 |
| 32588 | EQT Corp. | 2073900 |
| 22243 | Exxon Mobil Corp. | 3773748 |
| 224852 | Santos Ltd. | 1225849 |
| 45525 | Shell PLC - ADR | 4233825 |
| 33311 | Suncor Energy, Inc. | 2196227 |
| 18 | Woodside Energy Group Ltd. | 432 |
|  |  | **23147066** |
|  | **OIL & GAS SERVICES — 4.6%** |  |
| 60557 | Halliburton Co. | 2361117 |
| 40981 | SLB Ltd.<sup>1</sup> | 2106014 |
| 28376 | TechnipFMC PLC<sup>1</sup> | 1961633 |
|  |  | **6428764** |
|  | **PACKAGING & CONTAINERS — 0.6%** |  |
| 8750 | Crown Holdings, Inc. | **877187** |
|  | **REAL ESTATE — 2.8%** |  |
| 15720 | CBRE Group, Inc. - Class A\* | 2129431 |
| 6145 | Jones Lang LaSalle, Inc.\* | 1870047 |
|  |  | **3999478** |
|  | **REITS — 10.6%** |  |
| 23667 | CareTrust REIT, Inc. | 867395 |
| 30454 | Gaming and Leisure Properties, Inc. | 1351244 |
| 81375 | Host Hotels & Resorts, Inc. | 1559145 |
| 12651 | Lamar Advertising Co. - Class A | 1602376 |
| 21519 | NNN REIT, Inc. | 904443 |
| 29384 | Omega Healthcare Investors, Inc. | 1287607 |
| 14490 | Simon Property Group, Inc. | 2702820 |
| 23049 | STAG Industrial, Inc. | 831147 |
| 80159 | VICI Properties, Inc. | 2189944 |
| 24004 | WP Carey, Inc. | 1631312 |
|  |  | **14927433** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $116,851,282) | **126134024** |
|  | **EXCHANGE-TRADED FUNDS — 8.9%** |  |
| 8851 | abrdn Physical Silver Shares ETF\* | 633820 |
| 36760 | Bitwise Bitcoin ETF\* | 1353136 |
| 8151 | Bitwise Ethereum ETF\* | 122265 |
| 105518 | SPDR Gold MiniShares Trust\* | 9780463 |

---

**Astoria Real Assets ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
| 55961 | Sprott Physical Copper Trust\* | $577835 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,333,752) | **12467519** |
|  | **TOTAL INVESTMENTS — 98.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $127,185,034) | **138601543** |
|  | Other Assets in Excess of Liabilities — 1.3% | 1860116 |
|  | **TOTAL NET ASSETS — 100.0%** | $**140461659** |

---

PLC – Public Limited Company

ADR – American Depository Receipt

REIT – Real Estate Investment Trusts

ETF – Exchange-Traded Fund

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

*See accompanying Notes to Financial Statements.*

**AXS Green Alpha ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE/DEFENSE — 0.4%** |  |
| 35035 | Archer Aviation, Inc. - Class A\* | $**181131** |
|  | **AGRICULTURE — 0.3%** |  |
| 7623 | Vital Farms, Inc.\* | **107637** |
|  | **AUTO MANUFACTURERS — 2.5%** |  |
| 44464 | Rivian Automotive, Inc. - Class A\* | 669183 |
| 24318 | XPeng, Inc. - ADR\* | 416081 |
|  |  | **1085264** |
|  | **AUTO PARTS & EQUIPMENT — 5.6%** |  |
| 37088 | Contemporary Amperex Technology Co., Ltd. - Class A | 2157072 |
| 43851 | QuantumScape Corp.\* | 279769 |
|  |  | **2436841** |
|  | **BIOTECHNOLOGY — 10.0%** |  |
| 16344 | Arcturus Therapeutics Holdings, Inc.\* | 126176 |
| 7688 | BioNTech S.E. - ADR\* | 683309 |
| 211371 | Caribou Biosciences, Inc.\* | 401605 |
| 31000 | CRISPR Therapeutics A.G.\*<sup>,1</sup> | 1474670 |
| 64082 | Editas Medicine, Inc.\* | 158283 |
| 12884 | Moderna, Inc.\* | 654507 |
| 141074 | Prime Medicine, Inc.\* | 490937 |
| 102692 | Recursion Pharmaceuticals, Inc. - Class A\* | 315264 |
| 25285 | Verve Therapeutics, Inc.\*<sup>,2</sup> | 15930 |
|  |  | **4320681** |
|  | **BUILDING MATERIALS — 0.6%** |  |
| 7276 | Trex Co., Inc.\* | **264992** |
|  | **COMPUTERS — 5.4%** |  |
| 623 | Crowdstrike Holdings, Inc. - Class A\* | 243225 |
| 8708 | International Business Machines Corp. | 2110732 |
|  |  | **2353957** |
|  | **COSMETICS/PERSONAL CARE — 0.3%** |  |
| 47956 | Honest Co., Inc.\* | **140991** |
|  | **ELECTRIC — 2.8%** |  |
| 29832 | Brookfield Renewable Corp.<sup>1</sup> | **1188209** |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT — 2.8%** |  |
| 14805 | ABB Ltd. - ADR | **1191506** |

---

**AXS Green Alpha ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ELECTRONICS — 1.7%** |  |
| 2289 | Advanced Energy Industries, Inc. | $**738683** |
|  | **ENERGY-ALTERNATE SOURCES — 11.7%** |  |
| 3068 | Enphase Energy, Inc.\* | 116001 |
| 43291 | JinkoSolar Holding Co., Ltd. - ADR | 1100024 |
| 11632 | Nextpower, Inc. - Class A\* | 1402238 |
| 111419 | T1 Energy, Inc.\* | 489129 |
| 66671 | Vestas Wind Systems A/S | 1954774 |
|  |  | **5062166** |
|  | **FOOD — 1.6%** |  |
| 14953 | Natural Grocers by Vitamin Cottage, Inc. | 386535 |
| 4200 | Sprouts Farmers Market, Inc.\* | 323946 |
|  |  | **710481** |
|  | **HEALTHCARE-PRODUCTS — 0.3%** |  |
| 103421 | Pacific Biosciences of California, Inc.\* | **136516** |
|  | **HEALTHCARE-SERVICES — 0.1%** |  |
| 4706 | Ginkgo Bioworks Holdings, Inc.\* | **28848** |
|  | **INVESTMENT COMPANIES — 1.7%** |  |
| 170903 | Horizon Technology Finance Corp. | **719502** |
|  | **IRON/STEEL — 0.5%** |  |
| 3435 | Commercial Metals Co. | **211012** |
|  | **MACHINERY-DIVERSIFIED — 1.2%** |  |
| 10084 | Symbotic, Inc.\* | **536469** |
|  | **OFFICE FURNISHINGS — 1.2%** |  |
| 20425 | Interface, Inc. | **508991** |
|  | **REITS — 10.9%** |  |
| 13449 | Alexandria Real Estate Equities, Inc. | 624302 |
| 11033 | BXP, Inc. | 572613 |
| 6439 | Digital Realty Trust, Inc. | 1160372 |
| 940 | Equinix, Inc. | 921426 |
| 89311 | Hudson Pacific Properties, Inc.\* | 527828 |
| 12809 | Kilroy Realty Corp. | 361342 |
| 14287 | SL Green Realty Corp. | 527762 |
|  |  | **4695645** |
|  | **SEMICONDUCTORS — 34.5%** |  |
| 1936 | Analog Devices, Inc. | 615919 |

---

**AXS Green Alpha ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SEMICONDUCTORS (Continued)** |  |
| 4711 | Applied Materials, Inc. | $1610173 |
| 1914 | ASML Holding N.V.<sup>1</sup> | 2528069 |
| 9451 | Infineon Technologies A.G. | 413799 |
| 7447 | Lam Research Corp. | 1591126 |
| 8014 | QUALCOMM, Inc. | 1032043 |
| 4364 | SK hynix, Inc. | 2299316 |
| 14273 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 4823560 |
|  |  | **14914005** |
|  | **SOFTWARE — 1.9%** |  |
| 17910 | SentinelOne, Inc. - Class A\* | 230681 |
| 13319 | Tempus AI, Inc. - Class A\* | 602285 |
|  |  | **832966** |
|  | **TELECOMMUNICATIONS — 1.7%** |  |
| 24937 | SK Telecom Co., Ltd. - ADR | **730405** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,846,653) | **43096898** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,846,653) | **43096898** |
|  | Other Assets in Excess of Liabilities — 0.3% | 138822 |
|  | **TOTAL NET ASSETS — 100.0%** | $**43235720** |

---

ADR – American Depository Receipt

\* Non-income producing security.

<sup>1</sup> Foreign security denominated in U.S. Dollars.

