ghta-ncsrs_033122

Semi-Annual Shareholder Report | 1

Expense ExamplesMarch 31, 2022 (Unaudited)

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including commissions on trading, as applicable; and (2) ongoing costs, including advisory fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The expense examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period ended March 31, 2022.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Further, the expenses do not include any brokerage commissions on investors’ purchases or redemptions of Fund shares as described in each Fund’s prospectus. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semi-Annual Shareholder Report | 2

Expense Examples (continued)March 31, 2022 (Unaudited)


		Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022	Expenses Paid During Period			Annualized Expense Ratio
Rareview Dynamic Fixed Income ETF	Actual	$1,000.00		$905.70		$7.13	^(a)		1.50	%
	Hypothetical	1,000.00		1,017.45		7.54	^(a)		1.50
Rareview Tax Advantaged Income ETF	Actual	1,000.00		872.40		5.84	^(a)		1.25
	Hypothetical	1,000.00		1,018.70		6.29	^(a)		1.25
Rareview Inflation/ Deflation ETF	Actual^(b)	1,000.00	^(c)	990.50		2.04	^(d)		0.87
	Hypothetical	1,000.00	^(c)	1,020.59		4.38	^(a)		0.87
Rareview Systematic Equity ETF	Actual^(e)	1,000.00	^(c)	1,005.80		1.89	^(f)		0.97
	Hypothetical	1,000.00	^(c)	1,020.09		4.89	^(a)		0.97

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (the number of days in the more recent fiscal half-year divided by the number of days in the fiscal year).

(b) Information shown reflects values for the stub period of 86 days from January 5, 2022 (commencement of operations) to March 31, 2022 and has been calculated using expense ratios and rates of returns for the same period.

(d) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period from January 5, 2022 (commencement of operations) to March 31, 2022 divided by the number of days in the fiscal year.

(e) Information shown reflects values for the stub period of 71 days from January 20, 2022 (commencement of operations) to March 31, 2022 and has been calculated using expense ratios and rates of returns for the same period.

(f) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the period from January 20, 2022 (commencement of operations) to March 31, 2022 divided by the number of days in the fiscal year.

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

Semi-Annual Shareholder Report | 3

Portfolio of InvestmentsMarch 31, 2022 (Unaudited)

Rareview Dynamic Fixed Income ETF


Portfolio of Investments Summary Table		Percentage of Fair Value (%)
Closed End Funds		52.4
Exchange-Traded Funds		23.2
Options on Futures		24.4
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments


Shares		Fair Value ($)
Closed End Funds — 65.7%
536,742	Aberdeen Asia-Pacific Income Fund, Inc.	1,814,188
172,195	Angel Oak Financial Strategies Income Term Trust	2,718,959
111,546	Apollo Tactical Income Fund, Inc.	1,601,801
934	Ares Dynamic Credit Allocation Fund, Inc.	13,487
49,813	BlackRock Core Bond Trust	647,569
63,064	BlackRock Credit Allocation Income Trust	792,084
21,994	BlackRock MuniHoldings Fund, Inc.	312,975
1,000	BlackRock MuniHoldings Investment Quality Fund	12,260
249,431	BlackRock MuniVest Fund, Inc.	2,035,357
61,485	BlackRock MuniYield Quality Fund III, Inc.	771,637
212,750	Blackstone Strategic Credit Fund	2,776,387
1,700	DoubleLine Opportunistic Credit Fund	28,492
93,990	DoubleLine Yield Opportunities Fund	1,574,332
135,900	Eaton Vance Municipal Bond Fund	1,562,850
328,440	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.	1,638,916
73,652	Nuveen AMT-Free Quality Municipal Income Fund	967,787
668,529	Nuveen Credit Strategies Income Fund	4,131,509
62,194	Nuveen Municipal Credit Opportunities Fund	839,619

