Five Tradr Leveraged ETFs Reach October 20 Trading Suspension Date on Cboe

Five Tradr leveraged exchange-traded funds reached their scheduled October 20, 2026, trading suspension date on Cboe BZX, marking the next stage in the closure of a group of single-stock products. Cboe identifies liquidation as the reason for the suspension of all five funds, which trade under the symbols CPNX, NXPX, PONX, SMZ and TSEU.

October 19 was the final day the shares traded on Cboe BZX. Tradr announced the liquidation plans on October 6 and said the funds are expected to cease operations, sell their remaining assets and prepare cash distributions to shareholders on or about October 26. The timetable separates three events that can be easy to confuse: the last opportunity to trade on the listing exchange, the suspension date and the subsequent liquidation.

For investors who held shares past the last trading session, the October 20 milestone does not by itself determine the value of their final payout. The liquidation documents provide for a cash payment based on net asset value on the liquidation date. That makes the fund’s wind-down process, rather than a final quoted exchange price, the relevant next step for those still invested.

Five single-stock strategies affected

The Cboe suspension and delisting list names the same five Tradr products and assigns each an October 20 suspension date. The group includes four bullish funds seeking twice the daily performance of individual companies’ shares and one inverse product seeking twice the opposite of its reference stock’s daily move. All five are daily-reset strategies, not conventional unleveraged stock ETFs.

CPNX is the Tradr 2X Long CPNG Daily ETF, tied to Coupang shares. NXPX is the Tradr 2X Long NXPI Daily ETF, linked to NXP Semiconductors, and PONX is the Tradr 2X Long PONY Daily ETF, based on Pony AI. TSEU is the Tradr 2X Long TSEM Daily ETF, which targets Tower Semiconductor. Each sought investment results corresponding to 200% of its reference stock’s daily performance before fees and expenses, rather than double the stock’s return over a longer holding period.

SMZ differs from the other four. The Tradr 2X Short SMR Daily ETF sought a negative 200% daily return relative to NuScale Power shares, meaning its stated objective was to gain when the underlying stock declined over a day and to lose when it rose, before fees and expenses. Its inverse exposure is an important distinction: the five closures cover both long and short leveraged bets, not a single view on one industry.

Their reference companies operate in e-commerce, semiconductors, autonomous driving and nuclear-energy technology. Their shared feature is the Tradr daily leveraged structure and the same liquidation timetable. Neither Cboe’s listing nor Tradr’s October announcement supplies a fund-by-fund explanation of why the five products were selected for closure, so the notices do not establish that losses, trading volume or any particular underlying stock’s performance caused the decision.

What happens between the last trade and liquidation

In its October 6 liquidation announcement, Tradr said the creation and redemption of fund units would continue through October 19, which it designated as the last day of trading on Cboe BZX. Those creation and redemption arrangements relate to the ETF mechanism; individual investors generally buy or sell ETF shares in the market rather than redeeming them directly with the fund. The planned October 20 suspension therefore changes how a remaining retail holding can be exited.

Prospectus supplements filed with the Securities and Exchange Commission specify that shareholders of record on the liquidation date will receive cash equal to their shares’ net asset value as of that date. The documents identify October 26 as the expected liquidation date, using ‘on or about’ language rather than guaranteeing completion on that day. The amount ultimately distributed is not established by the October 20 suspension notice.

After the October 19 closing date, the filings warn that a market for the shares cannot be assured. Shareholders who sold on or before that date could have faced ordinary brokerage charges and a market price above or below net asset value. Remaining holders instead face the distribution process specified in the liquidation plan, with the fund’s assets valued for its final net asset value.

Tax treatment is another difference between selling before the closing date and receiving a liquidation payment. The filings say the cash proceeds will generally be treated as received in exchange for fund shares, potentially producing a capital gain or loss depending on each investor’s tax basis. They also caution that withholding may apply in some circumstances and advise shareholders, including those using tax-deferred accounts, to consult a tax adviser. The documents state that holders remaining through liquidation will not incur fund-level transaction fees on that payment.

AXS Investments, the funds’ investment adviser, may also reposition assets to prepare for an orderly wind-down, according to the SEC-filed supplements. Raising cash or holding more liquid investments can leave a fund partly or entirely outside its usual strategy during the closing period. Consequently, a fund’s performance near liquidation may diverge from the leveraged stock exposure described in its original objective, even before the final cash payment is calculated.

Daily leverage remains relevant to final proceeds

Tradr designed these products for short-term positions that require active monitoring. A two-times daily target is recalculated around the daily movement of an underlying stock; it is not a promise that an investor holding the ETF for several weeks or months will receive twice the stock’s cumulative change. Successive daily gains and losses compound, and volatility can make the longer-period ETF return materially different from the advertised daily multiple.

That distinction matters for investors comparing their purchase price with the liquidation payout. A long fund can lose money over a multi-day period even when its underlying stock finishes slightly higher, depending on the path of daily returns. An inverse fund introduces the opposite directional exposure and its own compounding effects. The liquidation announcement does not erase prior gains or losses, and it does not specify what any shareholder will receive.

Tradr’s product disclosures warn that leveraged and inverse funds carry greater risk than comparable unleveraged exposure and can lose the entire investment in an extreme adverse daily move. The products are marketed to sophisticated investors willing to monitor their positions frequently. Those warnings explain the mechanics of the funds being retired; they should not be interpreted as evidence that a particular risk event triggered these closures. No such cause is identified in the issuer’s announcement.

All five funds are series of Investment Managers Series Trust II, according to their SEC prospectus supplements, which record approval of liquidation plans by the trust’s board of trustees. For holders, the binding dates are more immediate than the broader business context: exchange trading ended October 19, the Cboe suspension was scheduled for October 20, and the fund wind-down and preparation of cash payments are expected around October 26.

Until liquidation is completed, the precise value and timing of individual cash distributions remain dependent on the fund’s final net asset value and the administration of the wind-down. The next concrete milestone disclosed by Tradr is the expected October 26 liquidation date, when shareholders of record are slated to become entitled to cash based on that day’s net asset value.