# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001133228-25-013346
**Filing Date:** 2025-12
**Character Count:** 141104
**Document Hash:** 79c0078f9b30ab2f99676a5ed2ce7b95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013346.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013346

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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:** 251555881

**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

### Rareview 2X Bull Cryptocurrency & Precious Metals ETF (Series ID: S000090077)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000256954 | Rareview 2X Bull Cryptocurrency & Precious Metals ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-07-31195738_Rareview2xBullCryptocurrency-PreciousMetalsETF_TF_TSRAnnual

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**

(Exact name of registrant as specified in charter)

500 Damonte Ranch Parkway

Building 700, Unit 700

Reno, NV 89521

(Address of principal executive offices) (Zip code)

Northwest Registered Agent Service, Inc.

8 The Green, Suite B

Dover, Delaware 19901

(Name and address of agent for service)

(440) 922-0066

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img369733_202505051729188.jpg) | **Rareview 2x Bull Cryptocurrency &** **Precious Metals ETF**  | ![image](img369732_202505051726113.jpg) |
| ![image](img369733_202505051729188.jpg) | BEGS (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img369732_202505051726113.jpg) |
| ![image](img369733_202505051729188.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img369732_202505051726113.jpg) |

---

This annual shareholder report contains important information about the Rareview 2x Bull Cryptocurrency & Precious Metals ETF (the "Fund") for the period of February 6, 2025, to September 30, 2025. You can find additional information about the Fund at https://rareviewcapital.com/2x-bull-cryptocurrency-precious-metals-etf/. You can also request this information by contacting us at 1-888-783-8637.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (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** **\*\*** |
| Rareview 2x Bull Cryptocurrency & Precious Metals ETF | $82 | 0.99% |

---

\* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund benefited from significantly favorable conditions for precious metals. The silver holding had a historically high return during the period, and gold had a similarly strong rate of return. Both crypto assets contributed positively.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5482img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/06/2025)** |
| **Rareview 2x Bull Cryptocurrency & Precious Metals ETF NAV**  | 55.59% |
| **S&P 500 TR index**  | 10.92% |

---

Visit https://rareviewcapital.com/2x-bull-cryptocurrency-precious-metals-etf/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Rareview 2x Bull Cryptocurrency & Precious Metals ETF PAGE 1 TSR-AR-19423L433

------

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6612471 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of September 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Money Market Funds  | 40.1% |
|  Total Return Swaps  | 15.6% |
|  Cash & Other  | 44.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund - Class X  | 40.1% |
|  SPDR Gold Shares  | 9.6% |
|  iShares Silver Trust  | 4.8% |
|  iShares Ethereum Trust ETF  | 1.9% |
|  iShares Bitcoin Trust ETF  | -0.8% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://rareviewcapital.com/2x-bull-cryptocurrency-precious-metals-etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-783-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Rareview 2x Bull Cryptocurrency & Precious Metals ETF PAGE 2 TSR-AR-19423L433

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

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is filed herewith.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Fredrick Stoleru, Shawn Orser and Dean Drulias, Esq. are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | |
|:---|:---|
| | FYE 9/30/2025 |
| (a) Audit Fees | $18000 |
| (b) Audit-Related Fees | $12142 |
| (c) Tax Fees | $7000 |
| (d) All Other Fees | $120 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | |
|:---|:---|
| | FYE 9/30/2025 |
| Audit-Related Fees | 0% |
| Tax Fees | 0% |
| All Other Fees | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | |
|:---|:---|
| Non-Audit Related Fees | FYE 9/30/2025 |
| Registrant | $0 |
| Registrant's Investment Adviser | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

 

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the entire Board.

(b) Not Applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](a15816_rareview_logo.jpg)

**Rareview 2x Bull Cryptocurrency & Precious Metals ETF (BEGS)** 

Annual Financial Statements and Other Information

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Consolidated Schedule of Investments](#soi) | [1](#soi) |
| [Consolidated Statement of Assets and Liabilities](#sal) | [3](#sal) |
| [Consolidated Statement of Operations](#sop) | [4](#sop) |
| [Consolidated Statement of Changes in Net Assets](#scna) | [5](#scna) |
| [Consolidated Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to Consolidated Financial Statements](#notes) | [7](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [15](#rep) |
| [Additional Information](#add) | [16](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**CONSOLIDATED Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 40.1%** <br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(a)(b)</sup> | 2653918 | $2653918  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,653,918)** |  | 2653918  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 40.1%** <br>**(Cost $2,653,918)** |  | $2653918  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 59.9% |  | 3958553  |
| **TOTAL NET ASSETS - 100.0%** |  | $6612471 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(b)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available on the SEC's EDGAR database at www.sec.gov. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**CONSOLIDATED Schedule of Total Return Swap Contracts** 

**September 30, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  iShares Bitcoin Trust ETF | Clear Street LLC | &nbsp;&nbsp; Receive | OBFR + 3.00% | Quarterly | 02/09/2027 | $4670315 | $(116466)  |
|  iShares Ethereum Trust ETF | Clear Street LLC | &nbsp;&nbsp; Receive | OBFR + 3.00% | Quarterly | 02/09/2027 | 1357356 | 124543  |
| &nbsp;&nbsp;&nbsp; iShares Silver <br>Trust | Clear Street LLC | &nbsp;&nbsp; Receive | OBFR + 1.25% | Quarterly | 02/09/2027 | 1548835 | 319405  |
| &nbsp;&nbsp;&nbsp; SPDR Gold <br>Shares | Clear Street LLC | &nbsp;&nbsp; Receive | OBFR + 1.25% | Quarterly | 02/09/2027 | 4885935 | 635177  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  |  | $962659 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of September 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.09% as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**CONSOLIDATED Statement of Assets and Liabilities** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value | $2653918  |
| Cash | 2960000  |
| Unrealized appreciation on swaps | 962659 |
| Receivable for swap contracts | 4153  |
| Receivable from Adviser | 318819  |
| Dividends receivable | 7786  |
| Prepaid expenses and other assets | 61  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6907396  |
| **LIABILITIES:** <br>|  |
| Payable for audit fees | 25016  |
| Payable for fund administration and accounting fees | 16273  |
| Payable for corrective excise tax | 241000 |
| Payable for expenses and other liabilities | 12636  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 294925  |
| **NET ASSETS** | $6612471  |
| **Net Assets Consists of:** <br>|  |
| Paid-in capital | $3718164  |
| Total distributable earnings | 2894307  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6612471  |
| Net assets | $6612471  |
| Shares issued and outstanding<sup>(a)</sup> | 170000  |
| Net asset value per share | $38.90  |
| **Cost:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $2653918 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF<sup>(a)</sup>** 