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

Semi-Annual Shareholder Report | 4

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Dynamic Fixed Income ETF


Shares		Fair Value ($)
85,641	Nuveen New Jersey Quality Municipal Income Fund	1,145,877
63,753	Nuveen New York AMT-Free Quality Municipal Income	773,961
65,317	Nuveen Quality Municipal Income Fund	872,635
453,749	Nuveen Senior Income Fund	2,572,757
258	PGIM Global High Yield Fund, Inc.	3,449
188	PGIM High Yield Bond Fund, Inc.	2,698
46,041	PIMCO Dynamic Income Opportunities Fund	782,237
237,209	Western Asset Emerging Markets Debt Fund, Inc.	2,545,253
113,654	Western Asset Managed Municipals Fund, Inc.	1,320,659
		34,259,735
Total Closed End Funds (Cost $38,360,740)		34,259,735

Exchange-Traded Funds — 29.2%
42,878	iShares iBoxx $ Investment Grade Corporate Bond ETF	5,185,665
49,115	iShares MBS ETF	5,003,345
45,592	iShares National Muni Bond ETF	4,998,707
		15,187,717
Total Exchange-Traded Funds (Cost $15,215,049)		15,187,717

Purchased Options on Futures — 30.6%
Total Purchased Options on Futures (Cost $5,729,165)		15,961,875

Total Investments — 125.5% (Cost $59,304,954)		65,409,327
Liabilities in Excess of Other Assets — (25.5%)		(13,299,482	)
Net Assets — 100.0%		52,109,845

AMT — Alternative Minimum Tax

ETF — Exchange-Traded Fund

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

Semi-Annual Shareholder Report | 5

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Dynamic Fixed Income ETF

Futures Contracts

At March 31, 2022, the Fund’s open futures contracts were as follows:

Futures Contracts Sold


Description	Number of Contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
iBoxx iShares Bond Future	36	5/2/22	5,199,480	(65,177	)
				(65,177	)

Written Options

Exchange-traded options on futures contracts written as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Premiums Received ($)	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	8,250	2,040,586	198,412	98.94	4/14/22	(51,562	)
Euro$ 1Y Midcurve Options	Call	17,050	4,219,874	625,598	99.00	4/14/22	(106,563	)
IMM Euro$ Futures Options	Put	1,200	297,188	103,860	99.06	5/13/22	(1,800,000	)
IMM Euro$ Futures Options	Put	1,200	297,000	73,860	99.00	5/13/22	(1,620,000	)
IMM Euro$ Futures Options	Put	800	197,875	149,240	98.94	6/13/22	(990,000	)
IMM Euro$ Futures Options	Put	800	198,000	189,240	99.00	6/13/22	(1,105,000	)
IMM Euro$ Futures Options	Put	2,200	540,031	1,977,910	98.19	12/19/22	(5,390,000	)
IMM Euro$ Futures Options	Put	2,200	539,344	1,679,590	98.06	12/19/22	(4,853,750	)
(Total Premiums Received $4,997,710)							(15,916,875	)

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

Semi-Annual Shareholder Report | 6

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Dynamic Fixed Income ETF

Purchased Options

Exchanged-traded options on futures contracts purchased as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a⁾	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	8,250	2,038,008	98.81	4/14/22	51,562
Euro$ 1Y Midcurve Options	Call	17,050	4,214,546	98.88	4/14/22	106,563
IMM Euro$ Futures Options	Put	1,200	297,375	99.13	5/13/22	1,987,500
IMM Euro$ Futures Options	Put	1,200	296,813	98.94	5/13/22	1,440,000
IMM Euro$ Futures Options	Put	800	198,125	99.06	6/13/22	1,225,000
IMM Euro$ Futures Options	Put	800	197,750	98.88	6/13/22	880,000
IMM Euro$ Futures Options	Put	2,200	540,719	98.31	12/19/22	5,926,250
IMM Euro$ Futures Options	Put	2,200	538,656	97.94	12/19/22	4,345,000
(Total Cost $5,729,165)						15,961,875

(a) Notional amount is expressed as the number of contracts multiplied by contract size, multiplied by the strike price of the underlying asset.

