AXS Short De-SPAC Daily ETF

Data updated: 2023-06-07

C000236569 — AXS Short De-SPAC Daily ETF. Money Market · $10.76M AUM · 0.95% expense ratio. Holdings, fees, performance and SEC filings.

C000236569 Fund Overview

AXS Short De-SPAC Daily ETF is a US ETF managed by Investment Managers Series Trust II, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US ETF
Manager: Investment Managers Series Trust II
Category: Money Market
Assets under management: $10.76M
SEC CIK: 0001587982
SEC series ID: S000076584
Share class ID: C000236569

C000236569 Investment Objective and Strategy

AXS Short De-SPAC Daily ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Investment Managers Series Trust II.

Investment objective

The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, the inverse (-1x) of the return of the Index for a single day (and not for any other period) by entering into one or more swaps and by purchasing put options on securities in the Index. A single day is measured from the time the Fund calculates its NAV to the time of the Funds next NAV calculation. Under normal circumstances, the Fund invests in swaps and put options that, in combination, provide inverse (opposite) or short exposure to the Index equal to at least 80% of the Funds net assets (plus borrowing for investment purposes). Such policy has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon 60 days written notice to shareholders.

The Fund will enter into one or more swaps with major global financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Index. The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g., the return on or change in value of a particular dollar amount invested in a basket of securities representing the Index. In addition to swaps, the Advisor may purchase put options on individual securities that comprise the Index when the cost of including individual securities in the swap agreement is too expensive. The Index is comprised of 25 of the largest companies, based on market capitalization, that have completed a business combination transaction with a Special Purpose Acquisition Company (SPAC) within one year of the Indexs screening date.

A SPAC is blank check company that has not yet merged with an operating company or even chosen a merger target. SPACs are formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Herculoid Group LLC is the index provider for the Index (the Index Provider). Solactive AG independently prices the Index on a continuous basis during equity market hours. The Index is rebalanced on a monthly basis. Additionally, the Fund will invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; and/or (3) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.

To the extent the Index concentrates in the securities of a particular industry or group of related industries, the Fund will concentrate its investments (i.e., hold more than 25% of its total assets in investments that provide inverse exposure to such industry or group of related industries) to approximately the same extent as the Index. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Indexs performance decreases over a period longer than a single day.

C000236569 Costs and Fees

C000236569 costs about $95 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.95%
Gross expense ratio: 1.29%
Portfolio turnover: 0%
Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000236569 Cashflows

Over the 12 months to 2023-03, AXS Short De-SPAC Daily ETF had net inflows of $24.94M, from monthly SEC N-PORT filings.

Month	Net flow
2023-03	$1.63M
2023-02	$0
2023-01	$0
2022-12	$6.72M
2022-11	$2.65M
2022-10	$0

C000236569 Debt Constituents

No individual debt constituents are reported in AXS Short De-SPAC Daily ETF's latest SEC N-PORT filing.

C000236569 Prospectus and SEC Filings

Official AXS Short De-SPAC Daily ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.