# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-25-015854
**Filing Date:** 2025-10
**Character Count:** 561098
**Document Hash:** df7bc059c0bf3c0ad106e1c64074b99d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-015854.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001999371-25-015854

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251022

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 251410124

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221072
- **FILM NUMBER:** 251410123

**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

### PL Growth and Income ETF (Series ID: S000096064)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000264851 | PL Growth and Income ETF |  |

?xml version='1.0' encoding='ASCII'?

As filed with the U.S. Securities and Exchange Commission on October 22, 2025

Securities Act Registration No. 333-221072

Investment Company Act Registration No. 811-23306

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |

---

☐ Pre-Effective Amendment No. __ <br> ☒ Post-Effective Amendment No. <u>165</u>

and/or

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |

---

☒ Amendment
 No. <u>168</u> 

(Check appropriate box or boxes.)

**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)

Registrant's Telephone Number, including Area Code: **(440) 922-0066**

**Northwest Registered Agent Service, Inc.**

**8 The Green, Suite B**

**Dover, Delaware 19901**

(Name and Address of Agent for Service)

With copy to:

**Andrew J. Davalla, Thompson Hine LLP**

**3900 Key Center**

**127 Public Square**

**Cleveland, Ohio 44114**

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

☒ Immediately upon filing pursuant to paragraph (b)

☐ On (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**PL Growth and Income ETF**

**Ticker Symbol: PLGI**

**PROSPECTUS** 

**October 22, 2025**

***Advised by:***

**Collaborative Fund Advisors, LLC**

**500 Damonte Ranch Pkwy**

**Building 700, Unit 700**

**Reno, NV 89521**

**plgrowthincome.com**

**1-877-694-3532** 

This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference. 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 Prospectus. Any representation to the contrary is a criminal offense.

The Fund is listed on the Chicago Board Options Exchange ("CBOE") BZX Exchange, Inc.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>**Page**</u> |
| **[FUND SUMMARY: PL GROWTH AND INCOME ETF](#plgi485bposa001)** | **1** |
| [PRINCIPAL INVESTMENT STRATEGIES:](#plgi485bposa002) | 2 |
| **[ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS](#plgi485bposa003)** | **8** |
| [INVESTMENT OBJECTIVE](#plgi485bposa004) | 8 |
| [PRINCIPAL INVESTMENT STRATEGIES](#plgi485bposa005) | 8 |
| [PRINCIPAL INVESTMENT RISKS](#plgi485bposa006) | 9 |
| **[MANAGEMENT OF THE FUND](#plgi485bposa007)** | **14** |
| [Investment Adviser](#plgi485bposa008) | 14 |
| [Investment Sub-Adviser](#plgi485bposa009) | 15 |
| [Portfolio Manager](#plgi485bposa010) | 15 |
| **[NET ASSET VALUE](#plgi485bposa011)** | **16** |
| **[How to Buy and Sell Shares](#plgi485bposa012)** | **17** |
| **[FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#plgi485bposa013)** | **18** |
| **[DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#plgi485bposa014)** | **19** |
| **[FINANCIAL HIGHLIGHTS](#plgi485bposa015)** | **23** |
| ***[PRIVACY NOTICE](#plgi485bposa016)*** | **24** |

---

**FUND SUMMARY: PL GROWTH AND INCOME ETF**

**Investment Objectives:**

The PL Growth and Income ETF (the "Fund") seeks to provide long-term capital appreciation and income.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;Fee Waiver and Reimbursement <sup>(3)</sup> | &nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver | &nbsp;&nbsp;1.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other expenses
are estimated for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Collaborative
Fund Advisors, LLC (the "Adviser") has contractually agreed to reduce its fees and to reimburse expenses, at least through August 21, 2027 to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii)
portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses,
(iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example
options and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes,
(vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), or (viii) extraordinary
expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service
providers (other than the Adviser)) will not exceed 1.25%. Fee waivers and expense reimbursements are subject to possible recoupment
from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if
such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment. Fee waiver
and reimbursement arrangements can decrease the Fund's expenses and boost its performance. This expense limitation agreement may
be terminated at any time, by the Trust's Board of Trustees (the "Board") upon sixty days' written notice to
the Adviser.

**Example:** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other 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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** |
| &nbsp;&nbsp;$127 | &nbsp;&nbsp;$483 |

---

**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, may adversely affect the Fund's performance.

**PRINCIPAL INVESTMENT STRATEGIES:**

The Fund is an actively managed exchange traded fund ("ETF") that seeks long-term growth and income through a focused portfolio of 30-50 individual common stocks of any market capitalization. The securities will predominantly be of U.S.-based issuers traded on U.S. exchanges and may also include American Depositary Receipts (ADRs) traded on U.S. exchanges. The Fund's adviser may also utilize targeted ETFs to gain exposure to specific market indexes or sectors.

Under normal market conditions, the Fund will invest at least 80% of its assets in a combination of equities from growth companies and income-producing securities or options. Growth companies are companies the adviser believes have above average growth potential. The adviser considers a number of factors in determining a company's growth potential, such as if the company's projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company's research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company's growth potential can be determined under any of these factors.

Additionally, the Fund also invests in corporate bonds, government bonds and preferred stock. Bonds may be of any maturity and may include bonds which are rated below investment grade (also known as "high yield" or "junk bonds"). The Fund may also obtain its fixed income investment exposure by investing in other ETFs that primarily invest in bonds or preferred stock.

The Fund may also invest in money market funds, U.S. Treasury securities and other cash equivalents.

The Fund's adviser invests the Fund's assets in accordance with the following ranges. In determining the allocation of assets in the following ranges, the Adviser will consider macro-economic conditions, micro considerations for specific sectors and companies, reported financial statements and analytical opinions, when available.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity Securities** | &nbsp;&nbsp;**0% to 100%** |
| &nbsp;&nbsp;**Fixed Income Securities** | &nbsp;&nbsp;**0% to 70%** |
| &nbsp;&nbsp;**Cash/Money Markets** | &nbsp;&nbsp;**0% to 30%** |

---

To mitigate volatility and generate income, the Fund will employ covered call writing strategies on its equity holdings. The Fund may also write (or sell) cash-secured put options to generate income.

The Adviser utilizes a combination of quantitative and fundamental analysis, examining fundamental, market, technical, and statistical attributes to select investments and implement its options strategies. The Adviser's investment process focuses on identifying securities with long-term growth potential and opportunities to reduce risk and for income generation through options. In evaluating securities with long-term growth potential, the Adviser will consider the projected and reported sales growth data, as well as the classifications of the securities by third-parties and benchmarks.

The Fund may engage in frequent trading of its portfolio, resulting in a higher portfolio turnover rate.

**PRINCIPAL RISKS:** As with all ETFs, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.

*ADR Risk.* ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.

*Allocation Risk.* Investments in the Fund are subject to risks related to the Adviser's allocation choices. The selection of the assets could cause the Fund to lose value or its results lag relevant benchmarks or other funds with similar objectives.

*Below Investment Grade Securities Risk.* Although bonds rated below investment grade (also known as "junk" securities) generally pay higher rates of interest than investment grade bonds, bonds rated below investment grade are higher risk, which may result in loss of income and principal.

*Cash and Cash Equivalents Risk.* At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Common Stock Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

*Corporate Bond Risk.* Corporate bonds are backed only by the issuer, and therefore, investments in corporate bonds are subject to issuer risk. Additionally, credit risk is created when the debt issuer fails to pay interest and principal in a timely manner, or negative perceptions of the issuer's ability to make such payments may cause the price of that debt to decline.

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

● 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 particular security. There may be times when the market price and the NAV vary significantly. This means that shares may trade at a discount to NAV.

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

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

● When all or a portion of an ETF's underlying securities trade in a market that is closed when the market for the shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the shares and the Fund's NAV.

*Exchange Traded Funds Risk*. The cost of investing in the Fund will be higher than the cost of investing directly in the ETFs in which it invests and may be higher than other mutual funds that invest directly in stocks and bonds because of duplicate management fees and brokerage and trading costs. Each other ETF is subject to specific risks, depending on the nature of the ETF*.*

*Fixed Income Risk.* Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by an American Underlying Fund or Other Underlying Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Current conditions have resulted in a rise in interest rates, which in turn may result in a decline in the value of the fixed income investments held by an American Underlying Fund or Other Underlying Fund. As a result, for the present, interest rate risk may be heightened.

*Foreign Risk.* Investing in notes of foreign issuers involves risks not typically associated with U.S. investments, including adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

*Growth Risk.* Growth-oriented securities purchased by the Fund may involve large price swings and potential for loss. If the perceptions of a company's growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund's return.

*Large Capitalization Stock Risk.* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities market.

*Management Risk.* The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

*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's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, 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.

*Money Market Risk.* The Fund's investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds.

*Options Risk.* The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund's portfolio manager to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. Lastly, the trading of options is subject to transaction costs that may impact the Fund's returns.

*Portfolio Turnover Risk*. The Fund may turn over its portfolio investments for a variety of reasons, including for asset allocation rebalances, 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.

*Small and Medium Capitalization Stock Risk.* The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

*U.S. Treasuries Risk.* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.

**Performance:**

Since the Fund has not yet launched, the performance section is omitted. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

**Investment Adviser:** Collaborative Fund Advisors, LLC

**Investment Sub-Adviser:** Retireful, LLC

**Portfolio Manager:** Michael Goldenberg has served as a portfolio manager since its inception in October 2025.

**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 for cash and/or in-kind for securities. Individual shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on CBOE BZX Exchange, Inc. (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.

**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 Adviser 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.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS**

**INVESTMENT OBJECTIVE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investment Objective** |
| &nbsp;&nbsp;PL Growth and Income ETF | &nbsp;&nbsp;The Fund seeks to provide long-term capital appreciation and income. |

---

The Fund's investment objective may be changed by the Collaborative Investment Series Trust's (the "Trust") Board of Trustees (the "Board") upon 60 days' written notice to shareholders.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed exchange traded fund ("ETF") that seeks long-term growth and income through a focused portfolio of 30-50 individual common stocks of any market capitalization. The securities will predominantly be of U.S.-based issuers traded on U.S. exchanges and may also include American Depositary Receipts (ADRs) traded on U.S. exchanges. The Fund's adviser may also utilize targeted ETFs to gain exposure to specific market indexes or sectors.

Under normal market conditions, the Fund will invest at least 80% of its assets in a combination of equities from growth companies and income-producing securities or options. Growth companies are companies the adviser believes have above average growth potential. The adviser considers a number of factors in determining a company's growth potential, such as if the company's projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company's research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company's growth potential can be determined under any of these factors.

Additionally, the Fund also invests in corporate bonds, government bonds and preferred stock. Bonds may be of any maturity and may include bonds which are rated below investment grade (also known as "high yield" or "junk bonds"). The Fund may also obtain its fixed income investment exposure by investing in other ETFs that primarily invest in bonds or preferred stock.

The Fund's adviser invests the Fund's assets in accordance with the following ranges. In determining the allocation of assets in the following ranges, the Adviser will consider macro-economic conditions, micro considerations for specific sectors and companies, reported financial statements and analytical opinions, when available.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity Securities** | &nbsp;&nbsp;**0% to 100%** |
| &nbsp;&nbsp;**Fixed Income Securities** | &nbsp;&nbsp;**0% to 70%** |
| &nbsp;&nbsp;**Cash/MMF** | &nbsp;&nbsp;**0% to 30%** |

---

To mitigate volatility and generate income, the Fund will employ covered call writing strategies on its equity holdings. The Fund may also write (or sell) cash-secured put options to generate income.

The Fund may also directly engage in options strategies. The option strategies to be used by the Fund include covered calls and cash secured puts on equities.

● *Covered Calls*: In a covered call, the Fund writes a call option on a stock it owns.

● *Cash Secured Puts*: A strategy where the Fund writes a put option and has the cash readily available to purchase the underlying stock if the option is exercised

The Adviser utilizes a combination of quantitative and fundamental analysis, examining fundamental, market, technical, and statistical attributes to select investments and implement its options strategies. The Adviser's investment process focuses on identifying securities with long-term growth potential and opportunities to reduce risk and for income generation through options. In evaluating securities with long-term growth potential, the Adviser will consider the projected and reported sales growth data, as well as the classifications of the securities by third-parties and benchmarks.

The Fund may engage in frequent trading of its portfolio, resulting in a higher portfolio turnover rate. 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 affect the Fund's performance.

**PRINCIPAL INVESTMENT RISKS**

The following describes the risks born by the Fund with respect to its investments.

*ADR Risk.* ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.

*Allocation Risk.* Investments in the Fund are subject to risks related to the Adviser's allocation choices. The selection of the assets could cause the Fund to lose value or its results lag relevant benchmarks or other funds with similar objectives.

*Below Investment Grade Securities Risk.* Although bonds rated below investment grade (also known as "junk" securities) generally pay higher rates of interest than investment grade bonds, bonds rated below investment grade are higher risk, which may result in loss of income and principal.

*Cash and Cash Equivalents Risk.* At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Common Stock Risk.* Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises.

*Corporate Bond Risk.* Corporate bonds generally have higher interest rates than other fixed income instruments, like certificates of deposit and U.S. Treasury securities, and also bear greater risk, as they are backed only by the issuer, and therefore, investments in corporate bonds are subject to issuer risk. Additionally, credit risk is created when the debt issuer fails to pay interest and principal in a timely manner, or negative perceptions of the issuer's ability to make such payments may cause the price of that debt to decline.

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

● The market prices of the Fund's shares will fluctuate in response to changes in net asset value ("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 particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

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

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

● When all or a portion of an ETF's underlying securities trade in a market that is closed when the market for the shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the shares and the Fund's NAV.

*Exchange Traded Funds Risk.* The cost of investing in the Fund will be higher than the cost of investing directly in the ETFs in which it invests and may be higher than other mutual funds that invest directly in stocks and bonds because of duplicate management fees and brokerage and trading costs. Each other ETF is subject to specific risks, depending on the nature of the ETF.

*Fixed Income Risk.* Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by an American Underlying Fund or Other Underlying Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Current conditions have resulted in a rise in interest rates, which in turn may result in a decline in the value of the fixed income investments held by an American Underlying Fund or Other Underlying Fund. As a result, for the present, interest rate risk may be heightened.

*Foreign Risk*. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

*Growth Risk.* Growth-oriented securities purchased by the Fund may involve large price swings and potential for loss. If the perceptions of a company's growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund's return.

*Large Capitalization Stock Risk.* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities market.

*Management Risk.* The Adviser's assessment of the attractiveness and potential appreciation of particular investments or markets in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

*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's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, 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's portfolio. 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 Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.

*Money Market Risk.* The Fund's investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds.

*Options Risk.* The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund's portfolio manager to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility, which in turn are affected by fiscal and monetary policies and by national and international political and economic events. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options. Lastly, the trading of options is subject to transaction costs that may impact the Fund's returns.

*Portfolio Turnover Risk*. The Fund may turn over its portfolio investments for a variety of reasons, including for asset allocation rebalances, 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.

*Small and Medium Capitalization Stock Risk.* The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

*U.S. Treasuries Risk.* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.

**Temporary Investments:** To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, and U.S. Government securities. While the Fund is in a defensive position, the Fund may not achieve its investment objective. Furthermore, to the extent that the Fund invests in money market mutual funds for cash positions, there will be some duplication of expenses because the Fund pays its pro-rata portion of such money market funds' advisory fees and operational fees. The Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**Portfolio Holdings Disclosure:** A description of the Fund's policies and regarding the release of portfolio holdings information is available in the Fund's Statement of Additional Information ("SAI").

**Cybersecurity:** The computer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its NAV; impediments to trading; the inability of the Fund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

Collaborative Fund Advisors, LLC, located at 500 Damonte Ranch Pkwy, Building 700, Unit 700, Reno, NV 89521, serves as investment adviser to the Fund. Subject to the authority of the Board, the Adviser is responsible for management of the Fund's portfolio. The Adviser is responsible for assuring the Fund's investments are managed according to its investment objective, policies, and restrictions. Pursuant to an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser, the Fund pays the Adviser, on a monthly basis, an annual advisory fee of 0.75% of its average daily net assets.

The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through August 21, 2027 to ensure that net annual fund operating expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses and swap fees and expenses) or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.25%. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and boost its performance. This expense limitation agreement may be terminated at any time, by the Board upon sixty days written notice to the Adviser.

**Investment Sub-Adviser**

Retireful, LLC (the "Sub-Adviser"), located at 120 N. Washington, Suite 300, Lansing, MI 48933, serves as investment sub-adviser to the Fund. Subject to the authority and oversight of the Board and the Adviser, the Sub-Adviser is responsible for the trade execution management of the Fund's investment portfolio. Pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser, the Sub-Adviser is entitled to receive from the Adviser (not the Fund), on a monthly basis, an annual advisory fee equal to 0.10% of the Fund's net assets.

A discussion regarding the basis for the Board's approval of the Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's first shareholder report on Form N-CSR.

**Portfolio Manager**

Michael Goldenberg

Michael Goldenberg has been a portfolio manager with the Adviser since 2025. He has also served as a financial adviser with AFIN Family Wealth Management since 2019.

The Fund's SAI provides additional information about the portfolio manager's compensation structure, other accounts managed by the portfolio manager, and the portfolio manager's ownership of Fund shares.

**NET ASSET VALUE**

The NAV and offering price (NAV plus any applicable sales charges) of each class of shares is determined as of the close of the Chicago Board Options Exchange BZX Exchange, Inc. (normally 4:00 p.m. Eastern Time) on each day the Exchange is open for business (the "Valuation Time"). NAV is computed by determining, on a per class basis, the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The Exchange is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the Exchange on that day.

The Fund's securities or other investment assets for which market quotations are readily available will be valued at current market value based upon such market quotations as of the Valuation Time. The Fund may use independent pricing agents to provide current market values. Generally, the Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith and evaluated as to the reliability of the fair value method used by the Board on a quarterly basis, in accordance with procedures approved by the Board. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated execution of these procedures to the Adviser. The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. The Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when the Fund does not price its shares, the value of the Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the Exchange. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the securities will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine net asset value or the price that may be realized upon the actual sale of the security.

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies that are registered under the Investment Company Act of1940, as amended (the "1940 Act"), the Fund's net asset value is calculated based upon the net asset values of the registered open-end management investment companies in which the Fund invests, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**Premium/Discount Information**

Most investors will buy and sell Shares of the Fund in secondary market transactions through brokers at market prices and the Fund's Shares will trade at market prices. The market price of Shares of the Fund may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares of the Fund.

Information regarding how often the Shares of the Fund traded at a price above (at a premium to) or below (at a discount to) the NAV of the Fund during the past four calendar quarters, when available, can be found at plgrowthincome.com.

**How to Buy and Sell Shares**

Shares of the Fund will be listed for trading on the Exchange under the symbol PLGI. Share prices are reported in dollars and cents per Share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares and Shares typically trade in blocks of less than a Creation Unit. There is no minimum investment required. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

Authorized Participants that have entered into contracts with the Fund's distributor may acquire Shares directly from the Fund, and Authorized Participants may tender their Shares for redemption directly to the Fund, at NAV per Share only in large blocks, or Creation Units, of 10,000 shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

The Fund may liquidate and terminate at any time without shareholder approval.

**Share Trading Prices**

The approximate value of Shares of the Fund, an amount representing on a per share basis the sum of the current market price of the securities accepted by the Fund in exchange for Shares of the Fund and an estimated cash component will be disseminated every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association. This approximate value should not be viewed as a "real-time" update of the NAV per Share of the Fund because the approximate value may not take into account certain Fund expenses and may not be calculated in the same manner as the NAV, which is computed once a day, generally at the end of the business day. The Fund is not involved in, or responsible for, the calculation or dissemination of the approximate value of the Shares, and the Fund does not make any warranty as to the accuracy of these values.

**Book Entry**

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares of the Fund and is recognized as the owner of all Shares for all purposes.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Fund's Shares can only be purchased and redeemed directly from the Fund in Creation Units by Authorized Participants who have entered into agreements with the Fund's distributor. The vast majority of trading in the Fund's Shares occurs on the secondary market. Since the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, direct trading by Authorized Participants is critical to ensuring that the Fund's Shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of Fund Shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Fund's Shares.

**DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES**

Unlike interests in conventional mutual funds, which typically are bought and sold from and to the fund only at closing NAVs, the Fund's Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on the Fund's portfolio that could arise from frequent cash redemption transactions. In a conventional mutual fund, redemptions can have an adverse tax impact on taxable shareholders if the mutual fund needs to sell portfolio securities to obtain cash to meet net fund redemptions. These sales may generate taxable gains for the ongoing shareholders of the mutual fund, whereas the Shares' in-kind redemption mechanism generally will not lead to a tax event for the Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid quarterly by the Fund. The Fund distributes its net realized capital gains, if any, to shareholders annually.

Distributions in cash may be reinvested automatically in additional Shares if the broker through whom you purchased Shares makes such an option available.

**Taxes**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

● The Fund makes distributions,

● You sell your Shares listed on the Exchange, and

● You purchase or redeem Creation Units.

**Taxes on Distributions**

As stated above, dividends from net investment income, if any, ordinarily are declared and paid quarterly by the Fund. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. Distributions from the Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (*i.e*., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to their Fund shares at the rate for net capital gain. A part of the Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations – the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations subject to federal income tax (excluding REITs) and excludes dividends from foreign corporations – subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to that deduction are subject indirectly to the federal alternative minimum tax.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund (if that option is available). Distributions reinvested in additional Shares of the Fund through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional Shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, the Fund is required to withhold up to 24% of your distributions and redemption proceeds if you have not provided the Fund with a correct Social Security number or other taxpayer identification number and in certain other situations.

**Taxes on Exchange-Listed Share Sales**

Any capital gain or loss realized upon a sale of Shares is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses from sales of Shares may be limited.

**Taxes on Purchase and Redemption of Creation Units**

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An Authorized Participant that exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of the Shares being redeemed and the value of the securities. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Shares you purchased or sold and at what price. See "Tax Status" in the SAI for a description of the newly effective requirement regarding basis determination methods applicable to Share redemptions and the Fund's obligation to report basis information to the Service.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the Shares under all applicable tax laws. See "Tax Status" in the SAI for more information.

**Fund Service Providers**

Collaborative Fund Services, LLC serves as the Trust's administrator, which has its principal office at 500 Damonte Ranch Parkway, Building 700, Unit 700, Reno, NV 89521.

Citi Fund Services Ohio, Inc. is the Fund's administrator and fund accountant. It has its principal office at 4400 Easton Commons, Suite 200, Columbus, OH 43219, and is primarily in the business of providing administrative, fund accounting and regulatory filing services to retail and institutional mutual funds.

Citibank, N.A., is the Fund's custodian. It has its principal office at 388 Greenwich Street, New York, NY 10048.

Paralel Distributors LLC (the "Distributor"), located at 1700 Broadway Suite 1850, Denver, CO 80290, is the distributor for the shares of the Fund. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215, serves as legal counsel to the Trust.

Cohen & Company, Ltd., located at 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**Other Information**

**Continuous Offering**

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not underwriters but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Dealers effecting transactions in the Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.

**FINANCIAL HIGHLIGHTS**

Because the Fund has only recently commenced investment operations, no financial highlights are available for the Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

***PRIVACY NOTICE***

**Collaborative Investment Series Trust** 

**Rev. November 2017**

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| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice.<br>|

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|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing. |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information:** | &nbsp;&nbsp;**Reasons we can share your personal information:** | &nbsp;&nbsp;**Does Collaborative Investment Series Trust share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| **For our marketing purposes -** to offer our products and services to you. | **For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| **For joint marketing with other financial companies.** | **For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about<br> your transactions and records. | &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about<br> your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about<br> &nbsp;&nbsp;&nbsp;&nbsp;your creditworthiness. | &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about<br> &nbsp;&nbsp;&nbsp;&nbsp;your creditworthiness. | **NO** | **We don't share** |
| **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | **NO** | **We don't share** |
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-877-694-3532** | &nbsp;&nbsp;**Call 1-877-694-3532** | &nbsp;&nbsp;**Call 1-877-694-3532** |

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**Collaborative Investment Series Trust**

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;**How does Collaborative Investment Series Trust protect my personal information?**<br>| &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.<br>|
| &nbsp;&nbsp;**How does Collaborative Investment Series Trust collect my personal information?**<br>| &nbsp;&nbsp;We collect your personal information, for example, when you<br>●&nbsp;&nbsp;&nbsp;&nbsp; open an account or deposit money<br>●&nbsp;&nbsp;&nbsp;&nbsp; direct us to buy securities or direct us to sell your securities<br>●&nbsp;&nbsp;&nbsp;&nbsp; seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.<br>|
| &nbsp;&nbsp;**Why can't I limit all sharing?**<br>| &nbsp;&nbsp;Federal law gives you the right to limit only:<br>●&nbsp;&nbsp;&nbsp;&nbsp; sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>●&nbsp;&nbsp;&nbsp;&nbsp; affiliates from using your information to market to you.<br>●&nbsp;&nbsp;&nbsp;&nbsp; sharing for nonaffiliates to market to you.<br>State laws and individual companies may give you additional rights to limit sharing.<br>|

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|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>●&nbsp;&nbsp;&nbsp;&nbsp; *Collaborative Investment Series Trust does not share with our affiliates.*<br>|
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>●&nbsp;&nbsp;&nbsp;&nbsp; *Collaborative Investment Series Trust does not share with nonaffiliates so they can market to you.*<br>|
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Collaborative Investment Series Trust doesn't jointly market*.<br>|

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|:---|:---|
| &nbsp;&nbsp;Adviser | &nbsp;&nbsp;**Collaborative Fund Advisors, LLC**<br> 500 Damonte Ranch Pkwy, Building 700<br> Unit 700<br> Reno, NV 89521 |
| &nbsp;&nbsp;Sub-Adviser | &nbsp;&nbsp;**Retireful, LLC**<br> 120 N. Washington, Suite 300<br> Lansing, MI 48933 |
| &nbsp;&nbsp;Distributor | &nbsp;&nbsp;**Paralel Distributors LLC**<br> 1700 Broadway Suite 1850<br> Denver, CO 80290 |
| &nbsp;&nbsp;Legal Counsel | &nbsp;&nbsp;**Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| &nbsp;&nbsp;Custodian | &nbsp;&nbsp;**Citibank, N.A.**<br> 388 Greenwich Street<br> New York, NY 10048 |
| &nbsp;&nbsp;Independent Registered Public Accounting Firm | &nbsp;&nbsp;**Cohen & Company, Ltd.**<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 |

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Additional information about the Fund, including the Fund's policies and procedures with respect to disclosure of the Fund's portfolio holdings, is included in the Fund's SAI dated October 22, 2025. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund's policies and management. Additional information about the Fund's investments will also be available in the Fund's annual and semi-annual reports to shareholders and Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

To obtain a free copy of the SAI, the annual and semi-annual reports to shareholders, Form N-CSR, or other information about the Fund, or to make shareholder inquiries about the Fund, please call 1-877-694-3532 or visit plgrowthincome.com.

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment Company Act File #811-23306

**PL Growth and Income ETF**

**Ticker Symbol: PLGI**

a series of Collaborative Investment Series Trust

**STATEMENT OF ADDITIONAL INFORMATION**

October 22, 2025

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus of PL Growth and Income ETF (the "Fund") dated October 22, 2025. The Fund's Prospectus is hereby incorporated by reference, which means it is legally part of this document. You can obtain copies of the Fund's Prospectus, annual or semiannual reports without charge by contacting the Fund's Distributor, Paralel Distributors LLC or by calling 1-877-694-3532. You may also obtain a Prospectus by visiting the website at plgrowthincome.com.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | <u>**Page**</u> |
| [THE FUND](#plgi485bposb001) | 1 |
| [TYPES OF INVESTMENTS](#plgi485bposb002) | 2 |
| [INVESTMENT RESTRICTIONS](#plgi485bposb003) | 19 |
| [POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS](#plgi485bposb004) | 21 |
| [MANAGEMENT](#plgi485bposb005) | 22 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#plgi485bposb006) | 27 |
| [INVESTMENT ADVISER](#plgi485bposb007) | 27 |
| [THE DISTRIBUTOR](#plgi485bposb008) | 29 |
| [PORTFOLIO MANAGER](#plgi485bposb009) | 30 |
| [ALLOCATION OF PORTFOLIO BROKERAGE](#plgi485bposb010) | 31 |
| [PORTFOLIO TURNOVER](#plgi485bposb011) | 31 |
| [OTHER SERVICE PROVIDERS](#plgi485bposb012) | 32 |
| [DESCRIPTION OF SHARES](#plgi485bposb013) | 34 |
| [ANTI-MONEY LAUNDERING PROGRAM](#plgi485bposb014) | 34 |
| [PURCHASE, REDEMPTION AND PRICING OF SHARES](#plgi485bposb015) | 34 |
| [TAX STATUS](#plgi485bposb016) | 44 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#plgi485bposb017) | 49 |
| [LEGAL COUNSEL](#plgi485bposb018) | 49 |
| [FINANCIAL STATEMENTS](#plgi485bposb019) | 49 |
| [Adviser Proxy Voting Policies and Procedures](#plgi485bposb020) | A-1 |

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**THE FUND**

The Fund is a diversified series of Collaborative Investment Series Trust, a Delaware statutory trust organized on July 26, 2017 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Fund's investment adviser is Collaborative Fund Advisors, LLC (the "Adviser") and the sub-adviser is Retireful, LLC (the "Sub-Adviser").

The Fund may issue an unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate equally with other shares (i) in dividends and distributions declared by such Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

The Fund's investment objectives, restrictions and policies are more fully described here and in the Prospectus. The Fund's investment objective is to provide long-term capital appreciation. The Board may start other series and offer shares of a new fund under the Trust at any time. The Board may start other series and offer shares of a new fund under the Trust at any time. The Fund is an exchange-traded fund, which is a registered open-end management company that issues (and redeems) creation units ("Creation Units") to (and from) authorized participants ("Authorized Participants") in exchange for a basket and a cash balancing amount (if any) and the shares of which are listed on a national securities exchange and traded at market-determined prices. An Authorized Participant is a financial institution that is a member or participant of a clearing agency registered with the Securities and Exchange Commission (the "SEC"), which has a written agreement with the Fund or one of its service providers that allows the financial institution to place orders for the purchase and redemption of Creation Units. Creation Units are a specified number of the Fund's shares (e.g., 10,000) that the Fund will issue to (or redeem from) an Authorized Participant in exchange for the deposit (or delivery) of a basket and a cash balancing amount if any.

The Fund will issue and redeem Creation Units principally in exchange for an in-kind deposit of a basket of designated securities (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. The Fund is expected to be approved for listing, subject to notice of issuance, on Chicago Board Options Exchange ("Cboe") BZX Exchange, Inc. (the "Exchange"). Shares will trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of the Fund, a share split, reverse split or the like, the Trust may revise the number of Shares in a Creation Unit.

