# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-25-007455
**Filing Date:** 2025-6
**Character Count:** 95695
**Document Hash:** 22952bcd05cc46a3eeaa1a1edaef249e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007455.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001999371-25-007455

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Collaborative Investment Series Trust
- **CENTRAL INDEX KEY:** 0001719812

**ORGANIZATION NAME:**
- **EIN:** 826635713
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 251033602

**BUSINESS ADDRESS:**
- **STREET 1:** 500 DAMONTE RANCH
- **STREET 2:** PARKWAY BUILDING 700, UNIT 700
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89521
- **BUSINESS PHONE:** 2036226000

**MAIL ADDRESS:**
- **STREET 1:** 500 DAMONTE RANCH
- **STREET 2:** PARKWAY BUILDING 700, UNIT 700
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89521

## Series and Classes Contracts Data

### Anydrus Advantage ETF (Series ID: S000084713)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000249165 | Anydrus Advantage ETF | NDOW            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23306**

------

**Collaborative Investment Series Trust**

------

**500 Damonte Ranch, Parkway Building 700, Unit 700 Reno, Nevada 89521**

------

**Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219**

------

Registrant's telephone number, including area code: **(440) 922-0066**

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) #### Anydrus Advantage ETF

#### NDOW ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — March 31, 2025
![Image](i025c5a197e1f17d9fbf22339.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Anydrus Advantage ETF (the "Fund") for the period of May 13, 2024 to March 31, 2025. You can find additional information about the Fund at https://anydrusfunds.com. You can also request this information by contacting us at 1-877-694-3532.

# What were the Fund's costs since inception?\*
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Anydrus Advantage ETF | $164 | 1.85% |

---

\* Expenses for a full reporting period would be higher.

# How did the Fund perform since inception?
Since inception, the Fund's total return was -0.25%. The primary benchmark, the Bloomberg Aggregate Bond Index returned 6.03% and the secondary index, the S&P Target Risk Moderate Index, returned 3.29%.

The Fund employs a quantitative and qualitative strategy to invest across various asset classes for the long term. It seeks to generate alpha and strong risk-adjusted returns by strategically adjusting asset class weights based on expected performance and through individual security selection.

The performance gap between the Fund and the cited benchmarks were driven primarily by the following:.

&nbsp;&nbsp;&nbsp;&nbsp; ○ During this period, the Fund was underweight in U.S. technology.

&nbsp;&nbsp;&nbsp;&nbsp; ○ During the period, U.S. interest rates declined, increasing bond returns.

The Fund did not use derivatives during the year.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](idf4b10a342b37bf9e6f5c0f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Moderate Index** |
| **May 24** | $10000 | $10000 | $10000 |
| **Jun 24** | $10000 | $10116 | $10108 |
| **Sep 24** | $10264 | $10642 | $10618 |
| **Dec 24** | $9921 | $10316 | $10261 |
| **Mar 25** | $10038 | $10603 | $10329 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Fund Inception (5/13/2024)** |
| Anydrus Advantage ETF | -0.25% |
| Bloomberg U.S. Aggregate Bond Index | 6.03% |
| S&P Target Risk Moderate Index | 3.29% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36904898 |
| Number of Portfolio Holdings | 124 |
| Net Investment Advisory Fees | $383412 |
| Portfolio Turnover Rate | 243% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 29.1 |
| Exchange-Traded Funds | 70.9 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

#### Anydrus Advantage ETF
![Image](i966d2c83b58ef52391b87eba.jpg)

Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://anydrusfunds.com, or upon request, by calling 1-877-694-3532.

Annual Shareholder Report — March 31, 2025

NDOW-03/25-AR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Fred Stoleru is an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant was $14,500 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees.</u> The aggregate fees billed in the fiscal year for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item was $0 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees.</u> Fees for tax services, which consisted of income and excise tax compliance services, was $3,500 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees.</u> Fees for other services totaled $0 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp; (2) No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the work in connection with the audit of the Registrant during the years ended March 31, 2025 was performed by full-time employees of the Registrant's principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 for the year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Financial Statements and Other Information

Anydrus Advantage ETF (NDOW)

March 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#anydrs-ncsr_033125a92) | &nbsp;&nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#anydrs-ncsr_033125a93) | &nbsp;&nbsp;&nbsp; 6 |
| [Statement of Operations](#anydrs-ncsr_033125a94) | &nbsp;&nbsp;&nbsp; 7 |
| [Statements of Changes in Net Assets](#anydrs-ncsr_033125a95) | &nbsp;&nbsp;&nbsp; 8 |
| [Financial Highlights](#anydrs-ncsr_033125a96) | &nbsp;&nbsp;&nbsp; 9 |
| [Notes to Financial Statements](#anydrs-ncsr_033125a97) | &nbsp;&nbsp;&nbsp; 10 |
| [Report of Independent Registered Public Accounting Firm](#anydrs-ncsr_033125a98) | &nbsp;&nbsp;&nbsp; 19 |
| [Approval of the Sub-Advisory Agreement](#anydrs-ncsr_033125a99) | &nbsp;&nbsp;&nbsp; 20 |
| [Additional Information](#anydrs-ncsr_033125a100) | &nbsp;&nbsp;&nbsp; 22 |