<sup>2</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

*See accompanying Notes to Financial Statements.*

**AXS Esoterica NextG Economy ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 92.1%** |  |
|  | **COMPUTERS — 0.4%** |  |
| 765 | Zscaler, Inc.\* | $**107322** |
|  | **ELECTRICAL COMPONENTS & EQUIPMENT — 2.7%** |  |
| 1941 | Eaton Corp. PLC | **694237** |
|  | **INSURANCE — 0.0%** |  |
| 2371 | Sony Financial Group, Inc. - ADR\* | **10693** |
|  | **INTERNET — 13.9%** |  |
| 1713 | Alphabet, Inc. - Class C | 491391 |
| 4665 | Amazon.com, Inc.\* | 971580 |
| 216 | AppLovin Corp. - Class A\* | 85968 |
| 31015 | Meituan - Class B\*<sup>,1</sup> | 328142 |
| 2180 | Meta Platforms, Inc. - Class A | 1247243 |
| 3210 | Robinhood Markets, Inc. - Class A\* | 222453 |
| 4716 | Tencent Holdings Ltd. | 291133 |
|  |  | **3637910** |
|  | **MACHINERY-CONSTRUCTION & MINING — 5.8%** |  |
| 853 | GE Vernova, Inc. | 744584 |
| 4778 | Siemens Energy A.G. | 783116 |
|  |  | **1527700** |
|  | **SEMICONDUCTORS — 49.4%** |  |
| 1712 | Advanced Micro Devices, Inc.\* | 348272 |
| 1238 | Applied Materials, Inc. | 423136 |
| 503 | ASML Holding N.V. | 664377 |
| 7376 | Broadcom, Inc. | 2282946 |
| 7998 | Intel Corp.\* | 352952 |
| 27364 | NVIDIA Corp. | 4772282 |
| 12182 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 4116907 |
|  |  | **12960872** |
|  | **SOFTWARE — 19.9%** |  |
| 3111 | Cadence Design Systems, Inc.\* | 864454 |
| 3202 | Cloudflare, Inc.\* | 660701 |
| 1111 | Datadog, Inc.\* | 131154 |
| 373 | Microsoft Corp. | 138073 |
| 1942 | MongoDB, Inc.\* | 475343 |
| 5082 | Snowflake, Inc. - Class A\* | 766467 |
| 4104 | Synopsys, Inc.\* | 1627154 |

---

**AXS Esoterica NextG Economy ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SOFTWARE (Continued)** |  |
| 2870 | Take-Two Interactive Software, Inc.\* | $566825 |
|  |  | **5230171** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,939,329) | **24168905** |
|  | **EXCHANGE-TRADED FUNDS — 6.8%** |  |
| 3506 | Direxion Daily FTSE China Bull 3X ETF | 115032 |
| 7320 | iShares Bitcoin Trust ETF\* | 281234 |
| 26678 | KraneShares CSI China Internet ETF | 758455 |
| 2513 | State Street SPDR S&P Aerospace & Defense ETF | 638252 |
|  | **TOTAL EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,952,742) | **1792973** |
|  | **TOTAL INVESTMENTS — 98.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $25,892,071) | **25961878** |
|  | Other Assets in Excess of Liabilities — 1.1% | 286452 |
|  | **TOTAL NET ASSETS — 100.0%** | $**26248330** |

---

PLC – Public Limited Company

ADR – American Depository Receipt

ETF – Exchange-Traded Fund

\* Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $328,142, which represents 1.25% of total net assets of the Fund.

*See accompanying Notes to Financial Statements.*

**AXS Knowledge Leaders ETF**

**SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 91.2%** |  |
|  | **AUSTRALIA — 1.6%** |  |
| 9326 | Aristocrat Leisure Ltd. | $289540 |
| 110021 | TPG Telecom Ltd. | 302920 |
|  |  | **592460** |
|  | **BELGIUM — 0.7%** |  |
| 1379 | D'ieteren Group | **251361** |
|  | **CANADA — 10.2%** |  |
| 310 | Constellation Software, Inc. | 542450 |
| 11671 | Enbridge, Inc. | 630655 |
| 2456 | FirstService Corp. | 340572 |
| 5323 | Kinaxis, Inc.\* | 535523 |
| 11724 | MDA Space Ltd.\* | 296051 |
| 14766 | Suncor Energy, Inc.<sup>1</sup> | 973537 |
| 7609 | Suncor Energy, Inc. | 503031 |
|  |  | **3821819** |
|  | **FINLAND — 0.9%** |  |
| 10458 | Huhtamaki Oyj | **336669** |
|  | **GERMANY — 5.2%** |  |
| 7142 | Bayerische Motoren Werke A.G. | 641863 |
| 5576 | Covestro A.G.\*<sup>,2</sup> | 383039 |
| 3045 | Heidelberg Materials A.G. | 625732 |
| 1639 | SAP S.E. | 277414 |
|  |  | **1928048** |
|  | **IRELAND — 10.3%** |  |
| 18850 | Alkermes PLC\* | 666536 |
| 3272 | Jazz Pharmaceuticals PLC\* | 618572 |
| 6711 | TE Connectivity PLC | 1402733 |
| 2795 | Trane Technologies PLC | 1164788 |
|  |  | **3852629** |
|  | **ITALY — 1.2%** |  |
| 7946 | Recordati Industria Chimica e Farmaceutica S.p.A. | **448980** |
|  | **JAPAN — 24.5%** |  |
| 15900 | AGC, Inc. | 549489 |
| 38500 | ALSOK Co., Ltd. | 302502 |
| 32800 | Asahi Group Holdings Ltd. | 326784 |
| 12800 | Bandai Namco Holdings, Inc. | 311129 |
| 9200 | Bridgestone Corp. | 188927 |
| 17000 | Dai Nippon Printing Co., Ltd. | 302140 |
| 11400 | Ebara Corp. | 304831 |

---

**AXS Knowledge Leaders ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN (Continued)** |  |
| 17700 | Electric Power Development Co., Ltd. | $481857 |
| 13500 | FANUC Corp. | 449915 |
| 12100 | FUJIFILM Holdings Corp. | 225625 |
| 4000 | Horiba Ltd. | 449180 |
| 12100 | Komatsu Ltd. | 457334 |
| 47200 | Kyocera Corp. | 705523 |
| 90400 | Mebuki Financial Group, Inc. | 677901 |
| 19700 | Mitsubishi Electric Corp. | 617660 |
| 9800 | Nomura Research Institute Ltd. | 266853 |
| 28100 | Sekisui Chemical Co., Ltd. | 460385 |
| 16300 | Skylark Holdings Co., Ltd. | 348869 |
| 19700 | Subaru Corp. | 307530 |
| 134800 | Sumitomo Chemical Co., Ltd. | 423236 |
| 5400 | TIS, Inc. | 114083 |
| 30000 | Toho Co., Ltd. | 314350 |
| 10700 | Tokyo Ohka Kogyo Co., Ltd. | 495822 |
| 2200 | Trend Micro, Inc. | 72462 |
|  |  | **9154387** |
|  | **NEW ZEALAND — 0.7%** |  |
| 51465 | Contact Energy Ltd. | **271563** |
|  | **NORWAY — 1.7%** |  |
| 51257 | Orkla A.S.A. | **640387** |
|  | **SWEDEN — 2.8%** |  |
| 7980 | AddTech A.B. | 266049 |
| 10954 | Boliden A.B.\* | 558495 |
| 7699 | Lifco A.B. - B Shares | 227747 |
|  |  | **1052291** |
|  | **SWITZERLAND — 7.8%** |  |
| 8627 | Coca-Cola HBC A.G. | 483043 |
| 4660 | Garmin Ltd. | 1081167 |
| 656 | Geberit A.G. | 434802 |
| 66 | Givaudan S.A. | 220452 |
| 1435 | Schindler Holding A.G. | 465029 |
| 1454 | Sika A.G. | 235050 |
|  |  | **2919543** |
|  | **UNITED KINGDOM — 6.5%** |  |
| 2057 | AstraZeneca PLC | 398476 |
| 69185 | CNH Industrial N.V. | 761035 |
| 17872 | IMI PLC | 596266 |
| 24618 | Mondi PLC | 273864 |

---

**AXS Knowledge Leaders ETF**

**SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 24266 | Smith & Nephew PLC | $379195 |
|  |  | **2408836** |
|  | **UNITED STATES — 17.1%** |  |
| 9673 | Boston Scientific Corp.\* | 606981 |
| 10145 | GE HealthCare Technologies, Inc. | 722121 |
| 3682 | Labcorp Holdings, Inc. | 982394 |
| 9537 | Micron Technology, Inc. | 3221980 |
| 2630 | Stryker Corp. | 864192 |
|  |  | **6397668** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,294,700) | **34076641** |
|  | **TOTAL INVESTMENTS — 91.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,294,700) | **34076641** |
|  | Other Assets in Excess of Liabilities — 8.8% | 3308440 |
|  | **TOTAL NET ASSETS — 100.0%** | $**37385081** |

---

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Denoted investment is a Canadian security traded on the U.S. Stock Exchange.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $383,038, which represents 1.02% of total net assets of the Fund.