The Fund reserves the right to offer creations and redemptions of Shares for cash. In addition, Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 115% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees, may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. See PURCHASE, REDEMPTION AND PRICING OF SHARES below.

**TYPES OF INVESTMENTS**

The investment objective of the Fund and the descriptions of the Fund's principal investment strategies are set forth under "Investment Objective" and Principal Investment Strategies" in the Prospectus. The Fund's investment objective is not fundamental and may be changed without the approval of a majority of the outstanding voting securities of the Trust.

The following pages contain more detailed information about the types of instruments in which the Fund may invest directly or indirectly as a principal or non-principal investment strategy. These instruments include other investment companies and strategies the Adviser employs in pursuit of the Fund's investment objective and a summary of related risks.

Securities of Other Investment Companies

The Fund's investments in ETFs and mutual funds involve certain additional expenses and certain tax results, which would not be present in a direct investment in such underlying funds. Due to legal limitations, the Fund will be prevented from: 1) purchasing more than 3% of an investment company's (including ETFs) outstanding shares; 2) investing more than 5% of the Fund's assets in any single such investment company, and 3) investing more than 10% of the Fund's assets in investment companies overall; unless: (i) the underlying investment company and/or the Fund has received an order for exemptive relief from such limitations from the SEC; and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order. In the alternative, the Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% limitation and the 10% limitation, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired underlying fund) does not exceed the limits on sales loads established by Financial Industry Regulatory Authority ("FINRA") for funds of funds. In addition to ETFs, the Fund may invest in other investment companies such as open-end mutual funds or exchange-traded funds, within the limitations described above. Each investment company is subject to specific risks, depending on the nature of the Fund. Underlying ETFs and mutual funds may employ leverage, which magnifies the changes in the underlying stock or other index upon which they are based.

Investment Companies

The Fund may invest in investment companies such as open-end funds (mutual funds), closed-end funds, and exchange traded funds (also referred to as "Underlying Funds"). The Investment Company Act, as amended (the "1940 Act")provides that the mutual funds may not: (1) purchase more than 3% of an investment company's outstanding shares; (2) invest more than 5% of its assets in any single such investment company (the "5% Limit"), and (3) invest more than 10% of its assets in investment companies overall (the "10% Limit"), unless: (i) the underlying investment company and/or the Fund has received an order for exemptive relief from such limitations from the SEC; and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order.

The Fund may exceed these statutory limits when permitted by SEC order or other applicable law or regulatory guidance, such as is the case with many ETFs. The SEC recently adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters is effective on January 19, 2022. After such time, an investment company will no longer be able to rely on the aforementioned exemptive orders and no-action letters and will be subject instead to Rule 12d1-4 and other applicable rules under Section 12(d)(1).

In addition, Section 12(d)(1)(F) of the 1940 Act, as amended provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not, and is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1 ½% percent. An investment company that issues shares to the Fund pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. The Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Further, the Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% Limitation and the 10% Limitation pursuant to Section 12(d)(1)(F), provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by the FINRA for funds of funds.

Under certain circumstances an Underlying Fund may determine to make payment of a redemption by the Fund wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Fund may hold securities distributed by an Underlying Fund until the Adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisers of the Underlying Funds are made independently of the Fund and its Adviser. Therefore, the investment adviser of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the investment adviser of another such fund. The result would be an indirect expense to the Fund without accomplishing any investment purpose. Because other investment companies employ an investment adviser, such investments by the Fund may cause shareholders to bear duplicate fees.

Exchange Traded Funds ("ETFs")

ETFs are generally passive funds that track their related index and have the flexibility of trading like a security. They are managed by professionals and typically provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts ("UITs"). Under certain circumstances, the Adviser may invest in ETFs, known as "inverse funds," which are designed to produce results opposite to market trends. Inverse ETFs are funds designed to rise in price when stock prices are falling.

ETFs typically have two markets. The primary market is where institutions swap "creation units" in block-multiples of, for example, 50,000 shares for in-kind securities and cash. Unlike mutual funds, the primary market for ETFs exists between the Fund and Authorized Participants. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded at net asset value ("NAV"), which is calculated at the end of a trading day. ETFs share many similar risks with open-end and closed-end funds.

Foreign Securities

Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Short Sales

The Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When the Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

Swap Agreements

The Fund may enter into swap agreements for purposes of attempting to gain exposure to equity, debt, commodities or other asset markets without actually purchasing those assets, or to hedge a position. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index. The Fund may enter into credit default swaps. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of issuers (i.e., to reduce risk where the Fund owns or has exposure to the issuer or group of issuers) and may use credit default swaps to take an active long or short position with respect to the likelihood of a particular issuer's or group of issuers default.

Most swap agreements entered into by the Fund calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Fund's current obligations (or rights) under a swap agreement 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"). Payments may be made at the conclusion of a swap agreement or periodically during its term.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis, if the other party 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.

Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid for the Fund's illiquid investment limitations. The Fund will not enter into any swap agreement unless the Adviser believes that the other party to the transaction is creditworthy. The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

The Fund may enter into a swap agreement in circumstances where the Adviser believes that it may be more cost effective or practical than buying the securities represented by such index or a futures contract or an option on such index. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker/dealer. The counter-party will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks represented in the index, plus the dividends that would have been received on those stocks. The Fund will agree to pay to the counter-party a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Fund on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments that are traded in the OTC market.

Equity Securities

Equity securities include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

Common Stock

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

Preferred Stock

Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

A fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Convertible Securities

Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

Real Estate Investment Trusts

The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

Warrants

Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

Depositary Receipts

Sponsored and unsponsored American Depositary Receipts ("ADRs") are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described below regarding foreign securities apply to investments in ADRs.

Exchange Traded Notes ("ETNs")

ETNs are typically unsecured and unsubordinated notes. ETN returns are based upon the performance of one or more underlying indicators and typically, no periodic coupon payments are distributed and no principal protections exists, even at maturity. ETNs are listed on an exchange and traded in the secondary market. An ETN can be held until maturity, at which time the issuer pays the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor. When the Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the ETN. Because fees reduce the amount of return at maturity or upon redemption, if the value of the underlying indicator decreases or does not increase significantly, the Fund may receive less than the principal amount of its investment at maturity or upon redemption. In addition, the value of an ETN also may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying indicator, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the underlying indicator. Some ETNs that use leverage can, at times, be relatively illiquid, and thus they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form. There may be restrictions on the Fund's right to redeem its investment in an ETN, which are generally meant to be held until maturity. A decision by the Fund to sell ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN.

Emerging Markets Securities

Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

Certificates of Deposit and Bankers' Acceptances

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Commercial Paper

Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

Information on Time Deposits and Variable Rate Notes

Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

The commercial paper obligations are typically unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund and the issuer. It permits daily changes in the amounts invested. The Fund, typically, has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct investment arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer (redeemed) on demand within seven days.

Insured Bank Obligations

The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. The Fund may elect to purchase bank obligations in small amounts so as to be fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

Closed-End Investment Companies

The Fund may invest its assets in closed-end investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as "Nasdaq") or, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Fund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share, which is less than the NAV per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined NAV but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their NAV.

The Fund may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the NAV of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in shares of investment companies without a leveraged capital structure.

United States Government Obligations

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis.

United States Government Agencies

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("Ginnie Mae"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Farm Credit Banks, the Federal National Mortgage Association ("Fannie Mae"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., Ginnie Mae mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., Fannie Mae Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association).

Government-related guarantors (i.e. not backed by the full faith and credit of the United States Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the United States Government.

On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that Fannie Mae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of Fannie Mae or Freddie Mac.

Securities Options

The Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange and the Nasdaq PHLX.

The Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have paid a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

Certain Risks Regarding Options

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by the Fund of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. Inasmuch as the Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

Options on Futures Contracts

The Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Dealer Options

The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Fund writes a dealer option, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While the Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund will change its treatment of such instruments accordingly.

Spread Transactions

The Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, *i.e.,* the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

Repurchase Agreements

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

Trading in Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

When-Issued, Forward Commitments and Delayed Settlements

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

Illiquid and Restricted Securities

The Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act")) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by Nasdaq.

Under guidelines adopted by the Board, the Adviser may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the Adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two National Statistical Rating Organizations ("NRSROs") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent quality.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by the Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

Lending Portfolio Securities

For the purpose of achieving income, the Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Fund.

**TEMPORARY DEFENSIVE POSITION**

To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, and U.S. Government securities. While the Fund is in a defensive position, the Fund may not achieve its investment objective.

**INVESTMENT RESTRICTIONS**

The Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund, which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Issue senior securities, except as otherwise permitted under the 1940 Act, and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities. (Does not preclude the Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and sales of its portfolio securities, and except to the extent that the Fund may be deemed an underwriter under the Securities Act, by virtue of disposing of portfolio securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Invest more than 25% of the market value of its assets in the securities of companies engaged in any one industry or group of industries. (Does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or sell commodities (unless acquired as a result of ownership of securities or other investments) or commodity futures contracts, except that the Fund may purchase and sell futures contracts and options to the full extent permitted under the 1940 Act, sell foreign currency contracts in accordance with any rules of the Commodity Futures Trading Commission, invest in securities or other instruments backed by commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Make loans to others, except that the Fund may, in accordance with its investment objective and policies, (i) lend portfolio securities, (ii) purchase and hold debt securities or other debt instruments, including but not limited to loan participations and sub-participations, assignments, and structured securities, (iii) make loans secured by mortgages on real property, (iv) enter into repurchase agreements, (v) enter into transactions where each loan is represented by a note executed by the borrower, and (vi) make time deposits with financial institutions and invest in instruments issued by financial institutions. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

If a restriction on the Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to fundamental investment limitation 2 above, if the Fund's asset coverage falls below 300%, the Fund will reduce borrowing within 3 days in order to ensure that the Fund has 300% asset coverage.

With respect to Fundamental Investment Restriction #5, if the Fund invests in one or more investment companies that concentrates its investments in a particular industry, the Fund will examine its other investment company holdings to ensure that the Fund is not indirectly concentrating its investments in a particular industry.

Although fundamental investment restriction #7 reserves for the Fund the ability to make loans, there is no present intent to loan money or portfolio securities and additional disclosure will be provided if such a strategy is implemented in the future.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted a policy regarding the disclosure of information about the Fund's portfolio holdings. The Fund and its service providers may not receive compensation or any other consideration (which includes any agreement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or any affiliated person of the Adviser) in connection with the disclosure of portfolio holdings information of the Fund. The Trust's policy is implemented and overseen by the Chief Compliance Officer of the Trust, subject to the oversight of the Board. Periodic reports regarding these procedures will be provided to the Board. The Trust, the Adviser, the Sub-Adviser and the Distributor will not disseminate non-public information concerning the Trust. The Board must approve all material amendments to this policy.

Each business day, the Fund's portfolio holdings information will generally be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants (as defined below), and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. This information typically reflects the Fund's anticipated holdings as of the next Business Day. Access to information concerning the Fund's portfolio holdings may be permitted to personnel of third-party service providers, including the Fund's custodian, transfer agent, auditors and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers' agreements with the Trust on behalf of the Fund.

The Fund discloses on the Adviser's website at plgrowthincome.com at the start of each Business a table/chart showing the number of days the Fund's shares traded at a premium or discount during the most recently completed calendar year and calendar quarters of the current year; in certain instances disclosure that the premium or discount was greater than 2% along with a discussion of the factors that materially contributed to the premium or discount; and median bid-ask spread over the most recent thirty calendar days.

*Quarterly Portfolio Schedule*. The Trust is required to disclose, after its first and third fiscal quarters, the complete schedule of the Fund's portfolio holdings with the SEC on Form N-PORT. The Trust will also disclose a complete schedule of the Fund's portfolio holdings with the SEC on Form N-CSR after its second and fourth quarters.

Form N-PORT and Form N-CSR for the Fund will be available on the SEC's website at www.sec.gov. The Fund's Form N-PORT and Form N-CSR will be available without charge, upon request, by calling 1-877-694-3532.

**The Adviser & Sub-Adviser**. Personnel of the Adviser and Sub-Adviser, including personnel responsible for managing the Fund's portfolio, may have full daily access to the Fund's portfolio holdings since that information is necessary in order for the Adviser and Sub-Adviser to provide its management, administrative, and investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, as demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities, Adviser and Sub-Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

**Collaborative Fund Services, LLC** is the Fund's administrator. Its personnel have daily access to the Fund's portfolio holdings in order to provide the agreed upon-services to the Trust.

**Citi Fund Services Ohio, Inc.** is the Fund's accountant and sub-administrator; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Citi Bank, N.A.** is custodian for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Cohen & Company, Ltd.** is the Fund's independent registered public accounting firm; therefore, its personnel have access to the Fund's portfolio holdings in connection with auditing of the Fund's annual financial statements and providing assistance and consultation in connection with SEC filings.

**Thompson Hine LLP** is counsel to the Trust; therefore, its personnel have access to the Fund's portfolio holdings in connection with review of the Fund's annual and semi-annual shareholder reports and SEC filings.

**Additions to List of Approved Recipients** 

The Trust's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Fund's portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Fund, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings.

**Compliance with Portfolio Holdings Disclosure Procedures** 

The Trust's Chief Compliance Officer will report periodically to the Board with respect to compliance with the Fund's portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Fund from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of five individuals, four of whom are not "interested persons" (as defined under the 1940 Act) of the Trust or any investment adviser to any series of the Trust ("Independent Trustees"). Pursuant to the Governing Documents, the Trustees shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

**Board Leadership Structure** 

The Trust is led by Gregory Skidmore as Chairman and President of the Trust. Mr. Skidmore is considered an "Interested" Trustee as defined in the 1940 Act because of his ownership interest in Collaborative Fund Services, LLC ("CFS") and the Adviser. CFS serves as the administrator to the Trust. The Board is comprised of Mr. Skidmore and four other Trustees, all of whom are Independent Trustees. The Independent Trustees have not selected a Lead Independent Trustee. Additionally, under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Governing Documents, the Chairman of the Board is responsible for (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, and, more generally, in-practice (c) execution and administration of Trust policies including (i) setting the agendas for board meetings and (ii) providing information to board members in advance of each board meeting and between board meetings. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman together with the Audit Committee and the full Board, provide effective leadership that is in the best interests of the Trust and the Fund's shareholders because of the Board's collective business acumen and understanding of the regulatory framework under which investment companies must operate.

**Board Risk Oversight** 

The Board is comprised of Mr. Skidmore, an Interested Trustee, and four Independent Trustees with a standing independent Audit Committee with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information, and the Audit Committee's communications with the independent registered public accounting firm.

**Trustee Qualifications** 

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

<u>Gregory Skidmore</u> – **Interested Trustee** – Mr. Skidmore has fifteen years of financial industry experience, holds a series 65 license, and possesses a strong understanding of the regulatory framework under which investment companies operate. He graduated from Connecticut College in 1999 with a Bachelor of Arts in Economics and History.

<u>Dean Drulias Esq.</u> – **Independent Trustee** – Mr. Drulias has been a practicing attorney for over thirty years. He has extensive experience and possesses a strong understanding of the regulatory framework under which financial entities must operate. Additionally, he is well versed in corporate and transactional law.

<u>Shawn Orser</u> – **Independent Trustee** – Mr. Orser has over twenty-five years' experience in the financial services industry, spanning from Merrill Lynch to the hedge fund industry. Mr. Orser holds a FINRA Series 7, Series 63, Series 55, and Series 66 licenses. He has a Bachelor of Science in Finance from Syracuse University.

<u>Fred Stoleru</u> – **Independent Trustee** – Mr. Stoleru has over two decades of financial industry experience and has a Master's degree in Business Administration from Georgetown University. Like other trustees, his experience has given him a strong understanding of the regulatory framework under which investment companies operate.

<u>Ronald Young Jr.</u> – **Independent Trustee** – Mr. Young currently serves as the President of Young Consulting, LLC, a corporation that provides business consulting. He also, currently serves as President of Tri-State LED, a corporation that provides comprehensive LED lighting solutions. Previously, he co-founded and served as the managing partner for a diversified private equity capital firm and real estate development company.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes the Board highly effective.

The following tables provide information about Board of Trustees and the senior officers of the Trust. Information about each Trustee is provided below and includes each person's: name, address, year of birth, present position(s) held with the Trust, principal occupations for the past five years. Unless otherwise noted, the business address of each person listed below is c/o 500 Damonte Ranch Parkway Building 700, Unit 700, Reno NV 89521. Unless otherwise noted, each officer is elected annually by the Board.

***Independent Trustees***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and Year of Birth\*** | &nbsp;&nbsp;**Position(s) held with the Fund** | &nbsp;&nbsp;**Term of Office/Length of Time Served\*** | &nbsp;&nbsp;**Principal Occupation During the Past Five Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee\*\*** | &nbsp;&nbsp;**Other Directorships held by Trustee During the Past Five Years** |
| &nbsp;&nbsp;Dean Drulias, Esq.<br> Year of Birth: 1947 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite/November 2017 - Present | &nbsp;&nbsp;Attorney (self-employed), since 2012. | &nbsp;&nbsp;2 | &nbsp;&nbsp;Trustee for Belpointe PREP Manager, LLC |
| &nbsp;&nbsp;Shawn Orser<br> Year of Birth: 1975 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite/November 2017 - Present | &nbsp;&nbsp;CEO, Seaside Advisory (6/2016-Present); Executive Vice President, Seaside Advisory (2009-6/2016). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Trustee for Belpointe PREP Manager, LLC. <br> 2021-present |
| &nbsp;&nbsp;Fred Stoleru <br> Year of Birth: 1971 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite/November 2017 - Present | &nbsp;&nbsp;Managing Director of Providence Real Estate (since 5/2024); CCO of Belpointe Prep, LLC (9/2022 to 5/2024); Principal of Blackburn Point Realty (9/2028 to 9/2022). | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Ronald Young Jr.<br> Year of Birth: 1974 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite/March 2020 - Present | &nbsp;&nbsp;President - Young Consulting, Inc. (2008-Present); President – Tri State LED, Inc. (2010-Present). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Trustee for Belpointe PREP Manager, LLC. <br> 2021-present |

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***Interested Trustees and Officers***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with the Fund** | &nbsp;&nbsp;**Term of Office/Length of Time Served\*** | &nbsp;&nbsp;**Principal Occupation During the Past Five Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex\*\* Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships held by Trustee During the Past Five Years** |
| &nbsp;&nbsp;Gregory Skidmore\*\*\* <br> Year of Birth: 1976 | &nbsp;&nbsp;Trustee, Chairman and President | &nbsp;&nbsp;Indefinite/November 2017 - Present | &nbsp;&nbsp;President, Belpointe Asset Management, LLC since 2007, CEO of Belpointe Asset Management since 2021 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Kyle Bubeck<br> Year of Birth: 1955 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Indefinite/Since October 2021 | &nbsp;&nbsp;President and Founder of Beacon Compliance Consulting, Inc. (since 2010); CFO and CCO of Trendstar Advisors, LLC (2003 to 2009). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William McCormick<br> Year of Birth: 1964 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Indefinite/Since October 2021 | &nbsp;&nbsp;Senior Wealth Advisor – Belpointe Asset Management (since 2019); Wealth Advisor – Advisory Services Network (2016 to 2019) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Brad Rundbaken<br> Year of Birth: 1970 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Indefinite/Since October 2021 | &nbsp;&nbsp;Manager – Collaborative Fund Services, LLC (since 2018); Wealth Advisor – Belpointe Asset Management (2015 to 2018) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* As of May 20, 2025, the Trust was comprised of 13 active series. The term "Fund Complex" applies only to the funds managed by the same investment adviser in the Trust. The "Fund Complex" includes the Fund and Anydrus Advantage ETF.

\*\*\* Mr. Skidmore is considered an "Interested Trustee" because of his ownership in Collaborative Fund Advisors, LLC, adviser to a series of the Trust, and the Trust's administrator, Collaborative Fund Services, LLC.

***<u>Board Committees</u>***

Audit Committee

The Board has an Audit Committee that consists of all the Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter.

Each Trustee who is not affiliated with the Trust or an investment adviser to any series of the Trust will a fee based on the net assets of the Fund for his attendance at the regularly scheduled meetings of the Board, to be paid in arrears of each calendar quarter, as well as reimbursement for any reasonable expenses incurred.

***Compensation***

None of the executive officers receive compensation from the Trust.

The table below details the amount of compensation the Trustees are expected to receive from the Fund and the Trust during the initial fiscal period ending September 30, 2026. Each Independent Trustee is expected to attend all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Estimated Aggregate Compensation from the Fund** | &nbsp;&nbsp;**Estimated Total Compensation From Fund and Fund Complex\* Paid to Trustees** |
| &nbsp;&nbsp;Gregory Skidmore, Trustee | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Dean Drulias, Trustee | &nbsp;&nbsp;$1200 | &nbsp;&nbsp;$18000 |
| &nbsp;&nbsp;Shawn Orser, Trustee | &nbsp;&nbsp;$1200 | &nbsp;&nbsp;$18000 |
| &nbsp;&nbsp;Fred Stoleru, Trustee | &nbsp;&nbsp;$1200 | &nbsp;&nbsp;$18000 |
| &nbsp;&nbsp;Ronald Young Jr., Trustee | &nbsp;&nbsp;$1200 | &nbsp;&nbsp;$18000 |
| \* The term "Fund Complex" refers only to the funds within the Trust managed by the Adviser. | \* The term "Fund Complex" refers only to the funds within the Trust managed by the Adviser. | \* The term "Fund Complex" refers only to the funds within the Trust managed by the Adviser. |

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***<u>Management and Trustee Ownership</u>***

As of the date of this SAI, the Trustees and officers, as a group, owned no shares of the Fund.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control.

As of the date of this SAI, no shareholder(s) of record owned 5% or more of the outstanding shares of the Fund.

**INVESTMENT ADVISER**

***<u>Investment Adviser and Advisory Agreement</u>***

The Trustees selected Collaborative Fund Advisors, LLC as the investment adviser to the Fund. Belpointe Financial Holdings, LLC is the sole owner of the Adviser. Gregory Skidmore may be deemed to control the Adviser.

Under the terms of the management agreement (the "Advisory Agreement"), the Adviser, subject to the oversight of the Board, provides or arranges to be provided to the Fund such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. Pursuant to the Agreement, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.75% of the Fund's average daily net assets.

The Advisory Agreement will continue for an initial term of two years and may be renewed on a year-to-year basis thereafter, provided that continuance is approved at least annually by specific approval of the Board or by vote of the holders of a majority of the outstanding voting securities of the Fund. In either event, it must also be approved by a majority of the Trustees who are neither parties to the agreement nor interested persons as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Agreement may be terminated at any time without the payment of any penalty by the Board or by vote of a majority of the outstanding voting securities of the Fund on not more than 60 days' written notice to the Adviser. In the event of its assignment, the Agreement will terminate automatically.

The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through August 21, 2027 to ensure that net annual fund operating expenses (exclusive of any (i) front-end or contingent deferred loads, (ii)) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments (such as option fees and expenses or swap fees and expenses), or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.25%. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and boost its performance. This expense limitation agreement may be terminated at any time, by the Board upon sixty days written notice to the Adviser.

***<u>Sub-Adviser and Sub-Advisory Agreement</u>***

The Adviser has engaged Retireful, LLC to serve as sub-adviser to the Fund pursuant to Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement"). The Sub-Adviser is responsible for trading the Fund's portfolio according to the Adviser's instructions and the Fund's investment objective, policies and restrictions.

The Sub-Advisory Agreement will continue in effect for two (2) years initially and then from year to year, provided it is approved at least annually by a vote of the majority of the Trustees, who are not parties to the agreement or interested persons of any such party, cast in person at a meeting specifically called for the purpose of voting on such approval. The Sub-Advisory Agreement may be terminated without penalty at any time by the Adviser or the Sub-Adviser on 60 days' written notice and will automatically terminate in the event of its "assignment" (as that term is defined in the 1940 Act).

The Sub-Adviser will place orders with and give instruction to brokers and dealers to cause the execution of such transactions. The Sub-Adviser is required to furnish, at its own expense, all investment facilities necessary to perform its obligations under the Sub-Advisory Agreement. Pursuant to the Sub-Advisory Agreement between the Adviser and Sub-Adviser, the Sub-Adviser is entitled to receive an annual sub-advisory fee, which is paid by the Adviser, not the Fund. Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is entitled to receive, on a monthly basis, an annual sub-advisory fee equal to 0.10% of the Fund's average daily net assets allocated to it by the Adviser.

A discussion regarding the basis for the Board's approval of the Agreement and Sub-Advisory Agreement will be available in the Fund's first annual or semi-annual shareholder report.

***<u>Codes of Ethics</u>***

The Trust, the Adviser, the Sub-Adviser, and the Distributor have each adopted codes of ethics (each a "Code") under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the Codes, the Trustees are permitted to invest in securities that may also be purchased by the Fund.

In addition, the Trust has adopted a code of ethics (the "Trust Code"), which applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Fund; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of the Trust Code to an appropriate person or persons identified in the Trust Code; and (v) accountability for adherence to the Trust Code.

***<u>Proxy Voting Policies</u>***

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Fund and shareholders. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's Proxy Policies, or the proxy policies of the Adviser's designee, and a record of each proxy voted by the Adviser or its designee on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

Where a proxy proposal raises a material conflict between the Adviser's interests and the Fund's interests, the Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's and proxy voting policies is attached hereto as Appendix A.

*More information*. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund at 1-877-694-3532; (2) on the Fund's website (plgrowthincome.com); and (3) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov. In addition, a copy of the Fund's proxy voting policies and procedures are also available by calling 1-877-694-3532 and will be sent within three business days of receipt of a request.

**THE DISTRIBUTOR**

Paralel Distributors LLC, located at 1700 Broadway Suite 1850, Denver, CO 80290, (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Fund pursuant to an underwriting agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of the FINRA. The offering of the Fund's shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of the Fund's shares, will use reasonable efforts to facilitate the sale of the Fund's shares.

The Underwriting Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated by the Trust at any time, without the payment of any penalty, by vote of a majority of the entire Board or by vote of a majority of the outstanding shares of the Fund on 60 days written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days written notice to the Trust. The Underwriting Agreement will automatically terminate in the event of its assignment.

The Distributor may enter into selling agreements with broker-dealers that solicit orders for the sale of shares of the Fund and may allow concessions to dealers that sell shares of the Fund.

The Distributor is not compensated by the Fund. Instead, the Adviser pays the Distributor for certain distribution related services.

**PORTFOLIO MANAGER**

Michael Goldenberg serves as the portfolio manager to the Fund. As of October 1, 2025, the portfolio manager is responsible for the portfolio management of the following types of accounts in addition to the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts <br> By Type** | **Total Number of Accounts by Account Type** | **Total Assets By Account Type<br> (in millions)** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets By Account Type Subject to a Performance Fee<br> (in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1189 | $384 | 0 | $0 |

---

***<u>Conflicts of Interest</u>***

***<u>Compensation</u>***

Mr. Goldenberg is compensated by the Adviser based on the Fund's assets and performance.

***<u>Ownership of Securities</u>***

The following table shows the dollar range of equity securities beneficially owned by the portfolio manager in the Fund as of the date of this SAI.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund** |
| &nbsp;&nbsp;Michael Goldenberg | $0 |

---

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Fund are made by the portfolio manager who is an employee of the Adviser. The Adviser is authorized by the Trustees to allocate the orders placed by them on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or the Adviser for the Fund's use. Such allocation is to be in such amounts and proportions as the Adviser may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser will take the following into consideration:

● the best net price available;

● the reliability, integrity and financial condition of the broker or dealer;

● the size of and difficulty in executing the order; and

● the value of the expected contribution of the broker or dealer to the investment performance of the Fund on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

**PORTFOLIO TURNOVER**

The Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A 100% turnover rate would occur if all of the Fund's portfolio securities were replaced once within a one-year period.

**OTHER SERVICE PROVIDERS**

**<u>Fund Administration</u>**

*Administrator*

Collaborative Fund Services, LLC serves as the administrator to the Trust (the "Administrator"), which has its principal office at 500 Damonte Ranch, Parkway Building 700, Unit 700, Reno, NV 89521.

Citi Fund Services Ohio, Inc. serves as the sub-administrator to the Fund (the "Sub- Administrator"), has its principal office at 4400 Easton Commons, Suite 200, Columbus, OH 43219, and is primarily in the business of providing administrative, fund accounting and regulatory filing services to retail and institutional mutual funds and ETFs. The Administrator supervises the Trust's operations, including the services that the Sub-Administrator provides to the Fund.

Pursuant to a Fund Services Agreement with the Fund, the Administrator provides administrative services to the Fund, subject to the oversight of the Board. The Administrator may provide persons to serve as officers of the Fund. Such officers may be directors, officers or employees of the Administrator or its affiliates.

The Fund Services Agreement remained in effect for one year from the effective date of the agreement and will remain in effect subject to annual approval of the Board for one-year periods thereafter. The Fund Services Agreement is terminable by the Board or the Administrator on sixty days' written notice and may be assigned provided the non-assigning party provides prior written consent. This Fund Services Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Administrator or reckless disregard of its obligations thereunder, the Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

The Administrator provides or causes to provide the Fund's with accounting services, including: (i) daily computation of net asset value; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Fund's custodian and Adviser; and (vii) monitoring and evaluating daily income and expense accruals, and sales and redemptions of shares of the Fund.

For administrative services rendered to the Fund under the Agreement, the Fund pays the Administrator the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

*Sub-Administrator* 

The Sub-Administrator assists in supervising all operations of the Fund (other than those performed by the Administrator), subject to the supervision of the Board pursuant to a services agreement (the "Services Agreement").

Unless sooner terminated, the Services Agreement is in effect as to the Fund for a period of one year and for consecutive one-year terms thereafter. The Services Agreement provides that in the absence of willful misconduct, fraud or gross negligence on the part of the Sub-Administrator or reckless disregard of its obligations thereunder, the Sub-Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the Services Agreement, the Sub-Administrator calculates Trust expenses and makes disbursements; prepares shareholder reports and reports to the SEC on Forms N-CEN and N-PORT; coordinates dividend payments; calculates the Fund's performance information; assist with the preparation of the Trust's tax returns; monitors the Fund's status as regulated investment companies under the Code; assists in developing portfolio compliance procedures; reports to the Board amounts paid under shareholder service agreements; assists with regulatory compliance; and assists with liquidity and derivatives risk management services, among other services.

For services rendered to the Fund under the Services Agreement, the Fund pays the Sub-Administrator the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

**<u>Custodian</u>**

Citibank N.A., located at 388 Greenwich Street, New York, NY 10048 (the "Custodian"), serves as the custodian of the Fund's assets pursuant to a Custodian Agreement by and between the Custodian and the Trust on behalf of the Fund. The Custodian's responsibilities include safeguarding and controlling the Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. Pursuant to the Custodian and Transfer Agent Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Fund may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**<u>Compliance Officer</u>**

Beacon Compliance Consulting Inc. ("Beacon"), P.O. Box 11550, Overland Park, KS, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between Beacon and the Trust. Beacon's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to the Fund, the Fund pays Beacon a reoccurring fund fee and a fee per the fund. The Fund also pays Beacon for any out-of-pocket expenses.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal, per-class, dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Fund. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program. The Trust's secretary serves as its Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to, determining that the Funds' Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and a providing a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

**<u>Calculation of Share Price</u>**

As indicated in the Prospectus under the heading "Net Asset Value," of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund.

