# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-26-002195
**Filing Date:** 2026-1
**Character Count:** 38062
**Document Hash:** 2c4579dfb7281987ce5288050f7ac33a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-002195.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001999371-26-002195

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221072
- **FILM NUMBER:** 26582078

**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 Total Return Bond ETF (Series ID: S000085236)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000250203 | Rareview Total Return Bond ETF | RTRE            |

**RAREVIEW TOTAL RETURN BOND ETF**

**Ticker Symbol: RTRE**

**Primary Listing Exchange for the Fund: Cboe BZX Exchange, Inc.**

**SUMMARY PROSPECTUS**

**February 1, 2026**

**Advised by:**

**Rareview Capital LLC**

**10785 W. Twain Ave., Suite 210** 

**Las Vegas, NV 89135**

**1-888-783-8637**

**www.rareviewcapital.com**

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and statement of additional information, dated February 1, 2026, are incorporated by reference into this summary prospectus. You can obtain these documents and other information about the Fund online at www.rareviewcapital.com or by calling 1-888-783-8637. These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.

**Investment Objective**: The Rareview Total Return Bond ETF (the "Fund") seeks to provide a total return through the combination of current income and capital appreciation.

**Fees and Expenses of the Fund**: This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year<br> as a percentage of the value of your investment) | |
| Management Fees | 0.67% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.60% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.06% |
| Total Annual Fund Operating Expenses | 1.33% |
| Fee Waiver and Expense Reimbursement<sup>(2)</sup> | (0.63)% |
| Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement | 0.70% |

---

(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment
companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because
the financial statements include only the direct operating expenses incurred by the Fund.

(2) Rareview Capital LLC (the "Adviser") has contractually agreed to waive
a portion or all of its management fees and/or reimburse Fund 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 Fund Operating Expenses
to 0.67% of average daily net assets of the Fund (the "Expense Cap"). The Expense Cap will remain in effect through at least
January 31, 2027 and may be terminated at any time upon 60 days' written notice by the Trust's Board of Trustees (the "Board").
The Adviser may request recoupment of previously waived fees and reimbursed 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 Limitation Agreement: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment.

 ****

***Example***: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example further assumes that the Fund's operating expense limitation agreement will only be in place for the term specified above. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $132 | $391 | $643 | $1245 |

---

**Portfolio Turnover**: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal period ended September 30, 2025, the Fund had a portfolio turnover rate of 132%.

**Principal Investment Strategies**: The Fund seeks to achieve its investment objective by investing in a diversified portfolio of bonds including corporate debt securities, mortgage-related securities, asset-backed securities, foreign debt securities, municipal bonds, securities issued by U.S. government agencies, and U.S. government securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. For purposes of this policy, bonds include all fixed income securities, other than preferred stock, with a maturity at date of issue of greater than one year at the time of issuance. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade ("high yield" or "junk bond" securities). Below investment grade debt securities are those rated BB+ or below by at least two credit rating agencies. The Fund may invest up to 35% of its assets in high yield debt securities. The Fund may invest up to 25% of its assets in foreign debt securities and up to 20% in emerging market debt securities. The Fund defines emerging markets as countries in the MSCI Emerging Market Index or that we consider to be emerging markets based on our evaluation of their level of economic development or the size and experience of their securities markets.

In managing the Fund's assets, the Adviser uses an intensive research process to weight the fixed income asset classes within the Fund and choose individual securities. In considering the duration of the Fund's individual holdings and overall maturity of the Fund's portfolio, the Adviser will consider the different stages of Federal Reserve policy using its proprietary forecasting model, and a variety of macroeconomic variables. The Adviser maintains targets with respect to the maturity and duration and can be either absolute or relative to a benchmark.

The Adviser will utilize a bottoms-up process to determine if an issuer's securities are warranted to be held in the portfolio on an absolute basis and relative to a benchmark. The Adviser will consider a variety of factors when making that determination.

In addition to investing in bonds directly, the Fund may also invest in exchange traded funds ("ETFs") and closed-end funds ("CEFs") (which may include ETFs and CEFs affiliated with the Fund) that principally invest in the same types of bonds that the Fund invests in if, in the Adviser's discretion, the ETFs will provide a better investment opportunity or liquidity for the desired investment exposure. The Fund may invest up to 100% of its assets in ETFs that invest in such bonds. The Fund may invest in derivatives, including listed or over-the-counter index futures, options and swaps, for hedging purposes to mitigate interest rate, credit, currency and volatility risks.

