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Trending ETFs

Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$36.03

$127 M

0.87%

$0.31

0.49%

Vitals

YTD Return

8.5%

1 yr return

24.2%

3 Yr Avg Return

5.6%

5 Yr Avg Return

12.6%

Net Assets

$127 M

Holdings in Top 10

11.1%

52 WEEK LOW AND HIGH

$36.1
$28.25
$36.68

Expenses

OPERATING FEES

Expense Ratio 0.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 85.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$36.03

$127 M

0.87%

$0.31

0.49%

CHGX - Profile

Distributions

  • YTD Total Return 8.5%
  • 3 Yr Annualized Total Return 5.6%
  • 5 Yr Annualized Total Return 12.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.82%
DIVIDENDS
  • Dividend Yield 0.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    AXS Change Finance ESG ETF
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST II
  • Inception Date
    Oct 09, 2017
  • Shares Outstanding
    3700000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Rodriguez

Fund Description

The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index.

Change Finance Diversified Impact U.S. Large Cap Fossil Fuel Free Index

The Index was developed in 2017 by Change Finance, PBC, the Fund’s index provider (“Change Finance” or the “Index Provider”), and measures the performance of an equal-weighted portfolio of approximately 100 large-, mid-capitalization equity securities of U.S.-listed companies. The Index excludes companies involved in the fossil fuel industry, fossil-fired utilities and companies which fail to meet a diverse set of environmental, social, and governance (“ESG”) standards.

Construction of the Index begins with the constituents of the Solactive US Large & Mid Cap Index (the “Solactive Universe”), generally the 1,000 largest U.S.-listed common stocks and real estate investment trusts.

To be eligible for inclusion in the Index, companies must meet the ESG standards determined by Change Finance, which relies on ESG indicators provided by ISS ESG, a division of Institutional Shareholder Services (“ISS”), a global provider of investment data and analytics. The ISS ESG indicators measure the degree to which a company performs its business in accordance with specified ESG factors. Such factors include (i) whether a company’s primary business is in a prohibited industry (e.g., oil, gas, coal, tobacco); (ii) whether a company is involved in producing goods in a controversial business area (e.g., fossil fuels, nuclear power, genetically modified organisms (“GMOs”), military weapons, pesticides); (iii) whether a company has a history of controversial business practices relating to human rights, labor rights, environmental protection, or business malpractice (e.g., corruption, extreme tax avoidance); as well as (iv) standards and performance criteria related to environmental impacts (e.g., emissions, harmful chemicals in product portfolio, biodiversity management) and human impacts (e.g., hiring practices related to diversity, supply chain standards, health risk in product portfolio). Each factor may be evaluated using one or more indicators. Indicators generally take one of three forms: (A) a percentage of revenue derived from a particular business activity; (B) an analyst rating from 1-4 (with 1 being the lowest score and 4 the highest); or (C) for controversy indicators, the severity of the controversy (e.g., human rights).

ISS ESG assigns a score, with respect to each applicable indicator, to each company. To be eligible for inclusion in the Index, a company must meet the minimum threshold score established by the Index methodology with respect to each indicator. At its discretion and from time to time, Change Finance may supplement ISS ESG data with data from additional sources to further refine eligibility. In addition, Change Finance may make adjustments to the Eligible Companies selected for inclusion in the index, for example, to preserve eligibility to file shareholder proposals or to retain access for ongoing or potential shareholder engagement. The companies eligible for inclusion in the Index (the “Eligible Companies”) are then sorted by sector (e.g., healthcare, technology, consumer services) and ranked within each sector by their free-float market capitalization.

The Index contains approximately 100 equally-weighted Eligible Companies, and the weight of each sector in the Index reflects the weight of such sector in the Solactive Universe. For example, if the technology sector makes up 13.27% of the Solactive Universe, the 13 largest Eligible Companies in the technology sector will generally be included in the Index with a total weight of 13%.

At the time of each reconstitution of the Index, 100 companies are selected for inclusion in the Index and equally-weighted (i.e., each of the 100 companies receives a weight of 1%). The Index is reconstituted quarterly after the close of trading on the 10th business day of each March, June, September, and December, utilizing data from the last business day of the month preceding the reconstitution. The Index’s exposure may change significantly with each reconstitution or based on market movements between reconstitutions.

The Index was developed by Change Finance in 2017 in anticipation of the commencement of operations of the Predecessor Fund.

The Fund’s Investment Strategy

Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in the equity securities of Eligible Companies (i.e., companies that meet the ESG criteria described above) that do not derive any revenue from fossil fuel production, fossil fuel power generation, tobacco production, production of GMOs, nuclear power generation, weapons production, or hazardous pesticide production. 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. With respect to this policy, the Fund defines “equity securities” to mean common and preferred stocks, rights, warrants, depositary receipts, equity interests in real estate investment trusts (“REITs”) and master limited partnerships (“MLPs”). The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The Advisor expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.

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, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the 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, when the Fund’s sub-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).

To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index.