The Administrator calculates the Fund's NAV at the close of regular trading (normally 4:00 p.m., Eastern time) every day that the New York Stock Exchange ("NYSE") is open. NAV is calculated by deducting all of the Fund's liabilities from the total value of its assets and dividing the result by the number of Shares outstanding, rounding to the nearest cent. All valuations are subject to review by the Board or its delegate.

In determining NAV, expenses are accrued and applied daily and securities and other assets for which market quotations are readily available are valued at market value. The NAV for the Fund will be calculated and disseminated daily. The value of the Fund's portfolio securities is based on market value when market quotations are readily available.

Exchange-traded securities, such as common and preferred stocks, ETFs, ETPs, ETNs, closed-end funds, REITs, MLPs, REOCs and similar instruments, generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the Exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser. If a security's market price is not readily available, the security will be valued at fair value as determined by the Trust's Fair Value Committee in accordance with the Trust's valuation policies and procedures approved by the Board. The values of assets denominated in foreign currencies are converted into U.S. dollars based on the mean of the current bid and asked prices by major banking institutions and currency dealers.

Bonds, notes, debentures or similar instruments are valued by a pricing service when the Adviser believes such prices are accurate and reflect the fair market value of such securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, subject to review by the Board of Trustees. Short-term investments having a maturity of 60 days or less may be amortized to maturity, provided such valuations represent par value.

Futures contracts listed for trading on a futures exchange or board of trade for which market quotations are readily available are valued at the last quoted sales price or, in the absence of a sale, at the mean of the last bid and ask prices.

Even when market quotations are available, they may be stale or unreliable because the validity of market quotations appears to be questionable; the number of quotations is such as to indicate that there is a thin market in the security; a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value; or the Adviser is aware of any other data that calls into question the reliability of market quotations such as issuer-specific events, which may include a merger or insolvency, events which affect a geographical area or an industry segment, such as political events or natural disasters, or market events, such as a significant movement in the U.S. market. Where market quotations are not readily available, including where the Adviser determines that the closing price of the security is unreliable, the Adviser will value the security at fair value in good faith using procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of the security.

Because foreign markets may be open on different days than the days during which a shareholder may purchase Shares, the value of the Fund's investments may change on days when shareholders are not able to purchase Shares.

**<u>Creation Units</u>**

The Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. A "Business Day" is any day on which the NYSE is open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A Creation Unit is an aggregation of 10,000 Shares. The Board may declare a split or a consolidation in the number of Shares outstanding of the Fund or Trust, and make a corresponding change in the number of Shares in a Creation Unit.

**<u>Authorized Participants</u>**

To purchase or redeem any Creation Units, you must be, or transact through, an Authorized Participant who has entered into a contract with the Funds' Distributor. In order to be an Authorized Participant, you must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the National Securities Clearing Corporation ("NSCC") or a participant in DTC with access to the DTC system ("DTC Participant"), and you must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in the Fund's Creation Units.

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors transacting through a broker that is not itself an Authorized Participant and therefore must still transact through an Authorized Participant may incur additional charges. There are expected to be a limited number of Authorized Participants at any one time.

Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Market disruptions and telephone or other communication failures may impede the transmission of orders.

**<u>Transaction Fees</u>**

A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of the Fund.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Fund are listed in the table below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and Cash Purchases** | &nbsp;&nbsp;**Maximum Additional Variable Charge for Cash Purchases\*** |
| &nbsp;&nbsp;$250 | &nbsp;&nbsp;2.00% |

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\* As a percentage of the amount invested.

**<u>The Clearing Process</u>**

Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

**<u>Purchasing Creation Units</u>**

Portfolio Deposit

The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the NAV per Creation Unit of the Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to the Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from the Fund.

On each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

Custom Orders and Cash-in-lieu

The Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. The Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. The Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. All orders involving cash-in-lieu are considered to be "Custom Orders."

Purchase Orders

To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor.

Timing of Submission of Purchase Orders

An Authorized Participant must submit an irrevocable purchase order no later than the earlier of (i) 4:00 p.m. Eastern Time or (ii) the closing time of the bond markets and/or the trading session on the Exchange, on any Business Day in order to receive that Business Day's NAV ("Cut-off Time"). The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1"). The Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law. For transactions shorter than T+1, the Fund will accept transactions between 8:00 a.m. to 9:30 a.m. Eastern time for settlement on that Business Day or between 4:00 p.m. and 5:00 p.m. Eastern day on the prior Business Day.

Orders Using the Clearing Process

If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to the Fund, together with such additional information as may be required by the Distributor or Transfer Agent. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

Orders Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to the Fund account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to the Fund for any losses incurred by the Fund in connection therewith.

Orders involving foreign Deposit Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of the Fund to maintain an account into which an Authorized Participant may deliver Deposit Securities (or cash -in-lieu), with adjustments determined by the Fund, will then provide information of the order to such local sub-custodian(s). The ordering Authorized Participant will then deliver the Deposit Securities (and any cash-in-lieu) to the Fund's account at the applicable local sub-custodian. The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Fund, immediately available or same day funds in U.S. dollars estimated by the Fund to be sufficient to pay the Cash Component and Transaction Fee. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern Time, on the contractual settlement date.

Acceptance of Purchase Order

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund. The Fund's determination shall be final and binding.

The Fund reserves the right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (e) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Fund's Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Fund, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

Issuance of a Creation Unit

Once the Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee. Except as provided in Appendix C, the delivery of Creation Units will generally occur no later than T+1.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Deposit Securities, when the applicable local sub-custodian(s) have confirmed to the Custodian that the Deposit Securities (or cash -in-lieu) have been delivered to the Fund's account at the applicable local sub-custodian(s), the Distributor and the Adviser shall be notified of such delivery, and the Fund will issue and cause the delivery of the Creation Unit. While, as stated above, Creation Units are generally delivered on T+1, the Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

The Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities, under the following circumstances. Pursuant to the applicable Participant Agreement, the Fund may issue a Creation Unit notwithstanding that (certain) Deposit Securities have not been delivered, in reliance on an undertaking by the relevant Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking is secured by such Authorized Participant's delivery to and maintenance with the Custodian of collateral having a value equal to at least 115% of the value of the missing Deposit Securities ("Collateral"), as adjusted by time to time by the Adviser. Such Collateral will have a value greater than the NAV of the Creation Unit on the date the order is placed. Such collateral must be delivered no later than 2:00 p.m., Eastern Time, on T+1. The only Collateral that is acceptable to the Fund is cash in U.S. Dollars.

While (certain) Deposit Securities remain undelivered, the Collateral shall at all times have a value equal to at least 115% (as adjusted by the Adviser) of the daily marked-to-market value of the missing Deposit Securities. At any time, the Fund may use the Collateral to purchase the missing securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Collateral, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused Collateral once all of the missing securities have been received by the Fund. More information regarding the Fund's current procedures for collateralization is available from the Distributor.

Cash Purchase Method

When cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

**<u>Redeeming a Creation Unit</u>**

Redemption Basket

The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the NAV per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the ETF's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

Custom Redemptions and Cash-in-lieu

The Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. The Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

Redemption Requests

To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

An Authorized Participant submitting a redemption request is deemed to represent to the Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares that are in the Creation Unit to be redeemed have not been borrowed, loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Shares to the Fund. The Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by the Fund.

Timing of Submission of Redemption Requests

An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

Requests Using the Clearing Process

If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the Fund, together with such additional information as may be required by the Distributor or Transfer Agent. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

Requests Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on received T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local sub-custodian(s).

Acceptance of Redemption Requests

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

Delivery of Redemption Basket

Once the Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+1. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Redemption Securities, the Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period.

Cash Redemption Method

When cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax advisor regarding their investment in the Fund.

The Fund has qualified and intends to continue to qualify and has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Tax Code"), and intends to continue to so qualify, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of the Fund will be computed in accordance with Section 852 of the Tax Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Fund. Capital losses incurred after January 31, 2011 may now be carried forward indefinitely and retain the character of the original loss. Under pre-enacted laws, capital losses could be carried forward to offset any capital gains for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

The Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Tax Code and therefore should not be required to pay any federal income or excise taxes. Dividends from net investment income, if any, are declared and paid quarterly by the Fund. The Fund distributes their net realized capital gains, if any, to shareholders annually no later than December 31 of each year. Both types of distributions will be in shares of the Fund unless a shareholder elects to receive cash.

To be treated as a regulated investment company under Subchapter M of the Tax Code, the Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If the Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

The Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Tax Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects to time its distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Tax Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain; regardless of the length of time the shares of the Trust have been held by such shareholders.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of shares of the Fund. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

Redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Tax Code, the Fund will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Tax Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

**<u>Options, Futures, and Forward Contracts and Swap Agreements</u>**

To the extent such investments are permissible for the Fund, the Fund's transactions in options, futures contracts, hedging transactions, forward contracts, swaps, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Fund's hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Fund's book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If the Fund's book income is less than taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment.

**<u>Passive Foreign Investment Companies</u>**

Investment by the Fund in certain passive foreign investment companies ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to treat a PFIC as a qualified electing fund ("QEF"), in which case the Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company.

The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Fund to avoid taxation. Making either of these elections, therefore, may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return.

**<u>Foreign Currency Transactions</u>**

The Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

**<u>Foreign Taxation</u>**

Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders of the Fund. With respect to the Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Fund. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

**<u>Original Issue Discount and Pay-In-Kind Securities</u>**

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income, which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

The Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders of the Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares.

A brief explanation of the form and character of the distribution accompany each distribution. In January of each year the Fund issues to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., ("Cohen & Co"), located at 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Co provides tax services as requested.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, Ohio 43215, serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The Fund has not yet commenced operations and, therefore, has not produced financial statements. Once produced, you can obtain a copy of the financial statements contained in the Fund's Annual or Semi-Annual Report without charge by calling the Fund at 1-877-694-3532.

**Adviser Proxy Voting Policies and Procedures**

*Guidelines*. The following guidelines will serve as parameters for the Adviser in rendering a proxy vote and, in particular, viewing proposals and recommendations from management in a favorable demeanor in comparison to their counterparts who do not exhibit such tendencies:

● *Accountability.* Corporate Boards should be accountable to shareholders, the owners of the companies, by holding regular board elections, by providing sufficient information for shareholders to be able to assess directors and board composition, and by providing shareholders with the ability to remove directors. Directors should respond to investor input such as that expressed through vote results on management and shareholder proposals and other shareholder communications. Shareholders should have meaningful rights on structural provisions, such as approval of or amendments to the corporate governing documents and a vote on takeover defenses. As an example, the Adviser will generally vote against proposals that cause board members to become entrenched or cause unequal voting rights.

● *Stewardship.* A company's governance, social, and environmental practices should meet or exceed the standards of its market regulations and general practices and should take into account relevant factors that may significantly impact the company's long-term value creation. Issuers and investors should recognize constructive engagement as both a right and responsibility. As an example, the Adviser will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor's non-audit services.

● *Independence.* Boards should be sufficiently independent so as to ensure that they are able and motivated to effectively supervise management's performance and remuneration, for the benefit of all shareholders. Boards should include an effective independent leadership position and sufficiently independent committees that focus on key governance concerns such as audit, compensation, and the selection and evaluation of directors. The Adviser, for example, will tend to vote against a corporation's board of directors or "management" proposal should it include, among others, excessive compensation, unusual management stock options, preferential voting and poison pills.

● *Transparency.* Companies should provide sufficient and timely information that enables shareholders to understand key issues, make informed vote decisions, and effectively engage with companies on substantive matters that impact shareholders' long-term interests in the company. In reviewing such proposals, the Adviser will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

*Voting Ballots and Records*. The proxy voting practice itself is initiated at such time the company (or issuer) disseminates the proxy voting ballot ("Ballot"). Once proxy material has been received, it is promptly reviewed by the Advisor and the issues presented are then evaluated. In most instances, the Advisor receives the Ballot from the company electronically with a request to log into a secured website at which point the proxy voting proposals (e.g., Board elections, corporate governance matters, corporate actions, class action laws and/or ratification of an independent registered public accounting firm, etc.) will appear for consideration. The Ballot typically contains voting selections as follows: "For" (in which a vote cast will support the measure), "Against" (in which a vote cast will oppose the measure), and "Abstain (in which no vote is cast). The CEO or designee will complete the Ballot and submit it to the company or issuer electronically or, if necessary, by U.S. Mail. Prior to logging out of the website, the Advisor will print a PDF version of the screen showing the measures voted upon and the votes recorded or memorialize the voting records in a different format. At the CEO's discretion, he may delegate the recording of the Ballots (whether voted or not voted) to the Proxy Support Vendor, which shall be referred to herein as a Proxy Voting Log. The Proxy Voting Log—if not a generated list of proxy votes that a memorialized on a Firm-generated document- may be substituted by inclusion of the supporting documents applicable to the proxy votes cast.

*Disclosure/Client Requests for Information*. Advisor will provide information summarizing this proxy voting policy and procedures upon request.

*Conflicts of Interest*. Advisor will identify any conflicts that exist between the interests of the Adviser and the client by reviewing the relationship of Advisor with the issuer of each security to determine if Advisor or any of its Supervised Persons has any financial, business or personal relationship with the issuer. If a material conflict of interest exists, the Chief Executive Officer will request that the Chief Compliance Officer to advise whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means, such as, voting in a manner consistent with a predetermined voting guidelines (see above) or receiving an independent third party voting recommendation. Advisor will maintain a record of the voting resolution of any conflict.

**PART C**

**OTHER INFORMATION**

Item 28. Financial Statements and Exhibits.

(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Registrant's Agreement and Declaration of Trust was filed on October 23, 2017 as an exhibit to the Registrant's registration statement and are incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204417000941/collabn1aexa1201710.htm)

(b) [By-Laws. Registrant's By-Laws was filed on October 23, 2017 as an exhibit to the Registrant's registration statement and are incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204417000941/collabn1aexb201710.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated By-Laws was filed on July 24, 2025 as an exhibit to Post-Effective Amendment No. 160 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125009704/ex99-bi.htm)

(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the Registrant.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Management Agreement between the Registrant and Rareview Capital LLC was filed on October 16, 2020 as an exhibit to Post-Effective Amendment No. 66 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713120009042/ex99-dxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Management Agreement between the Registrant and Tuttle Tactical Management, LLC was filed on December 11, 2020 as an exhibit to Post-Effective Amendment No. 70 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713120010886/ex99-dxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Management Agreement between the Goose Hollow Capital Management LLC and the Registrant on behalf of Goose Hollow Tactical Allocation ETF was filed on October 1, 2021 as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1719812/000138713121009739/ex99-dxi.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Management Agreement between the Registrant and Retireful, LLC was filed on October 1, 2021 as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713121009771/ex99-dxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Sub-Advisory Agreement between Rareview Capital LLC and GST Management, LLC was filed on July 24, 2025 as an exhibit to Post-Effective Amendment No. 160 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125009704/ex99-dv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(vi) Management Agreement between the Registrant, with respect to the Mohr Sector Nav ETF, and Retireful, LLC was filed on December 30, 2022 as an exhibit to the Post-Effective Amendment No. 137 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713122012899/ex99-dxix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Management Agreement between the Registrant, on behalf of the Rareview Systematic Equity ETF, was filed on January 31, 2023, as an exhibit to Post-Effective Amendment No. 138 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713123001098/ex99-dxviv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Management Agreement between the Goose Hollow Capital Management LLC and the Registrant on behalf of Goose Hollow Multi-Strategy Income ETF and Goose Hollow Enhanced Equity ETF was filed on August 16, 2023 as an exhibit to Post-Effective Amendment No. 143 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713123009905/ex-99dxxii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Management Agreement between Retireful, LLC and the Registrant on behalf of Mohr Company NAV ETF was filed on December 4, 2023 as an exhibit to Post-Effective Amendment No. 145 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937123000754/ex99dxxii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Management Agreement between Collaborative Fund Advisors, LLC and the Registrant on behalf of Anydrus Advantage ETF was filed on April 17, 2024 as an exhibit to Post-Effective Amendment No. 149 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937124004896/ex99-dxii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC was filed on April 17, 2024 as an exhibit to Post-Effective Amendment No. 149 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937124004896/ex99-dxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Management Agreement between Rareview Capital LLC and the Registrant, on behalf of Rareview Total Return Bond Fund, was filed on May 28, 2024 as an exhibit to Post-Effective No. 152 to the Registrant's registration statement and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1719812/000183988224016377/ex99-dxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [Management Agreement between Rareview Capital LLC and the Registrant, on behalf of Rareview 2X Bull Cryptocurrency & Precious Metals ETF, was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-dxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Sub-Advisory Agreement between Rareview Capital LLC and Tuttle Capital Management, LLC, on behalf of Rareview 2X Bull Cryptocurrency & Precious Metals ETF, was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-dxix.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Management Agreement between Collaborative Fund Advisors, LLC and the Registrant, on behalf of Nelson Select ETF, was filed on August 19, 2025 as an exhibit to Post-Effective No. 163 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125011675/ex99-dxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC, on behalf of Nelson Select ETF, was filed on August 19, 2025 as an exhibit to Post-Effective No. 163 to the Registrant's registration statement and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1719812/000199937125011675/ex99-dxvi.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [Management Agreement between Collaborative Fund Advisors, LLC and the Registrant, on behalf of PL Growth and Income ETF](ex99-dxvii.htm), is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC, on behalf of PL Growth and Income ETF](ex99-dxviii.htm), is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Management Agreement between Rareview Capital LLC and the Registrant, on behalf of Rareview Government Money Market ETF, will be filed by subsequent amendment.

(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [ETF Distribution Agreement between Foreside Fund Services, LLC and the Registrant was filed on June 6, 2019 as an exhibit to Post-Effective Amendment No. 26 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204419000371/tactetf485bposexe201906.htm)

(i)(a) [Amendment to the ETF Distribution Agreement between Foreside Fund Services, LLC and the Registrant was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-eia.htm).

(i)(b) Amendment to the ETF Distribution Agreement between Foreside Fund Services, LLC and the Registrant will be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Underwriting Agreement between Paralel Distributors LLC and the Registrant was filed on April 17, 2024 as an exhibit to Post-Effective Amendment No. 149 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937124004896/ex99-eii.htm)

(ii)(a) [Amendment to Underwriting Agreement between Paralel Distributors LLC and the Registrant](ex99-eiia.htm) is filed herewith.

(f) Bonus or Profit-Sharing Contracts. None.

(g) Custodial Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Global Custodial and Agency Agreement between the Registrant and Citibank, N.A. was filed on June 6, 2019 as an exhibit to Post-Effective Amendment No. 26 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204419000371/tactetf485bposexg4201906.htm)

(i)(a) [Amendment to the Custodian Global Custodial and Agency Services Agreement between the Registrant and Citibank N.A.](ex99-gia.htm) is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [ETF Custody Agreement between the Trust, on behalf of the Rareview 2X Bull Cryptocurrency & Precious Metals ETF, and its wholly-owned subsidiary, Rareview Capital – BEGS CFC LLC with U.S. Bank National Association was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-giii.htm)

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Transfer Agent Agreement between the Registrant and Mutual Shareholder Services, LLC was filed on May 22, 2019 as am exhibit to Post-Effective Amendment No. 24 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000116204419000344/globtact485bposexh5201905.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Services Agreement between the Registrant and Citi Fund Services Ohio, Inc. and Citibank, N.A. was filed on June 6, 2019 as an exhibit to Post-Effective Amendment No. 26 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204419000371/tactetf485bposexh4201906.htm)

(ii)(a) [Amendment to the Services Agreement between the Registrant and Citibank N.A.](ex99-hiia.htm) is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Operating Expenses Limitation Agreement with Rareview Capital LLC, on behalf of Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged Income ETF, was filed on January 28, 2025 as an exhibit Post-Effective Amendment No. 154 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225004382/ex99-hiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amended and Restated Administration Agreement between Collaborative Fund Services, LLC and the Registrant was filed as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000138713121009739/ex99-hxxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Operating Expenses Limitation Agreement between the Registrant, on behalf of the Rareview Systematic Equity ETF, was filed on January 28, 2025 as an exhibit Post-Effective Amendment No. 154 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225004382/ex99-hv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Operating Expenses Limitation Agreement between the Registrant and Goose Hollow Capital Management LLC, on behalf of Goose Hollow Multi-Strategy Income Fund, was filed on January 28, 2025 as an exhibit Post-Effective Amendment No. 154 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225004382/ex99-hvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Operating Expenses Limitation Agreement between the Registrant, on behalf of Anydrus Advantage ETF, and Collaborative Fund Advisors, LLC was filed on July 25, 2025 as an exhibit to Post-Effective Amendment No. 161 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125009773/ex99-hvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Operating Expenses Limitation Agreement between the Registrant and Goose Hollow Capital Management LLC, on behalf of Goose Hollow Tactical Allocation ETF, was filed on January 28, 2025 as an exhibit Post-Effective Amendment No. 154 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225004382/ex99-hviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Operating Expense Limitation Agreement between the Registrant and Rareview Capital LLC, on behalf of Rareview Total Return Bond ETF, was filed on May 28, 2024 as an exhibit to Post-Effective Amendment No. 152 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988224016377/ex99-hx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Operating Expense Limitation Agreement between the Registrant and Rareview Capital LLC, on behalf of Rareview 2X Bull Cryptocurrency & Precious Metals ETF, was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-hx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Transfer Agent Servicing Agreement between the Trust, on behalf of the Rareview 2X Bull Cryptocurrency & Precious Metals ETF, and its wholly-owned subsidiary, Rareview Capital – BEGS CFC LLC with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-hxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Fund Sub-Administration Agreement between the Trust, on behalf of the Rareview 2X Bull Cryptocurrency & Precious Metals ETF, and its wholly-owned subsidiary, Rareview Capital – BEGS CFC LLC with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-hxii.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [ETF Fund Accounting Servicing Agreement between the Trust, on behalf of the Rareview 2X Bull Cryptocurrency & Precious Metals ETF, and its wholly-owned subsidiary, Rareview Capital – BEGS CFC LLC with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-hxiii.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Operating Expense Limitation Agreement between the Registrant and Collaborative Fund Advisors, LLC, on behalf of Nelson Select ETF, was filed on August 19, 2025 as an exhibit to Post-Effective No. 163 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125011675/ex99-hxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Operating Expense Limitation Agreement between the Registrant and Collaborative Fund Advisors, LLC, on behalf of PL Growth and Income ETF](ex99-hxv.htm), is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Operating Expense Limitation Agreement between the Registrant and Collaborative Fund Advisors, LLC, on behalf of Rareview Government Money Market ETF, will be filed by subsequent amendment.

(i) Legal Opinion and Consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Legal opinion and consent of Thompson Hine LLP](ex99-ii.htm) Is filed herewith.

(j) Other Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None.

(k) Omitted Financial Statements. None.

(l) Initial Capital Agreements. None.

(m) Rule 12b-1 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Rule 12b-1 Plan was filed on February 26, 2020 as an exhibit to Post-Effective Amendment No. 46 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204420000103/tfaqt485bosexm202002.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Rule 12b-1 Distribution and Service Plan was filed on August 19, 2025 as an exhibit to Post-Effective No. 163 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125011675/ex99-mii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Rule
 12b-1 Distribution and Service Plan, on behalf of the Rareview Government Money Market
 ETF, will be filed by subsequent amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Rule 12b-1 Distribution and Service Plan, on behalf of Nelson Select ETF and PL Growth and Income ETF](ex99-miv.htm) , is filed herewith.

(n) Rule 18f-3 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated 18f-3 Plan was filed on February 26, 2020 as an exhibit to Post-Effective Amendment No. 46 to the Registrant's registration statement and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000116204420000103/tfaqt485bosexn202002.htm)

(o) Reserved.

(p) Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics for Registrant was filed on January 24, 2018 as an exhibit to the Registrant's registration statement and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1719812/000116204418000039/collabn1aaexp2201801.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics for Tuttle Capital Management, LLC](ex99-pii.htm) is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Code of Ethics for Rareview Capital LLC](ex99-piii.htm) is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Code of Ethics for Retireful, LLC was filed on October 4, 2021 as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1719812/000138713121009771/ex99-pvii.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Code of Ethics for Goose Hollow Capital Management LLC was filed as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1719812/000138713121009739/ex99-pix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Code of Ethics for GST Management, LLC was filed on January 28, 2022 as an exhibit to Post-Effective Amendment No. 132 to the Registrant's registration statement and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1719812/000138713122000988/ex99-pxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Code of Ethics for Collaborative Fund Advisors, LLC](ex99-pvii.htm) is filed herewtih.

(q) Powers of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Power of Attorney for Registrant, and a certificate with respect thereto, and each trustee and executive officer, were filed as exhibits to the Registrant's registration statement on January 16, 2018 and are incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1719812/000116204418000022/collabn1aaexq201801.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Power of Attorney for Shawn Orser was filed on May 22, 2025 as an exhibit to Post-Effective Amendment No.157 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125006579/ex99-qii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Power of Attorney for Ronald Young Jr. was filed on May 22, 2025 as an exhibit to Post-Effective Amendment No.157 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125006579/ex99-qiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Power of Attorney for William McCormick was filed on October 1, 2021 as an exhibit to Post-Effective Amendment No. 113 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000138713121009739/ex99-qiv.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Power of Attorney for Dean Drulias was filed on May 22, 2025 as an exhibit to Post-Effective Amendment No.157 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125006579/ex99-qv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Power of Attorney for Fredrick Stoleru was filed on May 22, 2025 as an exhibit to Post-Effective Amendment No.157 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1719812/000199937125006579/ex99-qvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Power of Attorney for Gregory Skidmore was filed on February 5, 2025 as an exhibit to Post-Effective No. 156 to the Registrant's registration statement and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1719812/000183988225007355/ex99-qvii.htm).

Item 29. Control Persons. None.

Item 30. Indemnification.

Reference is made to Article VIII of the Registrant's Agreement and Declaration of Trust which is included. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

The Underwriting Agreement provides that the Registrant agrees to indemnify and hold harmless Foreside Financial Services, LLC (the "Distributor"), its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the Securities Act of 1933 against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) that the Distributor may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust in compliance with this Agreement and applicable law; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Registrant and the Adviser/Sub-Adviser or other information filed or made public by the Registrant (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the Securities Act, or any other statute or the common law; (iv) the breach by the Registrant of any obligation, representation or warranty contained in this Agreement; or (v) the Registrant's failure to comply in any material respect with applicable securities laws.

The Registrant agrees to indemnify and hold harmless Paralel Distributors LLC (the "Distributor"), its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and/or Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

Item 31. Activities of Investment Adviser.

A description of any other business, profession, vocation, or employment of a substantial nature in which any of the Funds' advisers and sub-advisers of the Registrant, and each member, director, executive officer, or partner of the advisers and sub-advisers, are or have been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or director, is set forth in the respective prospectus.

Information as to the members and officers of each adviser and sub-adviser are included in their respective Form ADVs as filed with the SEC and are incorporated herein by reference.

Tuttle Capital Management, LLC. is the adviser to The SPAC and New Issue ETF.

Rareview Capital LLC is adviser to the Rareview Dynamic Fixed Income ETF, Rareview Tax Advantaged Income ETF, Rareview Systematic Equity ETF, Rareview Total Return Bond ETF and Rareview 2X Bull Cyrptocurrency & Precious Metals ETF (file no. 801-108100).

Retireful, LLC, is the adviser to the Adaptive Core ETF, Mohr Sector NAV ETF, Mindful Conservative ETF and Mohr Company NAV ETF (file no. 801-122216).

Goose Hollow Capital Management LLC is the adviser to the Goose Hollow Tactical Allocation ETF and Goose Hollow Multi-Strategy Income ETF (file no. 801-122485),

GST Management, LLC is the sub-adviser to the Rareview Systematic Equity ETF (file no. 801-122854).

Collaborative Fund Advisors, LLC is the adviser to the Anydrus Advantage ETF, Nelson Select ETF and PL Growth and Income ETF (file no. 811-23306).

Item 32. Principal Underwriter.

(a) Paralel Distributors LLC ("Paralel") serves as the principal underwriter for Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering), Cullen Funds (6 series), Elevation Series Trust (15 series); Coller Secondaries Private Equity Opportunities Fund, Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, and XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering).

(b) Foreside Fund Services, LLC ("Foreside") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB
 Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS
 Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ActivePassive
 Core Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ActivePassive
 Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive
 International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive
 U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA
 Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF
 Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM
 ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis
 Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric
 Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American
 Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied
 Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied
 Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied
 Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian
 Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK
 Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker
 Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield
 Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos
 Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos
 Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos
 Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos
 Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos
 Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos
 Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle
 Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade
 Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst
 Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE
 Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Clifford
 Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater
 Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater
 Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Coatue
 Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen
 & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Cohen
 & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. CYBER
 HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Davis
 Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance
 Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Denali
 Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dividend
 Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Dodge
 & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine
 Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine
 Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine
 Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. DriveWealth
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. EIP
 Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Ellington
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. ETF
 Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange
 Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Exchange
 Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. FlexShares
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum
 Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Forum
 Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Grayscale
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Guinness
 Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harbor
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Harris
 Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Hawaiian
 Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. IDX
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Innovator
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood
 Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Ironwood
 Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. John
 Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Kurv
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Lazard
 Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Manor
 Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Milliman
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. MoA
 Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan
 Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morningstar
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. NEOS
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Niagara
 Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. North
 Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG
 Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. NXG
 NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. Opal
 Dividend Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. OTG
 Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer
 Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Palmer
 Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Partners
 Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Perkins
 Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Plan
 Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Point
 Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Precidian
 ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Preferred-Plus
 ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview
 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment
 Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. REX
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Renaissance
 Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Reynolds
 Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RiverNorth
 Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. RiverNorth
 Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. RMB
 Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Roundhill
 Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Rule
 One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Russell
 Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Six
 Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sound
 Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. SP
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Sparrow
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Spear
 Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. STF
 Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. STF
 Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Strategic
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Strategy
 Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Tekla
 World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. Tema
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The
 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The
 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The
 Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The
 Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The
 Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. The
 Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Third
 Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Third
 Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal
 Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Tidal
 Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Tidal
 Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. TIFF
 Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy
 Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy
 Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Timothy
 Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. Total
 Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. Touchstone
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. T-Rex
 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares
 Active Yield ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares
 Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares
 Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares
 Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares
 Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares
 Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares
 Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares
 Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares
 Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. TrueShares
 Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. TrueShares
 Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. TrueShares
 Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. TrueShares
 Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. TrueShares
 Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. TrueShares
 Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. U.S.
 Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Union
 Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Vest
 S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Vest
 US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. Virtus
 Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Volatility
 Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. WEBs
 ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Wedbush
 Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. Wellington
 Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. Wilshire
 Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. Wilshire
 Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218. WisdomTree
 Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219. WisdomTree
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220. XAI
 Octagon Floating Rate & Alternative Income Term Trust

(c) The principal business address of Paralel is 1700 Broadway, Suite 1850, Denver, CO 80290. The following are the members and officers of Paralel:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Positions with Registrant** |
| Brad Swenson | 1700 Broadway, Suite 1850, Denver, CO 80290 | President, Chief Compliance Officer | President, Chief Compliance Officer |
| Jeremy May | 1700 Broadway, Suite 1850, Denver, CO 80290 | Chief Executive Officer |  |
| Christopher Moore | 1700 Broadway, Suite 1850, Denver, CO 80290 | General Counsel | Secretary |

---

(d) The principal business address of Foreside is Three Canal Plaza, Suite 100, Portland, ME 04101. The following are the officers and members of Foreside:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**Position with Registrant** |
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp;Chris Lanza | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President<br>|  |
| &nbsp;&nbsp;Katie Macchia | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Alicia Strout | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp;Kelly B. Whetstone | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Susan L. LaFond | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Treasurer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant and the Transfer Agent. The address of the Transfer Agent is 388 Greenwich Street, New York, NY 10048. The address of the Custodians is 425 Walnut Street, Cincinnati, Ohio 45202 and 7 Easton Oval EAW72, Columbus, Ohio 43219.