---

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 1

Portfolio of InvestmentsMarch 31, 2025

**Anydrus Advantage ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 28.5%** | **Common Stocks — 28.5%** |  |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; 1090 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 168558 |
| &nbsp;&nbsp;&nbsp; 636 | Baidu, Inc., ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 58531 |
| &nbsp;&nbsp;&nbsp; 194 | Charter Communications, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 71495 |
| &nbsp;&nbsp;&nbsp; 1667 | JOYY, Inc., ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 69981 |
| &nbsp;&nbsp;&nbsp; 390 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 224780 |
| &nbsp;&nbsp;&nbsp; 40 | Netflix, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 37301 |
| &nbsp;&nbsp;&nbsp; 623 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp; 111654 |
| &nbsp;&nbsp;&nbsp; 2209 | Pinterest, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 68479 |
| &nbsp;&nbsp;&nbsp; 2556 | Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;&nbsp; 36832 |
| &nbsp;&nbsp;&nbsp; 9413 | Yalla Group, Ltd., ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 49136 |
|  |  | &nbsp;&nbsp;&nbsp; 896747 |
| **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; 2088 | Afya, Ltd., Class A | &nbsp;&nbsp;&nbsp; 37438 |
| &nbsp;&nbsp;&nbsp; 567 | Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp; 74974 |
| &nbsp;&nbsp;&nbsp; 1310 | Amazon.com, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 249241 |
| &nbsp;&nbsp;&nbsp; 2276 | Chewy, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 73993 |
| &nbsp;&nbsp;&nbsp; 300 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 109947 |
| &nbsp;&nbsp;&nbsp; 862 | Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp; 55280 |
| &nbsp;&nbsp;&nbsp; 2077 | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp; 80235 |
| &nbsp;&nbsp;&nbsp; 2684 | MINISO Group Holding, Ltd., ADR | &nbsp;&nbsp;&nbsp; 49627 |
| &nbsp;&nbsp;&nbsp; 1415 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 145462 |
| &nbsp;&nbsp;&nbsp; 1224 | TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; 149083 |
|  |  | &nbsp;&nbsp;&nbsp; 1025280 |
| **Consumer Staples — 2.4%** | **Consumer Staples — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; 728 | Clorox Co. (The) | &nbsp;&nbsp;&nbsp; 107198 |
| &nbsp;&nbsp;&nbsp; 1626 | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp; 152356 |
| &nbsp;&nbsp;&nbsp; 3861 | Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp; 73398 |
| &nbsp;&nbsp;&nbsp; 552 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp; 74636 |
| &nbsp;&nbsp;&nbsp; 1050 | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp; 149331 |
| &nbsp;&nbsp;&nbsp; 2256 | Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp; 68650 |
| &nbsp;&nbsp;&nbsp; 407 | Sprouts Farmers Market, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 62124 |
| &nbsp;&nbsp;&nbsp; 1548 | Unilever PLC, ADR | &nbsp;&nbsp;&nbsp; 92183 |
| &nbsp;&nbsp;&nbsp; 1271 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 111582 |
|  |  | &nbsp;&nbsp;&nbsp; 891458 |

---

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 2

Portfolio of Investments (continued)March 31, 2025

**Anydrus Advantage ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 28.5% (continued)** | **Common Stocks — 28.5% (continued)** |  |
| **Energy — 1.8%** | **Energy — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; 356 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 82378 |
| &nbsp;&nbsp;&nbsp; 368 | Chevron Corp. | &nbsp;&nbsp;&nbsp; 61563 |
| &nbsp;&nbsp;&nbsp; 1967 | Devon Energy Corp. | &nbsp;&nbsp;&nbsp; 73566 |
| &nbsp;&nbsp;&nbsp; 679 | Expand Energy Corp. | &nbsp;&nbsp;&nbsp; 75586 |
| &nbsp;&nbsp;&nbsp; 2952 | Halliburton Co. | &nbsp;&nbsp;&nbsp; 74893 |
| &nbsp;&nbsp;&nbsp; 3816 | Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp; 60407 |
| &nbsp;&nbsp;&nbsp; 360 | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp; 52448 |
| &nbsp;&nbsp;&nbsp; 1521 | Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp; 75077 |
| &nbsp;&nbsp;&nbsp; 4294 | Petroleo Brasileiro SA, ADR | &nbsp;&nbsp;&nbsp; 61576 |
| &nbsp;&nbsp;&nbsp; 398 | Valero Energy Corp. | &nbsp;&nbsp;&nbsp; 52564 |
|  |  | &nbsp;&nbsp;&nbsp; 670058 |
| **Financials — 4.3%** | **Financials — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; 499 | Allstate Corp. (The) | &nbsp;&nbsp;&nbsp; 103328 |
| &nbsp;&nbsp;&nbsp; 599 | American Express Co. | &nbsp;&nbsp;&nbsp; 161161 |
| &nbsp;&nbsp;&nbsp; 278 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 148056 |
| &nbsp;&nbsp;&nbsp; 1387 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp; 72249 |
| &nbsp;&nbsp;&nbsp; 12444 | FinVolution Group, ADR | &nbsp;&nbsp;&nbsp; 119836 |
| &nbsp;&nbsp;&nbsp; 660 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 113850 |
| &nbsp;&nbsp;&nbsp; 939 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 230336 |
| &nbsp;&nbsp;&nbsp; 267 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 146348 |
| &nbsp;&nbsp;&nbsp; 14270 | Mizuho Financial Group, Inc., ADR | &nbsp;&nbsp;&nbsp; 78628 |
| &nbsp;&nbsp;&nbsp; 570 | Progressive Corp. (The) | &nbsp;&nbsp;&nbsp; 161316 |
| &nbsp;&nbsp;&nbsp; 269 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 94274 |
| &nbsp;&nbsp;&nbsp; 1448 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp; 103952 |
| &nbsp;&nbsp;&nbsp; 4655 | XP, Inc., Class A | &nbsp;&nbsp;&nbsp; 64006 |
|  |  | &nbsp;&nbsp;&nbsp; 1597340 |
| **Health Care — 3.6%** | **Health Care — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; 554 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 116073 |
| &nbsp;&nbsp;&nbsp; 228 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 61565 |
| &nbsp;&nbsp;&nbsp; 920 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 126748 |
| &nbsp;&nbsp;&nbsp; 447 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 124306 |
| &nbsp;&nbsp;&nbsp; 139 | Chemed Corp. | &nbsp;&nbsp;&nbsp; 85529 |
| &nbsp;&nbsp;&nbsp; 1158 | CVS Health Corp. | &nbsp;&nbsp;&nbsp; 78455 |
| &nbsp;&nbsp;&nbsp; 354 | Danaher Corp. | &nbsp;&nbsp;&nbsp; 72570 |
| &nbsp;&nbsp;&nbsp; 169 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp; 139579 |
| &nbsp;&nbsp;&nbsp; 838 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 93898 |
| &nbsp;&nbsp;&nbsp; 125 | McKesson Corp. | &nbsp;&nbsp;&nbsp; 84124 |