**CONSOLIDATED Statement of Operations** 

**For the Period Ended September 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** <br>|  |
| Dividend income | $34906  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 34906  |
| **EXPENSES:** <br>|  |
| Corrective excise tax | 241000 |
| Fund administration and accounting fees | 66930  |
| Legal fees | 55068  |
| Audit fees | 25016  |
| Investment advisory fee (See Note 3) | 22636  |
| Reports to shareholders | 20280  |
| Custodian fees | 5333  |
| Compliance fees | 5256  |
| Trustees' fees | 2400  |
| Federal and state registration fees | 772  |
| Other expenses and fees | 3868  |
| &nbsp;&nbsp;&nbsp; Total expenses | 448559  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (425923)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 22636  |
| **Net investment income** | 12270  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |
| Net realized gain from:<br>|  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 942983  |
| Net realized gain | 942983  |
| Net change in unrealized appreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 962659  |
| Net change in unrealized appreciation | 962659  |
| **Net realized and unrealized gain** | 1905642  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1917912 |

---

<sup>(a)</sup> Inception date of the Fund was February 6, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**CONSOLIDATED Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $12270  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 942983  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 962659  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 1917912  |
| **CAPITAL TRANSACTIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4692213  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 5) | &nbsp;&nbsp;&nbsp;&nbsp; 2346  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 4694559  |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp; 6612471  |
| **NET ASSETS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $6612471  |
| **SHARES TRANSACTIONS** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 170000  |
| **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 170000 |

---

<sup>(a)</sup> Inception date of the Fund was February 6, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**CONSOLIDATED Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.90  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6612  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was February 6, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the period. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Ratio is zero due to the Fund not holding any long term securities at any month end during the period.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 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 the Rareview 2x Bull Cryptocurrency & Precious Metals ETF (the "Fund"). The Fund is a non-diversified actively-managed exchange-traded fund. The Fund's investment objective is long-term capital appreciation.

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.

(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 10,000 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 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 Foreside Fund Services, 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 Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*", including Accounting Standards Update 2013-08. 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 income and expenses for the period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;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 Rareview Capital, LLC (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 circumstances that indicate that a transaction is not orderly.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

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 ETF 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.

Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, at the mean between bid and asked price quotations from market makers, provided by a pricing service at a price received from the counterparty to the swap, and are generally categorized as Level 2 securities in the fair value hierarchy.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities at the close of each business day. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Fund did not hold any Level 3 investments as of September 30, 2025.

The following table provides the fair value measurement as of September 30, 2025, while the breakdown, by category, of investments is disclosed in the Schedule of Investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | $2653918 | $— | $— | $2653918  |
| **Total Investments** | $2653918 | $— | $— | $2653918  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $1079125 | $— | $1079125  |
| **Total Other Financial Instruments** | $— | $1079125 | $— | $1079125  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(116466)  | $— | $(116466)  |
| Total Other Financial Instruments | $— | $(116466) | $— | $(116466) |

---

\* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of September 30, 2025.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Dividends and Distributions to Shareholders.* Distributions are recorded on the ex-dividend date. The Fund intends to distribute to their
 shareholders any 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 asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;D. *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.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Derivative Instruments.* All open derivative positions at year end are reflected on the Fund's Schedule of Investments. The following
 is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposure related to each instrument
 type.

**Swap Contracts:** 

The Fund may enter into total return swap contracts, which may be used either as economically similar substitutes for owning the reference asset specified in the swap, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for the Fund to own that asset. "Total return" refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swaps provide the Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.

Most swaps entered into by the Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, the Fund's current obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. The Fund's current obligations under the types of swaps that the Fund expects to enter into (e.g., total return swaps) will be accrued daily (offset against any amounts owed to the Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will be collateralized by the Fund posting collateral to a tri-party account between the Fund's custodian, the Fund, and the counterparty. However, typically no payments will be made until the settlement date.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

The following table presents the Fund's gross total return swap assets and liabilities by counterparty and contract type, net of amounts available for the offset under a master netting agreement and the related collateral received or pledged by the Fund as of September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty**  | **Total Return** <br>**Swap Assets**  | **Total Return** <br>**Swap Liabilities**  | **Net Total Return** <br>**Swap Assets\***  |
| Clear Street LLC | $1079125  | &nbsp;&nbsp;&nbsp; $116466  | &nbsp;&nbsp;&nbsp; $962659 |

---

\* Consolidated Statement of Asset and Liabilities Location: Unrealized appreciation on swaps

The average monthly notional amount of the total return swap contracts during the period ended September 30, 2025 was $7,490,621.

The following is a summary of the fair value of derivative instruments on the Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Assets**  | **Liabilities**  |
|  | **Unrealized** <br>**Appreciation on** <br>**Total Return** <br>**Swap Contracts**  | **Unrealized** <br>**Depreciation on** <br>**Total Return** <br>**Swap Contracts**  |
| Precious Metals Risk | &nbsp;&nbsp;&nbsp; $954582  | &nbsp;&nbsp; $— |
| Cryptoasset Risk | &nbsp;&nbsp;&nbsp; 124543 | &nbsp;&nbsp; (116466) |

---

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended September 30, 2025: Net Realized Gain (Loss) on Swap Contracts

---

| | | |
|:---|:---|:---|
|  | **Net Realized** <br>**Gain (Loss) on** <br>**Total Return**<br>**Swap Contracts**  | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) on <br>**Total Return**<br>**Swap Contracts**  |
| Cryptoasset Risk | &nbsp;&nbsp;&nbsp; $758525  | &nbsp;&nbsp;&nbsp;&nbsp; $8077 |
| Precious Metals Risk | &nbsp;&nbsp;&nbsp; 184458  | &nbsp;&nbsp;&nbsp;&nbsp; 954582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;F. *Consolidation of Subsidiary.* The Fund may invest up to 25% of its total assets in its subsidiary, Rareview Capital BEGS CFC LLC ("Subsidiary").
 The Subsidiary is wholly-owned and controlled by the Fund and was formed under the laws of the Cayman Islands. The Consolidated Schedule
 of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes
 in Net Assets and Consolidated Financial Highlights include the accounts of the Subsidiary. All inter-company accounts and transactions
 have been eliminated in the consolidation of the Fund. The Subsidiary is advised by the Advisor and acts as an investment vehicle in order
 to effect certain investments consistent with the Fund's investment objectives and policies specified in the Fund's prospectus
 and statement of additional information. The Fund will generally invest in derivatives, including total return swap contracts, and other
 investments intended to serve as margin or collateral for total return swap contracts. The inception date of the Subsidiary was February
 6, 2025. As of September 30, 2025, the net assets of the Fund were $6,612,471, of which $5,433,889, or approximately 82.18%, represented
 the Fund's ownership of the shares of the Subsidiary.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

As stated in the Fund's Offering Documents, the Fund intends to qualify for treatment as a regulated investment company under Subchapter M of the Internal Revenue Code. To qualify, the size of the Fund's investment in the Subsidiary should not exceed 25% of the Fund's total assets at each quarter end of the Fund's fiscal year.

