Description of the Advisory Firm Esoterica Capital LLC (“ESOTERICA”) is a Delaware limited liability company with headquarters located at 675 West 59th Street, Suite 903, New York, NY 10069. ESOTERICA is an independent firm that has been registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser effective 11/14/ 2019. Registration of an investment adviser does not imply a certain level of skill or training. ESOTERICA began managing assets in March 2020. ESOTERICA is privately owned and controlled by its members. ESOTERICA specializes in thematic investing in global digital economy underpinned by fundamental research and adaptive asset allocation solutions. Thematic investing is based on broader, macroeconomic topics (i.e., themes) rather than benchmarks, and seeks to capture long-term growth independent of sectors, geographic boundaries, and market- caps. Specifically, ESOTERICA invests in themes that it believes will participate in global digital transformation across several sectors. ESOTERICA’s adaptive asset allocation solution is intended to be a low volatility, capital preservation strategy that tactically repositions risk taking in response to cyclical market conditions and adjust asset allocation defensively during economic downturns, and aggressively during expansionary periods. ESOTERICA’s Investment Process ESOTERICA’s cohesive team of research analysts and its portfolio manager (“ESOTERICA Team”) seek to identify what they believe to be the best companies within their respective themes (and the elements within those themes) to power ESOTERICA’s investment decisions. ESOTERICA Team also utilizes quantitative analysis and technology to dynamically adjust risk profile as macro-economic conditions evolve. ESOTERICA’s distinctive and dynamic investment process is rooted in fundamental analysis. Types of Advisory Services Advisory Services to the ESOTERICA ETF ESOTERICA serves as the investment sub-adviser to AXS Esoterica NextG Economy ETF (the “Fund”), a series of Investment Managers Series Trust II (the “Trust”). As a sub-adviser, Esoterica is responsible for the day-to-day management of the Fund’s portfolio, selection Fund’s portfolio investments and supervision of its portfolio transactions subject to the general oversight of the Board of Trustees of the Trust and AXS Investment LLC. Additional information regarding the services provided by ESOTERICA to the Investment Managers Series Trust II can be found in the ESOTERICA ETF’s prospectus and Statement of Additional Information, which are publicly available at https://www.axsinvestments.com/wugi/, on the EDGAR Database on the SEC’s website (www.sec.gov) or by contacting the Fund’s principal distributor, IMST Distributors, LLC at Three Canal Plaza, Suite 100, Portland, Maine 04101. Advisory Services to Separately Managed Accounts ESOTERICA will provide

investment advisory services to separately managed accounts. Such accounts will be managed in accordance with investment objectives, guidelines, strategies, policies and restrictions established by each client and documented in a written advisory agreement (and related documents) with, or on behalf of, each client and ESOTERICA. ESOTERICA tailors advisory services to the individual needs of clients. Clients may impose restrictions on investing in certain securities or type of securities. Depending upon the contractual arrangements, ESOTERICA executes purchases and sales of securities for these accounts either through firms that the client directs ESOTERICA to use or through broker-dealer firms ESOTERICA selects including firms that can furnish ESOTERICA with investment research and other brokerage services. As described in more detail in Item 12, in executing trades for accounts where the client authorizes ESOTERICA to choose broker-dealers, ESOTERICA will seek to obtain the most favorable execution taking into consideration a number of factors, including price. Research Services ESOTERICA can, subject to applicable law, discuss with clients, potential clients or other third parties, one or more issuers (public or private) that it does not then hold in any portfolio managed by ESOTERICA and which ESOTERICA consider for investment. Any such discussions are solely for informational purposes, will only regard public information, and are not intended to constitute investment advice (except to the extent such discussions are investment advisory services specifically contemplated by an investment advisory agreement between ESOTERICA and a client). Such discussions could include, among other things, the views of ESOTERICA’s portfolio manager or analysts regarding the issuer or its securities, the issuer’s financial condition or prospects, or the merits generally of an investment (or non-investment) in that issuer or any industry or sector of which that issuer is a part. ESOTERICA is under no obligation to enter into such discussions with any client or all clients and can elect to have such discussions only with certain clients or with third parties in its sole discretion. ESOTERICA will not, as a result of any such discussion, be limited in any way from purchasing or selling investments of any such issuer, including investments that could be or appear to be inconsistent with the views expressed in such discussion, except as required by law. Research Publications and Client Services ESOTERICA publishes most of its research analysis on our external website (http://esotericacap.com) in an on-going effort to educate investors on the subjects. This initiative includes publication of blog articles, white papers, videos, or other content formats, hosting of educational research events, and sending of research newsletters and market commentaries to clients and subscribers. Discretionary Assets under Management As of January 31, 2024, ESOTERICA’s assets under management totaled approximately $38,741,556 (rounded to the nearest thousand) and breaks out as follows: Discretionary: $38,741,556.