AXS Astoria Inflation Sensitive ETF
(ppi)

AXS Change Finance ESG ETF
(chgx)

AXS First Priority CLO Bond ETF
(aaa)

AXS Green Alpha ETF
(nxte)

AXS Brendan Wood TopGun Index ETF
(tgn)

AXS Esoterica NextG Economy ETF
(wugi)

ANNUAL REPORT

MARCH 31, 2023

AXS ETFs

Each a series of Investment Managers Series Trust II

Table of Contents

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

www.axsinvestments.com

March 31, 2023

Dear Fellow Shareholders:

The AXS Astoria Inflation Sensitive ETF (PPI) returned -9.06% during the 1-year period ending 3/31/2023, while its benchmark (70% MSCI All Country World Index, 20% Bloomberg Commodity Index, and 10% Bloomberg US TIPS 1-3 Year) Index returned -7.45%. The ETF was incepted on 12/29/2021 and is an actively managed strategy.

Relevant Indicators: 1-Year Period Ending 3/31/2023

The S&P 500 Index returned -7.73% during the 1-year period ending 3/31/2023 and the MSCI All Country World Index was down 7.44%.

While the S&P Energy Select Sector Index increased by 13.15%, the Bloomberg Commodity Index fell 12.49% and the Bloomberg Composite Crude Oil Index decreased by 10.75%.

Longer duration assets such as the growth heavy NASDAQ-100 Index was down 10.35% while the S&P U.S. Government Bond 20+ Year Index declined 17.50%.

The bond market fell as interest rates rose with the Bloomberg US Aggregate Bond Index decreasing by 4.78%.

The yield on the US 10-year Treasury increased from 2.32% on 3/31/2022, to 3.49% on 3/31/2023, and the Bloomberg US Corporate Investment Grade Index was down 5.55%.

The VIX Index declined 9.06% for the period.

Inflation Readings

The CPI (Consumer Price Index) was up 6.0% year over year in February, printing level with the forecast and softening from January's 6.4% increase. Month over month, February CPI rose by 0.4%, matching expectations and slightly below the prior month's 0.5% print.

The Producer Price Index (commonly referred to as "PPI") gained 4.6% year over year in February, coming well below both the 5.4% estimate and January's 5.7% reading. Month over month, the February figure fell by 0.1%, printing below the forecasted 0.3% increase and down from the previous month's 0.3% measure.

Fed Actions

As banks typically lend long and borrow short, they acquired vast amounts of bonds back when interest rates were pegged near zero. Given the Federal Reserve has hiked rates by nearly 500 bps over the past year, these securities have significantly declined in value given their interest rate risk, and the overall banking system is sitting on nearly $620 billion of unrealized losses according to data compiled by the FDIC.

Many clients in both Silicon Valley Bank and Signature Bank had deposits well above the $250,000 insured by the FDIC, and vast amounts of customers simultaneously attempted to withdraw their funds. The banks' investments were then sold to meet these unexpected liquidity needs, ultimately causing the losses to be realized and the banks to fail.

Investors feared the same might happen to other banks, and in response, the Fed created the Bank Term Funding Program, which provides additional funds to meet deposit needs. This program allowed the Fed to go through with the 25 bps rate hike at the March FOMC meeting amid heightened inflation data.

The Committee feels the “U.S. banking system is sound and resilient,” and that the recent bank failures will result in “tighter credit conditions" that will likely slow the economy.

Performance as of 3/31/2023

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. One cannot invest in an index. Inception date is 12/29/2021. *Since Inception returns are annualized. Benchmark represents 70% MSCI All Country World Index, 20% Bloomberg Commodity Total Return Index and 10% Bloomberg US TIPS 1-3 Year Index.

Performance Analysis: Q1 2023

The Fund returned -0.30% for the quarter. Equities negatively contributed to the lion share of the ETF's return, while both commodities and our fixed income positions positively contributed to the ETF's performance.

Cyclicals

Below are the largest contributors and detractors to Fund performance from equities. Builders FirstSource, Inc. (2.50% of PPI as of 3/31/2023) gained 36.84% for the period overall and accounted for 0.81% of the ETF's performance.

¹Commerzbank AG was sold completely on March 1, 2023. Please see the Portfolio Changes section below for more details on the changes in reference to this security.

The largest detractor was Western Alliance Bancorp (0% of PPI as of 3/31/2023²), which fell 40.04% for the period overall and detracted 0.80% of the ETF's performance.

Commodities

For the period, the SPDR Gold MiniShares Trust (GLDM; 3.46% of PPI as of 3/31/2023) was up 8.07% and contributed 0.35% to the ETF's performance. Additionally, the Aberdeen Physical Precious Metals Basket Shares ETF (GLTR; 3.31% of PPI as of 3/31/2023) rose 2.22%, adding 0.16% to the ETF's return.

Fixed Income

TIPS (Treasury Inflation-Protected Securities) produced positive returns as both the Vanguard Short-Term Inflation-Protected Securities ETF (VTIP; 3.21% of PPI as of 3/31/2023) and the iShares 0-5 Year TIPS Bond ETF (STIP; 3.33% of PPI as of 3/31/2023) were up for the period (+2.38% and +2.34%, respectively), positively contributing to the ETF's performance (adding 0.09% and 0.08%, respectively).

Portfolio Changes: Q1 2023

On March 1, 2023, we executed a rebalance in which our stock selection and screening process was reviewed.

