Investment Managers Series Trust II Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Investment Managers Series Trust II • September 29th, 2022
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of [ ], 2022, by and among Investment Managers Series Trust II (“IMST II”), a Delaware statutory trust, on behalf of its series AXS All Terrain Opportunity Fund (the “Acquired Fund”), and IMST II, on behalf of its series AXS All Terrain ETF (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