*See accompanying Notes to Financial Statements.*

**AXS Funds**

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Astoria<br> Real Assets ETF** | **AXS<br> Green Alpha ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $127,185,034 and $34,846,653, respectively) | $138601543 | $43096898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $0 and $0, respectively) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 1449481 | 39606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 317718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 240003 | 82028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 190737 | 39124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 140799482 | 43257656 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (net) due to custodian, at value (proceeds $313,002 and $199, respectively) | 309251 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 28569 | 21737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 337823 | 21936 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $140461659 | $43235720 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $149754754 | $39671226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (9293095) | 3564494 |
| **Net Assets** | $140461659 | $43235720 |
| Shares of beneficial interest issued and outstanding | 6795349 | 1110000 |
| Net asset value per share | $20.67 | $38.95 |

---

 

*See accompanying Notes to Financial Statements.*

**AXS Funds**

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **AXS<br> Esoterica NextG Economy**<br> **ETF** | **AXS<br> Knowledge Leaders ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $25,892,071 and $28,294,700, respectively) | $25961878 | $34076641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $0 and $24,962, respectively) |  | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 358202 | 2664893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 9887 | 51681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 450 | 566727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 549 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 67 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 26331033 | 37385083 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (net) due to custodian, at value (proceeds $234 and $0, respectively) | 233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 13258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 3093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 9749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5860 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 13770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 5188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 1412 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 82703 | 2 |
| Commitments and contingencies (Note 3) |  |  |
| Net Assets | $26248330 | $37385081 |
| **Components of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $26877918 | $41433007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (629588) | (4047926) |
| **Net Assets** | $26248330 | $37385081 |
| Shares of beneficial interest issued and outstanding | 400754 | 725001 |
| Net asset value per share | $65.50 | $51.57 |

---

*See accompanying Notes to Financial Statements.*

**AXS Funds**

**STATEMENTS OF OPERATIONS**

**For the Year Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Astoria<br> Real Assets ETF** | **AXS<br> Green Alpha ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $21,588 and $36,450, respectively) | $1467953 | $683850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 20890 | 11511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1488843 | 695361 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 433629 | 434635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 3310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 436939 | 434635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 436939 | 434635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 1051904 | 260726 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2800447 | (2593299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 9985841 | 5983092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (22504) | (2922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12763784 | 3386871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 10953447 | 8136902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 13309 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 10966756 | 8137221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 23730540 | 11524092 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**24782444** | $**11784818** |

---

 

*See accompanying Notes to Financial Statements.*

**AXS Funds**

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **AXS<br> Esoterica NextG Economy**<br> **ETF** | **AXS<br> Knowledge Leaders ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $9,517 and $88,595, respectively) | $177457 | $805588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 122667 | 84434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 300124 | 890022 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 242905 | 305222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 48841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 26994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 10187 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 42639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 10145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 1323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 18000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 10859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 17356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 12723 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 453224 | 306871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (199992) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 253232 | 306871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 46892 | 583151 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 549984 | 271552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in-kind | 5857834 | 2451804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (110) | 11072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6407708 | 2734428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 525573 | 4072486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (9) | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 525564 | 4074688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | 6933272 | 6809116 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**6980164** | $**7392267** |

---

 

*See accompanying Notes to Financial Statements.*

**Astoria Real Assets ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025<sup>1</sup>** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1051904 | $946254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, investments in kind and foreign currency transactions | 12763784 | 6644245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 10966756 | (11862891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 24782444 | (4272392) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (1011827) | (909196) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 95046341 | 12619007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (29128827) | (39702567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Contribution from Plan of Reorganization (Note 1)<sup>1</sup> | - | 20484338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 65917514 | (6599222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 89688131 | (11780810) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 50773528 | 62554338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $140461659 | $50773528 |
| **Capital Share Transactions<sup>2</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4645000 | 465000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1365000) | (2245000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares received from Plan of Reorganization (Note 1)<sup>1</sup> | - | 1355349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3280000 | (424651) |

---

<sup>1</sup> With the Plan of Reorganization with respect to the KL Allocation Fund, Institutional Class shareholders received Class I shares of Astoria Real Assets ETF effective as of the close of business on June 7, 2024. See Note 1 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund had a 2-1 forward stock split after the close of business April 29, 2024. See Note 1 in the accompanying Notes to Financial Statements.

*See accompanying Notes to Financial Statements.*

**AXS Green Alpha ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $260726 | $177070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, investments in kind and foreign currency transactions | 3386871 | 1608207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 8137221 | (6105801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11784818 | (4320524) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (228520) | (258373) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 7364315 | 3328450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (16037778) | (15468731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (8673463) | (12140281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2882835 | (16719178) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 40352885 | 57072063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $43235720 | $40352885 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 200000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (450000) | (470000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (250000) | (370000) |

---

 

*See accompanying Notes to Financial Statements.*

**AXS Esoterica NextG Economy ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $46892 | $57587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, investments in kind and foreign currency transactions | 6407708 | 8216606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 525564 | (5915098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6980164 | 2359095 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (4969124) | (1411981) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold | 11095297 | 5571895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18070522) | (6340075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions fees (Note 2c) | 928 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (6974297) | (768232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4963257) | 178882 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 31211587 | 31032705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $26248330 | $31211587 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 150000 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (225000) | (100000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (75000) | (25000) |

---

*See accompanying Notes to Financial Statements.*

**AXS Knowledge Leaders ETF^**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Period Ended<br> March 31, 2025<sup>1</sup>** | **For the<br> Year Ended<br> April 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $583151 | $1233138 | $1446426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, investments in kind and foreign currency transactions | 2734428 | 21700914 | 17344985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 4074688 | (16335120) | (6530039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7392267 | 6598932 | 12261372 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | (415148) | (1875290) | (1732994) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold |  | 79369813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (22708163) | (162684048) | (5932885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions fees (Note 2c) | - | (53) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (22708163) | (83314288) | (5932885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (15731044) | (78590646) | 4595493 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 53116125 | 131706771 | 127111278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $37385081 | $53116125 | $131706771 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 1725000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (475000) | (3575000) | (150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (475000) | (1850000) | (150000) |

---

---

| | |
|:---|:---|
| <sup>^</sup> | AXS Knowledge Leaders ETF commenced investment operations on July 22, 2024. Prior to that date, the AXS Knowledge Leaders ETF acquired the assets and assumed the liabilities of the Knowledge Leaders Developed World ETF (the "Knowledge Leaders ETF Predecessor Fund"), a series of Investment Mangers Series Trust, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. |

---

<sup>1</sup> Fiscal year end changed to March 31, effective August 1, 2024.

*See accompanying Notes to Financial Statements.*

**Astoria Real Assets ETF**

**FINANCIAL HIGHLIGHTS**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024<sup>1</sup>** | **For the<br> Year Ended<br> March 31,<br> 2023** | **For the<br> Period Ended<br> March 31,**<br> **2022<sup>2</sup>** |
| **Net asset value, beginning of period** | $14.44 | $15.88 | $12.55 | $14.25 | $12.50 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>3</sup> | 0.25 | 0.23 | 0.27 | 0.45 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.20 | (1.46) | 3.37 | (1.72) | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.45 | (1.23) | 3.64 | (1.27) | 1.75 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.21) | (0.31) | (0.43) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.21) | (0.31) | (0.43) | - |
| **Net asset value, end of period** | $20.67 | $14.44 | $15.88 | $12.55 | $14.25 |
| **Total return<sup>4,5</sup>** | 44.86% | (7.74)% | 29.52% | (8.72)% | 13.96%<sup>6</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $140462 | $50774 | $62554 | $68988 | $61963 |
| Ratio of expenses to average net assets<sup>7</sup> | 0.58%<sup>8</sup> | 0.71% | 0.73% | 0.70% | 0.70%<sup>9</sup> |
| Ratio of net investment income (loss) to average net assets | 1.40% | 1.51% | 2.06% | 3.50% | 2.51%<sup>9</sup> |
| Portfolio turnover rate<sup>10</sup> | 115% | 159% | 97% | 81% | 11%<sup>6</sup> |

---

<sup>1</sup> The Fund had a 2-1 forward stock split after the close of business April 29, 2024. See Note 1 in the accompanying Notes to Financial Statements.

<sup>2</sup> The Fund commenced operations on December 29, 2021.

<sup>3</sup> Based on average shares outstanding during the period.

<sup>4</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>5</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense and/or excise tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended March 31, 2026. For the years ended March 31, 2025, 2024, 2023 and the period ended March 31, 2022, the ratios would have been lowered by 0.01%, 0.03%, 0.00% and 0.00%, respectively.

<sup>8</sup> Effective July 1, 2025, the Fund agreed to pay an annual investment advisory of 0.55%. Prior to July 1, 2025, the annual investment advisory fee was 0.70%.

<sup>9</sup> Annualized.

<sup>10</sup> Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

*See accompanying Notes to Financial Statements.*

**AXS Green Alpha ETF**

**FINANCIAL HIGHLIGHTS**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Period Ended<br> March 31,**<br> **2023<sup>1</sup>** |
| **Net asset value, beginning of period** | $29.67 | $32.99 | $31.93 | $30.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.22 | 0.12 | 0.18 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 9.25 | (3.27) | 1.13 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 9.47 | (3.15) | 1.31 | 1.97 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.17) | (0.24) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.17) | (0.25) | (0.04) |
| **Net asset value, end of period** | $38.95 | $29.67 | $32.99 | $31.93 |
| **Total return<sup>3,4</sup>** | 31.96% | (9.62)% | 4.15% | 6.57%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $43236 | $40353 | $57072 | $69935 |
| Ratio of expenses to average net assets<sup>6</sup> | 1.00% | 1.00% | 1.00% | 1.00%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets | 0.60% | 0.36% | 0.57% | 0.68%<sup>7</sup> |
| Portfolio turnover rate<sup>8</sup> | 12% | 10% | 10% | 2%<sup>5</sup> |

---

<sup>1</sup> The Fund commenced operations on September 27, 2022.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Not annualized.

<sup>6</sup> If interest expense and/or excise tax expense had been excluded, the expense ratios would have remained unchanged for the years ended March 31, 2025, 2024 and for the period ended March 31, 2023.

<sup>7</sup> Annualized.

