Summary Prospectus by Investment Company - Form 497K

First Trust Merger Arbitrage Fund

Class A Shares - VARAX

Class C Shares - VARCX

Class I Shares - VARBX

A series of Investment Managers Series Trust II (the "Trust")

Supplement dated November 18, 2024, to the

Summary Prospectus dated January 31, 2024.

Effective immediately, the First Trust Multi-Strategy Fund (the "Fund") has lowered the maximum sales charge for Class A shares of the Fund from 5.75% to 4.50% and revised the sales charge and dealer reallowance schedules with respect to Class A Shares of the Fund, which vary by the amount invested. In connection with these revisions, effective immediately, no sales charge is applied to investments in Class A Shares of $250,000 or more (previously, $1 million or more); however, to the extent a finder's fee was paid, a contingent deferred sales charge will be imposed on certain redemptions of such shares within 12 months of the date of purchase. Effective immediately, the amount of such contingent deferred sales charge is lowered from 1.00% to 0.50%. Additionally, effective immediately, the redemption fee for the Fund will be removed. Accordingly, effective immediately, all references to the redemption fees in the Summary Prospectus are deleted in their entirety.

In connection with the changes described above, the "Fees and Expenses of the Fund" section of the Summary Prospectus is deleted in its entirety and replaced with the following:

Fees and Expenses of the Fund

The table below provides information on the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial professional and in the section titled "YOUR ACCOUNT WITH THE FUND - Purchase of Shares" on page 25 of this Prospectus and in "Appendix A - Waivers and Discounts Available from Intermediaries" of the Prospectus.

		Class A Shares		Class C Shares		Class I Shares
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)		4.50%		None		None
Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested)		0.50%1		1.00%1		None
Wire fee		$20		$20		$20
Overnight check delivery fee		$25		$25		$25
Retirement account fees (annual maintenance fee)		$15		$15		$15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees		1.25%		1.25%		1.25%
Distribution and service (Rule 12b-1) fees		0.25%		1.00%		None
Other expenses		0.57%		0.57%		0.50%
Shareholder servicing fee	0.15%		0.15%		0.08%
Dividends and interest expense on short sales	0.29%		0.29%		0.29%
All other expenses	0.13%		0.13%		0.13%
Acquired fund fees and expenses		0.03%		0.03%		0.03%
Total annual fund operating expenses2		2.10%		2.85%		1.78%

1

For Class A shares, no sales charge applies on investments of $250,000 or more, but to the extent a finder's fee was paid, a contingent deferred sales charge ("CDSC") of 0.50% will be imposed on certain redemptions of such shares within 12 months of the date of purchase. Class C Shares of the Fund are subject to a CDSC of 1.00% on any shares sold within 12 months of the date of purchase.

2	The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Fund and does not include acquired fund fees and expenses.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	One Year	Three Years	Five Years	Ten Years
Class A	$653	$1,078	$1,528	$2,772
Class C	$390	$883	$1,504	$3,176
Class I	$181	$560	$964	$2,095

You would pay the following expenses on Class C Shares if you did not redeem your shares:

	One Year	Three Years	Five Years	Ten Years
Class C	$288	$883	$1,504	$3,176

Please retain this Supplement with your records.

Public link

Please use the above public link if you want to share this noodl on another website.