Item 34. Management Services. Not applicable.

Item 35. Undertakings. None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and it has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized in the City of Cleveland, State of Ohio, on the 22<sup>nd</sup> day of October 2025.

---

| | |
|:---|:---|
| Collaborative Investment Series Trust | Collaborative Investment Series Trust |
| By: | Gregory Skidmore\* |
|  | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities on October 22, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and Signature** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Dean Drulias\* | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Shawn Orser\* | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Fredrick Stoleru\* | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Ronald Young Jr.\* | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Gregory Skidmore\* | &nbsp;&nbsp;Trustee, President, Principal Executive Officer |
| &nbsp;&nbsp;William McCormick\* | &nbsp;&nbsp;Treasurer and Principal Financial Officer |

---

---

| | |
|:---|:---|
| \*By: | /s/ Andrew Davalla |
|  | Andrew Davalla |
|  | (Pursuant to Powers of Attorney) |

---

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit No.</u>** | &nbsp;&nbsp;**<u>Exhibit</u>** |
| &nbsp;&nbsp;[(d)(xvii)](ex99-dxvii.htm) | &nbsp;&nbsp;[Management Agreement between Collaborative Fund Advisors, LLC and the Registrant, on behalf of PL Growth and Income ETF](ex99-dxvii.htm) |
| &nbsp;&nbsp;[(d)(xviii)](ex99-dxviii.htm) | &nbsp;&nbsp;[Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC, on behalf of PL Growth and Income ETF](ex99-dxviii.htm) |
| &nbsp;&nbsp;[(e)(ii)(a)](ex99-eiia.htm) | &nbsp;&nbsp;[Amendment to Underwriting Agreement between Paralel Distributors LLC and the Registrant](ex99-eiia.htm) |
| &nbsp;&nbsp;[(g)(i)(a)](ex99-gia.htm) | &nbsp;&nbsp;[Amendment to the Custodian Global Custodial and Agency Services Agreement between the Registrant and Citibank N.A](ex99-gia.htm) |
| &nbsp;&nbsp;[(h)(ii)(a)](ex99-hiia.htm) | &nbsp;&nbsp;[Amendment to the Services Agreement between the Registrant and Citibank N.A.](ex99-hiia.htm) |
| &nbsp;&nbsp;[(h)(xv)](ex99-hxv.htm) | &nbsp;&nbsp;[Operating Expense Limitation Agreement between the Registrant and Collaborative Fund Advisors, LLC, on behalf of PL Growth and Income ETF](ex99-hxv.htm) |
| &nbsp;&nbsp;[(i)(i)](ex99-ii.htm) | &nbsp;&nbsp;[Legal Opinion and Consent of Thompson Hine LLP](ex99-ii.htm) |
| &nbsp;&nbsp;[(m)(iv)](ex99-miv.htm) | &nbsp;&nbsp;[Rule 12b-1 Distribution and Service Plan, on behalf of Nelson Select ETF and PL Growth and Income ETF](ex99-miv.htm) |
| &nbsp;&nbsp;[(p)(ii)](ex99-pii.htm) | &nbsp;&nbsp;[Code of Ethics for Tuttle Capital Management, LLC](ex99-pii.htm) |
| &nbsp;&nbsp;[(p)(iii)](ex99-piii.htm) | &nbsp;&nbsp;[Code of Ethics of Rareview Capital LLC](ex99-piii.htm) |
| &nbsp;&nbsp;[(p)(vii)](ex99-pvii.htm) | &nbsp;&nbsp;[Code of Ethics for Collaborative Fund Advisors, LLC](ex99-pvii.htm) |

---

## Ex-99.(D)(Xvii)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(d)(xvii)**

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

This INVESTMENT ADVISORY AGREEMENT (the "Agreement"), made as of August 21, 2025 between Collaborative Investment Series Trust, a Delaware statutory trust (the "Trust"), and Collaborative Fund Advisors, LLC, a limited liability company organized and existing under the laws of Nevada (the "Adviser") located at 500 Damonte Ranch Parkway, Building 700, Unit 700 Reno, NV 89521.

**WITNESSETH:**

WHEREAS, the Trust is an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act");

WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series, each having its own investment objective or objectives, policies and limitations;

WHEREAS, the Trust offers shares in the series named on **Appendix A** hereto (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 1.3, being herein referred to as the "Fund");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940;

WHEREAS, the Trust desires to retain the Adviser to render investment advisory services to the Trust with respect to the Fund in the manner and on the terms and conditions hereinafter set forth;

NOW, THEREFORE, the parties hereto agree as follows:

1. Services of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Investment Advisory Services</u>. The Adviser shall act as the investment adviser to the Fund and, as such, shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities hereunder, (ii) formulate a continuing program for the investment of the assets of the Fund in a manner consistent with its investment objective(s), policies and restrictions, and (iii) determine from time to time securities and other assets to be purchased, sold, retained or lent by the Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer or other person, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers or dealers who provide the Adviser with research, analysis, advice and similar services and pay such brokers or dealers in return a higher commission than may be charged by other brokers or dealers. It is understood that the research, analysis, advice and similar services provided by such brokers or dealers may be useful to the Adviser in connection with its services to other clients.

The Trust hereby authorizes any entity or person associated with the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement, which is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

The Adviser shall carry out its duties with respect to the Fund's investments in accordance with applicable law and the investment objectives, policies and restrictions set forth in the Fund's then-current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. On occasions when the Adviser deems the purchase or sale of a security or other investment to be in the best interest of the Fund as well as other clients, the Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or other investments to be so sold or purchased in order to obtain a favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Administrative Services</u>. The Trust has engaged the services of an administrator. The Adviser shall provide such assistance and other services related to its investment advisory functions, as reasonably requested by the Board of Trustees or officers of the Trust; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Trust shareholders, any services related to the distribution of Trust shares, or any other services which are the subject of a separate agreement or arrangement between the Trust and the Adviser. Subject to the foregoing, in providing investment advisory services hereunder, the Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>Office Space, Equipment, Personnel and Facilities</u>. Provide such office space, office equipment, personnel and office facilities as are adequate to fulfill the Adviser's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Books and Records</u>. Maintain all books and records with respect to the Fund's portfolio transactions in connection with the Adviser's services hereunder that the Fund is required to keep under Rule 31a-1 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 <u>Reports and Filings</u>. Provide such information in its possession as may be reasonably requested in connection with the preparation of all periodic reports by the Fund to its shareholders and all reports and filings required to maintain the registration and qualification of the Fund and Fund shares, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws, and review sections of those reports and filings related to Adviser's functions and designated responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Additional Series</u>. In the event that the Trust establishes one or more series after the effectiveness of this Agreement ("Additional Series"), **Appendix A** to this Agreement may be amended to make such Additional Series subject to this Agreement upon the approval of the Board of Trustees of the Trust and the shareholder(s) of the Additional Series, in accordance with the provisions of the Act. The Trust or the Adviser may elect not to make any such series subject to this Agreement. For the avoidance of doubt, Appendix A may not be amended without the written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days' prior written notice to the Trust of any actual change in management or "control" of the Adviser, as that term is defined in Section 2 of the Act. The Adviser shall provide prompt, advance notice, to the extent practicable, of any change in the portfolio manager(s) responsible for the day-to-day management of the Fund.

2. Expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Expenses to be Paid by Adviser</u>. The Adviser shall pay all salaries, expenses and fees of any officers, Trustees and employees of the Trust who are officers, directors, members or employees of the Adviser. Notwithstanding the foregoing, the Adviser is not obligated to pay the compensation or expenses of the Trust's Chief Compliance Officer, regardless of whether the Chief Compliance Officer is affiliated with the Adviser. Other than as specifically indicated in this Agreement, the Adviser shall not be required to pay any expenses of the Fund or the Trust. Without limiting the foregoing, the salaries, expenses and fees of any officers, Trustees and employees of the Trust who are not officers, directors, members or employees of the Adviser will be paid by the Collaborative Fund Services, LLC.

In the event that the Adviser pays or assumes any expenses of the Trust or the Fund not required to be paid or assumed by the Adviser under this Agreement, the Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein contained shall be deemed to relieve the Adviser of any obligation to the Fund under any separate agreement or arrangement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Expenses to be Paid by the Fund</u>. The Fund shall bear all expenses of its operation, except those specifically allocated to the Adviser under this Agreement or under any separate agreement between the Trust and the Adviser. Subject to any separate agreement or arrangement between the Trust and the Adviser, the expenses allocated to a Fund, and not to the Adviser, include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Custody</u>. All costs and charges of depositories, custodians, and other agents for the transfer, receipt, safekeeping, and servicing of the Fund's cash, securities, and other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Shareholder Servicing</u>. All expenses of maintaining and servicing shareholder accounts, including but not limited to the charges of any shareholder servicing agent, dividend disbursing agent, transfer agent or other agent engaged by the Trust to service shareholder accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Shareholder Reports</u>. All expenses of preparing, setting in type, printing and distributing reports and other communications to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Prospectus</u>. All expenses of preparing, converting to EDGAR format, filing with the Securities and Exchange Commission or other appropriate regulatory body, setting in type, printing and mailing annual or more frequent revisions of the Fund's Prospectus and Statement of Additional Information and any supplements thereto and of supplying them to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 <u>Pricing and Portfolio Valuation</u>. All expenses of computing the Fund's net asset value per share and pricing the Fund's investment portfolio, including any equipment or services obtained for the purpose of pricing shares or valuing the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 <u>Communications</u>. All charges for equipment or services used for communications between the Adviser or the Trust and any custodian, shareholder servicing agent, portfolio accounting services agent, or other agent engaged by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 <u>Legal and Accounting Fees; Professional Fees</u>. All legal, accounting and auditing expenses, including charges for services and expenses of the Trust's legal counsel and independent accountants. All professional fees (including, without limitation, expenses of consultants, experts, and specialists).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 <u>Trustees' Fees and Expenses</u>*.* All compensation of Trustees other than those affiliated with the Adviser, all expenses incurred in connection with such Trustees' services as Trustees, and all other expenses of meetings of the Trustees and committees of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 <u>Shareholder Meetings</u>. All expenses incidental to holding meetings of shareholders, including the printing of notices and proxy materials, and proxy solicitations therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 <u>Federal Registration Fees</u>. All fees and expenses of registering and maintaining the registration of the Fund under the Act and the registration of the Fund's shares under the Securities Act of 1933 (the "1933 Act"), including all fees and expenses incurred in connection with the preparation, converting to EDGAR format, setting in type, printing, and filing of any Registration Statement, Prospectus and Statement of Additional Information under the 1933 Act or the Act, and any amendments or supplements that may be made from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11 <u>State Registration Fees</u>. All fees and expenses of taking required action to permit the offer and sale of the Fund's shares under securities laws of various states or jurisdictions, and of registration and qualification of the Fund under all other laws applicable to the Trust or its business activities (including registering the Trust as a broker-dealer, or any officer of the Trust or any person as agent or salesperson of the Trust in any state).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12 <u>Confirmations</u>. All expenses incurred in connection with the issue and transfer of Fund shares, including the expenses of confirming all share transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13 <u>Bonding and Insurance</u>. All expenses of bond, liability, and other insurance coverage required by law or regulation or deemed advisable by the Trustees of the Trust, including, without limitation, such bond, liability and other insurance expenses that may from time to time be allocated to the Fund in a manner approved by its Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14 <u>Brokerage Commissions; Trading Costs</u>. Ordinary and recurring investment expenses, including all fees and expenses related to portfolio transactions and positions for the Fund's account (including brokerage, clearing, and settlement costs). Without limiting the foregoing, all brokers' commissions and other charges incident to the purchase, sale or lending of the Fund's portfolio securities and other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15 <u>Taxes</u>. All taxes or governmental fees payable by or with respect to the Fund to federal, state or other governmental agencies, domestic or foreign, including stamp or other transfer taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16 <u>Trade Association Fees</u>. All fees, dues and other expenses incurred in connection with the Trust's membership in any trade association or other investment organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.17 <u>Compliance Fees</u>. All charges for services and expenses of the Trust's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.18 <u>Nonrecurring and Extraordinary Expenses</u>. Such nonrecurring and extraordinary expenses as may arise including the costs of litigations, actions, suits, or proceedings to which the Trust or the Fund is a party and the expenses the Trust or the Fund may incur as a result of its legal obligation to provide indemnification to its officers, Trustees and agents.

3. Advisory Fee.

As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under this Agreement, the Fund shall pay the Adviser on the last day of each month, or as promptly as possible thereafter, a fee accrued daily and calculated by applying a monthly rate, based on an annual percentage rate, to the Fund's average daily net assets for the month. The annual percentage rate applicable to the Fund is set forth in <u>Appendix A</u> to this Agreement, as it may be amended from time to time in accordance with Section 1.3 of this Agreement. If this Agreement shall be effective for only a portion of a month with respect to a Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund. The fee waiver is subject to recoupment if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. Any waived fees may only be recouped within three years from the date when the amount was waived or reimbursed.

4. Proxy
Voting.

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of a Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Trust prior to the execution of this Agreement, and any amendments thereto promptly. It is understood and agreed that the Adviser shall also have the right to elect, at its discretion, not to exercise voting rights with respect to securities and other investments in which the Fund may be invested at any time, subject in all such instances to Adviser's fiduciary obligations and its having made a determination in good faith that not voting is in the best interests of the Fund.

5. Records.

&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Tax Treatment</u>. The Trust shall maintain, or arrange for others to maintain, the books and records of the Trust in such a manner that treats the Fund as a separate entity for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Trust pursuant to the provisions or rules or regulations of the Securities and Exchange Commission under Section 31(a) of the Act and maintained and preserved by the Adviser on behalf of the Trust are the property of the Trust and shall be surrendered by the Adviser promptly on request by the Trust; provided, that the Adviser may at its own expense make and retain copies of any such records.

6. Reports to Adviser.

The Trust shall furnish or otherwise make available to the Adviser such copies of the Fund's Prospectus, Statement of Additional Information, financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge any of its obligations under this Agreement.

7. Reports
to the Trust.

The Adviser shall prepare and furnish to the Trust such reports, statistical data and other information in such form and at such intervals as the Trust may reasonably request.

8. Code
of Ethics.

The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the Act and will provide the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, the Adviser will provide to the Board of Trustees of the Trust a written report that describes any issues arising under the code of ethics since the last report to the Board of Trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

9. Retention
of Sub-Adviser.

Subject to the Trust's obtaining the initial and periodic approvals required under Section 15 of the Act, the Adviser may retain one or more sub-advisers, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of one or more Funds of the Trust. Retention of one or more sub-advisers shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 11 of this Agreement, be responsible to the Trust for all acts or omissions of any sub-adviser retained by the Adviser in connection with the performance of the Adviser's duties hereunder to the extent as if such actions or omissions were taken or made by the Adviser.

10. Services
to Other Clients.

The Adviser and its affiliates and any of their respective members, partners, officers, and employees shall devote so much of their time to the affairs of the Fund as in the judgment of the Adviser the conduct of its business shall reasonably require, and none of the Adviser or its affiliates shall be obligated to do or perform any act or thing in connection with the business of a Fund not expressly set forth herein. The services rendered by the Adviser pursuant to this Agreement are not to be deemed exclusive, and the Adviser may render similar services to other entities. Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

11. Limitation
of Liability of Adviser and its Personnel.

Neither the Adviser nor any director, member, partner, manager, officer or employee of the Adviser performing services for the Trust at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust, the Fund or any shareholders in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser retained by the Adviser pursuant to Section 9 of this Agreement; PROVIDED, that nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Trust or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust.

12. Effect
of Agreement.

Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

13. Term
of Agreement.

The term of this Agreement shall begin on the date first written above, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; PROVIDED, such continuance with respect to the Fund is approved at least annually in the manner required under the Act. The Adviser shall furnish to the Trust, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

14. Amendment
or Assignment of Agreement.

Any amendment to this Agreement shall be in writing signed by the parties hereto; PROVIDED, that no such amendment shall be effective unless authorized (i) by resolution of the Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

15. Termination
of Agreement.

This Agreement may be terminated as to any Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party; PROVIDED, that in the case of termination by any Fund, such action shall have been authorized (i) by resolution of the Trust's Board of Trustees, including the vote or written consent of Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, or (ii) by vote of majority of the outstanding voting securities of the Fund. Sections 2, 3, 11, 16, 18, 19, 22 and 23 hereof shall survive the termination of this Agreement.

16. Use
of Name.

The Trust and the Adviser acknowledge that all rights to the name "Collaborative Fund Advisors, LLC" belongs to the Adviser, and that the Trust is being granted a limited license to use such words in the name of the Fund. There is no charge to the Trust for the right to use this name. In the event the Adviser ceases to be the investment adviser to the Fund, that Fund's right to the use of the name "Goose Hollow" shall automatically cease on the 90th day following the termination of this Agreement with respect to the Fund, in which event the Fund shall promptly take whatever action may be necessary (including calling a meeting of its Board of Trustees or investors) to change its name and to discontinue any further use of the name "Goose Hollow" in the name of the Fund or otherwise. The right to the name may also be withdrawn by the Adviser during the term of this Agreement upon 90 days written notice to the Trust. Nothing contained herein shall impair or diminish in any respect the Adviser's right to use the name "Goose Hollow" in the name of, or in connection with, any other business enterprise with which the Adviser is or may become associated. Without limiting the foregoing, the name "Goose Hollow" may be used or licensed by the Adviser in connection with any of its activities, or licensed by the Adviser to any other party.

17. Declaration
of Trust.

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Declaration of Trust and agrees that the obligations assumed by the Trust or the Fund, as the case may be, pursuant to this Agreement shall be limited in all cases to the Trust or the Fund, as the case may be, and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust. In addition, the Adviser shall not seek satisfaction of any such obligations from the Trustees or any individual Trustee. The Adviser understands that the rights and obligations of any Fund under the Declaration of Trust are separate and distinct from those of any and all other Fund. The Adviser further understands and agrees that no Fund of the Trust shall be liable for any claims against any other Fund of the Trust and that the Adviser must look solely to the assets of the pertinent Fund of the Trust for the enforcement or satisfaction of any claims against the Trust with respect to that Fund.

18. Confidentiality.

Subject to the duties of the Adviser and the Trust to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining to a Fund and the Trust and the actions of the Adviser and the Funds in respect thereof. The Adviser may disclose such confidential information to its officers, employees, affiliates and agents and to other third parties (including, without limitation, custodians, brokers, counterparties and trade data repositories) in connection with the performance of its services under this Agreement. Notwithstanding anything to the contrary herein, the Fund and the Trust authorize and consent to the disclosure of the Trust's and the Fund's identity as a client of the Adviser in any representative client list prepared by the Adviser for use in its marketing materials.

19. Governing
Law.

This Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

20. Interpretation
and Definition of Terms.

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities and Exchange Commission validly issued pursuant to the Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment" and "affiliated person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the Act. In addition, when the effect of a requirement of the Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

21. Captions.

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

22. No
Third-Party Beneficiaries.

Nothing in this Agreement is intended or shall be construed to give any person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.

23. Force
Majeure.

Notwithstanding any other provision of this Agreement, the Adviser shall not be liable for any loss caused directly or indirectly by circumstances beyond its reasonable control, including without limitation government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military authority, national emergencies, labor difficulties, fires, earthquakes, floods or other catastrophes, acts of God, mechanical breakdowns, or malfunctions, failure or disruption of utilities, communications, computer or information technology (including without limitation hardware or software), or power supply.

24. Execution
in Counterparts.

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date and year first above written.

---

| | |
|:---|:---|
| COLLABORATIVE INVESTMENT SERIES TRUST | COLLABORATIVE INVESTMENT SERIES TRUST |
| By: | ![](ex99dxvii001.jpg) |
| Name: | Greg Skidmore |
| Title: | President |
| COLLABORATIVE FUND ADVISORS, LLC | COLLABORATIVE FUND ADVISORS, LLC |
| By: | ![](ex99dxvii002.jpg) |
| Name: | Belena Vincetti |
| Title: | CCO |

---

COLLABORATIVE INVESTMENT SERIES TRUST

INVESTMENT ADVISORY AGREEMENT

**APPENDIX A**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>ANNUAL ADVISORY FEE AS A % OF</u> |
| <u>NAME OF FUND</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>AVERAGE NET ASSETS OF THE FUND</u> |
| PL Growth and Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |

---

## Ex-99.(D)(Xviii)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(d)(xviii)**

**<u>SUB-ADVISORY AGREEMENT</u>**

THIS SUB-ADVISORY AGREEMENT is made and entered into as of August 21, 2025, by and between Collaborative Fund Advisors, LLC (the "Adviser"), a limited liability company organized and existing under the laws of Nevada and registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and Retireful, LLC (the "Sub-Adviser" and together with the Adviser the "Parties"), a Michigan limited liability company and also registered under the Advisers Act, with respect to PL Growth and Income ETF (the "Fund"), a series of the Collaborative Investment Series Trust, a Delaware statutory trust (the "Trust").

**WHEREAS**, the Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

**WHEREAS**, the Adviser has been retained to act as investment adviser for the Fund pursuant to an Investment Advisory Agreement with the Trust effective as of August 21, 2025 (the "Advisory Agreement");

**WHEREAS**, the Advisory Agreement permits the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act;

**WHEREAS**, the Adviser desires to retain the Sub-Adviser to assist it in the provision of a continuous investment program for the Fund's assets, and the Sub-Adviser is willing to render such services subject to the terms and conditions set forth in this Agreement.

**NOW**, **THEREFORE**, the Parties do mutually agree and promise as follows with respect to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment and Status of Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to provide trading sub-advisory services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sub-Adviser's Duties</u>. Subject to the general supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall be responsible for the purchase, retention and disposition for the Fund, subject to the investment discretion and instructions of the Adviser; and the execution of agreements relating thereto, in accordance with the Fund's investment objective, policies and restrictions as stated in the Fund's then-current Prospectus and Statement of Additional Information (collectively, the "Prospectus") and subject to the following understandings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall use its best judgment in the performance of its duties
under this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser, in the performance of its duties and obligations under this
agreement for the Fund, shall act in conformity with the Trust's declaration of trust, its by-laws and the Fund's prospectus
and with the reasonable instructions and directions of the Trust's Board of Trustees and the Adviser, and will conform to and comply
with the requirements of the 1940 Act and all other applicable federal and state laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall place portfolio transactions pursuant to the Adviser's
determination either directly with the issuer or with any broker and/or dealer in such securities, subject to paragraph heading:
Execution of Purchase and Sale Orders below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain books and records with respect to the securities
transactions of the Fund and shall render to the adviser and the Trust's Board of Trustees such periodic and special reports as
the Adviser or the board may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide the Trust's custodian and fund accountant on
each business day with information about the Fund's securities transactions, and with such other information relating to
the Trust as may be required under the terms of the then-current custody agreement between the Trust and the custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser hereby represents that it has adopted a written code of ethics
complying with the requirements of rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of the
code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this agreement is in effect,
the Sub-Adviser shall provide to the board a written report that describes any issues arising under the code of ethics since the
last report to the board, including, but not limited to, information about material violations of the code and sanctions imposed
in response to the material violations; and which certifies that the sub-adviser has adopted procedures reasonably necessary to
prevent access persons (as that term is defined in rule 17j-1) from violating the code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser agrees to maintain adequate compliance procedures to ensure
its compliance with the 1940 Act, the Investment Advisers Act of 1940, as amended, and other applicable federal and state regulations.
The Sub-Adviser shall provide to the trust's chief compliance officer an annual written report regarding the sub-adviser's compliance
program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser has delivered to the Adviser and the Trust (i) a copy of its Form ADV as most recently
filed with the SEC. The Sub-Adviser shall promptly furnish the Adviser and Trust with all amendments of or supplements to the foregoing
at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Custodian</u>. The assets of the Fund shall be held by an independent custodian, not by the Adviser or Sub-Adviser. The Sub-Adviser is authorized to give instructions to the custodian with respect to all investment decisions regarding the Fund and the custodian is authorized and directed to effect transactions for the Fund and otherwise take such actions as the Sub-Adviser shall reasonably direct in connection with the performance of the Sub-Adviser 's obligations in respect of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Risk Acknowledgment</u>. The Trust and Adviser shall expect of the Sub-Adviser, and the Sub-Adviser will give the Trust and Adviser the benefit of, the Sub-Adviser's best judgment and efforts in rendering its services hereunder. The Sub-Adviser shall not be liable to the Adviser or the Trust hereunder for any mistake of judgment or in any event whatsoever, except for lack of good faith, provided that nothing herein shall be deemed to protect, or purport to protect, the Sub-Adviser against any liability to the Adviser or the Trust to which the Sub-Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Sub-Adviser's duties hereunder, or by reason of the Sub-Adviser's reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser shall not be liable to the Adviser or the Trust for any action taken or failure to act in good faith reliance upon: (i) information, instructions or requests, whether oral or written, with respect to the Fund that the Sub-Adviser reasonably believes were made by a duly authorized officer of the Adviser or the Trust, (ii) the written advice of counsel to the Trust, and (iii) any written instruction or certified copy of any resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, labor difficulties (other than those related to the Sub-Adviser's employees), fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails (including electronic), transportation, communication or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Directions to the Sub-Adviser</u>. Adviser will be responsible for forwarding Adviser and/or Trust directions, notices and instructions to Sub-Adviser, in writing, which shall be effective upon receipt by the Sub-Adviser. The Sub-Adviser shall be fully protected in relying upon any such direction, notice, or instruction until it has been duly advised in writing of changes therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Execution of Purchase and Sale Orders</u>. In connection with purchases or sales of portfolio securities for the account of the Fund, the Sub-Adviser will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by the Sub-Adviser, subject to review of this selection by the Board from time to time. The Sub-Adviser will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, the Sub-Adviser will at all times seek, for the Fund the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

The Sub-Adviser should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best qualitative execution, the Sub-Adviser is authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which it exercises investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and to accounts over which the Sub-Adviser exercises investment discretion. The Trust and the Sub-Adviser understand and acknowledge that, although the information may be useful to the Fund and the Sub-Adviser, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund. The Sub-Adviser may not give consideration to sales of shares of the Fund as a factor in the selection of brokers and dealers to execute Fund portfolio transactions.

Subject to the provisions of the 1940 Act, and other applicable law, the Sub-Adviser, any of its affiliates or any affiliates of its affiliates may retain compensation in connection with effecting the Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which the Sub-Adviser gives any advice to clients of the Sub-Adviser concerning the shares of the Fund, the Sub-Adviser will act solely as investment counsel for such client and not in any way on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Books and Records</u>. The Sub-Adviser shall keep the Trust's books and records required to be maintained by it pursuant to Section 2(e) of this Agreement. The Sub-Adviser agrees that all records that it maintains for the Trust are the property of the Trust and it will promptly surrender any of such records to the Trust upon the Trust's request. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by the Sub-Adviser with respect to the Trust by Rule 31a-1 under the 1940 Act. Upon request, Adviser shall provide Sub-Adviser with commercially reasonable records and information as Adviser may access regarding the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Expenses of the Sub-Adviser</u>. During the term of this Agreement, the Sub-Adviser will retain responsibility for expenses incurred by it in connection with the performance of its services under this Agreement other than the cost of securities, brokerage commissions, custodian fees, auditor's fees, taxes, interest, expenses that are undertaken by the Adviser or the Trust and other expenses related to the operation of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compensation of the Sub-Adviser</u>. For the services provided and the expenses borne by the Sub-Adviser pursuant to the Agreement, the Adviser will pay the Sub-Adviser a percentage of the Fund's average daily net assets allocated to the Sub-Adviser by the Adviser as set forth on Exhibit A hereto. Payment of this compensation shall be the responsibility of the Adviser and shall not be an obligation of the Trust. If the Sub-Adviser is terminated as specified in this agreement, then the compensation to the Sub-Adviser shall be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability</u>. Neither the Sub-Adviser nor its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of the Sub-Adviser, who may be or become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with the Sub-Adviser's duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member or agent of the Sub-Adviser, or one under the Sub-Adviser's control or direction, even though paid by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>. The term of this Agreement shall begin on the date first written above and, unless sooner terminated as hereinafter provided, shall continue in effect for a period of two years. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually (a) by a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or by vote of the Trust's Board of Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Adviser shall furnish to the Adviser and the Trust, promptly upon their request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

This Agreement may be terminated at any time on at least 60 days prior written notice to the Sub-Adviser, without the payment of any penalty, (i) by vote of the Board of Trustees, (ii) by the Adviser for Cause (defined below), (iii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or (iv) in accordance with the terms of any exemptive order obtained by the Trust or the Fund under Section 6(c) of the 1940 Act, exempting the Trust or the Fund from Section 15(a) and Rule 18f-2 under the 1940 Act. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on at least 60 days' prior written notice to the Adviser and the Trust. Termination of this Agreement and/or the services of the Sub-Adviser will not affect (i) the validity of any action previously taken by Sub-Adviser under this Agreement; (ii) liabilities or obligations of the parties for transactions initiated before termination of this Agreement; or (iii) the Fund's obligation to pay advisory fees to Adviser. If this Agreement is terminated by the Adviser or Sub-Adviser, Sub-Adviser will have no further obligation to take any action subsequent to termination with respect to a Fund except as may be reasonably required pursuant to the notice of termination and in furtherance of its role as a fiduciary in order to facilitate an orderly transition of the management of the Fund. This Agreement will automatically and immediately terminate in the event of its assignment (as defined in the 1940 Act).