<sup>8</sup> Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

 

*See accompanying Notes to Financial Statements.*

**AXS Esoterica NextG Economy ETF^** 

**FINANCIAL HIGHLIGHTS**

 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended <br> March 31, 2026** | **For the <br> Year Ended <br> March 31, 2025** | **For the <br> Year Ended <br> March 31, 2024** | **For the<br> Year Ended<br> March 31,**<br> **2023<sup>1</sup>** | **For the <br> Year Ended <br> October 31, <br> 2022** | **For the <br> Year Ended <br> October 31, <br> 2021** |
| **Net asset value, beginning of period** | $65.60 | $61.97 | $39.59 | $32.88 | $63.33 | $43.22 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.11 | 0.12 | (0.09) | (0.03) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 16.31 | 6.48 | 22.47 | 6.74 | (30.28) | 20.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 16.42 | 6.60 | 22.38 | 6.71 | (30.46) | 20.08 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.20) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (16.32) | (2.97) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (16.52) | (2.97) | - | - | - | - |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction fees (Note 2c)<sup>2</sup> | -<sup>3</sup> | (-)<sup>3</sup> | -<sup>3</sup> | - | 0.01 | 0.03 |
| **Net asset value, end of period** | $65.50 | $65.60 | $61.97 | $39.59 | $32.88 | $63.33 |
| **Total return<sup>4,5</sup>** | 22.44% | 10.09% | 56.53% | 20.41%<sup>6</sup> | (48.08)% | 46.53% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $26248 | $31212 | $31033 | $19827 | $16467 | $45962 |
| Ratio of expenses to average net assets (including interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | 1.40%<sup>7</sup> | 1.33%<sup>7</sup> | 1.52%<sup>7</sup> | 2.13%<sup>8</sup> | 2.01% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.78%<sup>7</sup> | 0.75%<sup>7</sup> | 0.76%<sup>7</sup> | 0.75%<sup>8</sup> | 0.75% | 0.75% |
| Ratio of net investment income (loss) to average net assets (including interest expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed/recovered | (0.47)% | (0.40)% | (0.96)% | (1.62)%<sup>8</sup> | (1.62)% | (1.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed/recovered | 0.14% | 0.18% | (0.20)% | (0.24)%<sup>8</sup> | (0.36)% | (0.36)% |
| Portfolio turnover rate<sup>9</sup> | 48% | 98% | 47% | 16%<sup>6</sup> | 31% | 29% |

---

^ Financial information from March 30, 2020 through December 16, 2022 is for the Esoterica NextG Economy ETF, which was reorganized into the AXS Esoterica NextG Economy ETF as of the close of business on December 16, 2022. See Note 1 in the accompanying Notes to Financial Statements.

<sup>1</sup> Fiscal year end changed to March 31, effective February 1, 2023.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Amount represents less than $0.01 per share.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Total return would have been lower had fees not been waived or absorbed by the Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>6</sup> Not annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.03% for year ended March 31, 2026. For the years ended March 31, 2025 and 2024, the ratios would have been lowered by 0.00% and 0.01%, respectively.

<sup>8</sup> Annualized.

<sup>9</sup> Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

*See accompanying Notes to Financial Statements.* 

**AXS Knowledge Leaders ETF^**

**FINANCIAL HIGHLIGHTS**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Period Ended<br> March 31,<br> 2026** | **For the<br> Period Ended<br> March 31,<br> 2025<sup>1</sup>** | **For the<br> Year Ended<br> April 30,<br> 2024** | **For the<br> Year Ended<br> April 30,<br> 2023** | **For the<br> Year Ended<br> April 30,<br> 2022** | **For the<br> Year Ended<br> April 30,<br> 2021** |
| **Net asset value, beginning of period** | $44.26 | $43.18 | $39.72 | $38.99 | $44.79 | $31.87 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>2</sup> | 0.72 | 0.48 | 0.46 | 0.43 | 0.45 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7.14 | 1.28 | 3.56 | 0.96 | (6.02) | 12.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 7.86 | 1.76 | 4.02 | 1.39 | (5.57) | 13.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.55) | (0.68) | (0.56) | (0.66) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.55) | (0.68) | (0.56) | (0.66) | (0.23) | (0.26) |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction fees (Note 2c) | - | - | - | - | - | - |
| **Net asset value, end of period** | $51.57 | $44.26 | $43.18 | $39.72 | $38.99 | $44.79 |
| **Total return<sup>3,4</sup>** | 17.77% | 4.10%<sup>5</sup> | 10.20% | 3.71% | (12.52)% | 41.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $37385 | $53116 | $131707 | $127111 | $157903 | $183659 |
| Ratio of expenses to average net assets | 0.75% | 0.84%<sup>6,7</sup> | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income (loss) to average net assets | 1.43% | 1.17%<sup>6</sup> | 1.13% | 1.15% | 0.98% | 0.70% |
| Portfolio turnover rate<sup>8</sup> | 0% | 159%<sup>5</sup> | 79% | 96% | 23% | 31% |

---

---

| | |
|:---|:---|
| <sup>^</sup> | AXS Knowledge Leaders ETF commenced investment operations on July 22, 2024. Prior to that date, the AXS Knowledge Leaders ETF acquired the assets and assumed the liabilities of the Knowledge Leaders Developed World ETF (the "Knowledge Leaders ETF Predecessor Fund"), a series of Investment Mangers Series Trust, in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. |

---

<sup>1</sup> Fiscal year end changed to March 31, effective August 1, 2024.

<sup>2</sup> Based on average shares outstanding during the period.

<sup>3</sup> Total returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

<sup>4</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to the differences between the market price of the shares and the net asset value per share of the Fund.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended March 31, 2026. For the period May 1, 2024 through March 31, 2025, the ratios would have been lowered by 0.09%.

<sup>8</sup> Excludes the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

*See accompanying Notes to Financial Statements.*

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2026**

**Note 1 – Organization**

Astoria Real Assets ETF, AXS Green Alpha ETF (the "Green Alpha ETF"), AXS Esoterica NextG Economy ETF (the "Esoterica NextG Economy ETF") and AXS Knowledge Leaders ETF (the "Knowledge Leaders ETF") (each a "Fund" and collectively the ''Funds'') are organized as a series of Investment Managers Series Trust II, a Delaware statutory trust (the "Trust") which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

The Astoria Real Assets ETF's primary investment objective is to seek long-term capital appreciation in inflation-adjusted terms. The Astoria Real Assets ETF is classified as a diversified Fund. The Astoria Real Assets ETF is an actively managed exchange-traded fund ("ETF"). The Astoria Real Assets ETF commenced operations on December 29, 2021.

On October 20, 2023, the Board of the Trust approved and declared advisable the reorganization of the KL Allocation Fund into the Astoria Real Assets ETF. The purpose of the reorganization was to combine two Funds in separate Trusts with different investment objectives and strategies. The reorganization provided for the transfer of assets of the KL Allocation Fund to the Astoria Real Assets ETF and the assumption of the liabilities of the KL Allocation Fund by the Astoria Real Assets ETF. Following the reorganization, the Astoria Real Assets ETF held the assets of the KL Allocation Fund. The reorganization was effective as of the close of business on June 7, 2024. The following tables illustrate the specifics of the Astoria Real Assets ETF's reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| KL Allocation Fund<br> Net Assets<sup>1</sup> | Shares Issued to<br> Shareholders of <br>KL Allocation<br> Fund | Astoria Real<br> Assets ETF Net<br> Assets | Combined <br>Net Assets | Tax Status <br>of Transfer |
| $20484338 | 1355349 | $60303707 | $80788045 | Non-taxable |

---

<sup>1</sup> Includes accumulated realized loss and unrealized appreciation in the amounts of $10,385,618 and $1,010,379, respectively.

Assuming the reorganization had been completed on April 1, 2024, the beginning of the annual reporting period for the Astoria Real Assets ETF, the pro forma results of operation (unaudited) for the fiscal year 2025 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $1080824 |
| Net realized gain (loss) on investments | 6578532 |
| Net change in unrealized appreciation/depreciations on investments | (11750379) |
| Net increase (decrease) of net assets resulting from operations | $(4091023) |

---

Because the Astoria Real Assets ETF has been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the KL Allocation Fund and the Astoria Real Assets ETF that have been included in the Astoria Real Assets ETF's Statements of Operations since June 8, 2024.

On April 17, 2024, the Trust's Board approved a two-for-one forward share split for shares of the Astoria Real Assets ETF, effective after the close of business on April 29, 2024. The forward share split did not change the total value of the shareholders' investments in the Fund. This forward share split has been retroactively adjusted in the financial statements.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The Green Alpha ETF's primary investment objective is to seek long-term capital appreciation. The Green Alpha ETF is classified as a diversified Fund. The Green Alpha ETF is an actively managed ETF. The Green Alpha ETF commenced operations on September 27, 2022.

The Esoterica NextG Economy ETF's primary investment objective is to seek capital appreciation. The Esoterica NextG Economy ETF is an actively managed ETF. The Esoterica NextG Economy ETF is a non-diversified fund.

The Esoterica NextG Economy ETF commenced investment operations on December 19, 2022. Prior to that date, the Esoterica NextG Economy ETF acquired the assets and assumed the liabilities of the Esoterica NextG Economy ETF (the "Esoterica NextG Economy ETF Predecessor Fund"), a series of Esoterica Thematic Trust in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The proposed Plan of Reorganization was approved by the Trust's Board on October 18, 2022, by the Esoterica Thematic Trust on October 13, 2022, and by beneficial owners of the Esoterica NextG Economy ETF Predecessor Fund on December 15, 2022. The tax-free reorganization was accomplished on December 16, 2022. As a result of the reorganization, the Esoterica NextG Economy ETF assumed the performance and accounting history of the Esoterica NextG Economy ETF Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Esoterica NextG Economy ETF Predecessor Fund.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Esoterica NextG Economy ETF Predecessor Fund received the same aggregate share net asset value in the corresponding classes as noted below:

---

| | |
|:---|:---|
| Shares Issued | Net Assets |
| 500754 | $16579393 |

---

The net unrealized depreciation of investments transferred was $7,610,299 as of the date of the acquisition.

The Knowledge Leaders ETF's primary investment objective is to seek long-term capital appreciation. The Knowledge Leaders ETF is a passively managed ETF. The Knowledge Leaders ETF is a diversified fund. Effective August 1, 2024, the Knowledge Leaders ETF changed fiscal year end from April 30<sup>th</sup> to March 31<sup>st</sup>.