Positions Sold

Given their quantitative ranking scores declined, we sold completely out of the following stocks (0% in PPI as of 3/31/2023):

Positions Purchased

As their quantitative ranking scores were superior, the following stocks were purchased (% represents weighting in PPI as of 3/31/2023):

Other stocks already in PPI were bought or sold to bring our sector weights, as well as our US and Non-US exposures, in accordance with their target ranges.

Over the course of several days in March, we diligently monitored our US mid-cap/regional banks stocks that were exposed to financial system contagion. In an effort to de-risk ahead of an amplification of the regional banking crisis, we sold completely out of the following stocks: Capital One Financial Corp, Comerica Incorporated, Regions Financial Corporation, Western Alliance Bancorp, and Zions Bancorporation, N.A. (all 0% of PPI as of 3/31/2023).

Using a portion of the proceeds, we established smaller positions in the following larger investment banks/brokers and asset managers as they are generally more stable and not exposed to the same risks as regional banks: Ameriprise Financial, Inc. (0.42% of PPI as of 3/31/2023), Interactive Brokers Group, Inc. Class A (0.41% of PPI as of 3/31/2023), LPL Financial Holdings Inc. (0.38% of PPI as of 3/31/2023), Raymond James Financial, Inc. (0.41% of PPI as of 3/31/2023), and State Street Corporation (0.40% of PPI as of 3/31/2023).

Furthermore, we've reduced the ETF's exposure to the financials sector until bank fears further subdue.

Current and Prospective Economic Outlook

We are skeptical about Q1's rally and whether or not it will continue. Why?

Once the yield curve un-inverts further and leading indicators inflect higher, we'd aim to re-risk the fund. Remember, we're still in a bear market, and bull markets don't typically start with the S&P 500 Index trading at such expensive valuations.

We are grateful for your continued trust and support.

Sincerely, The Investment Team at Astoria Portfolio Advisors LLC.

The views in this letter were as of March 31, 2023, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

Commentary provided by Astoria Portfolio Advisors, who serves as the Sub-Adviser for AXS Astoria Inflation Sensitive ETF and is not affiliated with AXS Investments. Holdings are subject to change and should not be considered investment advice.

Disclosures

This material must be preceded or accompanied by a prospectus

There is no guarantee the sectors or asset classes the advisor identifies will benefit from inflation. Fund may invest a larger portion of its assets in one or more sectors than many other funds, and thus will be more susceptible to negative events affecting those sectors.

Equity Securities Risk: Equity securities may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or in only a particular country, company, industry or sector of the market.

Commodities Risk: Commodity prices can have significant volatility, and exposure to commodities can cause the value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. The values of commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments, and factors affecting a particular region, industry or commodity.

Futures Contracts Risk: The Fund expects that certain of the Underlying ETFs in which it invests will utilize futures contracts for its commodities investments. The risk of a position in a futures contract may be very large compared to the relatively low level of margin the Underlying ETF is required to deposit. In many cases, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying them.

TIPS Risk: Principal payments for Treasury Inflation-Protection Securities are adjusted according to changes in the Consumer Price Index (CPI). While this may provide a hedge against inflation, the returns may be relatively lower than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's exposure to U.S. Treasury obligations to decline.

Index descriptions

The following descriptions, while believed to be accurate, are in some cases abbreviated versions of more detailed or comprehensive definitions available from the sponsors or originators of the respective indices. Please refer to each such sponsor's website for more detailed index information.

The past performance of an index is not a guarantee of future results.

Each index reflects an unmanaged universe of securities without any deduction for advisory fees or other expenses that would reduce actual returns, as well as the reinvestment of all income and dividends. An actual investment in the securities included in the index would require an investor to incur transaction costs, which would lower the performance results.

Indices are not actively managed, and investors cannot invest directly in the indices.

NASDAQ-100 Index: The Nasdaq 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange. The index includes companies from various industries except for the financial industry, like commercial and investment banks.

S&P 500® Index: The S&P 500^® Index is an unmanaged, capitalization-weighted index designed to measure the performance of the broad US economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P 500® Energy: The S&P 500^® Energy index comprises those companies included in the S&P 500 that are classified as members of the GICS^® energy sector.

MSCI All Country World Index: The MSCI All Country World Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of June 2021, it covers more than 2,900 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. The index is built using MSCI's Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market cap sizes, sectors, style segments and combinations.

MSCI Brazil: The MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. The index covers about 85% of the Brazilian equity universe.

Bloomberg Commodity Index: The Bloomberg Commodity Index (“BCOM” or the “Index”) is designed to be a highly liquid and diversified benchmark for commodity investments. BCOM provides broad-based exposure to commodities and no single commodity or sector dominates the Index. The indices use a consistent, systematic process to represent the commodity markets. A commodity index should fairly represent the importance of a diversified group of commodities to the world economy. To achieve a fair representation, BCOM uses both liquidity data and U.S. -dollar-weighted production data in determining the relative quantities of included commodities. BCOM Index purports to provide diversified exposure to commodities as an asset class.

Bloomberg Composite Crude Oil Index: The Bloomberg Composite Crude Oil Index Formerly known as Dow Jones-UBS Composite Crude Oil Subindex (DJUBSCR), the index is composed of futures contracts on WTI and Brent Crude Oil.

Bloomberg US Aggregate Bond Index: The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

Bloomberg U.S. 1-3 Year Treasury Bond Index: The Bloomberg U.S. 1-3 Year Treasury Bond Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years.

S&P U.S. Government Bond 20+ Year Index: The S&P U.S. Treasury Bond 20+ Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 20 or more years.