The Fund may invest in cash and cash equivalents to offset leverage, credit, and interest rate exposure within the Fund's bond holdings. The Fund may invest in an affiliated money market fund that is also advised by the Adviser.

The Adviser may sell or reduce the Fund's position in a holding for a variety of reasons when appropriate and consistent with the Fund's investment objectives and policies, or when the holding no longer meets the Adviser's investment selection criteria. The Fund may also sell or reduce its positions when attempting to rebalance the distribution of Fund assets among asset classes in the interest of affecting the Fund's relative risk levels and expected returns.

In managing the Fund's portfolio, the Adviser will engage in frequent portfolio transactions, resulting in a higher portfolio turnover rate.

**Principal Investment Risks**: *As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's NAV and price of shares and performance.* 

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

*Credit Risk*. Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer's financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer's credit worthiness may decline, which may adversely affect the value of the security. The Underlying Funds may hold securities that are insured by a bond insurer. A downgrade of the credit rating of such bond insurer may cause the value of the insured security to decline.

*Interest Rate Risk.* Debt securities, such as bonds, are also subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a bond resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities go down. When the general level of interest rates goes down, the prices of most debt securities go up. In addition, debt securities, such as bonds, with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities with shorter durations.

*Prepayment Risk*. The risk that the issuer of a debt security repays all or a portion of the principal prior to the security's maturity therefore resulting in lower yields to shareholders of the Fund. The Fund may be unable to re-invest the proceeds in an investment with as great a yield.

*Active Management Risk*. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful.

*Affiliated Fund Risk.* The Fund invests in affiliated underlying funds (the "Affiliated Funds"), unaffiliated underlying funds, or a combination of both. The Adviser, therefore, is subject to conflicts of interest in allocating the Fund's assets among the Affiliated Funds. The Adviser will receive more revenue to the extent it selects Affiliated Fund rather than an unaffiliated fund for inclusion in the Fund's portfolio. In addition, the Adviser may have an incentive to allocate the Fund's assets to those Affiliated Funds for which the net advisory fees payable to the Adviser are higher than the fees payable by other Affiliated Funds.

*Asset-Backed Securities Risk.* Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase, and the Fund may have to reinvest prepayment proceeds at a lower interest rate.

*Cash and Cash Equivalents Risk*. The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which a Fund may invest is rapidly rising. If a Fund holds cash uninvested, it will be subject to the credit risk of the depositing institution holding the cash.

*Counterparty Risk.* Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.

*Derivatives Risk*. The Fund may be subject to the risks of investing in derivative securities. The value of a derivative security may not move as expected relative to the value of the relevant underlying assets, rates, or indices. The Fund's use of derivatives for hedging purposes may not work as intended, resulting in losses for the Fund. Derivatives can be highly volatile and illiquid and may entail investment exposure greater than the total value of the derivatives' underlying assets (their "notional amount").

&nbsp;&nbsp;&nbsp;&nbsp;· *Futures*. Futures contracts
markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments.
Investing in futures usually exposes investors in a greater degree of leverage than other investments. As a result, a relatively small
price movement in a futures contract may result in substantial losses to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Options*. The market values
of options may not always move in synch with the market value of the underlying securities. Specific market movements of an option and
the instruments underlying an option cannot be predicted. The purchaser of an option is subject to the risk of losing the entire purchase
price of the option if the option has not been sold or exercised prior to the option's expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;· *Swaps*. Swaps are agreements
to exchange cash flows. Swaps may be difficult to value and may be considered illiquid. Swaps create significant investment leverage such
that a relatively small price movement in a swap may result in immediate and substantial loss.

*ETF Structure Risks*. The Fund is structured as an ETF and as a result is subject to special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;· *Not Individually Redeemable*.
The Fund's shares ("Shares") are not redeemable by retail investors and may be redeemed only by Authorized Participants
at net asset value ("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