On September 30, 2025, the Fund's ownership of the shares of the Subsidiary exceeded the 25% regulated investment company restriction. The Advisor acknowledged the test's failure at year end and took corrective actions to maintain the Fund's regulated investment company status. These actions reduced the Fund's investment in the Subsidiary below 25% and will include the payment of a corrective excise tax estimated to be $241,000. The Advisor intends to reimburse the Fund for the expense of the corrective excise tax. These corrective actions are anticipated to maintain the Fund's regulated investment company status.

(3) INVESTMENT ADVISORY AND OTHER CONTRACTUAL SERVICES

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Advisory Fees.* Rareview Capital, LLC 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, at an annual rate of 0.99% of its average daily net assets, calculated daily and paid monthly.

Tuttle Capital Management LLC, ("Tuttle") serves as subadvisor for the Fund and is paid for its services directly by the Advisor, not the Fund. Tuttle is paid 0.495% of the net management fees.

In addition, the Advisor has contractually agreed to waive a portion or all of its management fees and/or reimburse each Fund's expenses (excluding front- end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Operating Expenses after fee waivers and/or expense reimbursements to a specific percentage of the Fund's average daily net assets (the "Expense Cap").

---

| | |
|:---|:---|
| **Fund** | **Expense Cap**  |
| Rareview 2x Bull Cryptocurrency & Precious Metals ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |

---

The Expense Cap will remain in effect through at least February 6, 2027. The Expense Cap may be terminated earlier only upon approval by the Board, on 60 days' written notice to the Advisor. More information about the Fund's fee waiver and Expense Cap is available in the "Management" section of the Fund's prospectus.

The Advisor may request recoupment of previously waived fees and reimbursed Fund expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement; or (ii) in effect at the time of recoupment.

As of September 30, 2025, the Advisor may recoup amounts from the Fund as follows:

---

| | | |
|:---|:---|:---|
|  | **Waived/Reimbursed** <br>**FY 2025 Expires** <br>**09/30/2028** | **Total**  |
| Rareview 2x Bull Cryptocurrency & Precious Metals ETF | &nbsp;&nbsp;&nbsp;&nbsp; $184923 | $184923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. *Administration, Custodian, Transfer Agent and Accounting Fees.* U.S. Bank Global Fund Services, LLC serves as the sub-administrator, fund accountant,
 and transfer agent for the Fund. U.S. Bank National Association serves as the custodian of the Fund.

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.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;C. *Distribution and Shareholder Services Fees.* Foreside Fund Services, LLC 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.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Compliance Services.* Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for
 these services.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Treasurer Fees.* The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and
 is paid by the Fund on a quarterly basis as previously approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;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 their services.

(4) INVESTMENT TRANSACTIONS

During the period ended September 30, 2025, there were no purchases or sales of long term securities, or purchases or sales of in-kind transactions associated with creations and redemptions.

(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 Consolidated Statement of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of the 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 In-Kind and** <br>**Cash Purchases**  | **Maximum Additional** <br>**Variable Charge for** <br>**Cash Purchases<sup>(a)</sup>**  |
| Rareview 2X Bull Cryptocurrency & Precious Metals ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% |

---

<sup>(a)</sup> 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 September 30, 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 September 30, 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 Statements of Operations. During the period ended September 30, 2025, the Fund did not incur any interest or penalties.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

At September 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $2653918  |
| Gross unrealized appreciation | 1079125  |
| Gross unrealized depreciation | (116466)  |
| Net unrealized appreciation (depreciation) | $962659  |
| Undistributed ordinary income | 1976496  |
| Undistributed capital gain (loss) | —  |
| Total distributable earnings | 1976496  |
| Other accumulated losses | (44848)  |
| Total accumulated earnings | $2894307 |

---

**Permanent Tax Differences:** 

As of September 30, 2025, the following reclassifications were made on the Consolidated Statement of Assets and Liabilities, relating primarily to CFC book income reversal, CFC subpart F income and non-deductible offering costs:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable** <br>**Earnings** | **Paid in Capital**  |
| Rareview 2X Bull Cryptocurrency & Precious Metals ETF | &nbsp;&nbsp;&nbsp;&nbsp; $976395 | &nbsp;&nbsp; $(976395) |

---

(7) INVESTMENT RISKS

ETF Risk. The NAV of the 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 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, tariffs and trade wars, 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. 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.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Rareview 2x Bull CryptoCurrency & Precious Metals ETF** 

**Notes to CONSOLIDATED Financial Statements** 

**September 30, 2025(Continued)** 

(8) SUBSEQUENT EVENTS

As of the September 30, 2025 fiscal year end, the Fund had Undistributed Income of approximately $1.9 million. The Fund intends to pay a dividend equal to the undistributed income prior to December 31, 2025. Investors should be aware that the dividend represents a material percentage of the Fund's Net Asset Value and could result in taxable income.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Rareview 2x Bull Cryptocurrency and Precious Metals ETF and

Board of Trustees of Collaborative Investment Series Trust

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

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments and schedule of total return swap contracts, of Rareview 2x Bull Cryptocurrency and Precious Metals ETF (the "Fund"), a series of Collaborative Investment Series Trust, as of September 30, 2025, the related consolidated statement of operations, the consolidated statement of changes in net assets, the consolidated financial highlights for the period February 6, 2025 (commencement of operations) through September 30, 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 September 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period February 6, 2025 (commencement of operations) through September 30, 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 September 30, 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 auditor of one or more investment companies advised by Rareview Capital, LLC since 2016.

![](efp18579_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 28, 2025

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF** 

**ADDITIONAL INFORMATION** 

**September 30, 2025 (Unaudited)** 

**OTHER FEDERAL INCOME TAX INFORMATION** 

For the period ended September 30, 2025, the Fund designated 0% of its ordinary income distribution as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the period ended September 30, 2025, 0% of dividends paid from net ordinary income for the Fund qualified for the dividends received deduction available to corporate shareholders.

For the fiscal period ended September 30, 2025, the Fund designated 0% of its taxable ordinary income distributions as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c).

**PREMIUM/DISCOUNT INFORMATION**

The Fund's website at <u>http://www.rareviewcapital.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**

The Fund's proxy voting record for the most recent 12-month period ended June 30 will be available without charge, upon request, by calling 1-888-783-8637, on the Fund's website at https://rareviewcapital.com/2x-bull- cryptocurrency-precious-metals-etf/, or by referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov.</u>

16<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

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

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&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)
 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.

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

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](rcl-efp18579_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-29(a)).* Filed herewith.](rcl-efp18579_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](rcl-efp18579_ex99906cert.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

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Principal Executive Officer |

---

Date <u>12/8/2025</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.

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Principal Executive Officer |

---

Date <u>12/8/2025</u>

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William McCormick |
|  | William McCormick, Principal Financial Officer |

---

Date <u>12/8/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**Code of Ethics**

**Amended and Restated: February 15, 2025**

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 1** |
| ***Effective 02/15/2025*** |  |

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**Code of Ethics & Insider Trading Policy**

Collaborative Investment Series Trust ("CIST" or the "Trust"), is a registered investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which is authorized to issue its shares of beneficial interest in separate series representing the interests in separate mutual funds or Exchange Traded Funds ("ETFs") of securities and other assets (each a "Fund" and collectively, the "Funds"), each series which is served by investment advisers.