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CHGX - Performance

Return Ranking - Trailing

Period CHGX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.5% -1.0% 19.1% 84.49%
1 Yr 24.2% 3.4% 54.3% 70.32%
3 Yr 5.6%* -12.0% 15.9% 88.26%
5 Yr 12.6%* -8.5% 109.5% 69.65%
10 Yr N/A* 0.0% 21.0% 80.35%

* Annualized

Return Ranking - Calendar

Period CHGX Return Category Return Low Category Return High Rank in Category (%)
2023 22.5% -42.6% 47.4% 29.17%
2022 -22.6% -56.3% -4.2% 62.15%
2021 22.0% -27.2% 53.7% 26.00%
2020 23.4% -36.2% 2181.7% 3.50%
2019 31.9% -22.7% 40.4% 3.57%

Total Return Ranking - Trailing

Period CHGX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.5% -1.0% 19.1% 84.49%
1 Yr 24.2% 3.4% 54.3% 70.32%
3 Yr 5.6%* -12.0% 15.9% 88.26%
5 Yr 12.6%* -8.5% 109.5% 69.65%
10 Yr N/A* 0.0% 21.0% N/A

* Annualized

Total Return Ranking - Calendar

Period CHGX Return Category Return Low Category Return High Rank in Category (%)
2023 23.6% -5.0% 47.4% 52.72%
2022 -21.8% -36.8% -2.2% 90.72%
2021 22.7% 3.0% 124.3% 86.30%
2020 24.1% -15.8% 2266.0% 6.22%
2019 33.1% -0.4% 241.3% 9.65%

CHGX - Holdings

Concentration Analysis

CHGX Category Low Category High CHGX % Rank
Net Assets 127 M 2.34 M 1.55 T 85.53%
Number of Holdings 100 2 4048 53.32%
Net Assets in Top 10 14.7 M 885 K 387 B 94.64%
Weighting of Top 10 11.14% 0.3% 112.0% 98.80%

Top 10 Holdings

  1. Block Inc COM USD0.0000001 CL A 1.15%
  2. Advanced Micro Devices, Inc. COM USD0.01 1.15%
  3. Broadcom Inc COM USD0.001 1.14%
  4. Caterpillar Inc COM USD1.00 1.12%
  5. Fleetcor Technologies Inc COM USD0.001 1.11%
  6. Pulte Group Inc COM USD0.01 1.10%
  7. Lennar Corp. COM USD0.10 CLASS A 1.10%
  8. Prologis Inc. COM USD0.01 1.10%
  9. The Estee Lauder Companies Inc. COM USD0.01 CLASS A 1.08%
  10. Simon Property Group Inc COM USD0.0001 1.08%

Asset Allocation

Weighting Return Low Return High CHGX % Rank
Stocks
99.74% 0.00% 124.03% 16.23%
Cash
0.26% 0.00% 99.06% 79.30%
Preferred Stocks
0.00% 0.00% 2.38% 80.90%
Other
0.00% -13.91% 100.00% 87.21%
Convertible Bonds
0.00% 0.00% 5.54% 80.43%
Bonds
0.00% -0.37% 93.78% 81.69%

Stock Sector Breakdown

Weighting Return Low Return High CHGX % Rank
Technology
31.01% 0.00% 48.94% 4.07%
Financial Services
16.79% 0.00% 55.59% 18.80%
Healthcare
16.09% 0.00% 60.70% 22.21%
Consumer Cyclical
12.79% 0.00% 30.33% 13.02%
Industrials
8.77% 0.00% 29.90% 54.52%
Consumer Defense
5.21% 0.00% 47.71% 82.26%
Communication Services
4.50% 0.00% 27.94% 86.98%
Real Estate
3.00% 0.00% 31.91% 38.57%
Utilities
0.97% 0.00% 20.91% 77.14%
Basic Materials
0.87% 0.00% 25.70% 90.64%
Energy
0.00% 0.00% 41.64% 100.00%

Stock Geographic Breakdown

Weighting Return Low Return High CHGX % Rank
US
99.74% 0.00% 124.03% 13.03%
Non US
0.00% 0.00% 62.81% 82.09%

CHGX - Expenses

Operational Fees

CHGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.49% 0.01% 19.75% 74.98%
Management Fee 0.49% 0.00% 1.90% 45.30%
12b-1 Fee 0.00% 0.00% 1.00% 17.31%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

CHGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CHGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% 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.

CHGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 85.00% 0.00% 496.00% 88.68%

CHGX - Distributions

Dividend Yield Analysis

CHGX Category Low Category High CHGX % Rank
Dividend Yield 0.87% 0.00% 25.47% 65.87%

Dividend Distribution Analysis

CHGX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Annual Annual

Net Income Ratio Analysis

CHGX Category Low Category High CHGX % Rank
Net Income Ratio 0.82% -54.00% 6.06% 42.29%

Capital Gain Distribution Analysis

CHGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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CHGX - Fund Manager Analysis

Managers

Andrew Rodriguez


Start Date

Tenure

Tenure Rank

Mar 18, 2022

0.2

0.2%

Andrew Rodriguez is Chief Executive Officer and Chief Investment Officer at Change Finance and a longtime asset management and portfolio management executive focused on sustainability investment portfolios. Prior to co-founding Change Finance in 2016, Mr. Rodriguez was responsible for ESG research and analysis for the Highwater Global Fund, designed clean investment portfolios for the Keel Asset Management, and developed and managed ESG portfolios at Principium. Mr. Rodriguez is widely regarded as an expert in ESG, SRI, and fossil fuel free portfolios available to the broader investing public. Mr. Rodriguez holds an MBA in Sustainable Systems and Impact Investing from Bainbridge Graduate Institute, the first “Green MBA” program.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.28 2.42