&nbsp;&nbsp;&nbsp;&nbsp;· *No Guarantee of Active Trading Market*. While shares are listed on the Exchange, there can be no assurance that an active trading market for the shares will be maintained.
Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in
times of market stress because market makers and APs may step away from making a market in the shares and in executing creation and redemption
orders, which could cause a material deviation in the Fund's market price from its NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· *Trading Issues*. Trading
in shares on the Cboe BZX Exchange, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the
view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares
will continue to meet the listing requirements of the Exchange which may result in the shares being delisted. An active trading market
for the shares may not be developed or maintained. If the shares are traded outside a collateralized settlement system, the number of
financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit
the market for the shares.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market Price Variance Risk*.
The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask
spread" charged by the exchange specialists, market makers or other participants that trade the shares. There may be times when
the market price and the NAV vary significantly. This means that shares may trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In times of market stress, market
makers may step away from their role market making in the shares and in executing trades, which can lead to differences between the market
value of the shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The market price of the shares
may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly
more or significantly less the shares than the Fund's NAV, which is reflected in the bid and ask price for the shares or in the
closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In stressed market conditions,
the market for the shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse
effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· *Authorized Participant Risk*.
Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number
of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent
that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and
no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at
a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened
for securities or instruments that have lower trading volumes.

*Emerging Markets Risk.* Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.

*Foreign Currency Risk.* The Fund holds investments that provide exposure to non-U.S. currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.

*Foreign Securities Risk*. Investments in foreign securities are subject to special risks above and beyond those normally associated with domestic securities. Due to economic, political, and social instabilities in foreign markets, foreign securities can be more volatile than domestic securities.

*Fund Shares Trading, Premium/Discount Risk and Liquidity of Fund Shares*. The market price of the shares may fluctuate in response to the Fund's NAV, the intraday value of the Fund's holdings and supply and demand for Shares. The Adviser cannot predict whether shares will trade above, below, or at their most recent NAV. Disruptions to creations and redemptions, the existence of market volatility or potential lack of an active trading market for shares (including through a trading halt), as well as other factors, may result in shares trading at a significant premium or discount to NAV or to the intraday value of the Fund's holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may pay significantly more or receive significantly less than the underlying value of the shares that were bought or sold or the shareholder may be unable to sell his or her shares. The securities held by the Fund may be trade in markets that close at a different time than the Exchange. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the Exchange and the resulting premium or discount to the Shares' NAV may widen. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity, in the markets for the Fund's underlying holdings. There are various methods by which investors can purchase and sell shares. Investors should consult their financial intermediaries before purchasing or selling shares of the Fund.

*High Yield Fixed Income Securities*. Fixed income securities in a closed-end fund that are rated below investment grade (i.e., "high yield fixed income securities" or "junk bonds") are subject to additional risk factors such as increased possibility of default liquidation of the security, and changes in value based on public perception of the issuer. High yield fixed income securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

*Illiquidity Risk*. Certain of the Fund's investments may not be readily sold at the desired time or price, and may be sold at a lower price or may not have a sufficient market to be sold at all. An inability to sell securities can adversely affect the value of the Fund or prevent the Fund from taking advantage of other investment opportunities. Also, an inability to sell securities may affect the Fund's ability to meet redemption requests. In certain circumstances, it may be difficult for the Fund to purchase and sell particular portfolio investments in closed-end funds due to infrequent trading in such investments. The prices of such investments may experience significant volatility, make it more difficult for the Fund to transact significant amounts of such investments without an unfavorable impact on prevailing market prices, or make it difficult for the Adviser to dispose of such investments at a fair price or at the time the Adviser believes it is desirable to do so. Closed-end funds that are liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil or economic uncertainty. Illiquid and relatively less liquid investments may be harder to value. The Fund is limited to investing only up to 15% of its net assets (plus borrowings for investment purposes) in illiquid securities.

*Management Style Risk*. Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions. The returns from the types of investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions) may at times be better or worse than the returns from other types of funds. Each type of investment tends to go through cycles of performing better or worse than the market in general. The performance of the Fund may thus be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.

*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 Funds' portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

*Money Market Fund Risk*. The Fund may invest in money market funds in order to manage its cash component. An investment in a money market fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a money market fund. The Fund may invest in an affiliated money market fund. The Adviser, therefore, is subject to conflicts of interest in allocating the Fund's assets to the affiliated fund because it will receive more revenue to the extent it selects the affiliated fund rather than an unaffiliated fund for inclusion in the Fund's portfolio.

*Mortgage-Backed Securities Risk*. Mortgage-Backed Securities ("MBS") are subject to credit risk because underlying loan borrowers may default. Additionally, MBS are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase and the Fund may have to reinvest prepayment proceeds at a lower interest rate. MBS issued or guaranteed by private issuers are also known as "non-agency" MBS. Non-agency MBS generally are a greater credit risk than MBS issued by The U.S. government, and the market for non-agency MBS is smaller and less liquid than the market for government-issued MBS.