Rule 17j-1 under the 1940 Act makes it unlawful for certain persons, including employees, officers, directors, and trustees of the Trust and any Fund of the Trust, to engage in fraudulent, manipulative, or deceptive conduct in connection with their personal trading of securities "held or to be acquired" by any Fund of the Trust.

Rule 17j-1 under the 1940 Act requires registered investment companies and their investment advisers to adopt a written code of ethics and reporting requirements to prevent fraudulent, deceptive and manipulative practices. The Trust is registered as an open-end management investment company under the 1940 Act. Except as otherwise specified herein, this Code applies to all employees, officers, directors and trustees of the Trust.

This Code of Ethics (the "Code") is based on the principle that the employees, officers, directors, and trustees of the Trust have a fiduciary duty to place the interests of the Trust before their own interests, to conduct all personal securities transactions consistently with the Code and to do so in a manner which does not interfere with the portfolio transactions of the Trust, or otherwise take unfair advantage of their relationship to the Trust. Persons covered by the Code must adhere to this general principle as well as comply with the specific provisions of the Code. Technical compliance with the Code will not insulate from scrutiny trades which indicate an abuse of an individual's fiduciary duties to the Trust.

Each investment adviser to a Fund or Funds of the Trust will be required to maintain its own Code of Ethics, whose requirements must be at least as restrictive as the requirements of this Code, and which cover all supervised persons of the investment adviser.

The Insider Trading Policy (the "Policy") in this Code outlines the Trust's policy with respect to the inappropriate use of material, non-public information by employees, officers, directors, and trustees of the Trust and any Fund of the Trust and establishes responsibilities and prohibitions that must be adhered to. The term "insider trading" is not defined in the securities laws, but generally refers to the use of material, non-public information to trade in securities or the communication of material, non-public information to others.

Each investment adviser to a Fund or Funds of the Trust will be required to maintain its own Insider Trading Policy, whose requirements must be at least as restrictive as the requirements of the Trust's Policy, and which cover all supervised persons of the investment adviser.

This Code of Ethics has been adopted by the Trust and each Fund of the Trust in compliance with Rule 17j-1 under the 1940 Act. The Insider Trading Policy has also been adopted by the Trust and each Fund of the Trust.

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 2** |
| ***Effective 02/15/2025*** |  |

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**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Statement
 of Fiduciary P rinciples

All employees, officers, directors, and trustees of the Trust, any Fund of the Trust, and any Adviser to a Fund of the Trust ("Access Person") must be guided in their actions by the highest ethical and professional standards and subscribe to this Code and Policy and/or the Code and Policy of the Adviser. The Code and Policy of the Trust are based on the underlying fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Our duty at all times is to place the interests of our shareholders first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As a fundamental standard none of our Access Persons should take inappropriate advantage of their position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All our personal securities transactions are required to be conducted consistent with this Code and in
such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Access Persons should report any violation of this Code to the Chief Compliance Officer ("CCO")
of the Trust, Fund of the Trust or Adviser to a Fund of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. U nlawful A ctions

Rule 17j-1(b) under the 1940 Act makes it unlawful for any employees, officers, directors, and trustees of the Trust and any Fund of the Trust, in connection with the purchase or sale by such person of a "security held or to be acquired" by the Trust or any Fund of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme, or artifice to defraud the Trust or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Trust or a Fund any untrue statement of a material fact or omit to state to the Trust or
a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Trust or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Trust or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. D efinitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>"Access Person"</u> 

Any employee, officer, director, interested trustee, partner of the Trust, Fund of the Trust, or any Adviser to a Fund of the Trust ("Adviser"), or any natural person or company in a control relationship to the Trust, Fund or the Adviser who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Reportable Securities or Reportable Fund by any Fund of the Trust, or who obtains information relating to the purchase or sale of Reportable Securities or Reportable Fund by any Fund of the Trust. Such term includes any portfolio manager of any Adviser of a Fund of the Trust. A person is not an Access Person simply by virtue of the following:

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 3** |
| ***Effective 02/15/2025*** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Normally assisting in the preparation of public reports, or receiving public reports, but not receiving
information about <u>current</u> recommendations or trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A single instance of obtaining knowledge of current recommendations or trading activity, or infrequently
and inadvertently obtaining such knowledge.

Additionally, any director, officer, or general partner of a Distributor who, in the ordinary course of their business, makes, participates in, or obtains information regarding the purchase or sale of securities for any Fund of the Trust for which the principal underwriter so acts or whose functions or duties as part of the ordinary course of his or her business relate to the making of any recommendation to any Fund of the Trust regarding the purchase and sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>"Automatic Investment Plan"</u> 

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 as well as a 401k plan in which automatic payroll deductions are being made on a regular schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>"Beneficial Ownership"</u> 

For the purposes of this Code shall be interpreted in a manner that is consistent with Section 16 of the Securities Exchange Act of 1934, as amended ("1934 Act"), and Rule 16a-1(a)(2) thereunder, which generally speaking, encompasses those situations in which the beneficial owner has the right to enjoy some direct or indirect "pecuniary interest" (i.e., some economic benefit) from the ownership of a security. It also includes securities held by members of a person's immediate family sharing the same household; provided, however, this presumption may be rebutted. The term immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships. Any report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>"Board of Trustees"</u> 

This is the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>"CCO"</u> 

This refers to the Chief Compliance Officer of the Trust or the Chief Compliance Officer of an Adviser to a Fund or Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>"Code"</u> 

This is the Code of Ethics of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>"Control"</u> 

Has the meaning set forth in Section 2(a)(9) of the 1940 Act. Control means the power to exercise a controlling influence over the management or polices of a company, unless such

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 4** |
| ***Effective 02/15/2025*** |  |

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power is solely the result of an official position with such company. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Any person who does not own more than 25 percent of the voting securities of any company shall be presumed not to control such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>"Disinterested Trustee"</u> 

A Trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>"Distributor"</u> 

The principal underwriter of the Trust or the Funds of the Trust that is an affiliated person of the Trust, any Fund of the Trust or the Adviser, or an officer, director or general partner of the underwriter where that principal underwriter serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>"ETFs"</u> 

This Includes shares issued by open-end and closed-end investment companies and ETFs established as Unit Investment Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>"Excluded Securities"</u> 

Includes the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the United
States government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank
certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by any money market
fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end Funds
other than a "Reportable Fund".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>"Fund"</u> 

An investment company registered under the Investment Company Act of 1940. For the purposes of this code a "Fund" includes exchange traded funds ("ETF's").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>"Immediate Family Members"</u> 

Includes the following:

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| | | |
|:---|:---|:---|
| child | grandparent | son-in-law |
| step-child | spouse | daughter-in-law |
| grandchild | sibling | brother-in-law |
| parent | mother-in-law | sister-in-law |
| step-parent | father-in-law |  |

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Immediate Family includes adoptive relationships and any other relationship (whether or not recognized by law) which could lead to possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety, which this Code is intended to prevent.