Bloomberg US Corporate Investment Grade Index: The Index measures the performance of the long-dated, investment grade U.S. corporate bond market. Only bonds that have a maturity of more than ten years are included. Securities must be fixed rate, U.S. dollar denominated, taxable and rated investment grade as defined by the Index methodology.

VIX® Index: Cboe Global Markets revolutionized investing with the creation of the Cboe Volatility Index® (VIX® Index), the first benchmark index to measure the market's expectation of future volatility. The VIX Index is based on options of the S&P 500^® Index, considered the leading indicator of the broad U.S. stock market. The VIX Index is recognized as the world's premier gauge of U.S. equity market volatility. The VIX Index is used as a barometer for market uncertainty, providing market participants and observers with a measure of constant, 30-day expected volatility of the broad U.S. stock market. The VIX Index is not directly tradable, but the VIX methodology provides a script for replicating volatility exposure with a portfolio of SPX options, a key innovation that led to the creation of tradable VIX futures and options.

Glossary

Price to Earnings Ratio (P/E): The price-to-earnings ratio (P/E ratio) is a ratio used by analysts for valuing a company. The P/E ratio measures a company's current share price relative to its earnings per share (EPS). The P/E ratio is also referred to as the price multiple or the earnings multiple.

Consumer Price Index (CPI): This index is an inflation measure that calculates the weighted average of prices of a basket of consumer goods and services. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. The CPI measures items such as food, beverages, housing, apparel, transportation, medical care, recreation, education, communication, and other personal goods and services, such as tobacco and smoking products, and haircuts.

Producer Price Index (PPI): This index is an inflation measure that looks at the prices that producers pay and measures changes in the sale prices for the entire domestic market of raw goods and services. These goods and services are bought by consumers from their primary producers, bought indirectly from retail sellers, or purchased by producers themselves. The industries that comprise the PPI include mining, manufacturing, agriculture, fishing, forestry, natural gas, electricity, construction, waste, and scrap materials

Dear Shareholders,

Welcome to our FY 22-23 Annual Report covering August 1, 2022 through March 31, 2023. As we closed the last fiscal year, approximately 4.5 years after launch, we reported $117 million in assets under management (AUM) in the AXS Change Finance ESG ETF (CHGX, the “Fund”). Over the recent fiscal year, the fund stayed level at $116.9 million in AUM despite market volatility.

CHGX continues to track the Change Finance Diversified Impact US Large Cap Fossil Fuel Free Index (the “Index”), composed of the common stock of 100 U.S. large cap companies. The Index utilizes Change Finance's proprietary Isolated ESG Risk-Factor Methodology which applies industry screens of more than 100 individual factors related to people, planet, and profit to ensure that we invest in the most responsible and sustainable companies.

Third-party analysis continues to validate that CHGX is one of the cleanest funds on the market. Morningstar continues to give the Fund its top 5 Globes rating for sustainability.¹ CHGX continues to receive an A rating from As You Sow on Fossil Fuel Exposure and Weapons Exposure as of 3/31/2023 and its carbon footprint is 129% below that of the S&P 500² as of the same date.

The unusual market circumstances which saw on-going supply-chain challenges, continued pandemic-fueled challenges, and significant inflation, coupled with Russia's invasion of Ukraine made performance a challenge for the Fund during the period with the Fund returning -6.86% as compared to its benchmark, the S&P 500 which returned -7.73%. One of the most significant drivers of the performance gap was the extraordinary rise in oil and gas prices fueled by the war in Ukraine just as all other market sectors were down considerably. Change Finance continues to believe that fossil fuel free investing is a sound long-term strategy. Specifically in the first quarter of 2023 our equal-weighted portfolio struggled as investors flocked to large names like Apple, Microsoft, and NVidia. The portfolio also underperformed due to missing names like Tesla, Amazon, and Meta (Facebook). A quarter ago (Q4 2022), these same exclusions led to dramatic outperformance, demonstrating the significant volatility of this market environment. The rest of the performance story is positive.

Change Finance continues to lead the way in sustainable investing. As of March 31, 2023 CHGX was the first Certified Carbon Neutral ETF. CHGX is certified carbon neutral by EthosESG and has sequestered 1,815 tonnes of carbon emissions from its holdings through the end of Q1 2023. This process with our partner, Grassroots Carbon, has a tangible effect through regenerative agriculture that enhances biodiversity and restores grassland ecosystems. Grassroots Carbon also supports marginalized communities ensuring that as good stewards of the land, they are compensated fairly for the service they provide. Change Finance, a certified B Corp, continues to support causes and companies that benefit people and the planet.

Change Finance exists to create an economy in service to life. With your continued support, we will continue to do that through our investment methodology, our advocacy program, and more.

In gratitude,

The Change Finance Team

The views in this letter were as of March 31, 2023, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 833.AXS.ALTS or visit the Fund's website at www.axsinvestments.com. The Fund adopted the performance of the Predecessor Fund following the Reorganization of the Predecessor Fund which occurred on March 21, 2022. The Predecessor Fund has substantially similar investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the Reorganization. The quoted performance data includes the performance of the Prior Account for periods before the fund's registration became effective.

IMPORTANT RISK INFORMATION

ETFs involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objective. Fund holdings are subject to risk and should not be considered recommendations to buy or sell any security.

The Fund may invest a larger portion of its assets in one or more sectors than many other funds, and thus will be more susceptible to negative events affecting those sectors. Market and Equity Risk: The value and market price of an equity security may decline due to general market conditions that may or may not be specifically related to a particular company or industry. Passive investment risk: The Fund invests in securities included in the Index regardless of investment merit. It is not actively managed and generally will not attempt to take defensive positions in declining markets. ESG Investing Risk: The Fund's ESG policy could cause it to make or avoid investments that could result in the portfolio underperforming similar funds that do not have such policies. Market Cap Risks: Companies with larger capitalization may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. The securities of mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies. Real Estate Risk: Investments in Real Estate Investment Trusts (REITs) involve risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.