The Knowledge Leaders ETF commenced investment operations on July 22, 2024. Prior to that date, the Knowledge Leaders ETF acquired the assets and assumed the liabilities of the Knowledge Leaders Developed World ETF (the "Knowledge Leaders ETF Predecessor Fund"), a series of Investment Managers Series Trust in a tax-free reorganization as set out in the Agreement and Plan of Reorganization. The proposed Plan of Reorganization was approved by the Trust's Board on October 20, 2023, by the Investment Managers Series Trust II on May 31, 2024, and by beneficial owners of the Knowledge Leaders ETF Predecessor Fund on July 12, 2024. The tax-free reorganization was accomplished on July 19, 2024. As a result of the reorganization, the Knowledge Leaders ETF assumed the performance and accounting history of the Knowledge Leaders ETF Predecessor Fund. Financial information included for the dates prior to the reorganization is that of the Knowledge Leaders ETF Predecessor Fund.

The reorganization was accomplished by the following tax-free exchange in which each shareholder of the Knowledge Leaders ETF Predecessor Fund received the same aggregate share net asset value in the corresponding classes as noted below:

---

| | |
|:---|:---|
| Shares Issued | Net Assets |
| 2900001 | $130215694 |

---

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The net unrealized depreciation of investments transferred was $21,591,581 as of the date of the acquisition.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies."

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the Financial Highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. The Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

**(a) Valuation of Investments**

The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Funds might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds' valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Funds must utilize fair value pricing.

Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Funds calculate the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.

**(b) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**(c) Capital Share Transactions**

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). Individual Fund Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Funds' Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Fund Shares may only be purchased from or redeemed to the Funds by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Creation Units are available for purchase and redemption on each Business Day and are offered and redeemed on an in-kind basis, together with the specified cash amount, or for an all cash amount.

To the extent contemplated by a participant agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed by the Distributor, on behalf of the Funds, by the time as set forth in a participant agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the market value as set forth in the Participant Agreement. A participant agreement may permit the Funds to use such collateral to purchase the missing shares and could subject an Authorized Participant to liability for any shortfall between the cost of the Funds acquiring such shares and the value of the collateral.

Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker, which will be subject to customary brokerage commissions or fees.

A fixed purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a creation transaction fee regardless of the number of Creation Units created in the transaction. The Funds may adjust the creation transaction fee from time to time based upon actual experience. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. The Funds may adjust the non-standard charge from time to time based upon actual experience. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover. The standard Creation Unit transaction fee for the Astoria Real Assets ETF, Green Alpha ETF, Esoterica NextG Economy ETF and Knowledge Leaders ETF is $250, $100, $500 and $1,100, respectively, regardless of the number of Creation Units created in the transaction.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

A fixed redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and Authorized Participants will be required to pay a redemption transaction fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. The Funds may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a variable fee, payable to the Funds, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fees and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Funds securities to the account of the Trust. The non-standard charges are payable to the Funds as it incurs costs in connection with the redemption of Creation Units, the receipt of Funds securities and the cash redemption amount and other transactions costs. The standard redemption transaction fee for the Astoria Real Assets ETF, Green Alpha ETF, Esoterica NextG Economy ETF and Knowledge Leaders ETF is $250, $100, $500 and $1,100, respectively, regardless of the number of Creation Units redeemed in the transaction.

**(d) Foreign Currency Translation**

The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

**(e) Federal Income Taxes**

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March 31, 2026, and during the prior open tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(f) Distributions to Shareholders**

The Funds will make distributions of net investment income per the table below and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

---

| | |
|:---|:---|
|  | Distribution Frequency of<br>Net Investment Income |
| Astoria Real Assets ETF | Quarterly |
| Green Alpha ETF | Quarterly |
| Esoterica NextG Economy ETF | Annually |
| Knowledge Leaders ETF | Annually |

---

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**(g) Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds 15% of its NAV, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

**(h) Exchange Traded Funds (ETFs)**

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Funds will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

Each ETF in which the Funds invest is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (the "Agreement") with AXS Investments LLC (the "Advisor"). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor based on each Fund's average daily net assets. The annual rates are listed in the table below:

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Astoria Real Assets ETF | 0.55%\* |
| Green Alpha ETF | 1.00% |
| Esoterica NextG Economy ETF | 0.75% |
| Knowledge Leaders ETF | 0.75% |

---

\* Prior to July 1, 2025, the Fund paid a monthly investment advisory fee to the Advisor at the annual rate of 0.70% of the Fund's average daily net assets.

The Advisor has agreed to pay all expenses of the Astoria Real Assets ETF, Green Alpha ETF and Knowledge Leaders ETF except for the advisory fee, interest, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Advisor has contractually agreed to waive its fee and to absorb other operating expenses of the Esoterica NextG Economy ETF to ensure that total annual operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.75% of the average daily net assets of the Fund. This agreement is in effect until July 31, 2026 and it may be terminated before that date only by the Trust's Board of Trustees.

For the year ended March 31, 2026, the Advisor waived a portion of its advisory fee totaling $199,992.

The Advisor is permitted to seek reimbursement from the Esoterica NextG Economy ETF, subject to certain limitations, of fees waived or payments made to the Fund for a period of three years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than the years stated below:

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

---

| | |
|:---|:---|
| | Esoterica NextG<br> Economy ETF |
| March 31, 2027 | $175350 |
| March 31, 2028 | 186360 |
| March 31, 2029 | 199992 |
| Total | $561702 |

---

The Advisor has engaged Astoria Portfolio Advisors LLC ("Astoria" or the "Sub-Advisor") to manage the Astoria Real Assets ETF's overall investment program and pays Astoria an annual sub-advisory fee based upon the Astoria Real Assets ETF's average daily net assets. The Advisor is responsible for paying the entire amount of Astoria's sub-advisory fee. The Astoria Real Assets ETF does not directly pay the Sub-Advisor.

The Advisor has engaged Green Alpha Advisors, LLC ("Green Alpha" or the "Sub-Advisor") to manage the Green Alpha ETF's overall investment program and pays Green Alpha an annual sub-advisory fee based upon the Green Alpha ETF's investment advisory fees. The Advisor is responsible for paying the entire amount of Green Alpha's sub-advisory fee. The Green Alpha ETF does not directly pay the Sub-Advisor.

The Advisor has engaged Esoterica Capital LLC ("Esoterica" or the "Sub-Advisor") to manage the Esoterica NextG Economy ETF's overall investment program and pays Esoterica an annual sub-advisory fee based upon the Esoterica NextG Economy ETF's investment advisory fees. The Advisor is responsible for paying the entire amount of Esoterica's sub-advisory fee. The Esoterica NextG Economy ETF does not directly pay the Sub-Advisor.

Brown Brothers Harriman & Co. ("BBH") serves as the Funds' fund accountant, transfer agent and custodian. UMB Fund Services ("UMBFS") and Mutual Fund Administration, LLC ("MFAC") serve as the Funds' co-administrators. The Esoterica NextG Economy ETF's allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended March 31, 2026, are reported on the Statements of Operations.

ALPS Distributors, Inc. serves as the Funds' Distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. The Advisor is responsible for paying trustees fees incurred to all the Funds except the Esoterica NextG Economy ETF. For the year ended March 31, 2026, the Esoterica NextG Economy ETF's fees incurred to Trustees who are not affiliated with the Esoterica NextG Economy ETF's co-administrators are reported on the Statements of Operations.

The Board of the Trust, on behalf of the Esoterica NextG Economy ETF, has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various Funds in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Esoterica NextG Economy ETF's liability for these amounts are adjusted for market value changes in the invested Fund and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Esoterica NextG Economy ETF and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation (depreciation) and income are included in the Trustees' fees and expenses in the Statements of Operations.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Esoterica NextG Economy ETF's allocated fees incurred for CCO services for the year ended March 31, 2026, are reported on the Statements of Operations.

**Note 4 – Federal Income Taxes**

At March 31, 2026, gross unrealized appreciation and depreciation on investments owned by the Funds, based on cost for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | Astoria Real Assets ETF | Green Alpha ETF |
| Cost of investments | $127224000 | $34846653 |
| Gross unrealized appreciation | $17397652 | $16506180 |
| Gross unrealized depreciation | (6020109) | (8255935) |
| Net unrealized appreciation (depreciation) on investments | $11377543 | $8250245 |

---

---

| | | |
|:---|:---|:---|
|  | Esoterica NextG<br> Economy ETF | Knowledge Leaders<br> ETF |
| Cost of investments | $25994874 | $28519857 |
| Gross unrealized appreciation | $3378952 | $7620921 |
| Gross unrealized depreciation | (3411948) | (2064137) |
| Net unrealized appreciation (depreciation) on investments | $(32996) | $5556784 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2026, permanent differences in book and tax accounting have been reclassified to paid-in capital and total distributable earnings as follows:

---

| | | |
|:---|:---|:---|
|  | Increase (Decrease) | Increase (Decrease) |
|  | Paid-in Capital | Total Distributable Earnings<br> (Accumulated Deficit) |
| Astoria Real Assets ETF | $9988392 | $(9988392) |
| Green Alpha ETF | 3088493 | (3088493) |
| Esoterica NextG Economy ETF | 2950029 | (2950029) |
| Knowledge Leaders ETF | 2451804 | (2451804) |