---

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 3

Portfolio of Investments (continued)March 31, 2025

**Anydrus Advantage ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 28.5% (continued)** | **Common Stocks — 28.5% (continued)** |  |
| **Health Care — 3.6% (continued)** | **Health Care — 3.6% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 4852 | Organon & Co. | &nbsp;&nbsp;&nbsp; 72246 |
| &nbsp;&nbsp;&nbsp; 3543 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 89780 |
| &nbsp;&nbsp;&nbsp; 412 | Tenet Healthcare Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 55414 |
| &nbsp;&nbsp;&nbsp; 292 | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp; 54867 |
| &nbsp;&nbsp;&nbsp; 167 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 80965 |
|  |  | &nbsp;&nbsp;&nbsp; 1336119 |
| **Industrials — 2.0%** | **Industrials — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; 1153 | 3M Co. | &nbsp;&nbsp;&nbsp; 169330 |
| &nbsp;&nbsp;&nbsp; 1633 | ABB, Ltd., ADR | &nbsp;&nbsp;&nbsp; 85145 |
| &nbsp;&nbsp;&nbsp; 760 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 77824 |
| &nbsp;&nbsp;&nbsp; 732 | General Electric Co. | &nbsp;&nbsp;&nbsp; 146510 |
| &nbsp;&nbsp;&nbsp; 448 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp; 94864 |
| &nbsp;&nbsp;&nbsp; 1358 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp; 108789 |
| &nbsp;&nbsp;&nbsp; 942 | Uber Technologies, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 68634 |
|  |  | &nbsp;&nbsp;&nbsp; 751096 |
| **Information Technology — 6.9%** | **Information Technology — 6.9%** |  |
| &nbsp;&nbsp;&nbsp; 1232 | Amdocs, Ltd. | &nbsp;&nbsp;&nbsp; 112728 |
| &nbsp;&nbsp;&nbsp; 1012 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 224796 |
| &nbsp;&nbsp;&nbsp; 1322 | Arista Networks, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 102429 |
| &nbsp;&nbsp;&nbsp; 409 | Autodesk, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 107076 |
| &nbsp;&nbsp;&nbsp; 3106 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 191671 |
| &nbsp;&nbsp;&nbsp; 1513 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 137910 |
| &nbsp;&nbsp;&nbsp; 2186 | Dynatrace, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 103070 |
| &nbsp;&nbsp;&nbsp; 211 | KLA Corp. | &nbsp;&nbsp;&nbsp; 143438 |
| &nbsp;&nbsp;&nbsp; 7456 | Materialise NV, ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 36684 |
| &nbsp;&nbsp;&nbsp; 2146 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp; 186466 |
| &nbsp;&nbsp;&nbsp; 806 | Microsoft Corp. | &nbsp;&nbsp;&nbsp; 302564 |
| &nbsp;&nbsp;&nbsp; 170 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 98597 |
| &nbsp;&nbsp;&nbsp; 1765 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 191290 |
| &nbsp;&nbsp;&nbsp; 990 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp; 188159 |
| &nbsp;&nbsp;&nbsp; 552 | Palo Alto Networks, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 94193 |
| &nbsp;&nbsp;&nbsp; 1306 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 200614 |
| &nbsp;&nbsp;&nbsp; 420 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 35679 |
| &nbsp;&nbsp;&nbsp; 736 | Silicon Motion Technology Corp., ADR | &nbsp;&nbsp;&nbsp; 37212 |
| &nbsp;&nbsp;&nbsp; 11040 | Tuya, Inc., ADR | &nbsp;&nbsp;&nbsp; 33451 |
|  |  | &nbsp;&nbsp;&nbsp; 2528027 |

