AXS Real Estate Income ETF
Name
As of 05/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-5.4%
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$51.9 M
Holdings in Top 10
44.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.25%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 05/15/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RINC - Profile
Distributions
- YTD Total Return -5.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 10.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameAXS Real Estate Income ETF
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST II
-
Inception DateAug 28, 2023
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in the component securities of the Index.
Gapstow Capital Partners is the index provider (“Gapstow” or the “Index Provider”). Gapstow is not affiliated with the Fund or the Fund’s investment advisor. The Index constituents are primarily common stocks of U.S. publicly traded real estate investment trusts (“REITs”) that focus on owning commercial and residential mortgages and mortgage-backed securities (“mREITs”) and to a lesser extent, publicly traded closed-end funds that invest primarily in mortgage-backed securities (“mCEFs”). As of December 31 , 2023, the Index was comprised of 24 mREITs. No mCEFs met the criteria for inclusion in the Index as of December 2023.
To be eligible for inclusion in the Index, an mREIT or mCEF must have (i) been trading for at least 90 days, (ii) an average daily trading volume of above $750,000 over the last six months and (iii) an average market capitalization above $500 million over the last six months. Gapstow classifies each constituent into one of the following three real estate debt sectors for weighting purposes, as discussed further below:
● | Commercial real estate lending |
● | Non-agency real estate debt, or |
● | Agency real estate debt |
Gapstow analyzes the constituents once a year to ensure they are still properly classified.
Each constituent is assigned an initial neutral weight based on its sector and the number of constituents in the sector. For example, the commercial real estate lending sector has a neutral weight of 50% of the Index, and if there are 12 securities in the sector, each security in the commercial real estate lending sector will have a neutral constituent weight of 4.2%. The non-agency real estate debt and agency real estate debt sectors will each have neutral weight of 25%.
The Index is reconstituted semi-annually, effective on the first business day (i.e., NYSE trading day) of April and October. The Index’s exposure may change significantly with each reconstitution or due to market movements between reconstitutions. The Index is rebalanced to neutral sector and constituent weights each quarter.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, when the Fund’s investment advisor believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs; an Index constituent becomes temporarily illiquid, unavailable, or less liquid; or as a result of legal restrictions or limitations that apply to the Fund but not to the Index), the Fund may use a “representative sampling” strategy. Representative sampling is an indexing strategy that involves investing in a sample of the component securities in the Index, the risk, return and other characteristics of which closely resemble the risk, return and other characteristics of the Index as a whole.
The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of a single issuer, or a smaller number of issuers, than a diversified fund.
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., holds more than 25% of its total assets) to approximately the same extent as the Index. As of the date of this Prospectus, the Index is currently concentrated in commercial real estate debt.
RINC - Performance
Return Ranking - Trailing
Period | RINC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -5.4% | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | RINC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | RINC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -5.4% | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | RINC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
RINC - Holdings
Concentration Analysis
RINC | Category Low | Category High | RINC % Rank | |
---|---|---|---|---|
Net Assets | 51.9 M | N/A | N/A | N/A |
Number of Holdings | 29 | N/A | N/A | N/A |
Net Assets in Top 10 | 26.5 M | N/A | N/A | N/A |
Weighting of Top 10 | 44.28% | N/A | N/A | N/A |
Top 10 Holdings
- Claros Mortgage Trust Inc COMMON STOCK 4.92%
- PennyMac Mortgage Investment Trust COM USD0.01 4.73%
- BrightSpire Capital Inc COM CL A 4.51%
- Apollo Commercial Real Estate Finance, Inc. COM USD0.01 4.47%
- Rithm Capital Corp. COM NPV 4.40%
- Ladder Capital Corporation COM USD0.001 CL A 4.39%
- KKR Real Estate Finance Trust Inc. COM USD0.01 4.30%
- MFA Financial Inc. COM 4.29%
- Starwood Property Trust, Inc. COM USD0.01 4.16%
- Two Harbors Investment Corp. COM 4.11%
Asset Allocation
Weighting | Return Low | Return High | RINC % Rank | |
---|---|---|---|---|
Stocks | 97.48% | N/A | N/A | N/A |
Cash | 2.50% | N/A | N/A | N/A |
Bonds | 0.02% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Other | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Stock Sector Breakdown
Weighting | Return Low | Return High | RINC % Rank | |
---|---|---|---|---|
Utilities | 0.00% | N/A | N/A | N/A |
Technology | 0.00% | N/A | N/A | N/A |
Real Estate | 0.00% | N/A | N/A | N/A |
Industrials | 0.00% | N/A | N/A | N/A |
Healthcare | 0.00% | N/A | N/A | N/A |
Financial Services | 0.00% | N/A | N/A | N/A |
Energy | 0.00% | N/A | N/A | N/A |
Communication Services | 0.00% | N/A | N/A | N/A |
Consumer Defense | 0.00% | N/A | N/A | N/A |
Consumer Cyclical | 0.00% | N/A | N/A | N/A |
Basic Materials | 0.00% | N/A | N/A | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RINC % Rank | |
---|---|---|---|---|
US | 97.48% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | RINC % Rank | |
---|---|---|---|---|
Derivative | 0.00% | N/A | N/A | N/A |
Cash & Equivalents | 0.00% | N/A | N/A | N/A |
Securitized | 0.00% | N/A | N/A | N/A |
Corporate | 0.00% | N/A | N/A | N/A |
Municipal | 0.00% | N/A | N/A | N/A |
Government | 0.00% | N/A | N/A | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RINC % Rank | |
---|---|---|---|---|
US | 0.02% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
RINC - Expenses
Operational Fees
RINC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.25% | N/A | N/A | N/A |
Management Fee | 1.25% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
RINC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
RINC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RINC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
RINC - Distributions
Dividend Yield Analysis
RINC | Category Low | Category High | RINC % Rank | |
---|---|---|---|---|
Dividend Yield | 10.20% | N/A | N/A | N/A |
Dividend Distribution Analysis
RINC | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly |
Net Income Ratio Analysis
RINC | Category Low | Category High | RINC % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
RINC | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 25, 2024 | $0.200 | OrdinaryDividend |
Mar 26, 2024 | $0.200 | OrdinaryDividend |
Feb 23, 2024 | $0.200 | OrdinaryDividend |
Jan 26, 2024 | $0.200 | OrdinaryDividend |
Dec 26, 2023 | $0.200 | OrdinaryDividend |
Nov 27, 2023 | $0.200 | OrdinaryDividend |
Sep 26, 2023 | $0.200 | OrdinaryDividend |
Aug 29, 2023 | $0.200 | OrdinaryDividend |