*Municipal Bond Risk.* Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Fund's investments in such securities. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation

debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

*Operational Risk*. The Fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third parties, failed or inadequate processes and technology or system failures.

*Over-the-Counter Market Risk.* Securities, options, and other derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer or derivative counterparty who may be unwilling or unable to perform its contractual obligations to the Fund.

*Portfolio Turnover Risk*. The Fund may turn over its portfolio investments for a variety of reasons, including for asset allocation rebalances, changes in a closed-end fund's valuation, temporary defensive positions, dividend capture strategies, or short-term trading strategies. Investments may be sold when, in the opinion of the Adviser, investment considerations warrant such action, without regard to the length of time held. These policies, together with the ability of the Fund to effect short sales of securities and to engage in transactions in derivatives, may have the effect of increasing the Fund's annual rate of portfolio turnover. If investments are not held for the applicable holding periods, dividends paid on them will not qualify for advantageous U.S. federal tax rates.

*Underlying Fund Risk*. ETFs (the "Underlying Funds") in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in bonds. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investments risks of such Underlying Funds will be similar to the risks of investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Market Risk*. The prices
of the securities in the Underlying Funds are subject to the risks associated with investing in debt securities, including general economic
conditions and sudden and unpredictable drops in value. An investment in the Fund may lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk*. The issuer
of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of
a security, the greater the risk is that the issuer will default on its obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S. Credit Ratings. The rating
criteria and methodology used by U.S. rating agencies may not be fully transparent and such ratings may not accurately reflect the risk
of investing in such instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Foreign Credit Ratings. The rating
criteria and methodology used by foreign rating agencies may be different from those adopted by most of the established US credit rating
agencies. Therefore, such rating systems may not provide an equivalent standard for comparison with securities rated by US credit rating
agencies. The rating criteria and methodology used by foreign credit ratings agencies also may not be fully transparent and such ratings
may not accurately reflect the risk of investing in such instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Interest Rate Risk*. The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise,
the value of income producing instruments may decrease. This risk increases as the term of the bond increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Risk of Investment Restrictions*. The Fund is subject to the provisions of the 1940 Act that limit the amount that the Fund and its affiliates,
in the aggregate, can invest in the outstanding voting securities of any one Underlying Fund. The Fund and its affiliates may not acquire
"control" of an Underlying Fund, which is presumed once ownership of an Underlying Fund's outstanding voting securities
exceeds 25%. This limitation could inhibit the Fund's ability to purchase one or more Underlying Funds.

**Performance**: The bar chart and performance table below show the variability of the Fund's returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund's shares over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by calling 1-888-783-8637 and may also be available at www.rareviewcapital.com<u>.</u>

**Performance Bar Chart**

![A red rectangle with black numbers AI-generated content may be incorrect.](rtrechart.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 09/30/2025 | 2.24% |
| Worst Quarter: | 12/31/2025 | 0.96% |

---

The Fund's year-to-date return as of the most recent fiscal quarter, which ended December 31, 2025, was 6.69%.

**Performance Table**

**Average Annual Total Returns** 

**(For periods ended December 31, 2025)**

---

| | | |
|:---|:---|:---|
| | **One Year** | **Since Inception (5/31/24)** |
| Return Before Taxes | 6.69% | 5.31% |
| Return After Taxes on Distributions | 4.95% | 3.37% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.94% | 3.23% |
| Bloomberg U.S. Aggregate Bond Index<sup>(1)</sup> | 7.30% | 6.47% |

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<sup>(1)</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). Index returns, unlike the Fund's returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser**: Rareview Capital LLC.

**Portfolio Managers**: Neil Azous, Chief Investment Officer and Portfolio Manager of the Adviser, and Michael Sedacca, Portfolio Manager of the Adviser, serve as the Fund's portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Azous serves as the Fund's Lead Portfolio Manager and has final authority on all investment decisions.

**Purchase and Sale of Fund Shares**: The Fund will issue and redeem shares at NAV only in large blocks of 10,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily for in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. Performance information regarding the Fund and information regarding its NAV per share can be found at www.rareviewcapital.com.

**Tax Information**: Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-free plan. If you are investing through a tax-free plan, you will be taxed upon withdrawal from your account.

**Payments to Broker-Dealers and Other Financial Intermediaries**: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.