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 5** |
| ***Effective 02/15/2025*** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>"Initial Public Offering"</u> 

An offering of securities registered under the Securities Act of 1933, as amended ("1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>"Limited Offering"</u> 

Also known as a "Private Placement Offering" meaning an offering that is exempt from registration under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>"Purchase or Sale of a Security"</u> 

Includes, among other things, the writing of an option to purchase or sell a security. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and communicated, and with respect to the person making the recommendation, when such person seriously considers making such a recommendation. Serious consideration includes the act of writing a trade ticket and entering an order with a broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>"Reportable Fund"</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any Fund for which the Firm serves as an investment adviser as defined in section 2(a)(20) of the Investment
Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any Fund whose investment adviser or principal underwriter controls the Firm, is controlled by the Firm,
or is under common control with the Firm. For purposes of this section, "control" has the same meaning as it does in section
2(a)(9) of the Investment Company Act of 1940; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any ETF established as a Unit Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>"Reportable Security"</u> 

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, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

For the purposes of this Code all ETF's which are established as Unit Investment Trusts are considered to be a Reportable Security as well as a Reportable Fund.

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| **Document 100CIST – Code of Ethics** | **Page \| 6** |
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. S tandards
 of C onduct

The Trust believes all its Access Persons, as fiduciaries, have a duty of utmost good faith to act solely in the best interests of the shareholders of the Fund or Funds of the Trust. The Trust's fiduciary duty compels all its Access Persons to act with the utmost integrity in all dealings. This fiduciary duty is the core principle underlying this Code of Ethics and represents the Trust's core expectations related to its Access Persons. As such the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>No Violations of Rule 17j-1</u> 

It is the policy of the Trust that no Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) or this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Disclosure of Interested Party Transactions</u> 

No Access Person shall recommend any transactions with respect to a Reportable Security by any Fund of the Trust without first disclosing his or her interest, if any, in such Reportable Securities or the issuer thereof, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any direct or indirect Beneficial
Ownership of any Reportable Security of such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any contemplated transaction
by such Access Person in such Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any position with the issuer of the Reportable Security or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any present or proposed business
relationship between the issuer of the Reportable Security or its affiliates and such Access Person or any entity in which such Access
Person has a significant interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Giving or Receiving of Gifts or Entertainment</u> 

No Access Person may give or receive any single gift or entertainment with a value of more than $500 from any person ("donor") that does business with or on behalf of the Trust, any Fund of the Trust, or the Advisor of any Fund of the Trust.

*This restriction does not apply to gifts in the form of an occasional meal, ticket(s) to a sporting event, theater or comparable entertainment, or an invitation to golf or to participate in similar sporting activities for such person and his guests so long as (1) such gifts are neither so frequent nor so extensive as to raise any question of impropriety and (2) such gifts are not preconditioned on the donor obtaining or maintaining a specified level of business with any Fund or Funds of the Trust or vendor of the Trust.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Service on Boards</u> 

Access Persons shall not serve on the boards of directors of publicly traded companies, or in any similar capacity, without the prior approval of such service by the Chief Compliance Officer of the Trust following the receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed to avoid potential conflicts of interest.

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| **Document 100CIST – Code of Ethics** | **Page \| 7** |
| ***Effective 02/15/2025*** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. P ersonal S ecurities T rading P olicies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Prohibited Transactions</u> 

Access Persons may not purchase or sell any security in any account in which they have a direct or indirect beneficial interest in advance of the purchase or sale of the same security by any Fund of the Trust. A purchase or sale may be completed simultaneously as long as the Access Person's transaction is executed through the same broker as that used by the Fund and is aggregated with the Fund's transaction and allocated at the same price to all parties participating in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pre-Clearance of Reportable Securities Transactions</u> 

No Access Person of the Trust, Fund of the Trust, or Adviser shall purchase or sell, directly or indirectly, any Reportable Security or Reportable Fund, including ETFs established as Unit Investment Trusts, unless that person has received the prior written approval in advance of such transaction from the CCO of the Adviser for whom the Access Person is associated, or in the case of Trust Access Persons, from the CCO of the Trust.

Additionally, no Access Person of the Trust, Fund of the Trust, or Adviser to a Fund or Funds of the Trust shall purchase or sell, directly or indirectly, bitcoin, ether, and their respective futures contracts, without receiving prior written approval from their respective CCO as previously mentioned.

Request for approval of a prospective transaction, and/or any subsequent approval of a prospective transaction by any CCO can be given or received in electronic format. However, no transaction can be initiated until such written or electronic approval is received in advance of such transaction by the individual contemplating the transaction.

The Access Person must complete and submit a Personal Securities Trade Request, whether through a compliance software application or in written form.

The appropriate CCO will review and approve or reject the request, communicating its decision to the Access Person submitting the request.

The Access Person must execute any approved trade within two business trading days following the date the Personal Securities Trade Request was approved by the appropriate CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exempted Transactions</u> 

The prohibitions, pre-clearance and other requirements of this policy do not apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Purchases or sales of **Excluded Securities** as defined in this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Purchases or sales of Reportable
Securities effected in any account over which the Access Person has no direct or indirect influence or control, i.e.) a blind trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Purchases or sales of Reportable
Securities that are non-volitional on the part of the Access Person, such as dividend re-investments.

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| **Document 100CIST – Code of Ethics** | **Page \| 8** |
| ***Effective 02/15/2025*** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Purchases of Reportable Securities
that are part of an automatic investment plan. and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Purchases of Reportable Securities
effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights
were acquired from such issuer, or sales of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Initial Public Offerings and Limited Offerings</u> 

No Access Person of the Trust, Fund of the Trust, or Adviser to a Fund or Funds of the Trust shall purchase or sell, directly or indirectly, any direct or indirect beneficial interest in any security in any Initial Public Offering or in a Limited Offering, including private placement offerings unless that person has received the prior written approval in advance of such transaction from the Chief Compliance Officer of the Adviser for whom the Access Person is associated, or in the case of Trust Access Persons, from the Chief Compliance Officer of the Trust. Such approval shall be based upon a finding by the applicable CCO in advance of such purchase that the transaction shall not be likely to result in a conflict of interest between the Trust or Adviser and the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. R eporting R equirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting by Access Persons</u> 

In order to provide the Trust with information to enable it to determine with reasonable assurance whether the provisions of Rule 17j-1 and this Code are being observed by its Access Persons, each Access Person of the Trust, Fund of the Trust, or Adviser to a Fund of the Trust shall submit periodic reports to the respective CCO showing all transactions and holdings in securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership, except for exempt transactions listed under Section E-3 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial & Annual Holdings Reports</u> 

All Access Persons of the Trust, Fund of the Trust, or Adviser to a Fund or Funds of the Trust are required to provide an Initial Holdings Report of all personal holdings in a Reportable Security (other than holdings of Excluded Securities) to the CCO of the Trust, or in the case of a Fund or Adviser to a Fund of the Trust, the CCO of the Advisor for whom the Access Person is associated **not later than 10 calendar days** after being designated as an Access Person.