---

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

As of March 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Astoria Real Assets ETF | Green Alpha ETF |
| Undistributed ordinary income | $29684 | $31117 |
| Undistributed long-term capital gains | - | - |
| Tax distributable earnings | 29684 | 31117 |
| Accumulated capital and other losses | (20701166) | (4717224) |
| Net unrealized appreciation (depreciation) on investments | 11377543 | 8250245 |
| Net unrealized appreciation (depreciation) on foreign currency translations | 844 | 356 |
| Total distributable earnings (deficit) | $(9293095) | $3564494 |

---

---

| | | |
|:---|:---|:---|
|  | Esoterica NextG Economy ETF | Knowledge Leaders ETF |
| Undistributed ordinary income | $- | $152648 |
| Undistributed long-term capital gains | - | - |
| Tax distributable earnings |  | 152648 |
| Accumulated capital and other losses | (587855) | (9726423) |
| Net unrealized appreciation (depreciation) on investments | (32996) | 5556784 |
| Net unrealized appreciation (depreciation) on foreign currency translations | (9) | (30935) |
| Unrealized deferred compensation | (8728) | - |
| Total distributable earnings (deficit) | $(629588) | $(4047926) |

---

As of the tax periods ended March 31, 2026, the Funds had non-expiring accumulated capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
| Astoria Real Assets ETF | $19658196 | $1042970 | $20701166 |
| Green Alpha ETF | 954121 | 3763103 | 4717224 |
| Esoterica NextG Economy ETF |  |  |  |
| Knowledge Leaders ETF | 9726423 |  | 9726423 |

---

As of March 31, 2026, the Astoria Real Assets ETF, Green Alpha ETF, and Knowledge Leaders ETF utilized $2,818,709, $299,467, and $271,552, respectively, of non-expiring capital loss carryforwards.

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryforwards subject to certain limitations upon availability to offset future gains, if any, as the successor of a merger. As a result of the reorganization with KL Allocation Fund on June 7, 2024, the Astoria Real Assets ETF acquired capital loss carryforwards of approximately $10,388,303. Utilization of these losses is subject to limitations under Internal Revenue Code Section 383 due to the change in ownership. These limitations may restrict the amount of capital gains that can be offset in future years. The IRC Section 383 capital loss carryforward limitation is $741,560 for the year ended March 31, 2026.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

As of March 31, 2026, the AXS Esoterica NextG Economy ETF had $587,855 in post-October capital losses incurred after October 31 and within the taxable year that are deemed to arise on the first business day of the Fund's next taxable year.

The tax character of distributions paid during the years ended March 31, 2026 and 2025, was as follows:

---

| | | |
|:---|:---|:---|
| Astoria Real Assets ETF | Astoria Real Assets ETF | Astoria Real Assets ETF |
|  | 2026 | 2025 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $1011827 | $909196 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $1011827 | $906196 |

---

---

| | | |
|:---|:---|:---|
| Green Alpha ETF | Green Alpha ETF | Green Alpha ETF |
|  | 2026 | 2025 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $228520 | $258373 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $228520 | $258373 |

---

---

| | | |
|:---|:---|:---|
| Esoterica NextG Economy ETF | Esoterica NextG Economy ETF | Esoterica NextG Economy ETF |
|  | 2026 | 2025 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $1799050 | $820148 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 3170074 | 591833 |
| Total distributions paid | $4969124 | $1411981 |

---

---

| | | |
|:---|:---|:---|
| Knowledge Leaders ETF | Knowledge Leaders ETF | Knowledge Leaders ETF |
|  | 2026 | 2025 |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $415148 | $1875290 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $415148 | $1875290 |

---

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. For the year ended March 31, 2026, the below tables show foreign taxes paid:

---

| | | |
|:---|:---|:---|
|  | Astoria Real Assets ETF | Green Alpha ETF |
| U.S. Federal Income Taxes | $- | $- |
| Income taxes paid by foreign jurisdiction: |  |  |
| Belgium | (3189) |  |
| Canada | 14265 | 8820 |
| China |  | 2692 |
| Denmark |  | 999 |
| France | 8924 |  |
| Germany | 5988 | 585 |
| Japan | 6049 |  |
| Netherlands | 90 | 2470 |
| South Korea |  | 6221 |
| Switzerland | 6254 | 2830 |
| Taiwan | - | 10317 |
| Foreign tax subtotal | 38831 | 34934 |
| Total paid for income taxes (net of refunds) | $38831 | $34934 |

---

---

| | | |
|:---|:---|:---|
|  | Esoterica NextG Economy ETF | Knowledge Leaders ETF |
| U.S. federal Income Taxes | $- | $- |
| Income taxes paid by foreign jurisdiction: |  |  |
| Australia |  | 3600 |
| Belgium |  | 417 |
| Canada |  | 12309 |
| Finland |  | 2637 |
| Germany | 592 | 11605 |
| Ireland | (1038) |  |
| Israel |  | 1850 |
| Italy |  | 1887 |
| Japan | 95 | 38361 |
| Netherlands | 126 | 330 |
| New Zealand |  | 2021 |
| Norway |  | 19525 |
| Sweden |  | 3992 |
| Switzerland |  | 5647 |
| Taiwan | 8568 | - |
| Foreign tax subtotal | 8343 | 104181 |
| Total paid for income taxes (net of refunds) | $8343 | $104181 |

---

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 5 – Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Astoria Real Assets ETF | $88437042 | $87836436 |
| Green Alpha ETF | 5215557 | 5582962 |
| Esoterica NextG Economy ETF | 13836321 | 18615271 |
| Knowledge Leaders ETF |  | 2643225 |

---

Purchases, sales, and realized gain/(loss) of in-kind transactions for the year ended March 31, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Gain/(Loss)** |
| Astoria Real Assets ETF | $91559883 | $27837154 | $9985841 |
| Green Alpha ETF | 7159436 | 15142806 | 5983092 |
| Esoterica NextG Economy ETF | 10795097 | 16470915 | 5857834 |
| Knowledge Leaders ETF |  | 21337835 | 2451804 |

---

**Note 6 – Distribution and Service Plan**

The Trust has adopted a Rule 12b-1 Distribution and Service Plan (the "Distribution and Service Plan") pursuant to which payments of up to a maximum of 0.25% of average daily net assets may be made to compensate or reimburse financial intermediaries for activities principally intended to result in the sale of the Funds' Shares. In accordance with the Distribution and Service Plan, the Distributor may enter into agreements with financial intermediaries and dealers relating to distribution and/or marketing services with respect to the Trust. The Board of Trustees has not authorized the Funds to make payments under the Distribution and Service Plan. Currently, no payment is being made by the Funds.

**Note 7 – Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Note 8 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of March 31, 2026, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Astoria Real Assets ETF** | **Level 1** | **Level 2\*\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stock\* | $126134024 | $- | $- | $126134024 |
| Exchange-Traded Funds | 12467519 | - | - | 12467519 |
| Total Investments | $138601543 | $- | $- | $138601543 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Green Alpha ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Common Stock\* | $43080968 | $- | $15930 | $43096898 |
| Total Investments | $43080968 | $- | $15930 | $43096898 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Esoterica NextG Economy ETF** | **Level 1** | **Level 2\*\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stock\* | $24168905 | $- | $- | $24168905 |
| Exchange-Traded Funds | 1792973 | - | - | 1792973 |
| Total Investments | $25961878 | $- | $- | $25961878 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Knowledge Leaders ETF** | **Level 1** | **Level 2\*\*** | **Level 3\*\*** | **Total** |
| **Investments** |  |  |  |  |
| Common Stock\* | $34076641 | $- | $- | $34076641 |
| Total Investments | $34076641 | $- | $- | $34076641 |

---

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

\* For a detailed break-out of common stocks by major industry/country classification, please refer to the Schedules of Investments.

\*\* The Fund did not hold any Level 2 or 3 securities at period end.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Beginning<br> balance<br> at March<br> 31, 2025** | **Transfers<br> into/(out) of<br> Level 3<br> during the<br> period** | **Total<br> realized<br> gain/(loss)** | **Total change in<br> net unrealized<br> appreciation/<br> (depreciation)** | **Accretion of<br> Discount<br> (Amortization of<br> Premium) and<br> Return of Capital** | **Net<br> purchases** | **Net sales** | **Ending<br> Value at<br> March 31,<br> 2026** |
| Common Stock | $- | $15930 | $- | $- | $- | $- | $- | $15930 |
|  | $- | $15930 | $- | $- | $- | $- | $- | $15930 |

---

Transfers of investments between different levels of the fair value hierarchy are recorded at fair value as of the end of the reporting period. There were transfers of $15,930 into Level 3 due to the unavailability of active market pricing.

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value**<br> **March 31,<br> 2026** | **Valuation<br> Methodologies** | **Unobservable<br> Input** | **Input<br> Range/**<br> **Value** | **Valuation<br> Weighted<br> Average<br> of Input** | **Impact to<br> Valuation<br> From an<br> Increase in<br> Input <sup>(1)</sup>** |
| Common Stock | $15930 | Market Approach | Intrinsic Value | $0.63 | N/A | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This column represents the directional change in the fair value of the Level 3 investments that would results
 from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

**Note 9 – Market Disruption and Geopolitical Risks**

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Funds' performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**AXS Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**March 31, 2026**

**Note 10 – New Accounting Pronouncements and Regulatory Updates**

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. See Note 4 for more information.

