January 20, 2023 Spinnaker ETF Series Rocky Mount, North Carolina 27804 Investment Managers Series Trust II Milwaukee, Wisconsin 53212 Ladies and Gentlemen:Investment Managers Series Trust II • February 6th, 2023
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of January 17, 2023, by and among Spinnaker ETF Series (the “Spinnaker Trust”), a Delaware statutory trust, on behalf of its series The Cannabis ETF (the “Acquired Fund”), and Investment Managers Series Trust II (“IMST II”), a Delaware statutory trust, on behalf of its series AXS Cannabis ETF (the “Acquiring Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.