---

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)March 31, 2025

**Anydrus Advantage ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 28.5% (continued)** | **Common Stocks — 28.5% (continued)** |  |
| **Materials — 1.4%** | **Materials — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; 881 | Cabot Corp. | &nbsp;&nbsp;&nbsp; 73246 |
| &nbsp;&nbsp;&nbsp; 290 | Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp; 52542 |
| &nbsp;&nbsp;&nbsp; 2857 | Cia de Minas Buenaventura SAA, ADR | &nbsp;&nbsp;&nbsp; 44655 |
| &nbsp;&nbsp;&nbsp; 2345 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 88782 |
| &nbsp;&nbsp;&nbsp; 1379 | Mosaic Co. (The) | &nbsp;&nbsp;&nbsp; 37247 |
| &nbsp;&nbsp;&nbsp; 10616 | Vale SA, ADR | &nbsp;&nbsp;&nbsp; 105948 |
| &nbsp;&nbsp;&nbsp; 1275 | Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp; 98978 |
|  |  | &nbsp;&nbsp;&nbsp; 501398 |
| **Utilities — 0.9%** | **Utilities — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; 1052 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 74577 |
| &nbsp;&nbsp;&nbsp; 731 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 69781 |
| &nbsp;&nbsp;&nbsp; 1673 | Sempra | &nbsp;&nbsp;&nbsp; 119385 |
| &nbsp;&nbsp;&nbsp; 343 | Talen Energy Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 68487 |
|  |  | &nbsp;&nbsp;&nbsp; 332230 |
| **Total Common Stocks (Cost** **$10,607,103)** | **Total Common Stocks (Cost** **$10,607,103)** | &nbsp;&nbsp;&nbsp; **10529753** |
| **Exchange-Traded Funds — 69.6%** | **Exchange-Traded Funds — 69.6%** |  |
| &nbsp;&nbsp;&nbsp; 7800 | abrdn Physical Precious Metals Basket Shares ETF<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1009866 |
| &nbsp;&nbsp;&nbsp; 82106 | AGF U.S. Market Neutral Anti-Beta Fund | &nbsp;&nbsp;&nbsp; 1711089 |
| &nbsp;&nbsp;&nbsp; 26729 | BondBloxx JPMorgan USD Emerging Markets 1-10 Year Bond ETF | &nbsp;&nbsp;&nbsp; 1126809 |
| &nbsp;&nbsp;&nbsp; 44189 | Fidelity Emerging Markets Multifactor ETF | &nbsp;&nbsp;&nbsp; 1129029 |
| &nbsp;&nbsp;&nbsp; 32952 | First Trust Managed Futures Strategy Fund | &nbsp;&nbsp;&nbsp; 1519746 |
| &nbsp;&nbsp;&nbsp; 50981 | Franklin Systematic Style Premia ETF | &nbsp;&nbsp;&nbsp; 1251584 |
| &nbsp;&nbsp;&nbsp; 42817 | Invesco S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp; 1890799 |
| &nbsp;&nbsp;&nbsp; 20134 | iShares 1-3 Year International Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 1417031 |
| &nbsp;&nbsp;&nbsp; 27246 | iShares Core MSCI International Developed Markets ETF | &nbsp;&nbsp;&nbsp; 1876977 |
| &nbsp;&nbsp;&nbsp; 30172 | iShares Currency Hedged MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 847230 |
| &nbsp;&nbsp;&nbsp; 85077 | iShares iBonds Dec 2027 Term Treasury ETF | &nbsp;&nbsp;&nbsp; 1907426 |
| &nbsp;&nbsp;&nbsp; 3076 | JPMorgan Realty Income ETF | &nbsp;&nbsp;&nbsp; 148263 |
| &nbsp;&nbsp;&nbsp; 54809 | NYLI Merger Arbitrage ETF<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1879949 |
| &nbsp;&nbsp;&nbsp; 42270 | RPAR Risk Parity ETF | &nbsp;&nbsp;&nbsp; 832296 |
| &nbsp;&nbsp;&nbsp; 21932 | SPDR Bloomberg International Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 646775 |

---

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2025

**Anydrus Advantage ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 69.6% (continued)** | **Exchange-Traded Funds — 69.6% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 29140 | VanEck IG Floating Rate ETF | &nbsp;&nbsp;&nbsp; 744527 |
| &nbsp;&nbsp;&nbsp; 18126 | VanEck International High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 379921 |
| &nbsp;&nbsp;&nbsp; 19146 | Vanguard FTSE All-World ex-US ETF | &nbsp;&nbsp;&nbsp; 1161396 |
| &nbsp;&nbsp;&nbsp; 37820 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2246507 |
| &nbsp;&nbsp;&nbsp; 33974 | Vanguard Long-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 1957242 |
| **Total Exchange-Traded Funds (Cost $25,190,378)** | **Total Exchange-Traded Funds (Cost $25,190,378)** | &nbsp;&nbsp;&nbsp; **25684462** |
| **Total Investments — 98.1% (Cost** **$35,797,481)** | **Total Investments — 98.1% (Cost** **$35,797,481)** | &nbsp;&nbsp;&nbsp; **36214215** |
| **Other Assets in Excess of Liabilities — 1.9%** | **Other Assets in Excess of Liabilities — 1.9%** | &nbsp;&nbsp;&nbsp; **690683** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **36904898** |

---

(a) Non-income producing security.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

NYLI — New York Life Investments

PLC — Public Limited Company

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 6

Statement of Assets and LiabilitiesMarch 31, 2025

---

| | |
|:---|:---|
|  | **Anydrus Advantage ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $35,797,481) | &nbsp;&nbsp;&nbsp; $36214215 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 713718 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 10403 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold | &nbsp;&nbsp;&nbsp; 407174 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 37346811 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp; 367699 |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 19723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 6441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | &nbsp;&nbsp;&nbsp; 5859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 16638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 17970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 441913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities<sup>^</sup> |  |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $36904898 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $37770685 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; (865787) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $36904898 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $36904898 |
| **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp; 1500000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $24.60 |

---

^ See Note 3 in Notes to the Financial Statements.