Investors should carefully consider the investment objectives, risks, charges and expenses of AXS Change Finance ESG ETF. This and other important information about the Fund is contained in the Prospectus, which can be obtained by visiting www.axsinvestments.com. The Prospectus should be read carefully before investing.

Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments.

Carbon Neutral Certification: Ethos performs an independent analysis of a fund's carbon footprint and carbon credits (offsets) to verify whether the fund is carbon neutral during a specified period. The carbon footprint consists of verified Scope 1 and Scope 2 emissions of every holding of the fund. Ethos defines the carbon footprint of a fund as the total tons of Scope 1 and Scope 2 CO₂ emissions of its holdings multiplied by the fund's percentage ownership of those holdings. Percentage ownership is based on the market value of the fund's shares divided by the total market value of the holdings.

While Ethos researches and models Scope 3 emissions for every fund holding, the company does not consider Scope 3 for fund-level certification. This is due to limitations with Scope 3 data, including: lack of standardized reporting methodology by companies: low coverage of companies reporting Scope 3 emissions; and, likely overlap of Scope 3 emissions across company value chains.

As part of the Carbon Neutral Certification, Ethos requires funds to submit proof of purchase of carbon credits from a list of approved providers of carbon credits. When information is not available the following modeling formula used is: Expected emissions = peer-average carbon intensity (CO2 per $M revenue) * $M revenue.

EthosESG audits this estimation and will address discrepancies should they arise. Emissions data is limited by the voluntary disclosure by individual companies and is not independently audited. Change Finance and EthosESG make every effort to ensure data is accurate but cannot guarantee absolute carbon neutrality.

Carbon Sequestration: Change Finance utilizes Grassroots Carbon to purchase Carbon Sequestration Credits for its Carbon Neutral Certification. Carbon sequestration numbers are updated quarterly and reflect carbon offset credits purchased year to date. Verity analyzes the funds carbon footprint quarterly and that analysis is used to purchase credits. Grassroots Carbon certifies and audits carbon capture by taking measurements performed by an unaffiliated third party based on actual 3 feet deep measurements conducted after rigorous stratification in accordance with Verra VMD0021. More information available from buildgrassroots.com

Environmental, Social and Governance (ESG): Environmental criteria considers how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

Fossil Fuels Exposure: Fossil Fuel Exposure is calculated at least quarterly by Fossil Free Funds and measures the percentage of a fund's net assets invested in companies which own, extract, process, or burn fossil fuels for electricity generation as determined by inclusion in the Carbon Underground 200; the Macroclimate 30; Morningstar industry classifications Thermal Coal, Coking Coal, Oil and Gas Drilling, Oil and Gas Extraction, Oil and Gas Production, Oil and Gas Equipment and Services, Oil and Gas Integrated, Oil and Gas Midstream, Oil and Gas Refining and Marketing; the Global Coal Exit List marked as Mining or Services for the Coal Industry Sector or Power for the Coal Industry Sector; or the Global Oil/Gas Exit List upstream and midstream companies. Fossil Free Funds sources financial data on equities and mutual funds from Morningstar. Our database contains information on thousands of U.S. open-end and exchange traded mutual funds, some of the most common funds held in 401(k)s, 403(b)s, and other retirement plans. This information is updated at least quarterly and is as of 5/30/2022. More information available from.fossilfreefunds.org

Carbon Footprint: The Carbon Footprint of a fund measures the Scope 1 & 2 emissions of a fund in tonnes per $1 million invested as calculated by Fossil Free Funds. The Carbon Footprint is calculated utilizing emissions data for each company provided by yourSRI. The Carbon Footprint as calculated by Fossil Free Funds is equal to the sum of each portfolio constituent's Scope 1 and scope 2 carbon emissions multiplied by the percentage of ownership (position size/market capitalization) divided by the fund's AUM in millions. The SPDR S&P 500 ETF Trust (SPY) is used as a proxy for the S&P 500 benchmark. Scope 3 information is utilized when available. Fossil Free Funds uses AI to estimate any non-disclosed emissions comparative to its peers in revenue and industry for Scope 1 and 2. Information is disclosed by companies and is not independently audited and its accuracy cannot be guaranteed.

S&P 500 Index is a market-capitalization-weighted index of the 500 largest publicly-traded companies in the U.S. Investors cannot invest directly in an index.

Weapon Exposure: Weapon Exposure is calculated at least quarterly by Weapon Free Funds and Gun Free Funds and measures the percentage of a fund's net assets invested in companies that manufacture or sell civilian firearms, manufacture or service nuclear weapons, manufacture cluster munitions or land mines, or are among the 100 largest military contractors using data from the Stockholm International Peace Research Institute Arms Industry Database; PAX; and Gun Free Funds' lists of the largest firearms manufacturers and retailers. Information is updated at least quarterly. Gun Free Funds sources financial data from Morningstar, an investment research company. They use Morningstar's mutual fund and stock data to analyze funds and find civilian firearm investments. Current CHGX rating as of 5/30/2022. More information is available from weaponfreefunds.org and gunfreefunds.org.

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the AXS First Priority CLO Bond ETF (“AAA” or the “Fund”). The following information pertains to the period from August 1, 2022, through March 31, 2023 (the “current period” or “the period”).