**Note 11 – Events Subsequent to the Fiscal Period End**

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds' financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of AXS ETFs and**

**the Board of Trustees of**

**Investment Managers Series Trust II**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Astoria Real Assets ETF (formerly AXS Astoria Real Assets ETF), AXS Green Alpha ETF, AXS Esoterica NextG Economy ETF and AXS Knowledge Leaders ETF (the "Funds"), each a series of Investment Managers Series Trust II (the "Trust"), including the schedules of investments, as of March 31, 2026, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting<br> AXS ETFs** | **Statements of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| Astoria Real Assets ETF (formerly AXS Astoria Real Assets ETF) | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026. | For each of the four years in the period ended March 31, 2026, and for the period December 29, 2021 (commencement of operations) through March 31, 2022. |
| AXS Green Alpha ETF | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026. | For each of the three years in the period ended March 31, 2026, and for the period September 27, 2022 (commencement of operations) through March 31, 2023. |
| AXS Esoterica NextG Economy ETF | For the year ended March 31, 2026 | For each of the two years in the period ended March 31, 2026. | For each of the three years in the period ended March 31, 2026, and for the five months period ended March 31, 2023. |
| AXS Knowledge Leaders ETF | For the year ended March 31, 2026 | For the year ended March 31, 2026, for the eleven months period ended March 31, 2025, and for the year ended April 30, 2024. | For the year ended March 31, 2026, for the eleven months period ended March 31, 2025 and for each of the four years in the year ended April 30, 2024. |

---

With respect to AXS Esoterica NextG Economy ETF, the financial highlights for each of the two years in the period ended October 31, 2022, were audited by other auditors, whose report dated December 21, 2022 expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2013.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies were not received. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0098291-1_02.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**May 29, 2026**

**AXS Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

**Tax Information**

**Qualified Dividend Income**

For the year ended March 31, 2026, 75.51%, 100.00%, 8.31%, and 100.00% for the Astoria Real Assets ETF, Green Alpha ETF, Esoterica NextG Economy ETF and Knowledge Leaders ETF, respectively, of dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as qualified dividend income.

 ****

**Corporate Dividends Received Deduction**

For the year ended March 31, 2026, 41.13%, 100.00%, 4.28% and 4.80% for the Astoria Real Assets ETF, Green Alpha ETF, Esoterica NextG Economy ETF and Knowledge Leaders ETF, respectively, of the dividends to be paid from net investment income, including short-term capital gains(if any), from the Fund are designated as dividends received deduction available to corporate shareholders.

**Long-Term Capital Gain Designation**

For the year ended March 31, 2026, the AXS Green Alpha ETF designates $0 as a 20% rate gain distribution for purposes of the dividends paid deduction and the AXS Esoterica NextG Economy ETF designates $3,170,074 as a 20% rate gain distribution for purposes of the dividends paid deduction.

**AXS Funds**

**Form N-CSR Item 8 - 11 (Unaudited)**

 ****

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

 ****

***Board Consideration and Investment Advisory and Sub-Advisory Agreements (Unaudited)***

At an in-person meeting held on January 21, 2026, the Board of Trustees (the "*Board*") of Investment Managers Series Trust II (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and AXS Investments LLC (the "*Advisor*") for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each, a "*Fund*" and collectively, the "*Funds*"):

● Astoria Real Assets ETF (the "*Real Assets ETF* "),

● AXS Esoterica NextG Economy ETF (the "*NextG Economy ETF* "),

● AXS Green Alpha ETF (the "*Green Alpha ETF* "), and

● AXS Knowledge Leaders ETF (the "*Knowledge Leaders ETF* ").

At the same meeting, the Board and the Independent Trustees also reviewed and unanimously approved the renewal of the following agreements for an additional one-year term from when they otherwise would expire:

● the sub-advisory agreement (the "*Astoria Sub-Advisory Agreement*") between the Advisor and Astoria Portfolio Advisors LLC ()"*Astoria Advisors*") with respect to the Real Assets ETF;

● the sub-advisory agreement (the "*Esoterica Sub-Advisory Agreement*") between the Advisor and Esoterica Capital LLC ()"*Esoterica Capital*") with respect to the NextG Economy ETF; and

● the sub-advisory agreement (the "*Green Alpha Sub-Advisory Agreement*") between the Advisor and Green Alpha Advisors, LLC ()"*Green Alpha*") with respect to the Green Alpha ETF.

 ****

Astoria Advisors, Esoterica Capital, and Green Alpha are collectively referred to below as the "*Sub-Advisors*." The Advisory Agreement, the Astoria Sub-Advisory Agreement, the Esoterica Sub-Advisory Agreement, and the Green Alpha Sub-Advisory Agreement are collectively referred to below as the "*Fund Advisory Agreements*."

 ****

In approving the renewal of the Fund Advisory Agreements with respect to each Fund, as applicable, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

 ****

***Background***

In advance of the meeting, the Board received information about the Funds and the Fund Advisory Agreements from the Advisor, the Sub-Advisors, and Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Advisor and the Sub-Advisors; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor's and the Sub-Advisors' compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with each Fund; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each, a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant category (each, a "*Fund Universe*") for various periods ended October 31, 2025; reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe; and the advisory and sub-advisory fees paid pursuant to each Fund Advisory Agreement, as applicable. The Board also received a memorandum from legal counsel to the Trust and the Independent Trustees discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Fund Advisory Agreements. In addition, the Board considered information reviewed by the Board regarding other series of the Trust managed by the Advisor during the year at other Board and Board committee meetings. No representatives of the Advisor or the Sub-Advisors were present during the Board's consideration of the Fund Advisory Agreements, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

 ****

In renewing each Fund Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

 **

***AXS Investments LLC***

 **

<u>Nature, Extent, and Quality of Services</u>

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

 ****

● The Real Assets ETF's total return for the one-year period was above the Peer Group and U.S. Fund Global Moderately Aggressive Allocation Fund Universe median returns, the Astoria Blended Benchmark Index (the "*Blended Index*") return, the MSCI ACWI Net Return Index return, the Bloomberg Commodity Total Return Index return, and the Bloomberg U.S. TIPS 1-3 Year Index return. The Fund's annualized total return for the three-year period was above the Peer Group median return, the Blended Index return, the Bloomberg Commodity Total Return Index return, and the Bloomberg U.S. TIPS 1-3 Year Index return, but below the Fund Universe median return and the MSCI ACWI Net Return Index return by 0.70% and 4.72%, respectively. The Trustees considered the Advisor's belief that the Blended Index is a better measure of the Fund's performance than the MSCI ACWI Net Return Index because the Blended Index more closely aligns with the Fund's allocations across asset classes, whereas the MSCI ACWI Net Return Index is comprised entirely of stocks.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

● The NextG Economy ETF's annualized total return for three-year period was above the Peer Group and U.S. Fund Technology Fund Universe median returns, the MSCI ACWI Net Return Index return, and the S&P 500 Total Return Index return. For the five-year period, the Fund's annualized total return was above the Peer Group and Fund Universe median returns and the MSCI ACWI Net Return Index return, but below the S&P 500 Total Return Index return by 0.13%. The Fund's total return for the one-year period was above the Peer Group median return, the MSCI ACWI Net Return Index return, and the S&P 500 Total Return Index return, but below the Fund Universe median return by 2.83%. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation; its risk-adjusted returns, as measured by its Sharpe ratio; its downside volatility, as measured by its Morningstar risk score; and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one- and five-year periods. The Trustees also observed that the Fund's Sharpe ratio and information ratio ranked it in first quartile of the funds in the Peer Group and Fund Universe for the three-year period.

● The Green Alpha ETF's total return for the one-year period was above the Peer Group and U.S. Fund Global Large-Stock Blend Fund Universe median returns and the MSCI ACWI Investable Market Index return. The Fund's annualized total return for the three-year period was below the Fund Universe and Peer Group median returns and the MSCI ACWI Investable Market Index return by 4.49%, 8.13%, and 9.65%, respectively. The Trustees considered the Advisor's belief that the Fund's underperformance relative to the MSCI ACWI Investable Market Index was due to stock selection, sector weighting, and market-cap weighting differences between the Fund's portfolio and the Index, and that the Fund's underperformance relative to the Peer Group was due to stock selection and weighting.

● The Knowledge Leaders ETF's annualized total return for the ten-year period was above the MSCI World Equal Weighted Net Return Index return and the MSCI World ex USA Equal Weighted Net Return Index return, but below the U.S. Fund Global Large-Stock Blend Fund Universe and Peer Group median returns and the MSCI ACWI Net Return Index return by 1.69%, 2.10%, and 2.92%, respectively. The Fund's annualized total return for the three-year period was below the MSCI World Equal Weighted Net Return Index return, the MSCI World ex USA Equal Weighted Net Return Index return, the Fund Universe and Peer Group median returns, and the MSCI ACWI Net Return Index return by 0.96%, 2.92%, 3.22%, 4.22%, and 6.13%, respectively. The Fund's annualized total return for the five-year period was below the MSCI World ex USA Equal Weighted Net Return Index return by 2.48%, the MSCI World Equal Weighted Net Return Index return by 3.32%, the Peer Group median return by 4.25%, the Fund Universe median return by 5.16%, and the MSCI ACWI Net Return Index return by 6.69%. The Fund's total return for the one-year period was below the MSCI World Equal Weighted Net Return Index return, the Fund Universe and Peer Group median returns, the MSCI World ex USA Equal Weighted Net Return Index return, and the MSCI ACWI Net Return Index return by 3.56%, 4.96%, 6.03%, 8.80%, and 9.10%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance for the one-year period was partially due to the Fund being more value-based and/or equal-weight relative to the funds in the Peer Group in a year in which value stocks generally underperformed growth stocks and mega-cap stocks dominated the market. The Trustees also observed that the Fund's volatility of returns, as measured by its standard deviation, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one- and ten-year periods, and that the Fund's downside volatility, as measured by its Morningstar risk score, ranked it in the first or second quartile of the funds in the Peer Group and Fund Universe for the one-, five-, and ten-year periods.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

The Board considered the overall quality of services provided by the Advisor to the Funds. In doing so, the Board considered the Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Advisor, the commitment of the Advisor to the maintenance and growth of each Fund's assets, and the Advisor's compliance structure and compliance procedures. In addition, the Board considered the respective roles of the Advisor and the Sub-Advisors, noting that the Advisor provides overall supervision of the general investment management and investment operations of each applicable Fund, and oversees the Sub-Advisors with respect to each applicable Fund's operations, including monitoring the investment and trading activities of the Sub-Advisors, monitoring each Fund's compliance with its investment policies, and providing general administrative services related to the Advisor's overall supervision of each Fund; and that the Sub-Advisors' responsibilities include day-to-day portfolio management. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to each Fund were satisfactory.