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 7

Statement of OperationsFor the period ended March 31, 2025

---

| | |
|:---|:---|
|  | **Anydrus Advantage ETF<sup>(a)</sup>**  |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $1018311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 1018311 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 410933 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 65749 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 7500 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 5074 |
| &nbsp;&nbsp;&nbsp; Offering cost | &nbsp;&nbsp;&nbsp; 10031 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 63524 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 27973 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 12560 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 5592 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 26903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 637537 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; (27521) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 610016 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 408295 |
| **Realized and Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (1163477) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 124798 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 416734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) from Investments: | &nbsp;&nbsp;&nbsp; (621945) |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $(213650) |

---

(a) For the period from the commencement of operations on May 13, 2024, through March 31, 2025.

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 8

Statements of Changes in Net Assets

---

| | |
|:---|:---|
| **Anydrus Advantage ETF** | **For the period<br>May 13, 2024<sup>(a)</sup>** **<br>through<br>March 31, 2025** |
| **From Investment Activities:** |  |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $408295 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | &nbsp;&nbsp;&nbsp; (1038679) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 416734 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (213650) |
| **Distributions to Shareholders From:** |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (539504) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (539504) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 42016875 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4358823) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 37658052 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; 36904898 |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $36904898 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 1675000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (175000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; 1500000 |

---

(a) Commencement of operations.

*See notes which are an integral part of the Financial Statements.*

Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | |
|:---|:---|
| **Anydrus Advantage ETF** | **May 13, 2024<sup>(a)</sup>** **<br>through <br>March 31, 2025** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (0.33) |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.06) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.34) |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.34) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $24.60 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $36905 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; (0.25)% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.85% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 243% |

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Excludes expenses of the investment companies in which the Fund invests.

(g) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions.

Annual Financial Statements and Other Information \| 10

Notes to Financial StatementsMarch 31, 2025

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Anydrus Advantage ETF (the "Fund"). The Fund is a diversified actively-managed exchange-traded fund. The Fund's prospectus provides a description of the Fund's investment objectives, policies, and strategies. The assets of the Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held. The Fund commenced operations on May 13, 2024.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and their role, the investment adviser is deemed to be the Chief Operating Decision Maker.

**(2) Significant Accounting Policies**

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Shares may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, currently 25,000 Shares, called Creation Units ("Creation Units"). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the

Annual Financial Statements and Other Information \| 11

Notes to Financial Statements (continued)March 31, 2025

Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Paralel Distributors LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies"*. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Fund holds investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Fund may use a pricing service, bank, or broker-dealer experienced in such matters to value the Fund's securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to the advisor as fair value designee. The fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to the circumstances that indicate that a transaction is not orderly.

Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)March 31, 2025

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Fund's investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 - Quoted prices in active markets for identical assets that the Fund has the ability to access

• Level 2 - Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - Significant unobservable pricing inputs at the measurement date (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Common stocks and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The Fund did not hold any Level 2 or Level 3 investments as of March 31, 2025.

The following table summarizes the Fund's investments, based on their valuation inputs, as of March 31, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Anydrus Advantage ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $10529753  | &nbsp;&nbsp;&nbsp; $10529753 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 25684462 | &nbsp;&nbsp;&nbsp; 25684462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$36214215** | &nbsp;&nbsp;&nbsp; **$36214215** |

---

(a) Please see the Portfolio of Investments for industry classifications.

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if

Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2025

any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Fund may be subject to foreign taxes on gains in investments or currency repatriation. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

The Fund may own shares of ETFs that may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the Fund.

**C. Cash** 

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to Shareholders** 

Distributions are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses** 

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2025

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Collaborative Fund Advisors, LLC (the "Advisor"), serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee of 1.25% of its average daily net assets, calculated daily and paid monthly.

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, through July 31, 2026 to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses), (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Advisor)) would not exceed 1.85%. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment.

As of March 31, 2025, the Advisor may recoup amounts from the Fund as follows:

---

| | | |
|:---|:---|:---|
|  | **Waived/Reimbursed <br>FY 2025 Expires 03/31/2028** | **Total** |
| Anydrus Advantage ETF | $27521 | $27521 |

---

At March 31, 2025, there is no commitment or contingent liability expected.

**B. Administration, Custodian, Transfer Agent and Accounting Fees** 

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Fund pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Fund pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Fund and provides the Fund with various administrative services. For these services, the Fund pays CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2025

**C. Distribution and Shareholder Services Fees** 

Paralel Distributors LLC ("The Distributor") is the principal underwriter and distributor for the Fund's Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D. Compliance Services** 

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for these services.

**E. Treasurer Fees** 

The Treasurer of the Trust receives a fee that is calculated monthly using the Fund's net assets at month-end and is paid by the Fund on a quarterly basis as previously approved by the Board. During the period ended March 31, 2025, the Fund paid a total of $1,698 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Fund for its services.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Anydrus Advantage ETF | $91418117 | $91960244 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Anydrus Advantage ETF | $41692030 | $4313541 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2025.