The Fund is an actively managed exchange-traded fund (“ETF”) that pursues its investment objective by investing in AAA rated priority debt tranches of U.S. dollar-dominated collateralized loan obligations (“CLOs”). The Fund is actively managed and does not seek to track the performance of any particular index. The Fund seeks capital preservation and income.

The Fund had positive performance during the current period ended on March 31, 2023. Total return at NAV for AAA was a positive 4.02% and the total return at market price was a positive 4.28%.

Positive impact to performance was derived from 3 sources; a) Income derived from interest paid on CLO bonds net of management fees (“Distributable Income”), b) principal appreciation, and c) the market price premium or discount to NAV. Income derived from interest paid on CLO bonds net of management fees contributed 3.50% to the Fund's total return. Principal appreciation increased the Fund's NAV by 0.52%. The market price premium or discount to NAV increased the Fund's total return by 0.26%.

NAV Total Return (4.02%) = Distributed Income (3.50%) + Principal Appreciation (0.52%).

Market Price Total Return (4.28%) = Distributed Income (3.50%) + Principal Appreciation (0.52%) + the Market Price Premium or Discount (0.26%).

The largest impact on the Fund during the current period was the rapid rise in interest rates. The federal funds overnight target rate rose 250 basis points during the period ending March 31, 2023. The federal funds overnight target rate began the period at 2.25% and ended at 4.75%.

Despite negative implications for many risk assets in the broader market, the change in interest rates had an overall positive impact on the Fund. The Fund solely invests in floating rate coupon bonds whose quarterly payments are tied to the Secured Overnight Financing Rate (“SOFR”). (NB: historically the coupons for floating rate products were tied to the London Interbank Offered Rate (“LIBOR”) and are now transitioning to SOFR). Both LIBOR and SOFR are largely dependent upon the absolute rate of the federal funds overnight target rate. The increase in these overnight rates has increased the coupons on AAA-rated CLO bonds and in turn increased the coupons of the assets of the Fund. The average coupon for AAA-rated CLOs rose from 4.66% in August 2022 to 5.96% at the end of March 2023. At the end of the period the average coupon of the Fund was 5.90%.

The increase in coupon payments for the Fund greatly outweighed any mark to market changes in the assets prices due to changing credit spreads for AAA-rated CLO bonds. Changes in interest rates had a profound effect on the broader market and caused the risk premiums of many asset classes to increase dramatically. AAA-rated CLO bonds were relatively unchanged and spreads for these bonds started the period at 177 basis points and ended the period at 176 basis points.

Upon its launch, AAA was one of the first CLO ETFs on the market. The Fund commenced operations on September 8, 2020, with outstanding shares of 200,000. As of March 31, 2023, the Fund's shares outstanding were 300,000.

We appreciate your investment in AAA.

Sincerely,

/s/ Peter Coppa

Peter Coppa

Founder and Managing Partner

Alternative Access Funds, Sub-Adviser to the Fund

The views in this letter were as of March 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

AXS Green Alpha ETF

Management's Discussion of Fund Performance

FYE March 31, 2023

Dear Fellow Shareholders,

The AXS Green Alpha ETF (NXTE) was launched on September 27, 2022, resulting in the first fiscal year of operations spanning the period September 27, 2022 to March 31, 2023. This six-month span was characterized by a fast-evolving world and economy, and the resulting market volatility. In Green Alpha's signature investing style—combining macro trajectory analysis, identification of risk-mitigating companies, fundamental data, and active, benchmark-agnostic portfolio construction—we benefitted from upside volatility, took advantage of downside volatility, and helped our clients gain market exposure to the Next Economy.

In the first quarter of 2023, the global economy continued to be characterized by the key challenges of 2022, including the ongoing COVID-19 pandemic, war in Ukraine, rising inflation, and interest rate increases. These challenges have had a significant impact on economic growth, trade, and investment, which has led to continued market volatility. For NXTE, January 2023 provided double-digit performance gains as some of the above-listed concerns seemed to be easing, and then tougher markets in February and early March as some issues seemed to reassert themselves, followed by a quarter-end rally. And yet, in context, inflation, interest rate concerns, and even geopolitical conflicts have historically been short-to-medium term sources of market volatility. As always, we endeavor to think about the longer term, and position our portfolios to preserve and grow our clients' purchasing power over multi-cycle periods.

The global economy is facing long-term challenges, such as the climate crisis, inequality, and technological change. These challenges will require governments, businesses, and individuals to work together to find solutions, and, in enacting them, the world will make significant—it is not an exaggeration to say unprecedented—investments in the best of these solutions. The patient, forward-looking investor therefore stands to benefit. Green Alpha believes that sectors likely to grow faster than underlying GDP in coming years include renewable energies, the entire semiconductor value chain, AI and machine learning, select biotechs, and sustainable and regenerative agriculture and REITs.

For the September 27, 2022 to March 31, 2023 period the AXS Green Alpha ETF returned 6.57% vs the MSCI ACWI Investable Market Index return of 16.40%. However, for the quarter ended March 31, 2023, the AXS Green Alpha ETF returned 9.25% vs the benchmark return of 6.95%. At the fund level, overall returns for the six-month period were affected by inflation, recession fears and continued interest rate increases, leading to s secular rotation to value stocks, and a general rotation away from growth. NXTE is a blend of value and growth, but there is sufficient weight in growth areas that this overall sentiment has led to the Q4 and cumulative underperformance vs the benchmark.