"Cause," as used in the preceding paragraph, means Sub-Adviser's or its manager's: (1) illegal conduct, willful misconduct, or fraud in connection with the performance of Sub-Adviser's duties to the Adviser, the Fund, or the Trust; (2) conviction or a plea of nolo contendere (or the equivalent) to a felony involving the securities business, any crime involving moral turpitude, any felony or misdemeanor involving conduct described in Section 203(e)(2)(A)-(D) of the Advisers Act, or of any of the conduct specified in paragraphs (1), (5) or (6) of Section 203(e) of the Advisers Act; or (3) subjection to a Securities and Exchange Commission order issued under Sections 203(f) or 203(e)(3) or (4) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Exclusivity</u>. Sub-Adviser, its officers, employees, and agents, may have or take the same or similar positions in specific investments for their own accounts, or for the accounts of other clients, as the Sub-Adviser does for the Fund. Adviser expressly acknowledges and understands that Sub-Adviser shall be free to render investment advice to others and that Sub-Adviser does not make its investment management services available exclusively to Adviser or the Fund. Nothing in this Agreement shall impose upon the Sub-Adviser any obligation to purchase or sell, or to recommend for purchase or sale, for the Fund any security which the Sub-Adviser, its principals, affiliates or employees, may purchase or sell for their own accounts or for the account of any other client, if in the reasonable opinion of the Sub-Adviser such investment would be unsuitable for the Fund or if the Sub-Adviser determines in the best interest of the Fund such purchase or sale would be impractical. Except to the extent necessary to perform its obligations hereunder, and notwithstanding the limitations of section (b), below, nothing herein shall be deemed to limit or restrict the Sub-Adviser's right, or the right of any of the Sub-Adviser's directors, officers or employees to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, trust, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Parties agree that during the term of this Agreement, neither Adviser shall serve as investment adviser to another registered investment company managed in a similar style to the Fund, nor shall Sub-Adviser serve as investment adviser or investment sub-adviser to another registered investment company managed in a similar style to the Fund. The Parties may waive this limitation by mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Good Standing</u>. Adviser and Sub-Adviser hereby warrant and represent that they are each investment advisers in good standing that their respective regulatory filings are current and accurately reflect their advisory operations, and that they are in compliance with applicable state and federal rules and regulations pertaining to investment advisers. In addition, Adviser and Sub-Adviser further warrant and represent that neither is (nor any of their respective Associated Persons are) subject to any statutory disqualification set forth in Sections 203(e) and 203(f) of the Advisers Act (or any successor Advisers Act sections or rules), nor are they currently the subject of any investigation or proceeding which could result in statutory disqualification. Adviser and Sub-Adviser acknowledge that their respective obligations to advise the other with respect to these representations shall be continuing and ongoing, and should any representation change for any reason, each warrants to advise the other immediately, together with providing the corresponding pertinent facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment</u>. This Agreement may be amended by mutual consent of the Adviser and the Sub-Adviser, provided the Trust approves the amendment (i) by vote of a majority of the Trustees of the Trust, including Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such amendment, and (ii) if required under then current interpretations of the 1940 Act by the Securities and Exchange Commission, by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund affected by such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Privacy Notice/Confidentiality</u>. The Adviser and Sub-Adviser acknowledge prior receipt of the other's Privacy Notice and Policy. Adviser and Sub-Adviser agree to safeguard all information pertaining to the Fund consistent with the requirements of applicable state and federal privacy statutes pertaining to registered investment advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Whenever any notice is required or permitted to be given under any provision of this Agreement, such notice shall be in writing, shall be signed by or on behalf of the party giving the notice and shall be mailed by first class or express mail, or sent by courier or facsimile with confirmation of transmission to the other party at the addresses or facsimile numbers specified on page 1 or to such other address as a party may from time to time specify to the other party by such notice hereunder. Any such notice shall be deemed duly given when delivered at such address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Arbitration</u>. Subject to the conditions and exceptions noted below, and to the extent not inconsistent with applicable law, in the event of any dispute pertaining to this Agreement, Sub-Adviser and Adviser agree to submit the dispute to arbitration in accordance with the auspices and rules of the American Arbitration Association ("AAA"), provided that the AAA accepts jurisdiction. Sub-Adviser and Adviser understand that such arbitration shall be final and binding, and that by agreeing to arbitration, Adviser and Sub-Adviser are waiving their respective rights to seek remedies in court, including the right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Indemnification</u>. Adviser and Sub-Adviser agree to defend, indemnify and hold harmless the other and each of their respective officers, directors, members, employees and/or agents from any and all claims, losses, damages, liabilities, costs and/or expenses directly resulting from the other's violation of any of the terms of this Agreement. Adviser and Sub-Adviser's obligations under this paragraph shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law</u>. (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflicts of laws principles thereof, and (b) any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act, shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to said 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Binding Effect</u>. Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated and that his signature will operate to bind the party indicated to the foregoing terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereto or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Change of Control</u>. The Sub-Adviser shall notify Adviser and the Trust in writing at least 60 days in advance of any change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an assignment, as defined in Section 2(a)(4) of the 1940 Act, would occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Entire Agreement</u>. This Agreement, together with all exhibits, attachments and appendices and any separate agreement between the Parties contemplated by Section 6 relating to expense sharing, contains the entire understanding and agreement of the Parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Other Business</u>. Except as set forth above, nothing in this Agreement shall limit or restrict the right of any of the Sub-Adviser's directors, officers or employees who may also be a trustee, officer, partner or employee of the Trust to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the Sub-Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their officers designated below as of the date and year first above written.

---

| | |
|:---|:---|
| **ADVISER:** | **ADVISER:** |
| **COLLABORATIVE FUND ADVISORS, LLC** | **COLLABORATIVE FUND ADVISORS, LLC** |
| By: | ![](ex99dxviii001.jpg) |
|  | Name: Greg Skidmore |
|  | Title: President |

---

---

| | |
|:---|:---|
| **SUB-ADVISER:** | **SUB-ADVISER:** |
| **RETIREFUL, LLC** | **RETIREFUL, LLC** |
| By: | ![](ex99dxviii002.jpg) |
|  | Name: Dan Mohr |
|  | Title: CEO |

---

**Exhibit A**

**Compensation**

An annual fee of 0.10% of the Fund's average daily net assets allocated to Sub-Adviser by Adviser paid monthly.

## Ex-99.(E)(Ii)(A)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(e)(ii)(a)**

**COLLABORATIVE INVESTMENT SERIES TRUST**

**AMENDMENT #2 TO THE DISTRIBUTION AGREEMENT**

This Amendment, dated as of August 21, 2025 (the "Amendment Date"), to the Distribution Agreement (this "Amendment"), by and between Collaborative Investment Series Trust, a Delaware statutory trust (the "Trust") and Paralel Distributors LLC, a Delaware limited liability company (the "Distributor").

**WHEREAS,** the Trust and the Distributor entered into a Distribution Agreement dated as of May 1, 2024, as amended, and as in effect prior to giving effect to this Amendment (the "Agreement"); and

**WHEREAS,** the Trust and the Distributor wish to amend the Agreement and revise Exhibit A of the Agreement to reflect the addition of certain Funds to the Agreement which had been previously given effect to by written notice of such Fund by the Trust, with such Funds' addition to the Agreement remaining effective as of the date that original written notice was given.

**NOW, THEREFORE,** the parties hereby agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties hereto agree to replace the current Exhibit A to the Agreement in its entirety with a new Exhibit A attached hereto and incorporated herein by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as specifically set forth herein, all other provisions of the Agreement shall remain in full force effect. Any items not herein defined shall have the meaning ascribed to them in the Agreement.

**IN WITNESS WHEREOF,** the parties have executed this Amendment as of the Amendment Date.

---

| | | |
|:---|:---|:---|
| **COLLABORATIVE INVESTMENT SERIES TRUST** | **COLLABORATIVE INVESTMENT SERIES TRUST** | **COLLABORATIVE INVESTMENT SERIES TRUST** |
| A Delaware statutory trust | A Delaware statutory trust | A Delaware statutory trust |
| By: | ![](ex99eiia001.jpg) | ![](ex99eiia001.jpg) |
| Name: Gregory Skidmore | Name: Gregory Skidmore | Name: Gregory Skidmore |
| Title: President & Chairman | Title: President & Chairman | Title: President & Chairman |
| **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** |
| A Delaware limited liability company | A Delaware limited liability company | A Delaware limited liability company |
| By: | ![](ex99eiia002.jpg) | ![](ex99eiia002.jpg) |
| Name: | Name: | Bradley Swenson |
| Title: | Title: | President |

---

**Exhibit A Funds**

1. Anydrus Advantage ETF

2. Goose Hollow Tactical Allocation ETF

3. Goose Hollow Multi-Strategy Income ETF

4. Goose Hollow Enhanced Equity ETF

5. Mohr Growth ETF

6. Adaptive Core ETF

7. Mindful Conservative ETF

8. Mohr Sector Nav ETF

9. Mohr Company Nav ETF

10. Nelson Select ETF

11. PL Growth and Income ETF

## Ex-99.(G)(I)(A)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(g)(i)(a)**

**AMENDMENT NO. 21 TO**

**GLOBAL CUSTODIAL AND AGENCY SERVICES AGREEMENT**

**This AMENDMENT No.21 ("Amendment")** is made as of August 21, 2025, by and between Collaborative Investment Series Trust **("Client")** and Citibank, N.A. **("Custodian")**, to that certain Global Custodial and Agency Services Agreement dated March 11, 2019, between the Client and Custodian **("Agreement")**. All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS**, pursuant to the Agreement, the Custodian performs certain custodial services for the Client; and

**WHEREAS**, the Client and Custodian wish to update the list of Funds in Appendix A of the Agreement.

**NOW, THEREFORE,** in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Custodian hereby agree as follows:

1. <u>Amendment to Appendix A to the Agreement</u>.

Appendix A to the Agreement is hereby deleted in its entirety and replaced with the Appendix A attached to the end of this Amendment.

2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has
 full power and authority to enter into and perform this Amendment and that it has provided
 this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Custodian represents that it has
 full power and authority to enter into and perform this Amendment.

3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends
 the Agreement. The provisions set forth in this Amendment supersede all prior negotiations,
 understandings and agreements bearing upon the subject matter covered herein, including
 any conflicting provisions of the Agreement or any provisions of the Agreement that directly
 cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement
 in the Agreement (as it existed prior to this Amendment) and in every other agreement,
 contract or instrument to which the parties are bound, shall hereafter be construed as
 a reference to the Agreement as amended by this Amendment. Except as provided in this
 Amendment, the provisions of the Agreement remain in full force and effect. No amendment
 or modification to this Amendment shall be valid unless made in writing and executed
 by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment
 are included for convenience only and are not to be used to construe or interpret this
 Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in
 counterparts, each of which shall be an original but all of which, taken together, shall
 constitute one and the same agreement.

[Remainder of page intentionally left blank. Signatures follow on next page.]

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **COLLABORATIVE INVESTMENT SERIES TRUST** | **COLLABORATIVE INVESTMENT SERIES TRUST** |
| By: | ![](ex99gia001.jpg) |
| Name: | Gregory Skidmore |
| Title: | President & Chairman |
| Date: | 8/22/2025 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | ![](ex99gia002.jpg) |
| Name: | Christopher Ravn |
| Title: | CBNA VP |
| Date: | 9/4/2025 |

---

**Appendix A to Global Custodial and Agency Services Agreement**

**List of Funds for Collaborative Investment Series Trust**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Effective Date Added to the Agreement (if after November 16, 2023)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;The SPAC and New Issue ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Adaptive Core ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Mindful Conservative ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Rareview Systemic Equity ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Mohr Sector NAV ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Goose Hollow Mult-Strategy Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Mohr Company NAV ETF | &nbsp;&nbsp;December 20, 2023 |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Anydrus Advantage ETF | &nbsp;&nbsp;December 20, 2023 |
| &nbsp;&nbsp;12. | &nbsp;&nbsp;Rareview Total Return Bond ETF | &nbsp;&nbsp;April 15, 2024 |
| &nbsp;&nbsp;13. | &nbsp;&nbsp;Nelson Select ETF | &nbsp;&nbsp;May 16, 2025 |
| &nbsp;&nbsp;14. | &nbsp;&nbsp;PL Growth & Income ETF | &nbsp;&nbsp;November 12, 2025 |

---

## Ex-99.(H)(Ii)(A)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(h)(ii)(a)**

**AMENDMENT**

**NO. 23 TO**

**SERVICES AGREEMENT**

**This AMENDMENT No. 23** ("**Amendment**") is made as of August 21, 2025, by and among Collaborative Investment Series Trust ("**Client**") and Citibank, N.A. ("**Citibank**"), and Citi Fund Services Ohio, Inc. ("**CFSO**", together with Citibank, the "**Service Provider**" and, with the Client, the "**Parties**"), to that certain Services Agreement dated March 11, 2019, between the Client and Service Provider (as amended to date, the "**Agreement**"). All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

**WHEREAS**, pursuant to the Agreement, Service Provider performs certain ETF administration and accounting services for the Client; and

**WHEREAS**; the Parties wish to update the list of Funds in the Annex to Schedule 2 of the Agreement.

**NOW**, **THEREFORE**, in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Client and Service Provider hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Annex to Schedule 2 of the Agreement</u>.

Annex to Schedule 2 of the Agreement is hereby deleted in its entirety and replaced with the Annex to Schedule 2 of the Agreement attached to the end of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Client represents that it has full power and authority to enter into and perform this Amendment
and that it has provided this Amendment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider represents that it has full power and authority to enter into and perform
this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Amendment supplements and amends the Agreement. The provisions set forth
in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein,
including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear
upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each reference to the Agreement in the Agreement (as it existed prior to this
Amendment) and in every other agreement, contract or instrument to which the parties are bound, shall hereafter be construed as
a reference to the Agreement as amended by this Amendment. Except
as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to
this Amendment shall be valid unless made in writing and executed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paragraph headings in this Amendment are included for convenience only and are not to be used to
construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed in counterparts, each of which shall be an original but all of which,
taken together, shall constitute one and the same agreement.

[Remainder of page intentionally left blank. Signatures follow on next page.]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **COLLABORATIVE INVESTMENT SERIES TRUST** | **COLLABORATIVE INVESTMENT SERIES TRUST** |
| By: | ![](ex99hiia001.jpg) |
| Name: | Gregory Skidmore |
| Title: | President & Chairman |
| Date: | August 22, 2025 |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | ![](ex99hiia002.jpg) |
| Name: | Peggy Vena |
| Title: | VP |
| Date: | September 4, 2025 |
| **CITI FUND SERVICES OHIO, INC.** | **CITI FUND SERVICES OHIO, INC.** |
| By: | ![](ex99hiia003.jpg) |
| Name: | John Danko |
| Title: | President |
| Date: | September 4, 2025 |

---

**Annex to Schedule 2 to Services Agreement**

**List of Funds**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Effective Date Added to the Agreement (if after November 16, 2023)** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;The SPAC and New Issue ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Adaptive Core ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Mindful Conservative ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Rareview Systemic Equity ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Mohr Sector NAV ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Goose Hollow Mult-Strategy Income ETF | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Mohr Company NAV ETF | &nbsp;&nbsp;December 20, 2023 |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Anydrus Advantage ETF | &nbsp;&nbsp;December 20, 2023 |
| &nbsp;&nbsp;12. | &nbsp;&nbsp;Rareview Total Return Bond ETF | &nbsp;&nbsp;April 15, 2024 |
| &nbsp;&nbsp;13. | &nbsp;&nbsp;Nelson Select ETF | &nbsp;&nbsp;May 16, 2025 |
| &nbsp;&nbsp;14. | &nbsp;&nbsp;PL Growth & Income ETF | &nbsp;&nbsp;November 12, 2025 |

---

## Ex-99.(H)(Xv)

[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)

**Exhibit 99.(h)(xv)**

**COLLABORATIVE INVESTMENT SERIES TRUST**

**OPERATING EXPENSES LIMITATION AGREEMENT**

**COLLABORATIVE FUND ADVISORS, LLC**

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") by and between Collaborative Investment Series Trust, a Delaware statutory trust (the "Trust"), on behalf of PL Growth and Income ETF (the "Fund") a series of the Trust and the Advisor, Collaborative Fund Advisors, LLC (the "Advisor").

WITNESSETH:

WHEREAS, the Advisor renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Advisor dated August 21, 2025 (the "Investment Advisory Agreement");

WHEREAS, the Fund is responsible for, and has assumed the obligation for, payment of certain expenses pursuant to the Investment Advisory Agreement that have not been assumed by the Advisor; and

WHEREAS, the Advisor desires to limit the Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Advisor to implement those limits;

NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

1. <u>Limit on Operating Expenses</u>. The Advisor hereby agrees to limit the Fund's current Operating Expenses to an annual rate, expressed as a percentage of a share classes' average daily net assets, to the amounts listed in Appendix A (the "Annual Limit") for the time periods indicated. In the event that the current Operating Expenses of the Fund, as accrued each month, exceed the respective Annual Limit, the Advisor will, as needed, waive its fees and pay to the Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due.

2. <u>Definition</u>. For purposes of this Agreement, the term "Operating Expenses" with respect to the Fund, is defined to include all expenses necessary or appropriate for the operation of the Fund and including the Advisor's investment advisory or management fee detailed in the Investment Advisory Agreement, but does not include (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses); or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Advisor)).

3. <u>Reimbursement of Fees and Expenses</u>. The Advisor retains its right to receive reimbursement of any excess expense payments paid by it pursuant to this Agreement for three years from the date on which the waiver or reimbursement occurs, if such reimbursement can be achieved within the lesser of the Operating Expense Limitations listed in Appendix A or the expense limits in place at the time of recoupment. The Advisor's right to receive such reimbursement shall survive the termination of either this Agreement or the Investment Advisory Agreement.

4. <u>Term</u>. This Agreement shall become effective on the date specified herein and shall remain in effect until at least August 21, 2027 unless sooner terminated as provided in Paragraph 5 of this Agreement.

5. <u>Termination</u>. This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon sixty (60) days' written notice to the Advisor. This Agreement may not be terminated by the Advisor without the consent of the Board of Trustees of the Trust. This Agreement will automatically terminate, with respect to the Fund listed in Appendix A if the Investment Advisory Agreement for the Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination for the Fund.

6. <u>Assignment</u>. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

7. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

8. <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940 and the Investment Advisers Act of 1940 and any rules and regulations promulgated thereunder.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| COLLABORATIVE INVESTMENT SERIES TRUST | COLLABORATIVE INVESTMENT SERIES TRUST | COLLABORATIVE FUND ADVISORS, LLC | COLLABORATIVE FUND ADVISORS, LLC |
| By: | ![](ex99hxv001.jpg) | By: | ![](ex99hxv002.jpg) |
| Name: | Gregory Skidmore | Name: | Belena Vincetti |
| Title: | President | Title: | CCO |

---

<u>Appendix A</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Annualized Percentage of Average Daily Net Assets | &nbsp;&nbsp;Minimum Duration |
| &nbsp;&nbsp;PL Growth and Income ETF | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;August 21, 2027 |

---

## Ex-99.(I)(I)

**[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)**

**Exhibit 99.(i)(i)**

![](ex99ii001.jpg)

October 22, 2025

Collaborative Investment Series Trust

500 Damonte Ranch

Parkway Building 700, Unit 700

Reno, NV 89521

Gentlemen:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 165 to the Registration Statement, File Nos. 333-221072 and 811-23306 (the "Registration Statement"), of Collaborative Investment Series Trust (the "Trust").

We have examined a copy of the Trust's Agreement and Declaration of Trust, the Trust's By-laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, we are of the opinion that, after the applicable Post-Effective Amendment is effective for purposes of applicable federal and state securities laws, the shares of each fund listed on the attached Exhibit A (the "Funds"), if issued in accordance with the then current Prospectus and Statement of Additional Information of the applicable Fund, will be legally issued, fully paid and non-assessable.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 165 to the Registration Statement and we consent to all references to us in Post-Effective Amendment No. 165. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders and may not be relied upon by any other person or organization without our prior written approval.

---

| |
|:---|
| Very truly yours, |
| /s/ THOMPSON HINE LLP |
| THOMPSON HINE LLP |

---

![](ex99ii002.jpg)

![](ex99ii003.jpg)

**EXHIBIT A**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adaptive Core ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Anydrus Advantage ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Goose Hollow Multi-Strategy Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Goose Hollow Tactical Allocation ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mindful Conservative ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mohr Company Nav ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Mohr Sector Nav ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Nelson Select ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. PL Growth and Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Rareview Dynamic Fixed Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Rareview Systematic Equity ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Rareview Tax Advantage Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Rareview Total Return Bond ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Rareview 2X Bull Cryptocurrency & Precious Metals ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The SPAC and New Issue ETF |

---

## Ex-99.(M)(Iv)

**[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)**

**Exhibit 99.(m)(iv)**

<u>RULE 12b-1 DISTRIBUTION AND SERVICE PLAN</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>The Trust</u>. Collaborative Investment Series Trust (the "Trust") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"), and is authorized to issue separate series (each such series is referred to herein as a "Fund" and collectively the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>The Plan</u>. The Trust desires to adopt a Rule 12b-1 Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of the Funds which are identified on Exhibit A hereof, as it may be amended from time to time to add or remove a Fund or Funds, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Distribution and Service Plan (the "Plan") will benefit each such Fund (the "Designated Fund") and its holders of Shares. Accordingly, each Designated Fund hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Funds' registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>The Distributor</u>. The Trust has entered into a written Distribution Agreement with Paralel Distributors, LLC (the "Distributor"), pursuant to which the Distributor will act as the exclusive distributor with respect to the creation and distribution of Creation Unit size aggregations of Shares as described in the Funds' registration statement ("Creation Units") of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may pay a monthly fee not to exceed 0.25% per annum of each Fund's average daily net assets to reimburse the Distributor for actual amounts expended to finance any activity primarily intended to result in the sale of Creation Units of each Fund or the provision of investor services, including but not limited to (i) delivering copies of the Trust's then-current prospectus to prospective purchasers of such Creation Units; (ii) marketing and promotional services including advertising; (iii) facilitating communications with beneficial owners of shares of the Fund; and (iv) such other services and obligations as are set forth in the Distribution Agreement. Such payments shall be made within ten (10) days of the end of each calendar month. The determination of daily net assets shall be made at the close of business each day throughout the month and computed in the manner specified in the then current Prospectus for the determination of the net asset value of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution expenses incurred in any one year in excess of 0.25% of each Fund's average daily net assets may be reimbursed in subsequent years subject to the annual 0.25% limit and subject further to the approval of the Board of Trustees including a majority of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or in any agreement related to this Plan (the "Independent Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services, pursuant to agreements with the Distributor, or to pay any of the expenses associated with other activities authorized under Section 4(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Effective Date</u>. This Plan shall become effective upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Term</u>. This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Designated Fund for one year from its effective date and shall continue thereafter, provided that its continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment</u>. This Plan may be amended at any time by the Board of Trustees, provided that (a) any amendment to increase materially the amount to be spent for the services provided for in Section 4 hereof shall be effective only upon approval by a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Designated Fund, and (b) any material amendment of this Plan shall be effective only upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination</u>. This Plan may be terminated at any time, without payment of any penalty, by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Designated Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense which it incurred prior to such termination or non-continuance, provided that such reimbursement is specifically approved by both a majority of the Board of Trustees and a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Assignment</u>. This plan will not be terminated by an assignment; however, an assignment will terminate any agreement under the plan involving any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Reports</u>. While this Plan is in effect, the Distributor shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Records</u>. The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in Section 10 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Independent Trustees</u>. While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

Plan adopted, as amended: May 16, 2025

 **EXHIBIT A**

(as of August 21, 2025)

Nelson Select ETF

PL Growth and Income ETF

## Ex-99.(P)(Ii)

**[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)**

**Exhibit 99.(p)(ii)**

**Code of Ethics**

**Background**

In July 2004, the SEC adopted Rule 204A-1 of the Advisers Act requiring SEC-RIAs to adopt a Code of Ethics. The rule was designed to prevent fraud by reinforcing fiduciary principles that govern the conduct of advisory firms and their personnel. The Code of Ethics, in keeping with Rule 204A-1, requires SEC-registered investment advisers to perform the following:

● Setting a high ethical standard of business conduct reflecting adviser's fiduciary obligations;

● Compliance with federal securities laws;

● Access persons to periodically report personal securities transactions and holdings, with limited exceptions;

● Prior approval for any Initial Public Offering ("IPO"), private placement investments, reportable funds (meaning registered investment companies in which TCM is adviser or sub-adviser) or other securities transactions as determined to be necessary by Access Persons (and Access Persons-related covered accounts). The CCO also requires pre-approval of personal securities transactions in CIT(s) in which TCM is adviser or sub-adviser;

● Reporting of violations;

● Delivery and acknowledgement of the Code of Ethics by each supervised person;

● Reviews and sanctions;

● Recordkeeping; and

● Summary Form ADV disclosure.

**Policy** 

An investment adviser's Code of Ethics and related policies and procedures represent a strong internal control with supervisory reviews to detect and prevent possible insider trading, conflicts of interest and potential regulatory violations. Accordingly, TCM has adopted and implemented a strict Code of Ethics to govern the activities of Supervised Persons (including Access Persons) of the Adviser and to help ensure TCM maintains a strong culture of compliance inclusive of meetings its fiduciary obligation to its clients and mitigating potential and actual conflicts of risks. TCM, in carrying out its Code of Ethics obligations maintains the discretion to engage a third-party service provider to assist in the automation of Code Reporting requirements. Alternatively, TCM retains the authority to replace the third-party service provider or direct its Access Persons to achieve compliance with Code requirements through an alternative process, such as, email.

TCM's Code of Ethics governs practices covering personal securities transactions, outside business activities, gifts and gratuities/entertainment, and political contributions. Although not covered by the Advisers Act or subject to administration by the Adviser's CCO, the Trust and specifically the Trust CCO will initiate Code of Ethics and other Trust-related certifications or attestation for which the Adviser, in its capacity as adviser or sub-advisers to ETFs (or other registered investment companies) on the Trust, is mandated to complete under its applicable agreement. The Trust CCO shall maintain full authority and responsibility to oversee Trust-related attestations or certifications. Within TCM, the CEO will be responsible for ensuring that those certifications and/or attestations, including those related to the Adviser's sponsored ETFs activities and personal securities transactions, are completed thoroughly and promptly. In doing so, the Adviser's CEO may collaborate on their completion with the Adviser's CCO but shall remain ultimately responsible for satisfying the attendant requirements compelled by the Trust CCO and the Trust's Board.

In keeping with Rule 204A-1 of the Advisers Act, TCM has adopted a formal Code of Ethics that classifies all Adviser employees (a/k/a Supervised Persons) as "Access Persons". Accordingly, these Access Persons are subject to the TCM Code of Ethics ("Code") and its provisions. In regard to TCM, the CCO shall administer the attestations or certifications and shall perform reviews to detect any issues or concerns that must be addressed, documented, and/or reported (including "Material Compliance Matters").

*Personal Securities Transactions*: The Code covers the personal securities transactions of covered accounts for which they or their household members have discretion. In addition, the Code covers the political contributions, outside business activities, gifts and entertainment for business purposes for all Access Persons. TCM policy in connection to the Code will, as a general principle, follow the parameters outlined in this section of the Manual.

**Procedures**

The Code of Ethics, as described in further detail below, is provided in the Compliance Manual which is distributed to each Supervised Person annually. Each Access Person shall complete an attestation asserting that he/she has received, read, understands, and will abide by its contents. In addition, the Code of Ethics' specific requirements set forth below will subject to certifications done at the time of hire (i.e., Initial Certification) and thereafter after quarterly as well as annual holding reports certifications to be executed by each Access Person.

*Outside Business Activities*: The Code permits Access Persons to engage in Outside Business Activities (OBAs) subject to (i) pre-approval by the CCO and CEO and (ii) so long as the OBA does not present any material conflict of interest to TCM or otherwise impact TCM clients adversely.

*Political Contributions*: The Code permits Access Persons including the CEO (which is the sole owner of the Firm) to make political contributions subject to conditions described below and informs Access Persons to verify independently if the contribution limits are consistent with the thresholds, if any, permitted by the laws of the federal government, state or local jurisdictional law.

*Gifts and Gratuities/Entertainment*: The Code permits Access Persons to give or receive gifts, gratuities, or entertainment subject to the conditions set forth in the Code of Ethics. Loans are also covered under the "Gifts and Gratuities/Entertainment" provisions articulated in this section of the Manual. Preclearance by the CCO is required for gifts (given or received) of $300 or more whereas quarterly certification reporting for gifts under that limit is required. The Code of Ethics does allow for exceptions to gift limits where there is an established personal relationship and for specific lift events.

*Loans*. TCM or its Supervised Persons are prohibited from giving or receiving loans to other employees or representatives of clients of the Firm without prior approval by the CEO or in the case of the CEO, the CCO.

To distinguish the difference between Gifts from Gratuities/Entertainment, here is a common scenario:

● Example A: Access Person invites a prospective client to a sporting event. The Access Person attends the event with the prospective client. This is an example of Entertainment.

● Example B: Access Person gives a prospective client to two tickets to a sporting event. The Access Persons does not attend the event with the prospective client. This is an example of a Gift.

*Conflicts of Interest:* The Code, in keeping with TCM's fiduciary obligations, mandates that Access Persons, at all times, place the interests of TCM's clients ahead of both TCM and their own interests. TCM Access Persons are compelled to act in a professional matter when conducting business for the Adviser and, in accord with that standard, shall disclose any material conflicts of interests when conducting their duties on behalf of TCM to the CEO and CCO promptly.

**Responsibility**

CCO

**Personal Securities Transactions** 

**Background**

As required by Rule 204A-1, the Code of Ethics must govern certain activities conducted by Access Persons to ensure that an RIA is operating in a manner consistent with its fiduciary obligations.

**Policy**

As a fundamental principle, TCM requires that all personal securities transactions will be conducted in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. For purposes of this Policy, "Personal securities transactions" shall mean any purchase or sale of a Covered Security by an Access Person in a Covered Account; provided, however, that the CCO (or in the case of accounts involving the CCO, the CEO) may, on a case by case basis, exclude certain accounts from the below restrictions if such accounts qualify as Covered Accounts solely as a result of part (2) of the definition of such term. Moreover, each Supervised shall: (i) comply with all applicable securities laws and (ii) report any violations concerning personal securities transactions promptly to the CCO.

The Code does permit Access Persons to maintain personal securities accounts. Personal investing by an Access Person in any account in which the access person has a beneficial interest, including accounts for any immediate family or household members, must be consistent with our fiduciary duty to our clients and regulatory requirements. Each Access Person must identify within 10 days of becoming an Access Person, and subsequently on both a quarterly and again annually, any personal investment account information to the CCO initially and on an ongoing basis. Appropriate investment opportunities must be offered to clients first before the Adviser or any employee may act on them.

**<u>Definitions: The Code of Ethics shall use the following terms and related definitions:</u>**

(a) Access Person" means (i) any Supervised Person of TCM (1) who has access to nonpublic information regarding any clients' purchase or sale of securities or (2) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic; and (ii) any Manager, director or officer of TCM.

(b) Supervised Person" means any member, officer, director (or other person occupying a similar status or performing similar functions), or employee of TCM (which may include independent contractors), or other person who does not provide investment advice on behalf of TCM or has access to client recommendations (which is precluded through physical and technology barriers) and is subject to the supervision and control of TCM.