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

Semi-Annual Shareholder Report | 7

Portfolio of InvestmentsMarch 31, 2022 (Unaudited)

Rareview Tax Advantaged Income ETF


Portfolio of Investments Summary Table		Percentage of Fair Value (%)
Closed End Funds		70.8
Exchange-Traded Fund		4.3
Options on Futures		24.9
Total		100.0

Portfolio of Investments


Shares		Fair Value ($)
Closed End Funds — 88.8%
84,082	BlackRock MuniHoldings Fund, Inc.	1,196,487
900	BlackRock MuniHoldings Investment Quality Fund	11,034
191,745	BlackRock MuniVest Fund, Inc.	1,564,639
113,632	BlackRock MuniYield Quality Fund III, Inc.	1,426,082
182,371	Eaton Vance Municipal Bond Fund	2,097,266
200,682	Nuveen AMT-Free Quality Municipal Income Fund	2,636,961
57,430	Nuveen California Quality Municipal Income Fund	753,482
39,098	Nuveen Municipal Credit Opportunities Fund	527,823
73,792	Nuveen New Jersey Quality Municipal Income Fund	987,337
96,375	Nuveen New York AMT-Free Quality Municipal Income	1,169,993
186,278	Nuveen Quality Municipal Income Fund	2,488,674
159,757	Western Asset Managed Municipals Fund, Inc.	1,856,376
		16,716,154
Total Closed End Funds (Cost $19,297,627)		16,716,154

Exchange-Traded Fund — 5.4%
9,236	iShares National Muni Bond ETF	1,012,635
Total Exchange-Traded Fund (Cost $1,013,286)		1,012,635

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

Semi-Annual Shareholder Report | 8

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Tax Advantaged Income ETF


Shares	Fair Value ($)
Purchased Options on Futures — 31.3%
Total Purchased Options on Futures (Cost $2,148,050)	5,882,944

Total Investments — 125.5% (Cost $22,458,963)	23,611,733
Liabilities in Excess of Other Assets — (25.5%)	(4,790,466	)
Net Assets — 100.0%	18,821,267

AMT — Alternative Minimum Tax

ETF — Exchange-Traded Fund

Written Options

Exchange-traded options on futures contracts written as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Premiums Received ($)	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	2,000	494,688	71,480	98.94	4/14/22	(12,500	)
Euro$ 1Y Midcurve Options	Call	4,871	1,205,572	191,427	99.00	4/14/22	(30,444	)
IMM Euro$ Futures Options	Put	800	197,875	138,592	98.94	6/13/22	(990,000	)
IMM Euro$ Futures Options	Put	800	198,000	178,592	99.00	6/13/22	(1,105,000	)
IMM Euro$ Futures Options	Put	800	196,375	718,592	98.19	12/19/22	(1,960,000	)
IMM Euro$ Futures Options	Put	800	196,125	608,592	98.06	12/19/22	(1,765,000	)
(Total Premiums Received $1,907,275)							(5,862,944	)

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

Semi-Annual Shareholder Report | 9

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Tax Advantaged Income ETF

Purchased Options

Exchanged-traded options on futures contracts purchased as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	2,000	494,063	98.81	4/14/22	12,500
Euro$ 1Y Midcurve Options	Call	4,871	1,204,050	98.88	4/14/22	30,444
IMM Euro$ Futures Options	Put	800	198,125	99.06	6/13/22	1,225,000
IMM Euro$ Futures Options	Put	800	197,750	98.88	6/13/22	880,000
IMM Euro$ Futures Options	Put	800	196,625	98.31	12/19/22	2,155,000
IMM Euro$ Futures Options	Put	800	195,875	97.94	12/19/22	1,580,000
(Total Cost $2,148,050)						5,882,944

(a) Notional amount is expressed as the number of contracts multiplied by contract size, multiplied by the strike price of the underlying asset.