On a sector basis, Fund returns were most negatively impacted by Real Estate and Health Care. Within the Real Estate sector, Real Estate Investment Trusts (REITs) generally underperformed in 2022 and Q1 2023, in the face of unprecedented Federal Reserve rate hikes and the ongoing phenomenon of work-from-home catalyzed by COVID- 19. This pair of headwinds has caused even some of the highest quality REITs to be down more than 70% in the trailing year at the end of Q1 '23, and, clearly with some justification. The Fund's holdings in office REITS were the primary detractor for the period, however gains in data center REITs partially offset the impact of the office REITs.

287 Century Circle, Suite 201

Louisville, CO 80027

303.993.7856

www.greenalphaadvisors.com

Health Care was affected by losses in biotech, particularly the companies Crisper Therapeutics, Editas Medicine, Caribou Biosciences, and other gene-editing-based therapeutics developers. This was primarily driven by less interest in growth names over the period, and not by intrinsic company news or results; these names are among the leaders and top intellectual property holders in transformative medicine. These losses were partially offset by holdings in other areas of biotech, such as equipment makers.

The Fund benefited from investments in Technology and Energy. Within Technology, the semiconductor value chain contributed the most to returns, including gains from front-end capital equipment makers, chip designers, and foundry manufacturing. Catalysts for Semis in the period included early implementation of the CHIPS Act, growing recognition of the importance of semis to the global economy, and multiple announcements related to expansion of global production capacity. Gains were also provided by exposure to security software.

Within Energy, returns were derived from renewable energy equipment makers, with wind turbine manufacturing and service, and solar equipment manufacturing representing the lion's share of upside contribution. Specifically, the world's leading thin-film solar PV maker had an outstanding first quarter of 2023, as it announced benefits from the Inflation Reduction Act ("IRA”) and capacity expansion plans. In wind energy, Vestas Wind Systems, the world's leading wind turbine manufacturer and servicing company was the fund's top overall contributor.

In descending order, the top contributors by name were Vestas Wind Systems, Infineon Technologies, a global leader in diversified semiconductor products, and Pacific Biosciences of California, a leader in advanced gene sequencing devices and technologies for the biotech industry. The biggest detractors from performance were Crispr Therapeutics, Editas Medicine, and SunPower Corp.

Green Alpha Investments in 2023 and Beyond

For 2023, Green Alpha is evaluating economic conditions based on, first, clear evidence that innovation (in select areas) is increasing both economic productivity and environmental sustainability, and second, the sober awareness that the world is in many ways still failing to affect energy and sustainability transitions rapidly enough to prevent irreversible, deleterious outcomes. Within those dynamics and our thesis, we look for opportunities to invest for long-term growth and maximum impact.

Stocks benefitting from multiple tailwinds, and trading at reasonable prices, will continue to be our focus, even though—and even because—this does not correlate with today's short-term market orientation. The time horizon mismatch between our investment approach and the markets' is ultimately beneficial: we are simultaneously disappointed in a year of underperformance and excited by the opportunity to invest in compelling Next Economy companies at steep discounts, relative to the future results we expect from them.

Sincerely,

The views in this letter were as of March 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in The AXS Brendan Wood Top Gun ETF (“TGN” or the “Fund”). The following information pertains to the period from inception on November 8, 2022, through fiscal year end on March 31, 2023. The Fund seeks to track the investment results, before fees and expenses, of the performance of the Brendan Wood Top Gun Index (“Index”).

The Index is comprised of 25 U.S. and Canadian companies that meet Brendan Wood International's highest standards of quality. These large and midcap companies are selected and periodically updated by Brendan Wood International based on 2,000 in-depth interviews with institutional investment professionals.

The Fund had negative performance during the fiscal period ending on March 31, 2023. The market price for TGN decreased 0.69% and the NAV decreased 0.86%, while the Brendan Wood Top Gun Index lost 0.95%.

The Fund invests directly in the index holdings at the prescribed weights. The Fund met its investment objectives, with daily Fund returns showing a 99.67% correlation and 1.008 beta to daily Index returns for the period.

Looking forward, we continue strive to improve Fund NAV tracking of the Brendan Wood Top Gun Index return. We appreciate your investment in TGN.

The views in this letter were as of March 31, 2023, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

Faithfully yours,

Parker B. Binion

Head of Investments, AXS Investments LLC

IMPORTANT RISK DISCLOSURE

ETFs involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objective.

Equity Risk: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

Sector Focus Risk: While the Fund's sector exposure is expected to vary over time based on the composition of the Index, it may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors.

Passive Investment Risk: The Fund is not actively managed and invests in securities included in or representative of the Index regardless of investment merit. The Fund generally will not attempt to take defensive positions in declining markets.

Index Provider Risk: There is no assurance that Brendan Wood, the Fund's index provider, will compile or maintain the Index accurately.

Tracking Error Risk: The performance of the Fund and the Index may differ from each other. For example, the Fund may not be fully invested in the securities of the Index at all times and may incur operating expenses and transaction costs not incurred by the Index.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.

Investors should carefully consider the investment objectives, risks, charges and expenses of the AXS Brendan Wood TopGun Index ETF. This and other important information about the Fund is contained in the Prospectus, which can be obtained by visiting www.axsinvestments.com. The Prospectus should be read carefully before investing.

Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments.

During the period ending March 31, 2023, WUGI returned 20.41% (NAV) and delivered an annualized return of 15.63% since inception. The fund is benchmark agnostic but underperformed the broad equity market S&P 500 Index (-7.73%) and the growth-focused Nasdaq 100 Index (-10.35%) during the year.