All Access Persons are further required to provide an Annual Holdings Report of all personal holdings in a Reportable Security (other than holdings of Excluded Securities) to the appropriate CCO **not later than 45 calendar days** after each calendar year end.

An electronic reporting format may be utilized in lieu of a written report.

Copies of brokerage statements which contain the same information noted below will be viewed as an acceptable form of reporting, provided they are received within thirty days of the end of any reporting period.

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|:---|:---|
| **Document 100CIST – Code of Ethics** | **Page \| 9** |
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In addition, each Access Person, when submitting a written or electronic report, shall certify that the information contained in each such report is accurate, complete and that the Access Person has reported all required information. The reports described in this Section F must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Security Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Ticker Symbol or CUSIP number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Number of Shares or Par

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Broker, Dealer or Bank Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Date of the Report

Additionally, where required by the request, Access Persons shall also list all brokerage accounts in which the Access Person holds a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Transaction Reports</u> 

**Not later than 30 calendar days** following the end of each calendar quarter, all Access Persons of the Trust, Fund of the Trust, or Adviser to a Fund of Funds of the Trust are required to provide a Quarterly Transaction Report of all transactions made in a Reportable Security (other than holdings of Excluded Securities) during the previous calendar quarter to the CCO of the Trust, or in the case of a Fund or Adviser to a Fund or Funds of the Trust, the CCO of the Advisor for whom the Access Person is associated

An electronic report format may be utilized in lieu of a written report.

Copies of brokerage statements which contain the same information noted below will be viewed as an acceptable form of reporting as long as the CCO is in receipt of such brokerage statements within 30 calendar days following the end of the calendar quarter.

The method for written or electronic reporting to be filled out by each individual Access Person will be provided by the appropriate CCO and will also contain an attestation from the Access Person certifying the accuracy and completeness of the report.

If an Access Person effected no transactions during the applicable quarter, he/she shall still file a signed and dated report indicating as such.

As part of the Quarterly Report the Access Person will also report any new brokerage accounts established within the applicable quarter in which he/she has a direct or indirect beneficial interest.

Information to be included on the quarterly transaction report is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Trade Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Security Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Ticker Symbol, CUSIP number,
interest rate and maturity date (as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Number of Shares or Par

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Type of Transaction (Purchase,
Sale or Other)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Broker Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Account Number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Date of Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duplicate Copies of Periodic Brokerage Statements</u> 

Each Access Person, with respect to each brokerage account in which such Access Person has any beneficial interest, shall arrange for the broker to mail directly to either the CCO of the Trust or the CCO of the Advisor to a Fund or Funds in the Trust for which they are associated, copies of periodic statements with respect to any accounts they hold at the same time they are mailed or furnished to such Access Person. Electronic delivery of the same information through a compliance software application will satisfy this requirement.

This requirement may be waived by the appropriate CCO only in writing for situations when that CCO determines that duplicate copies are unnecessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Annual Certification</u> 

The appropriate CCO of the Trust or the CCO of the Adviser to a Fund or Funds in the Trust for which they are associated (or his or her delegate) shall notify each Access Person of the Trust, Fund or Funds of the Trust, or Advisor to a Fund or Funds of the Trust who may be required to make reports pursuant to this Code, that such person is subject to reporting requirements and shall deliver a copy of this Code to each such person. The appropriate CCO shall upon any material change of the Code obtain written attestation from each Access Person that he or she has received the Code, is aware of his or her obligations under this Code and has complied with the Code and with its reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Disclaimer of Beneficial Ownership</u> 

Any report under this section may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Exemptions</u> 

The requirements of Sections F.1-F.5 above shall not apply in the following situations unless the applicable CCO determines that such requirements are needed to comply with Section D.1 of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If the Access Person is covered
by a Related Code of Ethics, then the reports required under this Code may be submitted in the form required by the Related Code of Ethics
to the CCO of the applicable entity, provided the report contains the information required herein. Notwithstanding the forgoing, all Access
Persons of the respective entities must submit the annual certification herein to their applicable CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No Disinterested Trustee need make a report with respect to his initial holdings or annual holdings as
required by this Code solely by reason of being a Disinterested Trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) No Disinterested Trustee needs
to make any quarterly transaction report with respect to any Reportable Security unless the Disinterested Trustee knew at the time of
the transaction, or in the ordinary course of fulfilling his official duties as a Trustee, that such Reportable Security was purchased
or sold, or was being considered for purchase or sale, by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) No Access Person to the Adviser need make a quarterly transaction report if the quarterly transaction
report duplicates information contained in broker account statements received by the Trust, any Fund, or the Adviser of a Fund or Funds
of the Trust with respect to the Access Person in the time period required by this Code, provided that all of the information required
by this Code is contained in the broker account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) No Access Person to the Distributor
need make the reports under this Code if the Distributor is not an affiliated person of the Trust or any Fund of the Trust, or the Adviser
to a Fund or Funds of the Trust and the Distributor has no officer, director or general partner who serves as an officer, director, trustee
or general partner of the Trust, any Fund of the Trust or the Adviser of a Fund or Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reporting to the Chief Compliance Officer</u> 

At least quarterly, each Adviser's CCO to a Fund or Funds of the Trust and each Distributor's CCO (or his or her delegate) to a Fund or Funds of the Trust shall furnish the Trust CCO with a report with respect to any material violations of this Code by Access Persons who are associated with the Adviser or Distributor, as applicable, and any procedures or sanctions imposed in response to the violations and such other information as may be reasonably requested by the Trust CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Review by the Board of Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Quarterly Reports</u> 

At least quarterly, the Trust CCO shall prepare and provide a written report to the Board of Trustees with respect to all issues under the Code that have occurred since the last quarterly report to the Board, including, but not limited to, information about material violations of the Code or the procedures and sanctions imposed in response to those violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Annual Reports</u> 

At least annually, the Trust CCO and the CCO of any Adviser or Distributor to a Fund or Funds of the Trust shall each prepare and provide a written report to the Board of Trustees that:

&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) Provides a summary of any material
violations that occurred during the past year requiring significant remedial action

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ii) Describes any material procedural changes to the Trust Code or the Adviser or Distributor's Code made during the past year.

iii) Describes any recommended material changes made by the Trust CCO to this Code, by the Adviser to a Fund or Funds of the Trust to its Code, or by the Distributor to a Fund or Funds of the Trust and its Code.

iv) Certifies to the Board, in the form designated by the Trust CCO that the Trust, Adviser to a Fund or Funds of the Trust, and Distributor to a Fund or Funds of the Trust has adopted procedures reasonably necessary to prevent its Access Persons from violating their respective codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Approval of Related Codes of Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Approval of Codes of Ethics of Any Investment Adviser/Sub-Adviser</u> 

The Board of Trustees, including a majority of the Disinterested Trustees, must approve initially (a) the Code of Ethics of any proposed Adviser or Sub-Adviser to a Fund or Funds of the Trust and (b) any subsequent material changes to those codes.

