August 5, 2022 Collaborative Investment Series Trust Reno, Nevada 89521 Investment Managers Series Trust II Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Investment Managers Series Trust II • September 16th, 2022
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of August 1, 2022, by and among Collaborative Investment Series Trust (the “Trust”), a Delaware statutory trust, on behalf of its series FOMO ETF (the “Acquired Fund”), and Investment Managers Series Trust II (“IMST II”), a Delaware statutory trust, on behalf of its series AXS FOMO ETF (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