**(5) Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in shares for the Fund are disclosed in detail on the Statement of Changes in Net Assets.

Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2025

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for the Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for <br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>**  |
| Anydrus Advantage ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statement of Assets and Liabilities. As of March 31, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Fund has reviewed the tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

As of and during the period ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended March 31, 2025, the Fund did not incur any interest or penalties.

As of March 31, 2025, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Anydrus Advantage ETF | $36000917 | $463683 | $(250385) | $213298 |

---

Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2025

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity and passive foreign investment companies mark to market.

The tax character of distributions paid during the fiscal period March 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary Income** | **Net Capital Gains** | **Total Taxable Distributions** | **Total Distributions Paid** |
| Anydrus Advantage ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 | $539504 | $— | $539504 | $539504 |

---

As of March 31, 2025, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Loss)** |
| Anydrus Advantage ETF | $92394 | $— | $92394 | $(1171479) | $213298 | $(865787) |

---

As of March 31, 2025, the Fund has net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | |
|:---|:---|
|  | **Short Term Amount** |
| Anydrus Advantage ETF | $1171479 |

---

**Permanent Tax Differences:**

As of March 31, 2025, the following reclassifications were made on the Statement of Assets and Liabilities, relating primarily to the tax treatment of realized gains and losses attributable to redemptions in kind:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings (Loss)** | **Paid-in Capital** |
| Anydrus Advantage ETF | $(112633) | $112633 |

---

**(7) Investment Risks**

**ETF Risk** 

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading

Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2025

market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Geopolitical Risk** 

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

Additional investment risks are outlined in the Fund's prospectus.

**(8) Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2025.

Annual Financial Statements and Other Information \| 19

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Anydrus Advantage ETF and

Board of Trustees of Collaborative Investment Series Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Anydrus Advantage ETF (the "Fund"), a series of Collaborative Investment Series Trust, as of March 31, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from May 13, 2024 (commencement of operations) through March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, and the results of its operations, changes in net assets, and the financial highlights for the period from May 13, 2024 (commencement of operations) through March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2025.

![](anydrs-ncsr_033125img001.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

May 23, 2025

Annual Financial Statements and Other Information \| 20

Approval of the Sub-Advisory AgreementMarch 31, 2025 (Unaudited)

*<u>***<u>Approval of the Sub-Advisory Agreement with Collaborative Fund Advisors</u>***</u>***,*** <u>***<u>LLC and Reitreful, LLC (Anydrus Advantage ETF)</u>***</u>*

In connection with the special meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on November 28, 2023 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a sub-advisory agreement between Collaborative Fund Advisors, LLC ("CFA") and Retireful, LLC ("Retireful"), with respect to the Anydrus Advantage ETF ("Anydrus" or the "Fund"). In considering the approval of the sub-advisory agreement, the Board received materials specifically relating to the sub-advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the sub- advisory agreement between CFA and Retireful. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the sub-advisory agreement on behalf of the Fund and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the approval of the sub-advisory agreement.

*Nature, Extent and Quality of Services.* The Board noted that Retireful served as the adviser for four series in the Trust, and it managed over $271.6 million in assets under management as of June 30, 2023. The Board reviewed the responsibilities and experience of the key personnel at Retireful who would service the Fund, noting its familiarity with the personnel. The Board acknowledged that Retireful would serve as the trading sub-adviser for the Fund. The Board reviewed Retireful's practices for monitoring compliance with the Fund's investment limitations, including its use of reports. The Board observed that Retireful did not report any material compliance issues, regulatory examinations or material litigation in the last 36 months. The Board concluded that it could expect Retireful to provide satisfactory services to the Fund and its shareholders.

*Performance.* The Board noted that there was no prior performance of the Fund for the Board to evaluate.

*Fees and Expenses.* The Board observed that Retireful's sub-advisory fee was 0.15%. The Board noted that Retireful did not provide similar services to any other accounts for comparison. The Board concluded that the sub-advisory fee was not unreasonable.

Annual Financial Statements and Other Information \| 21

Approval of the Sub-Advisory Agreement (continued)March 31, 2025 (Unaudited)

*Profitability.* The Board reviewed a profitability analysis provided by Retireful and noted that Retireful expected to make no profit regarding its relationship with the Fund. The Board determined that excessive profitability was therefore not an issue for Retireful at this time.

*Economies of Scale.* The Board considered whether Retireful had realized economies of scale with respect to the sub-advisory services provided to the Fund. The Board agreed that this was primarily an advisor-level issue and should be considered with respect to the overall management agreement taking into consideration the impact of the sub-advisory expense.

*Conclusion.* Having requested such information from Retireful as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and with the advice of independent counsel, the Board determined that approval of the sub-advisory agreement between CFA and Retireful was in the best interests of the Fund and its future shareholders.

Annual Financial Statements and Other Information \| 22

Additional InformationMarch 31, 2025 (Unaudited)

**OTHER FEDERAL INCOME TAX INFORMATION**

During the period ended March 31, 2025, the following percentage of the total ordinary income distributions paid by the Fund qualifies for the distributions received deduction available to corporate shareholders:

---

| | |
|:---|:---|
|  | **Distributions Received Deduction** |
| Anydrus Advantage ETF | 24.82% |

---

For the period ended March 31, 2025, distributions paid by the Fund may be subject to a maximum tax rate of 20%, as provided by the Jobs and Growth Relief Reconciliation Act of 2003. The Fund intends to designate the maximum amount allowable as taxed at a maximum rate of 20%. Complete information will be reported in conjunction with your 2025 Form 1099-DIV.