(c) Covered Security" means any interest or instrument commonly known as a security, except that it shall not include direct obligations of the United States, bankers' acceptances, certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), securities issued by TCM (if applicable), or shares of open-end mutual funds.

(d) Fund" means any investment fund or investment pooled vehicle for which TCM is the investment adviser or sub-adviser.

(e) Purchase or sale of a Covered Security" includes, among other things, the writing of an option to purchase or sell a Covered Security.

(f) Beneficial Ownership", for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers Act, means any securities or private investments held in accounts over which the Access Person has direct or indirect influence or control including themselves or members of their household. Excluded from this definition are securities held in accounts over which the access person had no direct or indirect influence or control.

(g) Covered Account" shall mean any brokerage or bank account that holds covered securities for which the Access Person has discretionary authority and/or beneficial ownership as described in Section 2.

(h) Covered Security" means, for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers, any securities or private investments held in accounts in which the Access Person has Beneficial Ownership as defined in Section 2.

**Procedure**

Personal Securities Transactions. TCM has adopted procedures to implement our policy on personal securities transactions and reviews to monitor and ensure our policy is observed, implemented properly, and amended or updated, as appropriate, which include the following:

● Access Persons are required to provide TCM electronic access to current covered accounts and reportable securities holdings for both the Access Persons and household members within 10 days of becoming an Access person and on an ongoing basis;

● All personal securities transactions in covered securities that are to be executed in covered accounts are subject to reporting under the Code of Ethics except transactions in which the Access Person or household member does not have discretionary authority (such as where a brokerage Adviser or financial advisor makes all investment decisions for the Access Person or household member), accounts that do not permit purchase or sale of covered securities (e.g., 529 Plans), and/or direct obligations of the Government of the United States or its agencies, bankers acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, or shares issued by registered affiliated or unaffiliated open-end investment companies; and

● Confirmations and brokerage account statements may be accepted in lieu of transaction and holdings reports so long as the confirmations and statements contain all required information and as long as the information is current within 45 days of reporting for holdings reports and such statements are received within 30 days of the end of each calendar quarter for personal securities transactions.

● Front-Running and Scalping, which includes instances of trading while in possession of information concerning the Adviser's trades is called front-running or scalping and is prohibited (and may be in violation of federal law). Front-running is making a trade in the same direction as the Adviser or a client just before the Adviser or client makes its trade whereas Scalping is when a making a trade in the opposite direction just after a trade by the Adviser or a client. The Firm has a strict prohibition in regard to such deceptive practices. TCM does permit its Supervised Persons' Personal Securities Transactions to be traded alongside Client transactions on the same side of the market and with the confirmation that the Supervised Person receives the same price for the subject transaction.

● Access Persons are required to provide TCM electronic access to current covered accounts and reportable securities holdings for both the Access Persons and household members within 10 days of becoming an Access person and on an ongoing basis.

● All personal securities transactions in covered securities that are to be executed in covered accounts are subject to reporting under the Code of Ethics except transactions in which the Access Person or household member does not have discretionary authority (such as where a brokerage Adviser or financial advisor makes all investment decisions for the Access Person or household member), accounts that do not permit purchase or sale of covered securities (e.g., 529 Plans), and/or direct obligations of the Government of the United States or its agencies, bankers acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, or shares issued by registered affiliated or unaffiliated open-end investment companies.

● Confirmations and brokerage account statements may be accepted in lieu of transaction and holdings reports so long as the confirmations and statements contain all required information and as long as the information is current within 45 days of reporting for holdings reports and such statements are received within 30 days of the end of each calendar quarter for personal securities transactions.

TCM, in addition to the aforementioned procedures, has also adopted these provisions attendant to personal securities transactions as part of its Code of Ethics:

● CCO Pre-Clearance: Access Persons must always seek and obtain pre-clearance from the CCO or CCO Designee through the process established by TCM for these transaction requests for covered accounts which shall be facilitated through the designated automated code reporting platform to evidence CCO reviews in this regard:

○ Pre-clearance of an Access Person's participation in an initial public offering ("IPO"), which means the first sale of stock issued by a company to the public;

○ Obtain prior approval of any acquisition of securities in a limited offering (e.g., 144A, or interest in a private limited partnership, or similar type of investments); and

○ Pre-clearance of an Access Person's purchase or sale of a registered investment company or other pooled investment vehicle (public or private and registered or unregistered) in which TCM is the Adviser or Sub-Adviser (each a "Reportable Fund" or together "Reportable Funds"). The name and ticker for these registered investment companies will be disseminated to all Access Persons by the CEO.

● CEO Pre-Clearance: Access Persons must seek prior authorization from the CEO before purchasing or selling common stocks, exchange traded securities (other than Reportable Funds which are pre-cleared through the CCO independently), and/or individual fixed income securities.

○ Transactions in the securities for CEO Pre-Clearance is required and therefore applicable requests may be approved or rejected at the discretion of the CEO. Such requests, including those of the CEO, shall be entered into the automated code reporting platform (for which TCM uses for code of ethics reporting and disclosures) for tracking purposes and to evidence the approval or rejection of the request by the CEO.

Note: TCM has the discretion to automate any and/or all components of its Code of Ethics ("Code") provisions. In such instances, TCM shall coordinate its Code requirements with the third party service provider and maintain electronic files (in lieu of hard copy files) as required under the Advisers Act. The Trust CCO, as noted, shall be responsible for retention of Code of Ethics provisions required under the Company Act.

**Responsibility**

CCO

**Paid Industry Experts**

**Background**

The SEC, pursuant to Section 10(b) of the Securities Exchange Act of 1934, closely monitors the use of expert networks by RIAs. Expert networks are groups of Subject Matter Experts (SMEs) who are hired by firms in need of high-level expertise that their in-house employees are unable, or unqualified, to provide.

**Policy**

TCM, at present, does not use or otherwise rely on expert networks; however, should the CEO determine that the Firm needs to obtain the services of expert networks, the Adviser and its personnel involved shall, per policy, shall comply with the established procedures described herein.

**Procedures**

TCM, upon instituting approval for the use of an expert network service, shall adopt and implement this policy and procedure so that the Adviser may follow established controls and provide compliance oversight on all activity.

**Procedure**

The CEO will notify the CCO should CCO will chaperone a selected sampling of expert network consultations, either announced or unannounced, on a periodic basis. The following restrictions apply to the use of paid industry experts:

● Employees are not permitted to speak with an industry expert who is an employee or former employee of a company (who has worked with the company in the previous 2 years) about which the analyst is communicating, regardless of whether the Firm currently owns the security, unless approved by the CCO or CEO. The CEO shall maintain a log of the expert networks used by TCM and retain in accordance with the Recordkeeping Policies herein.

● Consultations with industry experts who are current or former (left in the last 6 months) public company employees must be reviewed and approved by the CCO or CEO.

● Consultations with industry experts who serve or have served (left in the last 6 months) on the Board of Directors of a public company must be reviewed and approved by the CCO or CEO.

In addition, experts are required to affirm certain language that they will not (and did not) disclose any information that they have an obligation to treat as confidential, including material, non-public information ("MNPI").

**Responsibility**

CEO/CCO

**Conflicts of Interest**

**Background**

As a registered investment adviser (RIAs), TCM and its Supervised Persons must act, at all times, in a professional matter consistent with its fiduciary obligation to the adviser's clients. As part of this obligation, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the Firm.

**Policy**

TCM had implemented a policy concerning Conflicts of Interests that make it a violation of the duty of loyalty to the Adviser to act in the following manner without the prior written consent of the CCO:

● Rebate, directly or indirectly, to any person, Adviser or corporation any part of the compensation received from the Adviser as an employee;

● Accept, directly or indirectly, from any person, firm, corporation or association, other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Company or a client account; and/or

● Own any stock or have, directly or indirectly, any financial interest in any other organization engaged in any securities, financial or related business, except for a minority stock ownership or other financial interest in any business which is publicly owned.

● Inclusion of ETFs or CITs (or other proprietary offerings or clients in which TCM performs advisory/sub-advisory services) into SMAs managed by the Firm.

**Procedures**

In general, TCM has identified certain conflicts of interest that the CEO, in coordination with the CCO, shall be responsible for overseeing that the Adviser properly discloses them to clients in disclosure documents and marketing communications, where applicable, and instituting controls to mitigate their impact to TCM and its clients. In addition, the CEO shall also promptly inform the CCO of unreported conflicts of interests so that both the CEO and CCO can determine appropriate risk mitigation including operational or policy controls and insertion into the Firm's disclosure documents. The CEO shall have sole responsibility to discuss relevant matters including conflicts of interests with sub-advisers. As identified as fundamental standards, the following conflicts have been identified and disclosed in disclosure documents of the Firm

● Securities Transactions. TCM may execute transaction for certain clients (i.e., registered investment companies) that may adversely impact the value of securities held by other clients

● Personal Securities Transactions. TCM has instituted a Code of Ethics to regulate the personal securities transactions of its employees and, in doing so, preventing any personal trades in issuers or securities that may affect TCM client account portfolios.

● Marketing and Distribution. TCM may be contractually obligated to assist in the sale of certain investment offerings, such as, ETFs' shares. Because the PM's compensation is indirectly linked to the sale of shares, the Adviser may have an incentive to devote time to marketing efforts designed to increase sales that would otherwise be allocated to other client accounts;

● Expert Networks. Should TCM engage in the use of Expert Network(s), or a type of business that connects companies with expert resources or subject-matter experts, such as academics, C-levels, founders, and high-level officials to provide valuable information, data, or assistance, then the Adviser shall follow the Paid Industry Experts policy and procedure herein this Manual.

**Responsibility**

CEO

**Outside Business Activities**

**Background**

Outside business interests or investment activities (collectively hereafter "Outside Business Activities") may interfere with Supervised Person's duties with the Firm. Accordingly, RIAs must adopt and implement policies and procedures to monitor the Outside Business Activities ("OBAs") of its Supervised Persons including placing restrictions or prohibiting such activities.

**Policy**

Access Persons, prior to engaging in any OBA (including directorships of private companies, consulting engagements, or public/charitable positions) and/or accepting compensation from firms or individuals outside of TCM, must submit a request to the CCO who, in coordination with the CEO (where necessary) shall approve or disapprove the activity request. The request, among other things, must be submitted through the system approved by the Adviser and include the nature of the activity; how much time will be devoted; and when the activity will occur (business hours or other). conflict of interest may arise if a Supervised Person engages in an outside activity or investment that may be inconsistent with the Adviser's business interests.

**Procedures**

Access Persons must report any pre-existing OBA upon joining TCM and annually thereafter so the CCO can review and, where necessary, implement restrictions or determine that the OBA presents a material conflict to the Adviser and therefore must be disapproved or alert the Supervised Person to refrain from further such activity. The CCO may require further information concerning any outside activity for which approval is requested, including the number of hours involved and the compensation to be received. In particular, Supervised Persons should analyze their current engagements with a particular emphasis on activities which involve:

● a time commitment which would prevent such Supervised Person from performing his or her duties for the Firm;

● an activity that gives the impression that the services performed are an extension of TCM's business when in fact the contrary is true;

● active participation in any business in the financial services industry or otherwise in competition with the Firm, such as, teaching assignments, lectures, public speaking, publication of articles, or radio or television appearances,

● Serving as an employee, officer or director of any private business, charitable organization or non-profit organization;

● Supervised Persons may not serve on the board of any company whose securities are publicly traded, or of any company that the Company or any client account owns securities.

All Access Persons must avoid establishing financial interests or outside affiliations that may create a conflict, or appear to create a conflict, between the Access Person's personal interests and the interests of the Adviser or its clients. A potential conflict of interest exists whenever a Supervised Person has a direct financial or other personal interest in any transaction or proposed transaction involving TCM or its clients. A conflict of interest may also exist where the Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Access Person has a friendship or other personal relationship. In such situations, Access Persons must disclose the conflict to the CCO and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between the Adviser or any of its clients and the client involved. Access Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

**Responsibility**

CCO

**Political Contributions**

**Background**

Rule 206(4)-5 of the Advisers Act, commonly referred to as "Pay-to-play", refers to the practice whereby an adviser or its employees make political contributions or gifts for the purpose of obtaining or retaining advisory contracts with government entities. General fiduciary principles under the Advisers Act require an adviser to take reasonable steps to ensure that any political contributions made by it or its employees are not intended to obtain or retain advisory business. In addition, the SEC adopted provisions that substantially restrict contribution and solicitation practices of investment advisers and certain of their related persons, as follows:

● It prohibits an investment adviser from providing advisory services for compensation – either directly or through a pooled investment vehicle – for two years, if the adviser or certain of its executives or employees make a political contribution to an elected official who is in a position to influence the selection of the Adviser;

● It prohibits an advisory Adviser and certain executives and employees from soliciting or coordinating campaign contributions from others – a practice referred to as "bundling" – for an elected official who is in a position to influence the selection of the adviser. It also prohibits solicitation and coordination of payments to political parties in the state or locality where the adviser is seeking business; and

● It prohibits an adviser from paying a third party, such as a solicitor or placement agent, to solicit a government client on behalf of the investment adviser, unless that third party is an SEC-RIA or broker-dealer subject to similar pay to play restrictions.

**Policy**

TCM, a SEC-registered investment adviser, has adopted and implemented the following policy and procedures on connection to Rule 206(4)-5. For purposes of this Manual, the following pertinent terms shall be defined as follows:

● "Covered Associate" means: (i) any Supervised Person; and (ii) any political action committee or similar organization controlled by the Adviser or by any Covered Person. From time to time, the Adviser or its Covered Associates may be asked to make a political contribution. In addition, Covered Associates, by their own volition, may seek to make individual political contributions. Though the Adviser does not actively solicit government entity business, as an investment manager, the Adviser is eligible and may be asked to manage money on behalf of a state or municipality in the future. To avoid any real or perceived conflict of interests, the Adviser requires that individual political contributions be subject to preclearance as further detailed below.

● "Political Contributions" include direct payments of money to a campaign organization, volunteer work, or fund-raising work done on behalf of, or to benefit, a political campaign, organization or candidate.

**Procedures**

The Adviser's procedures are divided into two sections purposefully to cover TCM, in its capacity as an investment adviser, and TCM Supervised Persons.

*Adviser Contributions.* TCM, as a SEC-registered investment adviser does not intend to make political contributions.

*Individual Contributions.* Political activity must occur strictly in an individual and private capacity and not on behalf of TCM (or "Adviser"). The Adviser's resources, financial or otherwise, may not be used to support political parties, candidates or causes, unless approved in advance by the CCO, and therefore:

● The Adviser will not reimburse any Covered Person (i.e., Supervised Person) for individual political contributions;

● Corporate credit cards issued to Covered Persons cannot be used to make contributions; and

● Covered Associates are not permitted to use the Adviser's name in connection with any political campaign other than to state that they are affiliated with or employed by the Adviser.

TCM Supervised Persons who are also "Covered Associates" may make political contributions to elected officials at the Federal, State County and local level provided such contributions subject to the applicable de minimis thresholds outlined here,:

● Receive pre-clearance from the CCO through the system that TCM has implemented; and

● In total, are not in excess of $350 or foreign currency equivalent to each official, per election for whom they may vote, and $150 to other candidates or political action campaigns.

**Responsibility**

CCO

**Gifts and Gratuities/Entertainment**

**Background**

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or may raise a potential conflict of interest and. To remain in adherence to its fiduciary obligations under the Advisers Act, TCM has implemented the following policies set forth below to guide employees in this area.

**Policy**

Generally, Supervised Persons should not, directly or indirectly, accept or provide any gifts or favors that might influence decisions regarding business transactions involving the Adviser, or that others might reasonably believe would influence such decisions. For our purposes, the following definitions shall apply in relationship to this policy:

● <u>Gift</u>: A "gift" is defined as anything of monetary value including non-cash compensation. Payment for entertainment or meals where the Covered Person is not accompanied by the person purchasing the entertainment or meals is considered a gift.

● <u>Entertainment (or Gratuities)</u>: Acceptance of meals and entertainment where the host is present is considered "entertainment."

Supervised Persons (including Access Persons) are restricted from accepting inappropriate gifts, favors, entertainment, special accommodations, or other things, of material value that could or give the appearance of influencing their decision-making or make feel obligated to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of material value that could be deemed overly generous or aimed at influencing decision-making or making a client feel obligated to the Adviser or the supervised or access person. TCM's Gift Policy also maintains these specific considerations for all Supervised Persons to abide:

● *Cash/Non-Cash Compensation.* No Supervised Person may give or accept cash gifts or cash equivalents (such as non-cash compensation, including, fee discounts applicable to Firm advisory services) to or from a client, prospective client, or any entity that does business with or on behalf of the adviser.

● *Loans.* No Supervised Person may give or accept a loan from a client of TCM without written pre-approval from the CEO and notification to the CCO or in the case of the CEO, approval of the CCO.

**Procedures**

The Chief Compliance Officer (CCO) will ensure that all Access Persons understand the restrictions on giving and receiving gifts and/or compensation of any nature. Supervised or access persons will not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence, or give the appearance of influencing, their decision-making or make them feel beholden to a person or firm. Similarly, supervised or access persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the Adviser or the supervised or access person. Generally, it is expected that the value of such gifts do not exceed $300. Gifts received from vendors will be logged onto a Gifts and Gratuities Log or other comparable document (electronic or written) and retained. The log will include an estimated value of each gift received. Our CCO, will maintain, in an electronic format, a Gifts and Gratuities (Entertainment) log and enter the date, vendor name and fair value of any vendor gift.

**Responsibility**

CCO

**Insider Trading Policy** 

**Background** 

Various federal and state securities laws and the Advisers Act require every investment adviser to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information in violation of the Advisers Act or other securities laws by the investment adviser of any Access Person associated with the investment adviser.

**Policy**

TCM's Insider Trading Policy (see below) prohibits any Access Person from acting upon, misusing, or disclosing any material non-public information, also known as "inside information." Any instances or questions regarding possible inside information must be immediately brought to the attention of the CEO and CCO, and any violations of the Adviser's policy in this regard shall result in disciplinary action up to termination.

**Procedures**

TCM has adopted and implemented specific procedures to help ensure adherence to the Adviser's Insider Trading Policy including a review of its contents on an annual basis. Additionally, the Adviser has instituted these other specific procedures:

● The Insider Trading Policy is distributed to all Access Persons, and newly hired Access Persons within 10 days of hire. In such instances, Access Persons shall attest that the received the Insider Trading Policy including upon first receipt of the policy and annually thereafter. The attestation, too, requires the Access Person to certify he or she received the policy, read the policy, and will abide by the provisions in the policy;

● Access Persons must report to the CEO or CCO all business, financial or personal relationships that may result in access to material non-public information;

● The CCO reviews all transactional activity for Access Persons and Access Person-related or household accounts (which is inclusive of any account subject to the Code of Ethics). As noted in the Code of Ethics, initial and holding reports from Access Persons and Access Person-related or household accounts must be submitted to the CCO and perform quarterly reviews of brokerage account statements for such covered accounts;

● The CCO, in coordination with the CEO, shall provide guidance to Access Persons on any potential insider trading situation or related questions; and

● Where necessary, the CCO shall prepare a written report to the CEO (and/or Outside Counsel) of any potential violation of the Adviser's Insider Trading Policy including recommendations of corrective actions and/or disciplinary sanctions.

**Responsibility**

CCO

## Ex-99.(P)(Iii)

**[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)**

**Exhibit 99.(p)(iii)**

APPENDIX H: CODE OF ETHICS ("CODE")

![](ex99piii001.jpg)

**CODE OF ETHICS ("CODE")**

The Code of Ethics is a compilation of basic principles of conduct for which you, as an employee of Rareview Capital LLC ("RVC"), are responsible for knowing and following. These principles represent values critical to our customers and others to conduct our business with honesty and integrity. The Code has been adopted to protect the reputation and integrity of RVC and its employees and to assist employees in following uniform standards of ethical conduct. The term "employee" in the Code is understood to mean officers, directors, employees, and independent contractors.

The Code of Ethics is intended to govern the actions and working relationships of employees with current or potential customers, consumers, other RVC employees, competitors, suppliers, government representatives, the media, and anyone else with whom RVC has contact. In these relationships, employees must observe the highest standards of ethical conduct. The success of RVC as a provider of investment Advisory services is built upon the trust and confidential relationships maintained between RVC and its customers. Therefore, each employee is expected in all business matters to place RVC's and its customers' interest above his/ her own self-interest and to discuss with the Managing Member any proposed transaction or relationship that reasonably could be expected to give rise to a conflict of interest.

It is RVC's policy that an employee maintain no investment or take any position which (1) could conflict with their performance of duties and responsibilities to RVC, (2) affects or could affect independence or judgment concerning transactions between RVC and its customers, suppliers, or others with whom RVC competes or has existing or pending or potential business relationships, or (3) otherwise reflects negatively on RVC.

Employees must resolve any doubt as to the meaning of the Code in favor of good, ethical judgment. It is the responsibility of each employee to avoid even an appearance of impropriety.

Implicit in the Code of Ethics is RVC's policy that both RVC and its employees comply with the law. The law prescribes a minimum standard of conduct; the Code of Ethics prescribes conduct that often exceeds the legal standard. Any request made of an employee by the Managing Member or any supervisor carries with it, whether or not articulated, the understanding that the employee is to comply with the request only to the extent he or she can do so while complying both with the law and this Code of Ethics. In certain instances, areas of RVC may have their own unique policies governing subjects covered by the Code of Ethics due to their lines of business. These policies are in addition to the requirements of the Code of Ethics.

Code of Ethics Statement

In accordance with SEC Rule 204A-1 of the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1904, Rareview Capital LLC ("RVC") has adopted a code of ethics to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Set forth standards of conduct expected of Advisory personnel (including
compliance with federal securities laws);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Safeguard material non-public information about client transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Require "access persons" to report their personal securities
transactions. In addition, the activities of an investment adviser and its personnel must comply with the broad antifraud provisions
of Section 206 of the Advisers Act.

As an investment adviser firm, we have an overarching fiduciary duty to our clients. They deserve our undivided loyalty and effort, and their interests come first. We have an obligation to uphold that fiduciary duty and see that our personnel do not take inappropriate advantage of their positions and the access to information that comes with their positions.

RVC holds their directors, officers, and employees accountable for adhering to and advocating the following general standards to the best of their knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Always place the interest of the clients first and never benefit at the expense of Advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Always act in an honest and ethical manner, including in connection
with, and the handling and avoidance of, actual or potential conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Always maintain the confidentiality of information concerning the
identity of security holdings and financial circumstances of clients;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fully comply with all applicable laws, rules and regulations of federal,
state and local governments and other applicable regulatory agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Proactively promote ethical and honest behavior with RVC including,
without limitation, the prompt reporting of violations of, and being accountable for adherence to, this Code of Ethics.

Failure to comply with RVC's Code of Ethics may result in disciplinary action, up to and including termination of employment.

Definitions

For purposes of this Code, the following words shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means all employees, supervised person, directors, officers,
partners, managers, members or Investment Advisory Representatives (IAR) of RVC, as the case may be, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. have access to nonpublic information regarding Advisory Clients' purchases or sales of securities
or nonpublic information regarding the portfolio holdings of any fund the adviser or its control affiliates manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is involved in making securities recommendations to clients, or has access to such recommendations
that are nonpublic. All of the firm's directors, officers, and partners are presumed to be access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. have access to nonpublic recommendations or portfolio holdings of Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Client services personnel who regularly communicate with Advisory Clients also may be deemed to
be Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;2. "**Act**" means Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;3. "**Adviser**" means RVC.

&nbsp;&nbsp;&nbsp;&nbsp;4. "**Advisory Client**" means any person or entity for which RVC serves as an investment
adviser for, renders investment advice to or makes investment decisions for.

&nbsp;&nbsp;&nbsp;&nbsp;5. A "**Covered Security"** is "being considered for purchase or sale"
when a recommendation to purchase or sell the Covered Security has been made and communicated and, with respect to the person making
the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;6. "**Beneficial ownership**" shall be interpreted in the same manner as it would be
under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security
for purposes as such Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;7. "**CCO**" means Chief Compliance Officer per rule 206(4)-7 of the Investment Advisers
Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;8. "**Code**" means this Code of Ethics as supplemented by other policies and procedures
contained in RVC Compliance Policies and Procedures Manual.

&nbsp;&nbsp;&nbsp;&nbsp;9. "**Conflict of Interest** ": for the purposes of this Code of Ethics, a "conflict
of interest" will be deemed to be present when an individual's private interest interferes in anyway, or even appears
to interfere, with the interests of the Adviser as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;10. "**Covered Security**" means any stock, bond, future, investment contract or any
other instrument that is considered a "security" under the Act. Additionally, it includes options on securities, on
indexes, and on currencies; all kinds of limited partnerships; foreign unit trusts and foreign ETFs; and private investment funds,
hedge funds, and investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;11. "**Covered Security**" does not include direct obligations of the U.S. government;
bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including
repurchase agreements; shares issued by money market funds; shares of open-end ETFs that are not advised or sub-advised by the
Adviser; and shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which
are funds advised or sub-advised by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;12. "**Initial Public Offering**" means an offering of securities registered under the
Securities Act of 1933, the issuer of which,
immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities
Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;13. "**Investment personnel**" means: (i) any employee of the Adviser or of any company
in a control relationship to the Adviser who, in connection with his or her regular functions or duties, makes or participates
in making recommendations regarding the purchase or sale of securities for clients.

&nbsp;&nbsp;&nbsp;&nbsp;14. "**Limited Offering**" means an offering that is exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2)
or Section 4(6) thereof or pursuant to Rule 504, Rule 505 or Rule 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;15. "**Purchase or sale of a Covered Security**" includes, among other things, the writing
of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;16. "**Reportable security**" is as defined by Rule 204A-1 of the Act. For more clarification,
please see this no-action letter, which spells out the Code of Ethics requirements in layman's terms: <u>http://www.sec.gov/divisions/investment/noaction/ncs113005.htm</u>. "Reportable Securities" means all securities in which an Access Person has a beneficial interest except: (i) U.S. Government
securities, (ii) money market instruments (e.g., bankers' acceptances, bank certificates of deposit, commercial paper, repurchase
agreements and other high quality short-term debt instruments), (iii) shares of money market funds, (iv) shares and holdings in
open-end ETFs (except affiliated ETFs) and (iv) units of a unit investment trust (except affiliated unit investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;17. "**Supervised Persons**" means directors, officers, and partners of the adviser
(or other persons occupying a similar status or performing similar functions); employees of the adviser; and any other person who
provides advice on behalf of the adviser and is subject to the adviser's supervision and control.

Self-Interest

Employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;1. Accepting employment or engaging in a business (including, without limitation, consulting and similar
arrangements with competitors) that may conflict with the performance of their duties or RVC's interest. All outside business
activities require prior approval by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;2. Taking for themselves personally opportunities that are discovered in the course of their employment
or through the use of RVC proprietary, non-public information (such as processes, programs, software, and business information
and plans) or otherwise using corporate property, information or position for personal gain, or competing with RVC.

&nbsp;&nbsp;&nbsp;&nbsp;3. Taking unfair advantage of any customer, supplier, competitor, or other RVC information through
manipulation, concealment, abuse of privileged information, misrepresentation of material fact, or any other unfair dealing or
practice.

&nbsp;&nbsp;&nbsp;&nbsp;4. Soliciting or demanding anything of value from any person in conjunction with the performance of
their duties (other than normal compensation received from RVC).

&nbsp;&nbsp;&nbsp;&nbsp;5. Accepting personal fees, commissions, other compensation paid, or expenses paid or reimbursed from
others, not in the usual course of RVC's business, in connection with any business or transaction involving RVC.

&nbsp;&nbsp;&nbsp;&nbsp;6. Purposefully viewing or using confidential information about RVC or its businesses, employees,
or customers, consumers or suppliers without a valid business reason, for personal benefit or disclosing such information to others
outside of job duties.

&nbsp;&nbsp;&nbsp;&nbsp;7. Misusing RVC's information technology and electronic communications system, including accessing
or distributing pornographic or other distasteful information or materials containing offensive, sexually explicit or harassing
language, sending chain letters, or conducting excessive personal business.

&nbsp;&nbsp;&nbsp;&nbsp;8. Permitting RVC property (including data transmitted or stored electronically and computer, tablet
or mobile resources) to be damaged, lost, used, or intercepted in an unauthorized manner.

&nbsp;&nbsp;&nbsp;&nbsp;9. Making any political contribution of money or other property on behalf of RVC that would violate
federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;10. Borrowing or accepting money from customers or suppliers unless the customer or supplier is a financial
institution that makes such loans in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;11. Purchasing property, whether real, personal or intangible, from RVC without the approval of the
Managing Member or other designated senior officer unless RVC makes a general offer of extraneous company property to employees
on a non-discriminatory basis.

&nbsp;&nbsp;&nbsp;&nbsp;12. Selling property or services to RVC unless approved in writing by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;13. Providing customers with legal, tax, accounting or investment advice, not in the usual course of
business; or recommending attorneys, accountants, securities dealers, insurance agents, brokers, real estate agents, or other service
providers if the advising employee receives a personal, reciprocal benefit for the referral from the service provider.

&nbsp;&nbsp;&nbsp;&nbsp;14. During the term of their employment, engaging or investing in any business that directly or indirectly
competes with services provided by RVC or any subsidiary of RVC, except where such an investment represents insignificant ownership
in a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;15. Knowingly benefiting from an error, including but not limited to payment of compensation (including
incentive plan payments) or travel and entertainment expense reimbursement, without disclosing that error.

&nbsp;&nbsp;&nbsp;&nbsp;16. Doing any of the above actions indirectly through another person.

Confidentiality

Non-public information regarding RVC and its businesses, employees, customers, suppliers or consumers is confidential.

Supervised persons shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information, except when they are authorized or legally obliged to disclose the information.

Supervised persons may not use confidential information acquired in the course of their work for their personal advantage.

Supervised persons must keep all information about clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the client's financial circumstances, the client's security holdings, and advice furnished to the client by RVC.

Privacy

Supervised persons may be restricted from accessing, sharing or using certain information across RVC affiliates and from sharing information with external third parties, except as allowed by law.

Supervised persons must not view or request access to information unless a valid business purpose exists.

Holding Office/Appointments

&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised persons shall not serve on the board of directors of publicly traded companies absent
prior written authorization by the CCO. Any such approval may only be made if it is determined that such board service will be
consistent with the interests of the clients and of RVC, and that such person serving as a director will be isolated from those
making investment decisions with respect to such company by appropriate procedures. A director of a private company may be required
to resign, either immediately or at the end of the current term if the company goes public during his or her term as director.

&nbsp;&nbsp;&nbsp;&nbsp;2. Employees are encouraged to participate in organizations that are involved in charitable, educational,
or community activities, and no approval is needed for involvement with such organizations unless the employee will receive compensation
or might be required to divulge confidential information of RVC.