As of March 31, 2023, the semiconductor exposure accounted for 41.7% of the Fund's total net assets, contributing 3.60% of the total loss during the fiscal year. Despite the second-largest dollar allocation in the Fund (28.0% as of March 31, 2023), software's contribution to the performance was significantly lagging (-10.91%). Internet companies weighed 18.2% of the Fund but contributed -5.71% of the total loss. Auto Manufacturers, Commercial Services and Computers accounted for 3.9%, 1.4%, and 1.4% of the Fund's total net assets, respectively. It's also worth noting that, through the fiscal year, the Fund held an average of 11.21% of the portfolio in Cash. Cash accounted for 5.4% of the Fund's total net assets at the fiscal year-end.

Considering the Federal Reserve's determined fight against soaring inflation during the first half of the year, we reduced the Fund's equity exposure meaningfully and held close-to-maximum Cash (20%) to defend the portfolio. Within the equity exposure, we were positioned towards the large-cap, high-quality growth companies that we believe could weather the market volatilities relatively better. Later in the year, after a series of significant interest rate hikes from the Federal Reserve, we believed that the valuations of the growth companies had reached the bottom. We gradually put the cash back to work while still staying closer to our large-size and high-quality bias.

We continue to position the Fund to capture the investment opportunities presented by LLM/GPT as well as broader digital transformation. We anticipate a gradual recovery of hyper-growth technologies equities after a rough fiscal year while recognizing that the macro headwinds could be persistent. Having a reasonable amount allocation to cash leaves the fund great flexibility to navigate the macro uncertainty in the near term.

Signature:

Date: 05/10/2023

The views in this letter were as of March 31, 2023 and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund's investment methodology and do not constitute investment advice.

DEFINITIONS OF INDEXES

Nasdaq 100 Index is a stock market index made up of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange.

S&P 500 Index is a market-capitalization-weighted index of the 500 largest publicly-traded companies in the U.S. Investors cannot invest directly in an index.

IMPORTANT RISK INFORMATION

You could lose money by investing in the Fund. There can be no assurance that the Fund's investment objectives will be achieved.

Market and Equity Risk: The market price of an equity security may decline due to market conditions not specifically related to a particular company, such as real or perceived adverse economic or political conditions, or factors that affect a particular industry. 5G and Emerging Technologies Investment Risk: The revenues of the companies held by the Fund are generally expected to be significantly tied to 5G technologies, and the extent of the technologies' versatility has not yet been fully explored. Currently, there are few public companies for which 5G technologies represent significant revenue, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund invests. Active Management Risk: The Fund is actively managed and there is no guarantee that the Fund's investment views will produce the desired results, which may cause the Fund to underperform its benchmark index. Concentration Risk: To the extent the Fund's investments are concentrated in a particular group of industries, including computer software, Internet and semiconductors, the Fund may be susceptible to loss due to adverse occurrences affecting that industry or group of industries. Foreign Risk: The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Non-Diversification Risk: Although the Fund intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means it may invest more of its assets in the securities of a single issuer or smaller number of issuers than if it were diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information about the Fund are contained in the Prospectus, which can be obtained by visiting www.axsinvestments.com. The Prospectus should be read carefully before investing.

Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments.

AXS Astoria Inflation Sensitive ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the AXS Astoria Blended Benchmark Index, Bloomberg Commodity Total Return Index, Bloomberg U.S. TIPS 1-3 Year Index, and MSCI ACWI Index. Results include the reinvestment of all dividends and capital gains.

The AXS Astoria Blended Benchmark Index is composed of 70% MSCI ACWI Index, 20% Bloomberg Commodity Total Return Index, and 10% Bloomberg U.S. TIPS 1-3 Year Index. The Bloomberg Commodity Total Return index is composed of futures contracts and reflects the returns on a fully collateralized investment in the BCOM. The Bloomberg U.S. TIPS 1-3 Year Index measures the performance of the US government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. The MSCI ACWI Index is a stock index designed to track broad global equity-market performance. The indexes do not reflect expenses, fees, or sales charge, which would lower performance. The indexes are unmanaged and are not available for investment.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

The expense ratio was 0.75% which was stated in the current prospectus dated August 1, 2022. For the ETF's current one year expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS Change Finance ESG ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the S&P 500 Index and Change Finance U.S. Large Cap Fossil Fuel Free Index. Results include the reinvestment of all dividends and capital gains.

The S&P 500 Index is a broad unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The Change Finance U.S. Large Cap Fossil Fuel Free Index is the underlying index for CHGX, it measures the performance of an equal-weighted portfolio of approximately 100 large to mid-cap equity securities of U.S. listed companies that meet a diverse set of ESG standards. The indexes do not reflect expenses, fees, or sales charge, which would lower performance. The indexes are unmanaged and are not available for investment.

*For the period August 1, 2022 through March 31, 2023. Not annualized.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF acquired the assets and liabilities of the Change Finance U.S. Large Cap Fossil Fuel Free ETF, a series of the ETF Series Solutions Trust (the “Predecessor ETF") at the close of business on March 18, 2022. As a result of the reorganization, the ETF is the accounting successor of the Predecessor ETF. Performance results shown in the graph and the performance table above for the periods prior to March 19, 2022, reflect the performance of the Predecessor ETF.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

AXS Change Finance ESG ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited) - Continued

The expense ratio was 0.49% which was stated in the current prospectus dated December 1, 2022. For the ETF's current one year expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS First Priority CLO Bond ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the Bloomberg Floating Rate Note <5 Years Index. Results include the reinvestment of all dividends and capital gains.