During the period ended March 31, 2025, the percentage of Qualified Dividend Income is as follows:

---

| | |
|:---|:---|
|  | **Qualified Dividend Income** |
| Anydrus Advantage ETF | 43.18% |

---

**PREMIUM/DISCOUNT INFORMATION**

The Fund's website at <u>http://www.anydrusfunds.com</u> shows the previous day's closing NAV and closing market price for the Fund's ETF Shares. The website also discloses, in the Premium/Discount section, how frequently the Fund's ETF Shares traded at a premium or discount to NAV (based on closing NAVs and market prices) and the magnitudes of such premiums and discounts.

**PROXY VOTING**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, (i) by calling 1-877-694-3532; (ii) on the Fund's website at <u>https://anydrusfunds.com/</u>; and (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

[(a)(1) The Code of Ethics is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99-302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Collaborative Investment Series Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

Date <u>June 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

Date <u>June 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Bill McCormick |
|  | Bill McCormick, Treasurer and Principal Financial Officer of the Trust |

---

Date <u>June 5, 2025</u>

## Ex-99.Code

**[Collaborative Series Investment Trust N-CSR](anydrs-ncsr_033125.htm)**

**Exhibit 99.COE**

![](ex99coe_001.gif)

4.2 Code of Ethics

**Statement of General Principles**

![](ex99coe_002.gif)

This Code of Ethics has been adopted by Collaborative Investment Series Trust (the "Trust") for the purpose of instructing all employees, officers, directors and trustees of the Trust and each adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The duty at all times
 to place the interests of the Trust and its shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The requirement that
 all personal securities transactions be conducted in a manner consistent with the Code of
 Ethics and in such a manner as to avoid any actual or potential conflict of interest or any
 abuse of any individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The fundamental standard
 that such employees, officers, directors and trustees should not take inappropriate advantage
 of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ employ
 any device, scheme or artifice to defraud the Trust or any of its shareholders; • make
 to the Trust or any of its shareholders any untrue statement of a material fact or omit to
 state to such client a material fact necessary in order to make the statements made, in light
 of the circumstances under which they are made, not misleading; • engage in any act,
 practice, or course of business which operates or would operate as a fraud or deceit upon
 the Trust or any of its shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ engage in any manipulative
 practice with respect to the Trust or any of its shareholders.

![](ex99coe_003.gif)

Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Advisory Employees:** Employees who,
 in connection with their regular functions or duties, make, participate in, or obtain information
 regarding the purchase or sale of securities by a Fund, or whose functions relate to the
 making of any recommendation with respect to purchases or sales. The Compliance Officer will
 maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Beneficial Interest:** ownership or any benefits of ownership, including the opportunity to directly or indirectly
 profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Chief Compliance Officer:** means
 the Chief Compliance Officer of the Trust as may be appointed by the Board of Trustees from
 time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compliance Officer:** means, for
 Advisory Personnel, the person designated as the Chief Compliance Officer of the Advisor
 with which the Advisory Person is affiliated; for Trust Personnel, the Trust's
Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Disinterested Trustees:** trustees of the Trust whose affiliation with the Trust is solely by reason
 of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Employee Account:** each account
 in which an Employee or a member of his or her family has any direct or indirect Beneficial
 Interest or over which such person exercises control or influence, other than through the
 exercise of investment discretion, including, but not limited to, any joint account, partnership,
 corporation, trust or estate. An Employee's family members include the Employee's
 spouse, minor children, any person living in the home of the Employee and any relative of
 the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Employees:** the employees, officers,
 and trustees of the Trust and the employees, officers and directors of the Adviser, including
 Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Exempt Transactions:** transactions
 which are 1) effected in an amount or in a manner over which the Employee has no direct or
 indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic
 cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale
 of rights to purchase additional securities from an issuer and granted by such issuer pro-rata
 to all holders of a class of its securities, 4) in connection with the call by the issuer
 of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call
 option, 6) closing transactions no more than five business days prior to the expiration of
 a related put or call option, 7) inconsequential to any Fund because the transaction is very
 unlikely to affect a highly liquid market or because the security is clearly not related
 economically to any securities that a Fund may purchase or sell, 8) involving shares of a
 security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Fund(s):** means each series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Personal Securities Transactions:** means transactions in Securities for the account(s) in the names of Trust
 Personnel, or for the accounts in which Trust Personnel have Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Related Securities:** securities
 issued by the same issuer or issuer under common control, or when either security gives the
 holder any contractual rights with respect to the other security, including options, warrants
 or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Securities:** any note, stock, treasury
 stock, bond, debenture, evidence of indebtedness, certificate of interest or participation
 in any profit-sharing agreement, collateral-trust certificate, pre- organization certificate
 or subscription, transferable share, investment contract, voting-trust certificate, certificate
 of deposit for a security, fractional undivided interest in oil, gas or other mineral rights,
 or, in general, any interest or instrument commonly known as a "security," or
 any certificate or interest or participation in temporary or interim certificate for, receipt
 for, guarantee of, or warrant or right to subscribe to or purchase (including options) any
 of the foregoing; except for the following: 1) securities issued by the government of the
 United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial
 paper, and 5) shares of unaffiliated registered open-end investment companies (other than
 exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Securities Transaction:** the purchase
 or sale, or any action to accomplish the purchase or sale, of a Security for an Employee
 Account. The term Securities Transaction does not include transactions executed by the Adviser
 for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