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

Semi-Annual Shareholder Report | 10

Portfolio of InvestmentsMarch 31, 2022 (Unaudited)

Rareview Inflation/Deflation ETF


Portfolio of Investments Summary Table		Percentage of Fair Value (%)
Exchange-Traded Fund		3.9
Options on Futures		38.7
Treasury Note		57.4
Total		100.0

Portfolio of Investments


Shares		Fair Value ($)
Exchange-Traded Fund — 3.0%
3,250	United States Oil Fund, LP^(a)	240,890
Total Exchange-Traded Fund (Cost $245,243)		240,890

Purchased Options on Futures — 29.7%
Total Purchased Options on Futures (Cost $1,034,774)		2,386,030

Treasury Note — 44.0%
3,685,000	United States Treasury Note, 0.38%, 4/15/24	3,542,062
Total Treasury Note (Cost $3,599,336)		3,542,062

Total Investments — 76.7% (Cost $4,879,353)		6,168,982
Other Assets in Excess of Liabilities — 23.3%		1,879,002
Net Assets — 100.0%		8,047,984

(a) Non-income producing security.

LP — Limited Partnership

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

Semi-Annual Shareholder Report | 11

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Inflation/Deflation ETF

Futures Contracts

At March 31, 2022, the Fund’s open futures contracts were as follows:

Futures Contracts Purchased


Description	Number of Contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
2 Year US Treasury Note Future	17	6/30/22	3,602,672	653
				653

Written Options

Exchange-traded options on futures contracts written as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Premiums Received ($)	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	333	82,470	11,526	99.06	4/14/22	(2,081	)
Euro$ 1Y Midcurve Options	Call	2,077	514,058	72,869	99.00	4/14/22	(12,981	)
Euro$ 1Y Midcurve Options	Call	1,426	352,711	46,773	98.94	4/14/22	(8,913	)
IMM Euro$ Futures Options	Put	310	76,677	109,955	98.94	6/13/22	(383,625	)
IMM Euro$ Futures Options	Put	310	76,725	131,079	99.00	6/13/22	(428,188	)
IMM Euro$ Futures Options	Put	328	80,514	290,523	98.19	12/19/22	(803,600	)
IMM Euro$ Futures Options	Put	328	80,411	249,523	98.06	12/19/22	(723,650	)
(Total Premiums Received $912,248)							(2,363,038	)

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

Semi-Annual Shareholder Report | 12

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Inflation/Deflation ETF

Exchange-traded equity options written as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Premiums Received ($)	Strike Price ($)	Expiration Date	Value ($)
Teucrium Corn Fund Options	Call	82	287	2,046	35.00	5/20/22	(2,050	)
(Total Premiums Received $2,046)							(2,050	)

Purchased Options

Exchanged-traded options on futures contracts purchased as of March 31, 2022 were as follows:


Description	Put/ Call	Number of Contracts	Notional Amount (000) ($)^(a)	Strike Price ($)	Expiration Date	Value ($)
Euro$ 1Y Midcurve Options	Call	333	82,365	98.94	4/14/22	2,081
Euro$ 1Y Midcurve Options	Call	2,077	513,409	98.88	4/14/22	12,981
Euro$ 1Y Midcurve Options	Call	1,093	270,005	98.81	4/14/22	6,831
IMM Euro$ Futures Options	Put	310	76,773	99.06	6/13/22	474,688
IMM Euro$ Futures Options	Put	310	76,628	98.88	6/13/22	341,000
IMM Euro$ Futures Options	Put	328	80,616	98.31	12/19/22	883,551
IMM Euro$ Futures Options	Put	328	80,309	97.94	12/19/22	647,800
(Total Cost $1,016,324)						2,368,932

Exchanged-traded equity options purchased as of March 31, 2022 were as follows:

Description

Put/
Call

Number
of
Contracts

Notional
Amount
(000)
($)^(a)

Strike
Price
($)

Expiration
Date

Value
($)

Teucrium Corn Fund Options

Call

230

28.00

5/20/22

10,168

Teucrium Corn Fund Options

Call

126

391

31.00

5/20/22

6,930

(Total Cost $18,450)

17,098

(a) Notional amount is expressed as the number of contracts multiplied by contract size, multiplied by the strike price of the underlying asset.