The Bloomberg Floating Rate Note <5 Years Index is a subset of the US Floating-Rate Note (FRN) Index, which measures the performance of USD denominated, investment-grade, floating-rate notes across corporate and government-related sectors. The index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and is not available for investment.

*For the period August 1, 2022 through March 31, 2023. Not annualized.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF acquired the assets and liabilities of the AAF First Priority CLO Bond ETF, a series of the Listed Funds Trust (the “Predecessor ETF") at the close of business on October 14, 2022. As a result of the reorganization, the ETF is the accounting successor of the Predecessor ETF. Performance results shown in the graph and the performance table above for the periods prior to October 15, 2022, reflect the performance of the Predecessor ETF.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

The expense ratio was 0.25% which was stated in the current prospectus dated December 1, 2022. For the ETF's current one year expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS Green Alpha ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the MSCI ACWI IMI Index. Results include the reinvestment of all dividends and capital gains.

The MSCI ACWI IMI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and is not available for investment.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

The expense ratio was 1.00% which was stated in the current prospectus dated January 3, 2023. For the ETF's current period ended March 31, 2023 expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS Brendan Wood TopGun Index ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the Brendan Wood TopGun Index. Results include the reinvestment of all dividends and capital gains.

The Brendan Wood TopGun Index is a group of companies consisting of the highest rated investment targets selected through +/- 2000 personal consultations with institutional investment professionals (“The BW Panel”), conducted daily throughout each year. The index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and is not available for investment.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

The expense ratio was 0.98% which was stated in the current prospectus dated October 10, 2022, as amended October 27, 2022. For the ETF's current period ended March 31, 2023 expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS Esoterica NextG Economy ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited)

This graph compares a hypothetical $10,000 investment in the ETF, made at its inception, with a similar investment in the MSCI All Country World Index and S&P 500 Index. Results include the reinvestment of all dividends and capital gains.

The MSCI All Country World Index is a market-cap-weighted global equity index that tracks emerging and developed markets. It currently monitors nearly 3,000 large-and mid-cap stocks in 49 countries. The S&P 500 Index is a broad unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The indexes do not reflect expenses, fees, or sales charge, which would lower performance. The indexes are unmanaged and are not available for investment.

*For the period November 1, 2022 through March 31. 2023.

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (866) 984-2510.

The ETF acquired the assets and liabilities of the Esoterica NextG Economy ETF, a series of the Listed Funds Trust (the “Predecessor ETF”) at the close of business on December 16, 2022. As a result of the reorganization, the ETF is the accounting successor of the Predecessor ETF. Performance results shown in the graph and the performance table above for the periods prior to December 17, 2022, reflect the performance of the Predecessor ETF.

The ETF's shares are listed on an exchange. The price of the ETF's shares is based on market price, and because exchange-traded fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount).

AXS Esoterica NextG Economy ETF

ETF PERFORMANCE at March 31, 2023 (Unaudited) - Continued

Gross and net expense ratios were 1.23% and 0.75%, respectively, which were stated in the current prospectus dated December 13, 2022. For the ETF's current period ended March 31, 2023 expense ratios, please refer to the Financial Highlights section of this report. The ETF's Advisor has contractually agreed to waive its fees and/or pay for operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired ETF fees and expenses (as determined in accordance with SEC Form N-1A), other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) does not exceed 0.75% of the ETF's average daily net assets. This agreement is in effect until December 16, 2024, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the ETF's returns would be lower.

Returns reflect the reinvestment of distributions made by the ETF, if any. The graph and the performance table shown do not reflect the deduction of taxes that a shareholder would pay on ETF distributions or the redemption of ETF shares.

AXS Astoria Inflation Sensitive ETF

SCHEDULE OF INVESTMENTS

As of March 31, 2023

AXS Astoria Inflation Sensitive ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

AXS Astoria Inflation Sensitive ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

PLC - Public Limited Company

ETF - Exchange-Traded Fund

*Non-income producing security.

See accompanying Notes to Financial Statements.

AXS Astoria Inflation Sensitive ETF

SUMMARY OF INVESTMENTS

As of March 31, 2023

See accompanying Notes to Financial Statements.

AXS Change Finance ESG ETF

SCHEDULE OF INVESTMENTS

As of March 31, 2023

AXS Change Finance ESG ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

AXS Change Finance ESG ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

AXS Change Finance ESG ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

AXS Change Finance ESG ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

PLC - Public Limited Company

See accompanying Notes to Financial Statements.

AXS Change Finance ESG ETF

SUMMARY OF INVESTMENTS

As of March 31, 2023

See accompanying Notes to Financial Statements.

AXS First Priority CLO Bond ETF

SCHEDULE OF INVESTMENTS

As of March 31, 2023

AXS First Priority CLO Bond ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

LP - Limited Partnership

See accompanying Notes to Financial Statements.

AXS First Priority CLO Bond ETF

SUMMARY OF INVESTMENTS

As of March 31, 2023

See accompanying Notes to Financial Statements.

AXS Green Alpha ETF

SCHEDULE OF INVESTMENTS

As of March 31, 2023

AXS Green Alpha ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

AXS Green Alpha ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023

ADR - American Depository Receipt

See accompanying Notes to Financial Statements.

AXS Green Alpha ETF

SUMMARY OF INVESTMENTS

As of March 31, 2023

See accompanying Notes to Financial Statements.

AXS Brendan Wood TopGun Index ETF

SCHEDULE OF INVESTMENTS

As of March 31, 2023

AXS Brendan Wood TopGun Index ETF

SCHEDULE OF INVESTMENTS - Continued

As of March 31, 2023