![](ex99coe_004.gif)

Personal Investment Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless
 the transaction involves a private placement or initial public offering. Employees must remember
 that regardless of the transaction's status as exempt or not exempt, the Employee's
 fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) While
 trustees of the Trust are subject at all times to the fiduciary obligations described in
 this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and
 IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary
 course of fulfilling the duties of that position, should have known, that during the fifteen
 days immediately preceding or after the date of the such person's transaction that
 the same Security or a Related Security was or was to be purchased or sold for a Fund or
 that such purchase or sale for a Fund was being considered, in which case such Sections apply
 only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Employees
 may not execute a Securities Transaction on a day during which a purchase or sell order in
 that same Security or a Related Security is pending for a Fund unless the Securities Transaction
 is combined ("blocked") with the Fund's transaction. Securities Transactions
 executed in violation of this prohibition shall be unwound or, if not possible or practical,
 the Employee must disgorge to the Fund the value received by the Employee due to any favorable
 price differential received by the Employee. For example, if the Employee buys 100 shares
 at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100
 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any
 Securities Transactions in a private placement must be authorized by the Compliance Officer,
 in writing, prior to the transaction. In connection with a private placement acquisition,
 the Compliance Officer will take into account, among other factors, whether the investment
 opportunity should be reserved for a Fund, and whether the opportunity is being offered to
 the Employee by virtue of the Employee's position with the Trust or the Adviser. If
 the private placement acquisition is authorized, the Compliance Officer shall retain a record
 of the authorization and the rationale supporting the authorization. Employees who have been
 authorized to acquire securities in a private placement will, in connection therewith, be
 required to disclose that investment if and when the Employee takes part in any subsequent
 investment in the same issuer. In such circumstances, the determination to purchase Securities
 of that issuer on behalf of a Fund will be subject to an independent review by personnel
 of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Employees
 are prohibited from acquiring any Securities in an initial public offering without the prior
 written approval of the Compliance Officer. This restriction is imposed in order to preclude
 any possibility of an Employee profiting improperly from the Employee's position with
 the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer
 shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Restrictions Employees are prohibited from serving on the boards
 of directors of publicly traded
companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination
that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board
service is 32 authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect
to the securities of the company in question.

![](ex99coe_004.gif)

Compliance Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employee Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Within
 ten (10) days of commencement of employment with the Trust or the Adviser, each Employee
 must certify that he or she has read and understands this Code and recognizes that he or
 she is subject to it, and must disclose the following information, which information must
 be current as of a date no more than 45 days prior to the date the person became an Employee:
 a) the title, number of shares and principal amount of each Security in which the Employee
 has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer
 with whom the Employee maintained an account when the person became an Employee, and c) the
 date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Annually,
 each Employee must certify that he or she has read and understands this Code and recognizes
 that he or she is subject to it, that he or she has complied with the requirements of this
 Code and has disclosed or reported all personal Securities Transactions required to be disclosed
 or reported pursuant to the requirements of this Code. In addition, each Employee shall annually
 provide the following information (as of a date no more than 30 days before the report is
 submitted): a) the title, number of shares and principal amount of each Security in which
 the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with
 whom the Employee maintains an account in which any Securities are held for the direct or
 indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) All Employees must provide copies of
 all periodic broker account statements to the Compliance Officer. Each Employee must report,
 no later than thirty (30) days after the close of each calendar quarter, on the Securities
 Transaction Report form provided by the Trust or the Adviser, all transactions in which the
 Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including
 Exempt Transactions, and certify that he or she has reported all transactions required to
 be disclosed pursuant to the requirements of this Code. The report will also identify any
 trading account, in which the Employee has a direct or indirect Beneficial Interest, established
 during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected
 pursuant to an automatic investment plan. An automatic investment plan is a program in which
 regular periodic purchases (or withdrawals) are made automatically in (or from) investment
 accounts in accordance with a predetermined schedule and allocation. An automatic investment
 plan includes a dividend reinvestment plan.

ii) The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

iii) If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

iv) The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

***Responsible Party/Compliance Process:*** Chief Compliance Officer/Investment Adviser

**Approved:** [date]

**Revised:** [date]

## Ex-99.Cert

**[Collaborative Series Investment Trust N-CSR](anydrs-ncsr_033125.htm)**

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Gregory Skidmore, certify that:

1. I
have reviewed this report on Form N-CSR of Collaborative Series Investment Trust (the "registrant");

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| June 5, 2025 | /s/ Gregory Skidmore |
| Date | Gregory Skidmore |
|  | Principal Executive Officer *or* Principal Financial Officer |

---

## Exhibit 99.906

**[Collaborative Series Investment Trust N-CSR](anydrs-ncsr_033125.htm)**

**Exhibit 99.906 CERT** 

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of Collaborative Series Investment Trust (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the
 information contained in the Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Registrant.

June 5, 2025

Date

---

| |
|:---|
| /s/ Gregory Skidmore |
| Gregory Skidmore |
| Principal Executive Officer |
| /s/ Bill McCormick |
| Bill McCormick |
| Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.