PYPS — AXS 1.5X PYPL Bear Daily ETF

PYPS Fund Overview

PYPS — AXS 1.5X PYPL Bear Daily ETF is a US ETF managed by Investment Managers Series Trust II, categorised as Inverse / Short. 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: Inverse / Short
• Assets under management: $854.22K
• Ticker: PYPS
• SEC CIK: 0001587982
• SEC series ID: S000076094
• Share class ID: C000235535

PYPS Investment Objective and Strategy

AXS 1.5X PYPL Bear 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 AXS 1.5X PYPL Bear Daily ETF seeks daily investment results, before fees and expenses, that correspond to one and a half times the inverse (-150%) of the daily performance of the common shares of PayPal Holdings, Inc. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.

Principal investment strategy

"Under normal market circumstances, the Fund will maintain at least 67% exposure to financial instruments that provide one and a half times inverse leveraged exposure to the daily performance of PYPL. The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve on a daily basis, before fees and expenses, -150% performance of PYPL for a single day, not for any other period, by entering into one or more swap agreements on PYPL. A single day is measured from the time the Fund calculates its net asset value (NAV) to the time of the Funds next NAV calculation. The Fund will enter into one or more swap agreements 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 PYPL.

The gross return to be exchanged or ""swapped"" between the parties is calculated with respect to a ""notional amount,"" e.g., the return on or change in value of a particular dollar amount representing PYPL. The Adviser attempts to consistently apply leverage to increase the Funds exposure to -150% of PYPL, and expects to rebalance the Funds holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry assigned to PYPL (i.e., hold 25% or more of its total assets in investments that provide inverse leveraged exposure to the industry assigned to PYPL). As of the date of this prospectus, PYPL is assigned to the payments industry. Additionally, the Fund may invest between 40-80% of the Funds portfolio depending on the amount of collateral required by the Funds counterparties in (1) U.S.

Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (Collateral Investments). PayPal Holdings, Inc. is a leading technology platforms and digital payments company that enables digital and mobile payments on behalf of merchants and consumers worldwide. PYPL is registered under the Securities Exchange Act of 1934, as amended (the Exchange Act). Information provided to or filed with the Securities and Exchange Commission by PayPal Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34756 through the Securities and Exchange Commissions website at www.sec.gov.

In addition, information regarding PayPal Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding PayPal Holdings, Inc. from the publicly available documents described above. In connection with the offering of the Funds securities, neither the Fund, the Trust nor the Advisor or any of its respective affiliates has participated in the preparation of such documents or made any due diligence inquiry with respect to PayPal Holdings, Inc. Neither the Fund, the Trust nor the Advisor or any of its respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding PayPal Holdings, Inc.

is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PYPL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning PayPal Holdings, Inc. could affect the value of the Funds investments with respect to PYPL and therefore the value of the Fund. Neither the Trust, the Fund nor any of its respective affiliates makes any representation to you as to the performance of PYPL."

PYPS Costs and Fees

PYPS costs about $115 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.15%
• Gross expense ratio: 1.57%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

PYPS Cashflows

Over the 12 months to 2023-03, AXS 1.5X PYPL Bear Daily ETF had net inflows of $3.12M, from monthly SEC N-PORT filings.

PYPS Debt Constituents

No individual debt constituents are reported in AXS 1.5X PYPL Bear Daily ETF's latest SEC N-PORT filing.

PYPS Prospectus and SEC Filings

Official AXS 1.5X PYPL Bear Daily ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2022-07-15
• Portfolio holdings (N-PORT) — filed 2023-05-23
• Portfolio holdings (N-PORT) — filed 2023-02-21
• Portfolio holdings (N-PORT) — filed 2022-11-25
• Annual census (N-CEN) — filed 2023-06-07

Related Funds

Other Inverse / Short funds tracked on ABC INVEST:

• Direxion Daily Semiconductor Bear 3X Shares (SOXS)
• Direxion Daily S&P 500 Bear 3X Shares (SPXS)
• Direxion Daily S&P 500 Bear 1X Shares (SPDN)
• Direxion Daily Small Cap Bear 3X Shares (TZA)
• Direxion Daily 20+ Year Treasury Bear 3X Shares (TMV)

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.