<u>Advisory Fees and Expense Ratios</u> 

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

 ****

● The Real Assets ETF's annual investment advisory fee (gross of fee waivers) was lower than the Peer Group and U.S. Fund Global Moderately Aggressive Allocation Fund Universe medians. The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group and Fund Universe medians.

● The NextG Economy ETF's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group median, but higher than the U.S. Fund Technology Fund Universe median by 0.065%. The Trustees noted that the Fund's advisory fee was not in the highest quartile of funds in the Peer Group or the Fund Universe.

 ****

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were the same as the Peer Group median, but higher than the Fund Universe median by 0.07%. The Trustees observed that the Fund's net expenses were not in the highest quartile of funds in the Peer Group or the Fund Universe.

 ****

● The Green Alpha ETF's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and U.S. Fund Global Large-Stock Blend Fund Universe medians by 0.20% and 0.41%, respectively. The Board considered the Advisor's assertion that the Fund offers an investment objective and strategies that are unique and distinct from those of the funds in the Peer Group and Fund Universe, as the Fund engages in active stock selection while at least one fund in the Peer Group allocates to asset class and sector ETFs. The Trustees also noted the Advisor's observation that unlike the Fund, certain peer funds do not have an ESG overlay, which is more costly to manage.

 ****

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.20% and 0.36%, respectively. The Trustees considered the Advisor's assertion that several of the funds in the Peer Group were part of larger fund complexes that could support lower expense caps than the Advisor.

 ****

● The Knowledge Leaders ETF's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and U.S. Fund Global Large-Stock Blend Fund Universe medians by 0.07% and 0.16%, respectively. The Trustees noted that the Fund's advisory fee was not in the highest quartile of funds in the Peer Group or the Fund Universe.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were below the Peer Group and Fund Universe medians.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

In reviewing the advisory fees and net expenses for each Fund, the Board noted that the Advisor does not manage any other accounts with the same objectives and policies as any of the Funds, and therefore they did not have a good basis for comparing each Fund's advisory fee with those of other similar client accounts of the Advisor; and that the Advisor set the net expenses for each Fund at a level at which the Advisor can maintain the viability of the Fund.

 ****

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Funds.

 ****

<u>Profitability, Benefits to the Advisor, and Economies of Scale</u> 

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended October 31, 2025, noting that the Advisor had waived a majority of its advisory fee for the NextG Economy ETF, and had not realized a profit with respect to the Real Assets ETF. The Board determined that the profits of the Advisor from its relationships with the NextG Economy ETF, Green Alpha ETF, and Knowledge Leaders ETF were reasonable.

 ****

The Board also considered the benefits received by the Advisor as a result of the Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Knowledge Leaders ETF, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the Funds' assets grow.

 ****

***Astoria Portfolio Advisors LLC***

<u>Nature, Extent, and Quality of Services</u>

The Board considered the overall quality of services provided by Astoria Advisors to the Real Assets ETF. In doing so, the Board considered Astoria Advisors' specific responsibilities in day-to-day portfolio management of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of Astoria Advisors, as well as its compliance structure and compliance procedures. The Board's observations regarding the performance of the Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by Astoria Advisors to the Real Assets ETF were satisfactory.

 ****

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by Astoria Advisors with respect to the Real Assets ETF. The Board noted that Astoria Advisors does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's sub-advisory fee with those of other similar client accounts of Astoria Advisors. The Board also noted that the Advisor's services include supervision and monitoring of the investment and trading activities of Astoria Advisors, analysis of the Fund's investment operations, and general administrative services related to the Advisor's overall supervision of the Fund. The Board also noted that the Advisor pays Astoria Advisors' sub-advisory fee out of the Advisor's advisory fee.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

 ****

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to Astoria Advisors under the Astoria Sub-Advisory Agreement was fair and reasonable in light of the nature and quality of the services Astoria Advisors provides to the Real Assets ETF.

 ****

<u>Benefits to Astoria Advisors</u>

The Board also considered the benefits received by Astoria Advisors as a result of its relationship with the Real Assets ETF, other than the receipt of its sub-advisory fee, including the beneficial effects from the review by the Trust's Chief Compliance Officer of Astoria Advisors' compliance program, the intangible benefits of Astoria Advisors' association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance.

 ****

***Esoterica Capital LLC***

<u>Nature, Extent, and Quality of Services</u>

The Board considered the overall quality of services provided by Esoterica Capital to the NextG Economy ETF. In doing so, the Board considered Esoterica Capital's specific responsibilities in day-to-day portfolio management of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of Esoterica Capital, as well as its compliance structure and compliance procedures. The Board's observations regarding the performance of the Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by Esoterica Capital to the NextG Economy ETF were satisfactory.

 ****

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by Esoterica Capital with respect to the NextG Economy ETF, which they noted was lower than Esoterica Capital's standard fee schedule to manage separate accounts for institutional clients. The Board also noted that the Advisor's services include supervision and monitoring of the investment and trading activities of Esoterica Capital, analysis of the Fund's investment operations, and general administrative services related to the Advisor's overall supervision of the Fund. The Board also noted that the Advisor pays Esoterica Capital's sub-advisory fees out of the Advisor's advisory fees.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to Esoterica Capital under the Esoterica Sub-Advisory Agreement was fair and reasonable in light of the nature and quality of the services Esoterica Capital provides to the NextG Economy ETF.

 ****

<u>Benefits to Esoterica Capital</u>

The Board also considered the benefits received by Esoterica Capital as a result of its relationship with the NextG Economy ETF, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of Esoterica Capital's compliance program, the intangible benefits of Esoterica Capital's association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance.

**AXS Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

 ****

***Green Alpha Advisors, LLC***

<u>Nature, Extent, and Quality of Services</u>

The Board considered the overall quality of services provided by Green Alpha to the Green Alpha ETF. In doing so, the Board considered Green Alpha's specific responsibilities in day-to-day portfolio management of the Fund, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of Green Alpha, as well as its compliance structure and compliance procedures. The Board's observations regarding the performance of the Fund are described above. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management services provided by Green Alpha to the Green Alpha ETF were satisfactory.

 ****

<u>Sub-Advisory Fee</u>

The Board reviewed information regarding the sub-advisory fee charged by Green Alpha with respect to the Green Alpha ETF, which they noted was lower than the range of fees that Green Alpha charges to manage separately managed accounts using a substantially identical strategy to the Green Alpha ETF. The Board noted that the Advisor's services with respect to the Fund include supervision and monitoring of the investment and trading activities of Green Alpha, analysis of the Fund's investment operations, and general administrative services related to the Advisor's overall supervision of the Fund. The Board also noted that the Advisor pays Green Alpha's sub-advisory fees out of the Advisor's advisory fees.

 ****

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to Green Alpha under the Green Alpha Sub-Advisory Agreement was fair and reasonable in light of the nature and quality of the services Green Alpha provides to the Green Alpha ETF.

 ****

<u>Benefits to Green Alpha</u>

The Board also considered the benefits received by Green Alpha as a result of its relationship with the Green Alpha ETF, other than the receipt of its sub-advisory fee, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of Green Alpha's compliance program, the intangible benefits of Green Alpha's association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance.

 ****

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that renewal of each Fund Advisory Agreement was in the best interests of each Fund and its shareholders and, accordingly, approved the renewal of each Fund Advisory Agreement with respect to the Funds, as applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1587982/000139834418008801/fp0033775_ex99code.htm)

(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.](fp0098291-1_ex99cert.htm)

(a) (4) Not Applicable

(a) (5) Not Applicable

[*(b)*](fp0098291-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0098291-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust II |
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 6/8/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Scott Schulenburg |
|  | Scott Schulenburg, President and Principal Executive Officer |
| Date | 6/8/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 6/8/2026 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **Scott Schulenburg**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>Astoria Real Assets ETF, AXS Esoterica NextG Economy ETF, AXS Green Alpha ETF and AXS Knowledge Leaders ETF,</u>** each a series of Investment Managers Series Trust II (the "Trust");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Scott Schulenburg |
|  |  | Scott Schulenburg<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

1. I have reviewed this report on Form N-CSR of  **<u>Astoria Real Assets ETF, AXS Esoterica NextG Economy ETF, AXS Green Alpha ETF and AXS Knowledge Leaders ETF,</u>** each a series of Investment Managers Series Trust II (the
 "Trust");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/8/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>Astoria Real Assets ETF, AXS Esoterica NextG Economy ETF, AXS Green Alpha ETF and AXS Knowledge Leaders ETF,</u>** each a series of Investment Managers Series Trust II (the "Trust"), for the year ended **March 31, 2026** (the "Report"), Scott Schulenburg, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the
requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date | 6/8/2026 |
| /s/ Scott Schulenburg | /s/ Scott Schulenburg |
| Scott Schulenburg | Scott Schulenburg |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust II for purposes of Section 18 of the Securities Exchange Act of 1934.