Prior to initially approving a Code of Ethics for any Adviser or Sub-Adviser to a Fund or Funds of the Trust or any subsequent material change thereto, the Board of Trustees must receive a certification from such entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating its Code of Ethics.

The Board of Trustees must approve the Code of Ethics of any Adviser or Sub-Adviser to a Fund or Funds of the Trust *before* initially retaining the services of such party. The Board of Trustees must approve a material change to the Code of Ethics of any Adviser or Sub-Advisor, to a Fund or Funds of the Trust no later than six (6) months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Approval of Codes of Ethics for any Distributor</u> 

The Board of Trustees, including a majority of the Disinterested Trustees, must approve (a) the Code of Ethics of any Distributor and any new principal underwriter for the Trust or any Fund or Funds of the Trust and (b) any material changes to those codes, if the principal underwriter of the Trust or the Funds of the Trust is an affiliated person of the Trust, any Fund of the Trust, or the Adviser of a Fund or Funds of the Trust, or an officer, director or general partner of such entity where the principal underwriter serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser to a Fund or Funds of the Trust.

Prior to approving a Code of Ethics for the Distributor or any new principal underwriter for the Trust or any Fund of the Trust, or any material change thereto, if necessary, the Board of Trustees must receive a certification from such entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating its Code of Ethics. The Board of Trustees must approve the Code of Ethics of the Distributor and any new principal underwriter for the Trust or any Fund of the Trust, if necessary, *before* initially retaining the services of such party. The Board of Trustees must approve a material change to a Code of Ethics no later than six (6) months after adoption of the material change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices by Applicable Chief Compliance Officer</u> 

The applicable CCO of the Trust, Adviser, or Distributor, or his or her designee, shall notify each Access Person subject to the requirements of the Code that such person is subject to the Code and shall deliver a copy of the Code to each such person. Any amendments to the Code shall be similarly furnished to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. R eview
 and S anctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Review by Applicable Chief Compliance Officer</u> 

The Applicable CCO of the Trust, Adviser, or Distributor, or his or her designee, shall from time to time review the reported securities transactions of Access Persons of the respective entity for compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review of Trust Chief Compliance Officer Who is Access Person</u> 

If the Trust CCO is considered to be an Access Person of the Trust under this Code, the CCO shall maintain the necessary transaction reports, brokerage information, and attestations and certifications and shall submit such reporting to the board on a quarterly basis for its review. The CCO cannot approve his/her own transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions for Violations by Trustees, Executive Officers, and Other Access Persons (Other than Disinterested Trustees)</u> 

If any violation of this Code is determined to have occurred, the applicable CCO (or, with respect to material violations, the Board of Trustees, if they so choose) may impose sanctions and take such other actions as he or she deems appropriate, including, among other things, requiring that the trades in question be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations. Any profits or gifts forfeited shall be paid to the applicable Fund for the benefit of its shareholders or given to a charity, as the applicable CCO (or Board of Trustees) shall determine is appropriate. If the CCO of the Advisor or the Distributor determines that a material violation of this Code has occurred, he or she shall promptly report the violation to the Trust CCO or the Chairman of the Board of Trustees. If the Trust CCO determines that a material violation of this Code has occurred, he or she shall promptly report the violation to the Chairman of the Board of Trustees. All material violations of the Code and any sanctions imposed as a result thereto shall be reported at the next regularly scheduled meeting to the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sanctions for Violations by Disinterested Trustees</u> 

If the Trust CCO determines that any Disinterested Trustee has violated, or apparently violated this Code he or she shall advise the Disinterested Trustees (other than the person whose transaction is at issue) and shall provide such persons with the report, the record of

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pertinent actual or contemplated portfolio transactions of any affected Fund and any additional information supplied by such person. If a violation is determined to have occurred, the Disinterested Trustees (other than the person whose transaction is at issue), at their option, shall either impose such sanctions as they deem appropriate or refer the matter to the full Board of Trustees, which shall impose such sanctions as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. M iscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Records</u> 

The Trust, the Adviser and the Distributor shall maintain records at their principal place of business in the manner and to the extent set forth below, which records may be maintained electronically under the conditions described in Rule 31a-2(f) under the 1940 Act. The following shall be available for examination by representatives of the Securities and Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A copy of this Code and any other code that is, or at any time within the past five years, has been in
effect shall be preserved in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A record of any violation of this Code, and of any action taken as a result of such violation, shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A copy of each report made pursuant to this Code shall be preserved for a period of not less than five
years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A list of all persons who are required, or within the past five years have been required, to make reports
pursuant to this Code shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A copy of each report to the Board of Trustees shall be preserved by the Trust for at least five years
after the end of the fiscal year in which it is made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Maintain a record of any decision, and the reasons supporting the decision to approve the acquisition
by any Access Person of shares in any IPO or Limited Offering for at least five years after the end of the fiscal year in which the approval
is granted, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Provide any other information as may be required by Rule 17j-1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Confidentiality</u> 

All reports of securities transactions and any other information filed pursuant to this Code shall be treated as confidential, except that the same may be disclosed to the Board of Trustees, to any regulatory or self-regulatory authority or agency upon its request, or as required by law or court or administrative order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment; Interpretation of Provisions</u> 

The Board of Trustees may from time to time approve an amendment of this Code.

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**Insider Trading**

The Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires that all investment advisers and broker-dealers establish, maintain, and enforce written policies and procedures designed to detect and prevent the misuse of material non-public information by such investment adviser and/or broker-dealer, or any person associated with the investment adviser and/or broker-dealer.

Section 204A of the Advisers Act states that an investment adviser must adopt and disseminate written policies with respect to ITSFEA, and an investment adviser must also vigilantly review, update, and enforce them. Section 204A provides that every adviser subject to Section 204 of the Advisers Act shall be required to establish procedures to prevent insider trading.

The Trust has adopted the following policy, procedures, and supervisory procedures in addition to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. P olicy

The purpose of this Section is to familiarize the Access Persons of the Trust, Funds of the Trust, and Advisers of Funds of the Trust with issues concerning insider trading and to assist them in putting into context the policy and procedures on insider trading.

**<u>Policy Statement</u>**

No person to whom this Statement on Insider Trading applies, including all Access Persons of the Trust, Funds of the Trust, or Adviser to a Fund of the Trust, may trade, either personally or on behalf of others (such as private accounts managed by the Adviser) while in possession of material, non-public information; nor may any Access Person of the Trust, Funds of the Trust, or Adviser to a Fund or Funds of the Trust communicate material, non-public information to others in violation of the law. This conduct is frequently referred to as "insider trading." This policy applies to every Access Person of the Trust, Funds of the Trust, or Adviser to a Fund or Funds of the Trust and extends to activities within and outside their duties with any of these entities. It covers not only personal transactions of all Access Persons but also indirect trading by family, friends and others, or the non-public distribution of inside information from you to others. Every Access Person of the Trust, Funds of the Trust, or Adviser to a Fund or Funds of the Trust must read and retain this policy statement. Any questions regarding the policy and procedures should be referred to the applicable CCO.