&nbsp;&nbsp;&nbsp;&nbsp;3. An employee may hold a part-time elective or appointive office provided the employee receives the
written approval of the CCO and provides full disclosure concerning the time involved and compensation, if any, to be received.
When an employee seeks a political office, the employee must obtain an opinion from the political entity's legal counsel
stating that the employee's candidacy is not prohibited and that the employee's election or appointment will not bar
the political entity from doing business with RVC.

&nbsp;&nbsp;&nbsp;&nbsp;4. Employees must avoid appointments, including fiduciary appointments, which may conflict with the
performance of their duties for RVC or otherwise interfere with their employment relationship with RVC. All fiduciary appointments,
except those on behalf of the employee's immediate family members ("Immediate family member" means a person's
child, parent, spouse, sibling, and in-laws) must be approved by the CCO which may require execution of a hold harmless agreement
by the beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;5. Employees are prohibited from maintaining trusteeships and other fiduciary
appointments for their own customers other than immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;6. In accordance with the Director Policy of Collaborative Investment Series
Trust, employees are prohibited from serving on the Board of a company in which the ETFs holds an investment.

Internal Accounting Controls

It is the legal responsibility of RVC to develop and maintain systems of internal accounting controls that permit the preparation of its financial statements in accordance with applicable laws, rules, and accounting principles.

No one shall, directly or indirectly, knowingly falsify or cause to be falsified any book, record or account of RVC. This includes expense accounts, approval of invoices submitted by vendors, records of transactions with customers, records of disposition of company assets, records of consumers, or any other record.

Any employee who becomes aware, directly or indirectly, of inadequate controls, a failure of controls, or a circumvention of controls, or that transactions or other items are improperly recorded on RVC's books or records, must promptly report the situation to the Managing Member.

Full and Fair Disclosure

Employees are required to make full, fair, accurate, timely, and understandable disclosure in reports and documents that RVC files with, or submits to regulatory or government agencies, and in other public communications made by RVC.

Reporting Possible Ethics Violations and Disciplinary Action

All supervised persons have an obligation to report potential ethics violations of the firm's Code of Ethics promptly to the CCO.

If the CCO is involved in the violation or is unreachable, supervised persons may report directly to the Supervisor.

All reports of violations will be treated confidentially to the extent permitted by law and investigated promptly and appropriately. Persons may report violations of the Code of Ethics on an anonymous basis.

Examples of violations that must be reported are (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;▪ Noncompliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fraud or illegal acts involving any aspect of the firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Material misstatements in regulatory filings, internal books and
records, clients records or reports; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ An activity that is harmful to clients, including fund shareholders;
and deviations from required controls and procedures that safeguard clients and the firm.

No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Code of Ethics.

Retaliation against employees who report possible violations is strictly prohibited and will subject those who retaliate with disciplinary action which may include termination. Those who violate the Code are subject to disciplinary action which may include termination.

For example, if an employee would feel more comfortable in merely reporting that they suspect several of their co-employees are involved in what appears to be falsifying credit reports or that a fellow employee is involved in a transaction that may be a conflict of interest on his or her part, the employee need only report the suspected Code violation, the persons involved, and the department in which they suspect the activity is occurring.

Appendices to the Code

The Code shall be supplemented by the Compliance Policies and Procedures Manual in its entirety, specifically including, without limitation, those dealing with:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fiduciary Duty

&nbsp;&nbsp;&nbsp;&nbsp;▪ Trading

&nbsp;&nbsp;&nbsp;&nbsp;▪ Principal & Agency Cross Transactions

&nbsp;&nbsp;&nbsp;&nbsp;▪ Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;▪ Insider Trading

PERSONAL SECURITIES TRANSACTIONS

Compliance with Laws and Regulations

Personal trading and investment activities of employees are subject to various federal securities laws, rules and regulations, e.g., Investment Advisers Act Section 206 (anti-fraud provision); Advisers Act Rule 204-3 (requiring an Adviser to disclose its practices and interests in Client transactions); Exchange Act Section 16 (requiring disclosure of certain securities transactions by officers and principal shareholders of public companies) and Exchange Act Section lO(b) and Rule lOb-5 (prohibiting the use of manipulative and deceptive devices in connection with the purchase or sale of securities).

All Access Persons of RVC must comply with all applicable state, local and federal securities laws. Specifically, Access Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To mislead such client, including making any statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To engage in any act, practice or course of conduct which operates
or would operate as a fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To engage in any manipulative practice on such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To engage in any manipulative practice on securities, including price manipulation.

Personal Securities Transaction Statement

To ensure its fiduciary responsibilities, RVC has established policies and procedures to monitor at a minimum personal trading and activities of those employees who are deemed to be Advisory representatives (as defined in Adviser Act Rule 204-2) and/or access persons (as defined in Investment Company Act 17j-1).

&nbsp;&nbsp;&nbsp;&nbsp;▪ RVC emphasizes the unrestricted right of the Client to specify investment objectives, guidelines,
and/or conditions on the overall management of their account. RVC standard investment process begins with reviewing applicable
state statutes, investment policy, and permitted investment language provided by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Associated persons or their immediate family members shall not buy
or sell securities for their personal portfolio(s) where their decision is derived, in whole or in part, by reason of the associated
person's employment, unless the information is also available to the investing public on reasonable inquiry. No associated
person of RVC shall prefer his or her own interest to that of the Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;▪ RVC and its associated persons generally may not purchase and sell
securities being considered for, or held by Client accounts without pre-clearance by the CCO or CIO.

&nbsp;&nbsp;&nbsp;&nbsp;▪ RVC or individuals associated with RVC may buy or sell for their personal accounts investment products
identical to those recommended to Clients. It is the expressed policy of RVC that no person employed by RVC may enter an order
to purchase or sell any security prior to a transaction being implemented for an Advisory account (in accordance with standard
"front running" guidelines), and therefore, preventing such employees from benefiting from transactions placed on behalf
of Advisory accounts.

&nbsp;&nbsp;&nbsp;&nbsp;▪ RVC requires that all individuals must act in accordance with all
applicable federal and state regulations governing registered investment Advisory practices.

&nbsp;&nbsp;&nbsp;&nbsp;▪ RVC has implemented remedial actions that are designed to discourage
its associated persons from violating the Personal Securities Transaction Policy.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Records will be maintained of all securities bought or sold by RVC,
associated persons of RVC, and related entities. The CCO will review these records on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any individual not in observance of the above may be subject to termination.

<u>Trading Identical Securities as Clients Securities</u>

RVC or individuals associated with RVC may buy or sell securities identical to those recommended to customers for their personal account.

<u>Investing Personal Money in the Same Securities as Clients:</u>

From time to time, representatives of RVC may buy or sell securities for themselves at or around the same time as clients. This may provide an opportunity for representatives of RVC to buy or sell securities before or after recommending securities to clients resulting in representatives profiting off the recommendations they provide to clients. Such transactions may create a conflict of interest.

RVC will always transact client's transactions before its own when similar securities are being bought or sold.

<u>Trading Securities At/Around the Same Time as Clients Securities:</u>

From time to time, representatives of RVC may buy or sell securities for themselves at or around the same time as clients. This may provide an opportunity for representatives of RVC to buy or sell securities before or after recommending securities to clients resulting in representatives profiting off the recommendations they provide to clients. Such transactions may create a conflict of interest.

RVC will never engage in trading that operates to the client's disadvantage if representatives of

RVC buy or sell securities at or around the same time as clients.

<u>Trading Securities Prior to Clients Securities:</u>

It is the express policy of RVC that no person employed by RVC may purchase or sell any security prior to a transaction(s) being implemented for an Advisory account during the same day unless such transactions are at a price equal to or inferior to the price obtained by Advisory Clients, and therefore, preventing such employees from benefiting from transactions placed on behalf of Advisory Clients.

RVC may utilize batched orders to carry out this policy.

<u>Holding Period</u>

There is no holding period for <u>reportable securities</u> as listed in this Code.

However, RVC strongly discourages short-term trading activity. RVC's expectation is that when an access person trades, they trade for investment or long-term purposes, not speculative gains.

There is no holding period for <u>exempt securities</u> as listed in this Code.

<u>Initial Public Offerings (IPO's)</u>

No access person or other employee may acquire, directly or indirectly, beneficial ownership in any securities in an Initial Public Offering without first obtaining approval from the CCO. The CCO must obtain approval from her Supervisor. Investment personnel are required to disclose such investment to any client considering an investment in the issuer of such Initial Public Offering.

<u>Limited or Private Offerings</u>

Except in a transaction exempted by the "Exempted Transactions" section of this Code of Ethics, no access person or other employee may acquire, directly or indirectly, beneficial ownership in any securities in a Limited or Private Offering without first obtaining approval from the CCO. The CCO must obtain approval from his Supervisor. Investment personnel are required to disclose such investment to any client considering an investment in the issuer of such Limited or Private Offering.

<u>Margin Accounts</u>

Investment personnel is prohibited from purchasing securities on margin unless pre-cleared by the CCO.

<u>Short Sales</u>

Unless pre-cleared by the CCO, investment personnel are prohibited from selling any security short that is owned by any client of the firm, except for short sales "against the box".

<u>Blackout Periods</u>

If the security is a thinly traded security (with average daily volume below 100,000 shares per day) investment personnel may be subject to a blackout period from trading in such securities.

Reportable Securities

RVC deems the following to be securities for the purpose for complying with its personal securities transactions policy and require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Stocks (including options on stocks)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate Bonds

&nbsp;&nbsp;&nbsp;&nbsp;▪ Closed-End ETFs

&nbsp;&nbsp;&nbsp;&nbsp;▪ Notes, debentures, evidence of indebtedness, certificates of interest

&nbsp;&nbsp;&nbsp;&nbsp;▪ Participation in any profit-sharing agreement

&nbsp;&nbsp;&nbsp;&nbsp;▪ Collateral-trust certificates

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fractional undivided interests in oil, gas, or other mineral rights

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any options, or in general, any interest or instrument commonly known as a security

Beneficial Ownership

Associated persons will be deemed to have beneficial ownership of securities if they have or share a direct or indirect financial interest in the securities or the power to make or influence investment decisions. This will be the case where the associated person may directly or indirectly profit from a securities transaction.

Specifically, an associated person's account is any account in which the employee has a beneficial interest or the power to make or influence investment decisions, including:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Spouse's or domestic partner account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Miner Children, regardless of whether or not associated person is the named custodian on the account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Family member whose principal residence is the same as the associated person residence

&nbsp;&nbsp;&nbsp;&nbsp;▪ Other dependent's account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Individual account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Joint account(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Tenants in common D Investment club(s) D Partnership(s)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Account(s) where the investment Advisory representative acts as custodian,
trustee, executor, or in a similar capacity (prohibited in most cases by the chosen brokerage company's policies governing
its registered representatives)

<u>Exempt Securities</u>

The following types of transaction are exempt from pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Money-market funds

&nbsp;&nbsp;&nbsp;&nbsp;▪ Open-Ended ETFs

&nbsp;&nbsp;&nbsp;&nbsp;▪ Index-based securities (ETFs) and options on these securities

&nbsp;&nbsp;&nbsp;&nbsp;▪ Index options & options on index futures

&nbsp;&nbsp;&nbsp;&nbsp;▪ Eurodollar/Euribor/Sterling futures & options

&nbsp;&nbsp;&nbsp;&nbsp;▪ Commercial Paper

&nbsp;&nbsp;&nbsp;&nbsp;▪ Unit Investment Trusts

&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct Investment Plans (DRIPs)

&nbsp;&nbsp;&nbsp;&nbsp;▪ Brokerage Certificates of Deposit

&nbsp;&nbsp;&nbsp;&nbsp;▪ U.S. Treasury Obligations

&nbsp;&nbsp;&nbsp;&nbsp;▪ Debt securities issued by state and municipal governments and government agencies of the United
States

&nbsp;&nbsp;&nbsp;&nbsp;▪ Actions that occurred without the input of associated person, i.e.
option expiration, called bond, converted security, etc.

<u>Exempted Transactions</u>

The prohibitions of this section of this Code of Ethics shall NOT apply to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases or sales affected in any account over which the access
person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases which are part of an automatic investment plan, including dividend reinvestment plans
(DRIP).

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases 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, and sales of rights
so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Acquisition of securities through stock dividends, dividend reinvestments,
stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or distributions
generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Open-end investment company shares other than shares of investment
companies advised by the firm or its affiliates or sub-advised by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Unit investment trusts

Front-Running

Front Running is the illegal practice of a firm or on its employees executing orders on a security for its own account while taking advantage of advance knowledge of pending customer orders, thereby trading "in front of" the customer.

RVC does not allow "front-running" of Client accounts, i.e., personal trading conducted by associated persons before Client accounts are traded in the same security.

Associated persons accounts will be reviewed for this activity and other potential problems.

Brokerage Firms

Associated persons may only personally trade securities through an approved securities firm or a DRIP.

Other Restrictions

No director, officer or employee of RVC shall buy or sell securities for their personal portfolio(s) where their decision is substantially derived, in whole or in part, by reason of his or her employment unless the information is also available to the investing public on reasonable inquiry.

No access person shall prefer his or her own interest to that of the Advisory client.

Remedial Actions

RVC has implemented remedial actions that are designed to discourage its associated persons from violating the Personal Securities Transaction Policy. In general, these actions are as follows, but may be more severe based on the circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 1st Violation = Verbal Warning;

&nbsp;&nbsp;&nbsp;&nbsp;▪ 2nd Violation = Written warning;

&nbsp;&nbsp;&nbsp;&nbsp;▪ 3rd Violation = Suspension and/or termination of employment.

Duplicate Statements

Each associated person must ensure that RVC is sent duplicate account statements and trade confirmations.

Transaction Record-Keeping

A record of securities transactions for the account of RVC and any of RVC affiliated persons shall be established and maintained.

RVC shall maintain all records pertaining to personal securities transactions for a period of no less than six

(6) years from the end of the fiscal year in which the document was last altered/amended.

Responsibility

The CCO will be responsible for administering this personal securities transaction policy. All questions regarding the policy should be directed to the CCO.

**PROHIBITED PURCHASES AND SALES**

Insider Trading

RVC strictly prohibits trading personally or on the behalf of others, directly or indirectly, based on the use of material, non-public or confidential information.

In conjunction with this Code, please refer to RVC's standalone Insider Trading Policy located within the Compliance Policies and Procedures Manual.

<u>Short-Term Trading</u>

Unless the holding period is in accordance with the strategy or meets the initial goals of the transaction, securities held in client accounts may not be purchased and sold, or sold and repurchased, within 30 calendar days by investment personnel. The CCO may, for good cause shown, permit a short-term trade, but shall record the reasons and grant of permission with the records of the Code.

Trading in the Stock of Firm Customers, Suppliers or Vendors

<u>Customer Securities</u><u>**:**</u>

No employee may invest in the securities of a customer of RVC if the employee participates in or is expected to participate in transactions involving, or is responsible for; extensions of credit to the customer or if the customer's securities are publicly traded and the employee has non-public information concerning the customer at the time of the proposed investment. If the employee participates in or is responsible for decisions involving non-credit business transactions with the customer, the employee must comply with any investment policy applicable to the employee's line of business before making an investment in the customer's securities. In no case may the employee invest in the customer's securities until after making disclosure of the proposed investment to the CCO or to the person approving the transaction with the customer.

<u>Supplier or Vendor Securities**:**</u>

No employee may invest in the securities of a supplier or vendor if the employee participates or is expected to participate in or is responsible for decisions involving business transactions with the supplier or vendor or if the securities are publicly traded and the employee has nonpublic information about the supplier or vendor at the time of the proposed investment. If an employee has an existing investment in the securities of a supplier or vendor of RVC and such employee participates or is expected to participate in or is responsible for decisions involving business transactions with the vendor or supplier, the employee shall promptly disclose the investment to the CCO, and shall refrain from further participation in such decisions unless expressly authorized in writing by the Managing Member.

Company Opportunities

Access Persons may not take personal advantage of any opportunity properly belonging to any Advisory Client or RVC. This includes, but is not limited to, acquiring Reportable Securities for one's own account that would otherwise be acquired for an Advisory Client.

Undue Influence

Access Persons shall not cause or attempt to cause any Advisory Client to purchase, sell or hold any security in a manner calculated to create any personal benefit to such Access Person. If an Access Person stands to materially benefit from an investment decision for an Advisory Client that the Access Person is recommending or participating in, the Access Person must disclose to those persons with authority to make investment decisions for the Advisory Client the full nature of the beneficial interest that the Access Person has in that security, any derivative security of that security or the security issuer, where the decision could create a material benefit to the Access Person or the appearance of impropriety. The person to whom the Access Person reports the interest, in consultation with the CCO, must determine whether or not the Access Person will be restricted in making investment decisions in respect of the subject security.

RVC does not recommend that clients buy or sell any security in which a related person to RVC or RVC has a material financial interest.

Personal Securities Transactions Procedures and Reporting

Pre-Clearance:

For any activity where it is indicated in the Code of Ethics that pre-clearance is required, the following procedure must be followed:

&nbsp;&nbsp;&nbsp;&nbsp;1. All pre-clearance requests for associated persons must be submitted to the CCO or CIO.

&nbsp;&nbsp;&nbsp;&nbsp;2. All pre-clearance request for the CCO's personal account must be submitted to RVC's
CIO

&nbsp;&nbsp;&nbsp;&nbsp;3. The requesting supervised person must submit pre-clearance requests to in writing. The request
must describe in detail what is being requested and any relevant information about the proposed activity.

&nbsp;&nbsp;&nbsp;&nbsp;4. The CCO (or CIO) will respond in writing to the request as quickly as is practical, either giving
an approval or declination of the request, or requesting additional information for clarification.

\*Note: RVC reserves the right to disapprove any proposed transaction that may have the appearance of improper conduct.

&nbsp;&nbsp;&nbsp;&nbsp;5. Associated persons and the CCO should complete RVC's Personal Trading Pre-Clearance Request
Form or alternatively an email request must be sent to the CCO or CIO for Approval. If approval is granted the employee is responsible
to enter the transaction details into the Personal Trading log located in Compliance/Personal Trading/.

Please see Appendix J for Personal Transactions Pre-Clearance Request Form.

&nbsp;&nbsp;&nbsp;&nbsp;6. Once pre-clearance is granted to an associated person, such associated person may only transact in that security for the remainder
of the trading day, unless otherwise noted by the CCO (or CIO) on the written authorization response.

&nbsp;&nbsp;&nbsp;&nbsp;7. The CCO will maintain records of all pre-clearance requests, personal trading
logsand responses for monitoring purposes and ensuring the Code of Ethics is followed.

Reconciliation of Preclearance Requests

RVC include policies and procedures for addressing the reconciliation of pre-clearance requests with trade confirmations or account statements received from a broker-dealer or periodic holdings reports, including who prepares these.

Reporting Requirements:

RVC maintains a list of all securities holdings for itself and anyone associated with its Advisory practice with access to Advisory recommendations. These holdings are reviewed on a regular basis by the CCO.

<u>Initial Holdings Reports</u>

Every access person shall, no later than ten (10) days after the person becomes an access person, file an initialholdings report or submit a brokerage statement containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title, exchange ticker symbol or CUSIP number, type of security, number of shares and principal
amount of each Reportable Security in which the access person had any direct or indirect beneficial ownership when the person becomes
an access person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the access person maintained an account in which
any securities were held for the direct or indirect benefit of the access person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date that the report is submitted by the access person.

If an employee submits the Initial Holdings Report it must be an accurate recording of security accounts and security holdings within the last 15 calendar days after receiving your employee classification.

Please see Appendix K for the Initial Holdings Reports form.

<u>Quarterly Holding Reports</u>

Every access person shall, no later than fifteen (15) days after the end of calendar quarter, file transaction reports or submit brokerage statements containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each transaction involving a Reportable Security in which the access person had, or as a result
of the transaction acquired, any direct or indirect beneficial ownership, the access person must provide the date of the transaction,
the title, exchange ticker symbol or CUSIP number, type of security, the interest rate and maturity date (if applicable), number
of shares and principal amount of each involved in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (e.g. purchase, sale)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of any broker, dealer or bank with or through the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date that the access person submits the report.

The securities information included in the report or brokerage statement must be updated on a quarterly basis thereafter and must be current within 15 calendar days of the date the report is submitted.

Additionally, as part of this quarterly reporting requirement, access persons must also certify that they have read, understand, and complied with this policy.

Access persons may use duplicate brokerage confirmations and account statements instead of submitting quarterly holdings reports, provided that all of the required information is contained in those confirmations and statements.

Please see Appendix L for the Quarterly Holdings Reports form.

<u>Annual Holding Reports</u>

Every access person shall, no later than fifteen (15) days after the end of calendar year, file transaction reports or brokerage statements containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. For each transaction involving a Reportable Security in which the access person had, or as a result
of the transaction acquired, any direct or indirect beneficial ownership, the access person must provide the date of the transaction,
the title, exchange ticker symbol or CUSIP number, type of security, the interest rate and maturity date (if applicable), number
of shares and principal amount of each involved in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The nature of the transaction (e.g. purchase, sale)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The price of the security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The name of any broker, dealer or bank with or through the transaction was affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The date that the access person submits the report.

The securities information included in the report must be updated on an annual basis thereafter and must be current within 15 calendar days of the date the report is submitted.

Additionally, as part of this annual reporting requirement, access persons must also certify that they have read, understand, and complied with this policy.

Access persons may use duplicate brokerage confirmations and account statements in lieu of submitting annual holdings reports, provided that all of the required information is contained in those confirmations and statements.

However, to satisfy RVC's annual compliance certification for Personal Securities Transactions, at least once every twelve months, each access person must submit the CERTIFICATION OF COMPLIANCE WITH RAREVIEW CAPITAL LLC PERSONAL SECURITIES TRANSACTIONS DISCLOSURE AND CODE OF ETHICS set forth in the appendices of this Code of Ethics. The Firm's Chief Compliance Officer will set the date by which this must be done each year.

Please see Appendix M for the Annual Holdings Reports form.

<u>New Accounts</u>

Access persons are responsible for updating the Compliance Department as soon as possible for any new brokerage accounts that are opened after the Initial Holdings Report has been submitted.

This requirement applies to both accounts that are owned directly by the access person or in which they have indirect ownership.

<u>Updating Holdings</u>

Access persons are required to update RVC with any changes to their securities (excluding exempt securities) holdings that occur as a result of corporate actions. These adjustments must be reported as soon as possible, but no less than annually.

<u>Gifts and Inheritances</u>

Access persons who give or receive a gift of securities (excluding exempt securities) or receive an inheritance that includes securities (excluding exempt securities) must report the activity within 10 calendar days.

The report must disclose the name of the person receiving or giving the gift or inheritance, date of the transaction, and name of the broker through which the transaction was affected (if applicable).

A gift of securities must be one where the donor does not receive anything of monetary value in return.

<u>Reporting Exemptions</u>

The reporting requirements of this section of this Code of Ethics shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any report on securities over which the access person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transaction reports on transactions effected under an automatic investment plan, including dividend
reinvestment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transaction reports if the report would contain duplicate information contained in broker trade
confirmations or account statements that the firm holds in its records so long as the firm receives the confirmations or statements
no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any transaction or holding report if the firm has only one access person, so long as the firm maintains
records of the information otherwise required to be reported under the rule.

<u>Interns, Temporary Employees, & Independent Contactors</u>

If an intern, temporary employee, or Independent Contractor become an access person they are required to follow the same policies and procedures as full-time employees considered access persons.

The Principal owner or CCO will decide when an intern, temporary employee, or Independent Contractor meet the definition of an access person under the Code.

<u>Report Confidentiality</u>

All holdings and transaction reports will be held strictly confidential, except to the extent necessary to implement and enforce the provisions of the code or to comply with requests for information from government agencies.

<u>Monitoring of Personal Securities Transactions</u>

RVC is required by the Act to review access persons' personal securities transactions and reports periodically. The CCO is responsible for reviewing these. The Supervisor shall review the CCO's personal securities transactions and reports.

The CCO shall periodically review the information collected through pre-clearance procedures, along with any other information available to him or her, including trade confirmation or account statements, to determine if there is evidence of abusive trading. All Employees shall cooperate with the CCO in these reviews. When conducting these reviews, the CCO may, in his or her discretion, consult informally with the General Counsel (or his or her designee). If the CCO determines that evidence of abusive trading exists, the CCO shall notify the Principal owner and General Counsel in writing of his or her determination to facilitate appropriate action and reporting.

**PROHIBITED ACTIVITIES**

RVC has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interest of its clients. All supervised persons must refrain from engaging in any activity or having a personal interest that presents a "conflict of interest." A conflict of interest may arise if your personal interest interferes, or appears to interfere, with the interests of RVC or its clients. A conflict of interest can arise whenever you take action or have an interest that makes it difficult for you to perform your duties and responsibilities for RVC honestly, objectively and effectively.

Conflicts of Interest

While it is impossible to describe all of the possible circumstances under which a conflict of interest may arise, listed below are situations that most likely could result in a conflict of interest and that are prohibited under this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Access persons may not favor the interest of one client over another client (e.g., larger accounts
over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which employees have
made material personal investments, accounts of close friends or relatives of supervised persons). This kind of favoritism would
constitute a breach of fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Access persons are prohibited from using knowledge about pending
or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions,
including by purchasing or selling such securities.

Access persons are prohibited from recommending, implementing or considering any securities transaction for a client without having disclosed any material beneficial ownership, business or personal relationship, or other material interest in the issuer or its affiliates, to the CCO. If the CCO deems the disclosed interest to present a material conflict, the investment personnel may not participate in any decision-making process regarding the securities of that issuer.

**GIFTS AND ENTERTAINMENT**

Gifts, discounts and price reductions not generally available to others are considered gifts. The following policies on gifts and entertainment apply to Access Persons:

Accepting Gifts

Access Persons are expressly prohibited from accepting inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could influence their decision-making or make them feel beholden to a person or firm.

RVC recognizes that it is customary for some of its suppliers, customers and other business associates to occasionally give small gifts to those with whom they do business. It is important, however, that these gifts do not affect an employee's business judgment, or give the appearance that judgment may be affected. Accordingly, RVC and its employees must be very careful when it comes to accepting gifts. As a general rule, RVC employees may accept gifts from suppliers, customers or other business associates, provided the gift:

&nbsp;&nbsp;&nbsp;&nbsp;1. Does not create the appearance (or an implied obligation) that the gift giver is entitled to preferential
treatment, an award of business, better prices or improved terms of sale; would not embarrass RVC or the gift giver if disclosed
publicly; if valued US$100 or above (even if promotional in nature), is reported in writing to, and approved by, the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. Does not exceed any specific limits established by RVC; and would not prevent the recipient from
awarding RVC's business to one of the gift giver's competitors.

Gifts of nominal value (i.e., a gift whose reasonable value, alone or in the aggregate, is not more than $300 in any 12-month period), customary business meals, entertainment (i.e. sporting events), and promotional items (i.e. pens, mugs, T-shirts) may be accepted.

Acceptance of extraordinary or extravagant gifts is prohibited. Any such gifts must be declined and returned in order to protect the reputation and integrity of RVC.

All gifts received by an Access Person that might violate this Code must be promptly reported to the CCO.

Solicitation of Gifts

Access Persons are prohibited from soliciting gifts of any size under any circumstances.

Giving Gifts

Access Persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the Access Person.

Access Persons may not give any gift with a value in excess of $300 (per year) to an Advisory Client or persons who do business with, regulate, advise or render professional services to RVC.

Ceremonial Gifts

Access Persons who receive a gift at an event of a ceremonial nature (i.e. a customer outing or a commemoration of a business transaction) that might not be appropriate under these guidelines, but is impractical or offensive to refuse, may accept the gift and then promptly report it to the CCO. The employee and CCO can then discuss the appropriate response.

Inappropriate Gifts

The following are never appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;1. No Access Person may give or accept cash gifts or cash equivalents (such as gift cards or gift
certificates) to or from a client, prospective client, or any entity that does business with or on behalf of RVC.

&nbsp;&nbsp;&nbsp;&nbsp;2. Gifts that are prohibited by local law;

&nbsp;&nbsp;&nbsp;&nbsp;3. Access Persons must not offer, give, solicit or receive any form of bribe, payoff or kickback (e.g.,
in order to obtain or retain business, or to secure an improper advantage, such as securing favorable tax treatment); Bribes, payoffs
and kickbacks are criminal acts, strictly prohibited by law;

&nbsp;&nbsp;&nbsp;&nbsp;4. Gifts the recipient knows are prohibited by the gift giver's organization; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Gifts given in the form of services or other non-cash benefits (e.g., the promise of employment).

RVC employees must never ask for gifts, gratuities or other items that benefit them personally, regardless of value. Employees are expected to exercise good judgment in accepting gifts from suppliers, customers or other business associates. Employees should talk to the CCO when in doubt as to whether a gift is appropriate.

Attendance

The receipt of an occasional dinner, a ticket to a sporting event or the theater, or comparable entertainment shall be considered acceptable only if the person or entity providing the entertainment is present.

Political and Charitable Contributions

Access Persons may not make political contributions in cash or services.

Access Persons are prohibited from considering the adviser's current or anticipated business relationships as a factor in soliciting political or charitable donations.

Bequests

Access Persons must report to the CCO any potential bequest in excess of US$100 to the employee under the will or trust instrument of a customer, vendor or supplier of RVC, whether or not RVC is the fiduciary named under such instrument, unless the customer, vendor, or supplier is a member of the employee's immediate family. Bequests more than US$100 are subject to the approval of the CCO.

Gift and Gratuities Log

The CCO shall maintain a Gift and Gratuities Log.

All gifts, given and received, will be recorded in a log to be signed by the supervised person and the CCO and kept in the supervised persons file.

The Gift and Gratuities Log should record the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ date

&nbsp;&nbsp;&nbsp;&nbsp;▪ received or given

&nbsp;&nbsp;&nbsp;&nbsp;▪ client/customer name

&nbsp;&nbsp;&nbsp;&nbsp;▪ type of gift

&nbsp;&nbsp;&nbsp;&nbsp;▪ name of employee

&nbsp;&nbsp;&nbsp;&nbsp;▪ value of gif.

**COMPLIANCE OFFICER DUTIES**

Administration

&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO is responsible for the administration of the Code of Ethics and
updating the Code of Ethics when necessary.

&nbsp;&nbsp;&nbsp;&nbsp;2. All employees will be directed to review an electronic version of the Code
of Ethics upon hire and will certify their compliance annually.

&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosures, approvals, or waivers will be reviewed, acted upon, and retained by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Code of Ethics will be included in employee training.

&nbsp;&nbsp;&nbsp;&nbsp;5. The CCO is responsible for any sanctions or exceptions.

Annual Review

CCO shall review at least annually the adequacy of this Code of Ethics and the effectiveness of its implementation.