The term "insider trading" is not defined in the Federal securities laws but generally is used to refer to the use of material non-public information to trade in securities (whether or not one is an "insider") or the communications of material nonpublic information to others who may then seek to benefit from such information.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Trading by an insider, while in possession of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Trading by a non-insider, while in possession of material non-public information, where the information
either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Communicating material non-public information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Who is an Insider?</u> The concept of "insider" is broad. It includes officers, directors,
and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential
relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's
purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers,
and the employees of such organizations. In addition, an investment adviser may become a temporary insider of a company it advises or
for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed non-public
information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>What is Material Information?</u> Trading on inside information can be the basis for liability when
the information is material. In general, information is "material" when there is a substantial likelihood that a reasonable
investor would consider it important in making his or her investment decisions or information that is reasonably certain to have a substantial
effect on the price of a company's securities. Information that officers, directors, and employees should consider material includes,
but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or
acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>What is Non-Public Information?</u> Information is non-public until it has been effectively communicated
to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information
found in a report filed with the SEC, or appearing in <u>Dow Jones</u>, <u>Reuters Economic Services</u>, <u>the Wall Street Journal</u> or other publications of general circulation would be considered public. (Depending on the nature of the information, and the type and
timing of the filing or other public release, it may be appropriate to allow for adequate time for the information to be "effectively"
disseminated.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reason for Liability.</u> (a) Fiduciary duty theory - in 1980, the Supreme Court found that there is
no general duty to disclose before trading on material non-public information, but that such a duty arises only where there is a direct
or indirect fiduciary relationship with the issuer or its agents. That is, there must be a relationship between the parties to the transaction
such that one party has a right to expect that the other party will not disclose any material non-public information or refrain from trading.
(b) Misappropriation theory - another basis for insider trading liability is the "misappropriation theory", where liability
is established when trading occurs on material non-public information that was stolen or misappropriated from any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Penalties for Insider Trading.</u> Penalties for trading on or communicating material non-public information
are severe, both for individuals and their employers. A person can be subject to some or all of the penalties below even if he or she
does not personally benefit from the violation. Penalties include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Civil injunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Treble damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Jail sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Fines for the person who committed the violation of up to three times the profit gained or loss avoided,
whether or not the person actually benefited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Fines for the employer or other controlling person of up to the greater of $1 million or three times the
amount of the profit gained or loss avoided.

In addition, any violation of this policy statement can be expected to result in serious sanctions by the Trust, Funds of the Trust, and Advisers of Funds of the Trust, including dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. P rocedures

The following procedures have been established to aid the Access Persons of the Trust, Funds of the Trust, and Advisers of Funds of the Trust in avoiding insider trading, and to aid in preventing, detecting, and imposing sanctions against insider trading. Every Access Person of the Trust, Funds of the Trust, and Advisers of Funds of the Trust must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability, and/or criminal penalties. If you have any questions about these procedures, you should consult the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information.</u> Before trading for yourself or others, including private accounts
managed by the Adviser, in the securities of a company about which you may have potential inside information, ask yourself the following
questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Is the information material? Is this information that an investor would consider important in making his
or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Is the information non-public? To whom has this information been provided? Has the information been effectively
communicated to the marketplace by being published in Reuters, The Wall Street Journal or other publications of general circulation?

If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Report the matter immediately to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Do not purchase or sell the security on behalf of yourself or others, including investment companies or
private accounts managed by an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Do not communicate the information to anybody, other than to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. After the applicable Chief Compliance Officer has reviewed the issue, you will be

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instructed to either continue the prohibitions against trading and communication, or you will be allowed to communicate the information and then trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Non-public Information.</u> Any information in your possession that
you identify as material and non-public may not be communicated other than in the course of performing your duties to anyone, including
persons within your company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure.
For example, files containing material non-public information should be sealed; access to computer files containing material non-public
information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Resolving Issues Concerning Insider Trading.</u> If, after consideration of the items set forth in
paragraph 1, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability
or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the applicable Chief Compliance
Officer before trading or communicating the information to anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. S upervision

The role of the applicable Chief Compliance Officer is critical to the implementation and maintenance of this Statement on Insider Trading. These supervisory procedures can be divided into two classifications, (1) the prevention of insider trading, and (2) the detection of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Prevention of Insider Trading</u> 

To prevent insider trading the compliance official should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Answer promptly any questions regarding the Policy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Resolve issues of whether information received by an Access Person is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Review and ensure that Access Persons review, at least annually, and the applicable CCO updates as necessary,
the Policy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) When it has been determined that an Access Person has material non-public information.

&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) Implement measures to prevent dissemination of such information.

ii) If necessary, restrict officers, directors, and employees from trading in the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Detection of Insider Trading</u> 

To detect insider trading, the applicable Chief Compliance Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Review the trading activity reports filed by each Access Person to ensure no trading took place in securities
in which the Trust, Fund of the Trust, or Adviser to a Fund of Funds of the Trust has material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Review the trading activity of the accounts managed by the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Coordinate, if necessary, the review of such reports with other Access Persons, or employees of the Trust,
Fund of the Trust, or Adviser to a Fund or Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Special Reports to Management</u> 

Promptly, upon learning of a potential violation of the Policy Statement, the applicable Chief Compliance Officer must prepare a written report to management of the Trust, Fund of the Trust, or Adviser to a Fund or Funds of the Trust providing full details and recommendations for further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Annual Reports</u> 

On an annual basis, the applicable Chief Compliance Officer will include the following information in the applicable Chief Compliance Officer's Annual Report. The report to the management of the Trust, Funds of the Trust, and Advisers of Funds of the Trust will set forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A summary of the existing procedures to detect and prevent insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Full details of any investigation, either internal or by a regulatory agency, of any suspected insider
trading and the results of such investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) An evaluation of the current procedures and any recommendations for improvement.

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## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Gregory Skidmore, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Collaborative Investment Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: | 12/8/2025 | /s/ Gregory Skidmore |
|  |  | Gregory Skidmore |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, William McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Collaborative Investment Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: | 12/8/2025 | /s/ William McCormick |
|  |  | William McCormick |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Collaborative Investment Series Trust (the "Trust"), does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Gregory Skidmore | /s/ William McCormick |
| Gregory Skidmore | William McCormick |
| Principal Executive Officer, Collaborative Investment Series Trust | Principal Financial Officer, Collaborative Investment Series Trust |

---

Dated: <u>12/8/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Trust for purposes of Section 18 of the Securities Exchange Act of 1934.