Record-Keeping

CCO shall ensure that RVC maintains the following records in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;▪ A copy of each Code of Ethics that has been in effect at any time during the past six years;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A record of any violation of the Code and any action taken as a result
of such violation for six years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A record of all written acknowledgments of receipt of the Code and
amendments for each person who is currently, or within the past six years was a supervised person. These records must be kept for
six years after the individual ceases to be a supervised person of the firm;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Holdings and transactions reports made under the Code, including
any brokerage confirmation and account statements made instead of these report;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A list of the names of persons who are currently, or within the past six years were, access persons;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A record of any decision and supporting reasons for approving the
acquisition of securities by access persons in initial public offerings and limited offerings for at least six years after the
end of the fiscal year in which approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ A record of any decisions that grant employees or access persons a waiver from or exception to
the Code.

Training and Education

CCO shall be responsible for training and educating supervised persons regarding this Code. Training will occur periodically as needed and all supervised persons are required to attend any training sessions or read any applicable materials.

Sanctions

Any violations discovered by or reported to the CCO shall be reviewed and investigated promptly, and reported through the CCO to the Supervisor. Such report shall include the corrective action taken and any recommendation for disciplinary action deemed appropriate by the CCO. Such recommendation shall be based on, among other things, the severity of the infraction, whether it is a first or repeat offense, and whether it is part of a pattern of disregard for the letter and intent of this Code of Ethics. Upon recommendation of the CCO, the Supervisor may impose such sanctions for violation of this Code of Ethics as it deems appropriate, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;▪ a letter of caution or warning (i.e. censure);

&nbsp;&nbsp;&nbsp;&nbsp;▪ suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Suspension or termination of employment;

&nbsp;&nbsp;&nbsp;&nbsp;▪ In serious cases, referral to law enforcement or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Require the offending Access Person to reverse the trades in question, forfeit any profit or absorb
any loss derived therefrom; and such forfeiture shall be disposed of in a manner that shall be determined by RVC in its sole discretion.
Failure to timely abide by directions to reverse a trade or forfeit profits may result in the imposition of additional sanctions.

The following table sets forth notifications and sanctions that RVC will normally apply to the violations of the Code described in the table. The CCO may decline to impose a sanction, may impose a lesser sanction, may decline to issue a warning or may direct that a written notification not be issued if the CCO in his discretion determines that exigencies of the violations so warrant. The list of violations, notifications, and possible sanctions set forth in the table is non-exclusive, not binding on RVC, and creates no rights for Employees or Covered Contractors.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Level of**<br> **Offense** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Investment Compliance**<br> **Notification** | &nbsp;&nbsp;**Sanction** |
| &nbsp;&nbsp;**I** | &nbsp;&nbsp;▪ Isolated, inadvertent failure to comply with pre-clearance procedures, or other Policy requirements not otherwise described in this Table, promptly disclosed or admitted, with no other indication of wrongdoing. | &nbsp;&nbsp;CCO will issue informal notification to Employee and report Employee violation to the Principal owner. | &nbsp;&nbsp;CCO may issue warning. |
| &nbsp;&nbsp;**II** | &nbsp;&nbsp; ▪ Repeated, inadvertent failures to comply with preclearance procedures, or other Policy requirements not otherwise described in this Table, after informal notification with no other indication of wrongdoing.<br>▪ Any failure to comply with material, non-public information ("MNPI") procedures that is not promptly disclosed or admitted and corrected by the person(s) involved | &nbsp;&nbsp;CCO shall issue written notification to Principal owner, and may copy the Employee and Employee's supervisors. | &nbsp;&nbsp;Principal owner will issue written warning to Employee, copied to Employee's supervisor and Compliance Officer. The Principal owner will further direct that the written warning be placed in Employee's personnel file. |
| &nbsp;&nbsp;**III** | &nbsp;&nbsp;▪ Repeated failures to comply with pre-clearance or MNPI procedures, or other Policy requirements not otherwise described in this Table after written warning issued. | &nbsp;&nbsp;Written notification as above. | &nbsp;&nbsp;Written warning as above. |
| &nbsp;&nbsp;**IV** | &nbsp;&nbsp; ▪ Front Running.<br> ▪ Insider Trading.<br> ▪ Intentional violations of the Policy.<br> ▪ Intentional misstatements, omissions, or deceptive conduct related to preclearance procedures, MNPI procedures, or other Policy requirements. | &nbsp;&nbsp;Written notification as above. | &nbsp;&nbsp;Termination.<br>To the extent permitted by law, Employee may be required to repay any illgotten gains. |

---

For any violation of the Code, the CCO may require the person(s) involved to provide in writing the following: (1) a description of the facts of the violation; (2) acknowledgment that a violation has occurred; and (3) a representation that the violator will re-read this Code and will strive to avoid any further violations of the Policy.

Additionally, any violation of this Code by an Employee is grounds for corrective action, including termination without warning. In addition to the actions described in the above table, progressive corrective action, may be taken against:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who facilitate, condone, permit, or have knowledge of failures
to adhere to any of the procedures set forth in this Policy and do not take appropriate action;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who facilitate, condone, permit, or have knowledge of prohibited
conduct and do not take appropriate action;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who fail to cooperate or make false statements or material
omissions in connection with investigations under this Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who exercise reprisal, retaliation, threats, coercion,
or similar acts against another Employee for making a report under this Code.

In examining instances of violations or potential violations, evidence of intent or recklessness, a pattern of repetition, deceptive conduct, or misrepresentations or omissions will generally warrant severer sanctions.

The CCO shall report any violation of this Code by an employee or covered contractor to the Principal owner. The Principal owner shall take whatever steps he deems necessary to deal with violations of this Code by an employee or covered contractor as permitted or required by law and/or the relevant contract.

Nothing in this Sanctions section shall be deemed a limitation or obligation on RVC regarding any actions that RVC may take or not take in response to any violations or potential violations of the Code, including, without limitation reporting to and cooperating with relevant law enforcement agencies and officials.

Exceptions

Exceptions to the Code will rarely, if ever, be granted. However, the CCO may grant an occasional exception on a case-by-case basis when the proposed conduct involves negligible opportunities for abuse. All exceptions shall be solicited and issued in writing. No reports shall be required under this Code for (i) transactions effected under an automatic investment plan and (ii) securities held in accounts over which the Access Person has no direct control.

**CERTIFICATION OF COMPLIANCE**

The CCO shall maintain records of these certifications of compliance.

<u>Initial Certification</u>

RVC is required to provide all supervised persons with a copy of this Code. All supervised persons are to certify in writing that they have: (a) received a copy of this Code; (b) read and understand all provisions of this Code; and (c) agreed to comply with the terms of this Code.

<u>Acknowledgment of Amendments</u>

RVC must provide supervised persons with any amendments to this Code, and supervised persons must submit a written acknowledgment that they have received, read, and understood the amendments to this Code.

<u>Annual Certification</u>

All supervised persons must annually certify that they have read, understood, and complied with this Code of Ethics and that the supervised person has made all of the reports required by this Code and has not engaged in any prohibited conduct.

Please see Attachment A for the Certification of Compliance with Rareview Capital LLC Personal Securities Transactions Disclosure and Code of Ethics.

## Ex-99.(P)(Vii)

**[Collaborative Investment Series Trust 485BPOS](plgi-485bpos_102225.htm)**

**Exhibit 99.(p)(vii)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Code of Ethics** 

**Background**

In July 2004, the SEC adopted Rule 204A-1 of the Advisers Act requiring SEC-RIAs to adopt a Code of Ethics. The rule was designed to prevent fraud by reinforcing fiduciary principles that govern the conduct of advisory firms and their personnel. The Code of Ethics, in keeping with Rule 204A-1, requires SEC-registered investment advisers to perform the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 a high ethical standard of business conduct reflecting adviser's fiduciary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• Require
 access persons to periodically report personal securities transactions and holdings,
 with limited exceptions

&nbsp;&nbsp;&nbsp;&nbsp;• Require
 prior approval for any Initial Public Offering ("IPO"), limited offerings
 or private placement investments;

&nbsp;&nbsp;&nbsp;&nbsp;• Require
 reporting of violations of the Code of Ethics promptly to the CCO

&nbsp;&nbsp;&nbsp;&nbsp;• Delivery
 to and acknowledgement of the Code of Ethics by each supervised person. (Note: Trust
 Code of Ethics reporting will be administered by the Trust CCO or designee only).;

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 appropriate documentation

**Policy**

An investment adviser's Code of Ethics and related policies and procedures represent a strong internal control with supervisory reviews to detect and prevent possible insider trading, conflicts of interest and potential regulatory violations. Accordingly, CFA has adopted and implemented a strict Code of Ethics to govern the activities of Supervised Persons (including Access Persons) of the Adviser and to help ensure CFA maintains a strong culture of compliance inclusive of meetings its fiduciary obligation to its clients and mitigating potential and actual conflicts of risks. CFA's Code of Ethics governs practices covering personal securities transactions, outside business activities, gifts and gratuities/entertainment, and political contributions. Although not covered by the Advisers Act or subject to administration by the Adviser's CCO, the Trust and specifically the Trust CCO will initiate Code of Ethics and other Trust-related certifications or attestation for which the Adviser, in its capacity as a sponsor to ETFs and Mutual Funds on the Trust, is mandated to complete under its applicable agreement. The CEO will be responsible for ensuring that those certifications and/or attestations, including those related to the Adviser's sponsored ETF/mutual fund activities and personal securities transactions, are completed thoroughly and promptly. In doing so, the Adviser's CEO may collaborate on their completion with the Adviser's CCO but shall remain ultimately responsible for satisfying the attendant requirements compelled by the Trust CCO and Trust Board of Trustees.

In keeping with Rule 204A-1 of the Advisers Act, CFA has adopted a formal Code of Ethics that classifies all Adviser employees (a/k/a Supervised Persons) as "Access Persons". Accordingly, these Access Persons are subject to the CFA Code of Ethics ("Code") and its provisions.

*Personal Securities Transactions*: The Code covers the personal securities transactions of covered accounts for which they or their household members have discretion or beneficial ownership. In addition, the Code covers the political contributions, outside business activities, gifts and entertainment for business purposes for all Access Persons. CFA policy in connection to the Code will, as a general principle, follow the parameters outlined in this section of the Manual.

**Procedures**

The Code of Ethics, as described in further detail below, is provided in the Compliance Manual which is distributed to each Access/Supervised Person upon employment and as updated. Each Access/Supervised Person shall complete an attestation asserting that he/she has received, read, understands, and will abide by its contents. Each Access/Supervised Person shall also be required to:

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 a high ethical standard of business conduct reflecting adviser's fiduciary obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 with federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• periodically
 report personal securities transactions and holdings, with limited exceptions, which
 will be reviewed by the CCO or delegated supervisor

&nbsp;&nbsp;&nbsp;&nbsp;• Request
 prior approval for any Initial Public Offering ("IPO"), limited offerings,
 private placement investments or any reportable funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Require
 reporting of violations of the Code of Ethics promptly to the CCO

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 appropriate documentation

*Outside Business Activities*: The Code permits Access Persons to engage in Outside Business Activities (OBAs) subject to (i) pre-approval by the CCO and CEO and (ii) so long as the OBA does not present any material conflict of interest to CFA or otherwise impact CFA clients adversely.

*Political Contributions*: The Code permits Access Persons to make political contributions subject to conditions described below and informs Access Persons to verify independently if the contribution limits are consistent with the thresholds, if any, permitted by the laws of the federal government, state or local jurisdictional law.

*Gifts and Gratuities/Entertainment*: The Code permits Access Persons to give or receive gifts, gratuities, or entertainment subject to the conditions set forth in the Code of Ethics. Preclearance by the CCO is required for gifts (given or received) of over $300 in value per instance. The Code of Ethics does allow for exceptions to gift limits where there is an established personal relationship and for specific life events. Entertainment can be provided or received as long as the person providing the entertainment is present and the value of the entertainment is not considered lavish or inappropriate.

*Loans*. CFA or its Supervised Persons are prohibited from giving or receiving loans to other employees or representatives of clients of the Firm without prior approval by the CEO or in the case of the CEO, the CCO.

To distinguish the difference between Business Gifts from Entertainment, here are a common scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;• Example
 A: Access Person invites a prospective client to a sporting event. The Access Person
 attends the event with the prospective client. This is an example of Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;• Example
 B: Access Person gives a prospective client two tickets to a sporting event. Access Person
 doesn't attend the event with the prospective client. This is an example of a Gift.

*Conflicts of Interest:* The Code, in keeping with CFA's fiduciary obligations, mandates that Access Persons, at all times, place the interests of CFA's clients ahead of both CFA and their own interests. CFA Access Persons are compelled to act in a professional manner when conducting business for the Adviser and, in accord with that standard, shall disclose any material conflicts of interests when conducting their duties on behalf of CFA to the CEO and CCO promptly.

**Responsibility**

CCO

**Personal Securities Transactions**

**Background**

As required by Rule 204A-1, the Code of Ethics must govern certain activities conducted by Access Persons to ensure that an RIA is operating in a manner consistent with its fiduciary obligations.

**Policy**

As a fundamental principle, CFA requires that all personal securities transactions will be conducted in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. For purposes of this Policy, "Personal securities transactions" shall mean any purchase or sale of a Covered Security by an Access Person in a Covered Account; provided, however, that the CCO (or in the case of accounts involving the CCO, the CEO) may, on a case by case basis, exclude certain accounts from the below restrictions if such accounts qualify as Covered Accounts solely as a result of part (2) of the definition of such term. Moreover, each Supervised shall: (i) comply with all applicable securities laws and (ii) report any violations concerning personal securities transactions promptly to the CCO.

The Code does permit Access Persons to maintain personal securities accounts. Personal investing by an Access Person in any account in which the access person has a discretionary control or beneficial interest, including accounts for any immediate family or household members, must be consistent with our fiduciary duty to our clients and regulatory requirements. Each Access Person must identify within 10 days of becoming an Access Personany personal investment account information to the CCO initially and on an ongoing basis. Appropriate investment opportunities must be offered to clients first before the Adviser or any employee may act on them.

**<u>Definitions: The Code of Ethics shall use the following terms and related definitions:</u>**

(a) "Access Person" means (i) any Supervised Person of CFA (1) who has access to nonpublic information regarding any clients' purchase or sale of securities or (2) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic; and (ii) any Manager, director or officer of CFA.

(b) "Supervised Person" means any member, officer, director (or other person occupying a similar status or performing similar functions), or employee of CFA (which may include independent contractors), or other person who does not provide investment advice on behalf of CFA or has access to client recommendations (which is precluded through physical and technology barriers) and is subject to the supervision and control of CFA.

(c) "Covered Security" means any interest or instrument commonly known as a security, except that it shall not include direct obligations of the Government of the United States, bankers' acceptances, certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), money market funds,shares issued by unit investment trusts, or shares of open-end mutual funds (other than reportable funds).

(d) "Fund" means any investment fund or investment pooled vehicle for which CFA is the investment adviser.

(e) "Purchase or sale of a Covered Security" includes, among other things, the writing of an option to purchase or sell a Covered Security.

(f) "Beneficial Ownership", for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers Act, means any securities or private investments held in accounts over which the Access Person has direct or indirect influence or control including themselves or members of their household. Excluded from this definition are securities held in accounts over which the access person had no direct or indirect influence or control.

(g) "Covered Account" shall mean any brokerage or bank account that holds covered securities for which the Access Person has discretionary authority and/or beneficial ownership.

(h) "Covered Security" means, for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers, any securities or private investments held in accounts in which the Access Person has Beneficial Ownership.

**Procedure**

Personal Securities Transactions. CFA has adopted procedures to implement our policy on personal securities transactions and reviews to monitor and ensure our policy is observed, implemented properly, and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are required to provide CFA electronic access to or most recent statements for
 current covered accounts and reportable securities holdings for both the Access Persons
 and household members within 10 days of becoming an Access person and on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;• All
 personal securities transactions in covered securities that are to be executed in covered
 accounts are subject to reporting under the Code of Ethics except transactions in which
 the Access Person or household member does not have discretionary authority (such as
 where a brokerage Adviser or financial advisor makes all investment decisions for the
 Access Person or household member), accounts that do not permit purchase or sale of covered
 securities (e.g., 529 Plans)

&nbsp;&nbsp;&nbsp;&nbsp;• Confirmations
 and brokerage account statements may be accepted in lieu of transaction and holdings
 reports so long as the confirmations and statements contain all required information
 and as long as the information is current within 45 days of reporting for holdings reports
 and such statements are received within 30 days of the end of each calendar quarter for
 personal securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;• Front-Running
 and Scalping, which includes instances of trading while in possession of information
 concerning the Adviser's trades is called front-running or scalping and is prohibited
 (and may be in violation of federal law). Front-running is making a trade in the same
 direction as the Adviser or a client just before the Adviser or client makes its trade
 whereas Scalping is when a making a trade in the opposite direction just after a trade
 by the Adviser or a client. The Firm has a strict prohibition in regard to such deceptive
 practices.

CFA, in addition to the aforementioned procedures, has also adopted these provisions attendant to personal securities transactions as part of its Code of Ethics ("Code"). Code reporting may be facilitated via email or automated platform at the discretion of the Adviser.

*Pre-Clearance Requirements*: CFA has instituted pre-clearance for personal securities transactions in covered securities including:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial
 Public Offerings (IPOs);

(2) Limited Offerings (e.g. Private Funds including offerings falling under the exemption from registration under the Company Act by sections 3(c)(1) and/or 3(c)(7) or other Company Act, Securities Act of 1933 ("Securities Act"), and/or Exchange Act provisions; and

(3) Reportable Funds. "Reportable Funds", for purposes herein, shall be specifically applied to each of the CFA Funds.

CCO Pre-Clearance: Access Persons must always seek and obtain pre-clearance from the CCO through the process established by CFA for these transaction requests for covered accounts:

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance
 of an Access Person's participation in an initial public offering ("IPO"),
 which means the first sale of stock issued by a company to the public;

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain
 prior approval of any acquisition of securities in a limited offering (e.g., 144A, or
 interest in a private limited partnership, or similar type of investments); and

&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance
 of an Access Person's purchase or sale of a mutual fund or ETF for which CFA is
 the Adviser.

The CCO shall monitor Access Persons and their household members reports of personal securities transactions in covered accounts for compliance with the Adviser's policies. The CCO has the responsibility for implementing and monitoring the Code of Ethics provisions described herein.

**Responsibility**

CCO

**Conflicts of Interest**

Background

As a registered investment adviser (RIAs), CFA and its Supervised Persons must act, at all times, in a professional manner consistent with its fiduciary obligation to the adviser's clients. As part of this obligation, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the Firm.

**Policy**

CFA has implemented a policy concerning Conflicts of Interests that make it a violation of the duty of loyalty to CFA to act in the following manner without the prior written consent of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;• Rebate,
 directly or indirectly, to any person, Adviser or corporation any part of the compensation
 received from the Adviser as an employee;

&nbsp;&nbsp;&nbsp;&nbsp;• Accept,
 directly or indirectly, from any person, firm, corporation or association, other than
 the Firm, compensation of any nature as a bonus, commission, fee, gratuity or other consideration
in connection with any transaction; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Own
 any stock or have, directly or indirectly, any financial interest in any other organization
 engaged in any securities, financial or related business, except for a minority stock
 ownership or other financial interest in any business which is publicly owned.

**Procedures**

In general, CFA has identified certain conflicts of interest that the CEO, in coordination with the CCO, shall be responsible for overseeing that the Adviser properly discloses them to clients in disclosure documents, advisory agreements and marketing communications, where applicable. CFA shall also, where possible, institute controls to mitigate their impact to CFA and its clients. In addition, the CEO shall also promptly inform the CCO of unreported conflicts of interests so that both the CEO and CCO can determine appropriate risk mitigation including operational or policy controls. Conflicts of interest may include but are not limited necessarily to:

&nbsp;&nbsp;&nbsp;&nbsp;• Securities
 Transactions. PMs, may execute transaction for certain clients (i.e., registered investment
 companies) that may adversely impact the value of securities held by other clients

&nbsp;&nbsp;&nbsp;&nbsp;• Personal
 Securities Transactions. CFA has instituted a Code of Ethics to regulate the personal
 securities transactions of its employees and, in doing so, prevent any personal trades
 in issuers or securities that may affect CFA client account portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;• Marketing
 and Distribution. CFA may be contractually obligated to assist in the sale of ETF and
 mutual fund shares. CEO compensation linked to the sale of these shares may create incentive
 to devote time to marketing efforts that may otherwise be allocated to other clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Expert
 Networks. Should CFA engage in the use of Expert Network(s), or a type of business that
 connects companies with expert resources or subject-matter experts, such as academics,
 C-levels, founders, and high-level officials to provide valuable information, data, or
 assistance, then the Adviser shall institute and adhere to a Firm-approved "Paid
 Industry Experts" policy/procedures that will be incorporated at that time into
 this Manual.

**Responsibility**

CEO/CCO

**Outside Business Activities**

**Background**

Outside business interests or investment activities (collectively hereafter "Outside Business Activities") may interfere with the Supervised Person's duties with the Firm. Accordingly, RIAs must adopt and implement policies and procedures to monitor the Outside Business Activities ("OBAs") of its Supervised Persons including placing restrictions or prohibiting such activities.

**Policy**

Access Persons, prior to engaging in any OBA (including directorships of private companies, consulting engagements, or public/charitable positions) and/or accepting compensation from firms or individuals outside of CFA, must submit a detailed description to the CCO who, in coordination with the CEO (where necessary) shall review the activity, which will be deemed approved unless the CEO or CCO indicates otherwise. The description must include the nature of the activity; how much time will be devoted; and when the activity will occur (business hours or other). Conflict of interest may arise if a Supervised Person engages in an outside activity or investment that may be inconsistent with the Adviser's business interests.

**Procedures**

Access Persons must report any pre-existing OBA upon joining CFA. The CCO may require further information concerning any outside activity being disclosed, including the number of hours involved and the compensation to be received. In particular, Supervised Persons should analyze their current engagements with a particular emphasis on activities which involve:

&nbsp;&nbsp;&nbsp;&nbsp;• a
 time commitment which would prevent such Supervised Person from performing his or her
 duties for the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;• an
 activity that gives the impression that the services performed are an extension of CFA's
 business when in fact the contrary is true;

&nbsp;&nbsp;&nbsp;&nbsp;• active
 participation in any business in the financial services industry or otherwise in competition
 with the Firm, such as, teaching assignments, lectures, public speaking, publication
 of articles, or radio or television appearances,

&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 as an employee, officer or director of any private business, charitable organization
 or non-profit organization;

&nbsp;&nbsp;&nbsp;&nbsp;• Supervised
 Persons may not serve on the board of any company whose securities are publicly traded,
 or of any company that the Company or any client account owns securities.

All Access Persons will try to avoid establishing financial interests or outside affiliations that may create a conflict, or appear to create a conflict, between the Access Person's personal interests and the interests of the Adviser or its clients. A potential conflict of interest exists whenever a Supervised Person has a direct financial or other personal interest in any transaction or proposed transaction involving CFA or its clients. A conflict of interest may also exist where the Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Access Person has a friendship or other personal relationship. In such situations, Access Persons must disclose the conflict to the CCO and consider recusing themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between the Adviser or any of its clients and the client involved. Access Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

**Responsibility**

CCO

**Political Contributions**

**Background**

Rule 206(4)-5 of the Advisers Act, commonly referred to as "Pay-to-play", refers to the practice whereby an adviser or its employees make political contributions or gifts for the purpose of obtaining or retaining advisory contracts with government entities. General fiduciary principles under the Advisers Act require an adviser to take reasonable steps to ensure that any political contributions made by it or its employees are not intended to obtain or retain advisory business. In addition, the SEC adopted provisions that substantially restrict contribution and solicitation practices of investment advisers and certain of their related persons, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• It
 prohibits an investment adviser from providing advisory services for compensation –
 either directly or through a pooled investment vehicle – for two years, if the
 adviser or certain of its executives or employees make a political contribution to an
 elected official who is in a position to influence the selection of the adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• It
 prohibits an advisory Adviser and certain executives and employees from soliciting or
 coordinating campaign contributions from others – a practice referred to as "bundling"
 – for an elected official who is in a position to influence the selection of the
 adviser. It also prohibits solicitation and coordination of payments to political parties
 in the state or locality where the adviser is seeking business; and

&nbsp;&nbsp;&nbsp;&nbsp;• It
 prohibits an adviser from paying a third party, such as a solicitor or placement agent,
 to solicit a government client on behalf of the investment adviser, unless that third
 party is an SEC-registered investment adviser or broker-dealer subject to similar pay
 to play restrictions.

**Policy**

CFA, a SEC-registered investment adviser, has adopted and implemented the following policy and procedures in connection to Rule 206(4)-5. For purposes of this Manual, the following pertinent terms shall be defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• "Covered
 Associate" means: (i) any Supervised Person; and (ii) any political action committee
 or similar organization controlled by the Adviser or by any Covered Person. From time
 to time, the Adviser or its Covered Associates may be asked to make a political contribution.
 In addition, Covered Associates, by their own volition, may seek to make individual political
 contributions. Though the Adviser does not actively solicit government entity business,
 as an investment manager, the Adviser is eligible and may be asked to manage money on
 behalf of a state or municipality in the future. To avoid any real or perceived conflict
 of interests, the Adviser requires that individual political contributions be subject
 to preclearance as further detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;• "Political
 Contributions" include direct payments of money to a campaign organization, volunteer
 work, or fund-raising work done on behalf of, or to benefit, a political campaign, organization
 or candidate.

**Procedures**

The Adviser's procedures are divided into two sections purposefully to cover CFA, in its capacity as an investment adviser, and CFA Supervised Persons.

*Adviser Contributions.* CFA, as a SEC-registered investment adviser, does not intend to make political contributions.

*Individual Contributions.* Political activity must occur strictly in an individual and private capacity and not on behalf of CFA (or "Adviser"). The Adviser's resources, financial or otherwise, may not be used to support political parties, candidates or causes, unless approved in advance by the CCO, and therefore:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Adviser will not reimburse any Covered Person (i.e., Supervised Person) for individual
 political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate
 credit cards issued to Covered Persons cannot be used to make contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered
 Associates are not permitted to use the Adviser's name in connection with any political
 campaign other than to state that they are affiliated with or employed by the Adviser.

Covered Associates may make political contributions to elected officials at the State, County and local level provided such contributions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive
 pre-clearance from the CCO through the system that CFA has implemented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
 total, are not in excess of $350 or foreign currency equivalent to each official, per
 election for whom they may vote, and $150 to other candidates or political action campaigns.

Federal political campaigns are exempt from this policy.

**Responsibility**

CCO

**Gifts and Entertainment**

**Background**

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or may raise a potential conflict of interest and. To remain in adherence to its fiduciary obligations under the Advisers Act, CFA has implemented the following policies set forth below to guide employees in this area.

**Policy**

Supervised or access persons will not accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could or give the appearance of influencing their decision-making or make them feel obligated to a person or firm. Similarly, supervised or access persons should not offer gifts, favors, entertainment or other things of material value that could be deemed overly generous or aimed at influencing decision-making or making a client feel obligated to the firm or the supervised or access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Gift</u>:
 A "gift" is defined as anything of monetary value. Payment for entertainment
 or meals where the Covered Person is not accompanied by the person purchasing the entertainment
 or meals is considered a gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Entertainment (or Gratuities)</u>: Acceptance of meals and entertainment where the host is present
 is considered "entertainment."

Supervised Persons (including Access Persons) are restricted from accepting inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could or give the appearance of influencing their decision-making or make them feel obligated to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of material value that could be deemed overly generous or aimed at influencing decision-making or making a client feel obligated to the Adviser or the supervised or access person.

CFA's Gift and Entertainment Policy also maintains these specific considerations for all Supervised Persons to abide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash/Non-Cash Compensation.* No Supervised Person may give or accept gifts or cash equivalents to
 or from a client, prospective client, or any entity that does business with or on behalf
 of the adviser that are valued above $300 per instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Entertainment*.
 Entertainment can be given or received as long as it is of reasonable value and not intended
 to influence decision-making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Loans.* No Supervised Person may give or accept a loan from a client of CFA without written
 pre-approval from the CEO and notification to the CCO.

**Procedures**

Our Chief Compliance Officer will ensure that all access and supervised persons understand the restrictions on giving and receiving gifts and/or compensation of any nature. Supervised or access persons will not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence, or give the appearance of influencing, their decision-making or make them feel beholden to a person or firm. Similarly, supervised or access persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the supervised or access person. Generally, it is expected that the value of such gifts do not exceed $300. Gifts given or received will be logged onto a Gifts and Entertainment Log and retained. The log will include an estimated value of each gift/entertainment received or given. Our CCO, or designee, will maintain a Gifts and Entertainment log and enter the date, vendor/client name and fair value of any gift/entertainment.

**Gifts**

A conflict of interest occurs when the personal interests of Supervised Persons interfere or could potentially interfere with their responsibilities to the firm and its clients. The overriding principle is that Supervised Persons should not accept inappropriate gifts, favors, gratuities, special accommodations, or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, gratuities or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the firm or the Supervised Person. Conflicts of interest must be disclosed to the client and when possible, steps should be taken to manage the conflict of interest.

**Entertainment**

No Supervised Person may provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of the adviser. Supervised Persons may provide or accept a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. All entertainment received from a vendor or provided to a client must be logged on the Gifts and Entertainment Log above a nominal value ($25).

**Responsibility**

CCO

**Insider Trading Policy**

**Background**

Various federal and state securities laws and the Advisers Act require every investment adviser to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information in violation of the Advisers Act or other securities laws by the investment adviser of any Access Person associated with the investment adviser.

**Policy**

CFA's Insider Trading Policy (see below) prohibits any Access Person from acting upon, misusing, or disclosing any material non-public information, also known as "inside information." Any instances or questions regarding possible inside information must be immediately brought to the attention of the CEO and CCO, and any violations of the Adviser's policy in this regard shall result in disciplinary action up to termination.

**Procedures**

CFA has adopted and implemented specific procedures to help ensure adherence to the Adviser's Insider Trading Policy including a review of its contents on an annual basis. Additionally, the Adviser has instituted these other specific procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Insider Trading Policy is distributed to all Access Persons, and newly hired Access Persons
 within 10 days of hire. In such instances, Access Persons shall attest that they received
 the Insider Trading Policy including upon first receipt of the policy and as updated
 thereafter. The attestation, too, requires the Access Person to certify he or she received
 the policy, read the policy, and will abide by the provisions in the policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons must report to the CEO or CCO all business, financial or personal relationships
 that may result in access to material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CCO reviews all transactional activity for Access Persons and Access Person-related or
 household accounts (which is inclusive of any account subject to the Code of Ethics).
 As noted in the Code of Ethics, initial and holding reports from Access Persons and Access
 Person-related or household accounts must be submitted to the CCO and perform quarterly
 reviews of brokerage account statements for such covered accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 CCO, in coordination with the CEO, shall provide guidance to Access Persons on any
potential insider trading situation or related questions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where
 necessary, the CCO shall prepare a written report to the CEO (and/or Outside Counsel)
 of any potential violation of the Adviser's Insider Trading Policy including recommendations
 of corrective actions and/or disciplinary sanctions.

**Responsibility**

CCO