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

Semi-Annual Shareholder Report | 13

Portfolio of InvestmentsMarch 31, 2022 (Unaudited)

Rareview Systematic Equity ETF


Portfolio of Investments Summary Table		Percentage of Fair Value (%)
Exchange-Traded Funds		100.0
Total		100.0

Portfolio of Investments


Shares		Fair Value ($)
Exchange-Traded Funds — 72.2%
25,991	iShares MSCI EAFE ETF	1,912,938
26,206	iShares MSCI Emerging Markets ETF	1,183,201
6,705	iShares Russell 2000 ETF	1,376,335
7,172	SPDR S&P 500 ETF Trust	3,239,162
		7,711,636
Total Exchange-Traded Funds (Cost $7,690,954)		7,711,636

Total Investments — 72.2% (Cost $7,690,954)		7,711,636
Other Assets in Excess of Liabilities — 27.8%		2,974,879
Net Assets — 100.0%		10,686,515

ETF — Exchange-Traded Fund

S&P — Standard and Poor’s

SPDR — Standard & Poor’s Depositary Receipts

Futures Contracts

At March 31, 2022, the Fund’s open futures contracts were as follows:

Futures Contracts Purchased


Description	Number of Contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
S&P 500 E-mini Future	13	6/20/22	2,944,988	117,362
Mini MSCI EAFE Index Future	16	6/20/22	1,715,520	(30,881	)
				86,481

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

Semi-Annual Shareholder Report | 14

Portfolio of Investments (continued)March 31, 2022 (Unaudited)

Rareview Systematic Equity ETF

Futures Contracts Sold


Description	Number of Contracts	Expiration Date	Notional Amount ($)	Value and Unrealized Appreciation/ (Depreciation) ($)
Russell 2000 Mini Index Future	19	6/20/22	1,963,080	8,035
Mini MSCI Emerging Markets Index Future	38	6/20/22	2,138,450	(6,748	)
Micro E-mini Russell 2000 Index Future	4	6/20/22	41,328	149
				1,436

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

Semi-Annual Shareholder Report | 15

Statements of Assets and LiabilitiesMarch 31, 2022 (Unaudited)


	Rareview Dynamic Fixed Income ETF		Rareview Tax Advantaged Income ETF
Assets:
Investments, at value (Cost $59,304,954 and $22,458,963)	$65,409,327		$23,611,733
Cash	14,142,445		1,514,061
Deposits at brokers for derivatives contracts	2,916,893		967,710
Dividends and interest receivable	146,905		59,141
Receivable for capital shares issued	452,014		—
Receivable for investments sold	1,700,666		11,826
Receivable for variation margin on futures contracts	20,160		—
Prepaid expenses	1,634		742
Total Assets	84,790,044		26,165,213
Liabilities:
Payable for investments purchased	16,692,477		1,450,472
Written options at value (Premiums received $4,997,710 and $1,907,275)	15,916,875		5,862,944
Accrued expenses:
Advisory	40,835		3,167
Administration	7,411		2,768
Custodian	1,000		278
Fund accounting	3,645		4,006
Trustee	1,983		898
Other	15,973		19,413
Total Liabilities	32,680,199		7,343,946
Net Assets	$52,109,845		$18,821,267
Net Assets consist of:
Paid in Capital	$58,522,823		$22,177,348
Total Distributable Earnings/(Deficit)	(6,412,978	)	(3,356,081	)
Net Assets	$52,109,845		$18,821,267

Net Assets:	$52,109,845		$18,821,267
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):	2,050,000		800,000
Net Asset Value (offering and redemption price per share):	$25.42		$23.53

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

Semi-Annual Shareholder Report | 16

Statements of Assets and Liabilities (continued)March 31, 2022 (Unaudited)


	Rareview Inflation/ Deflation ETF		Rareview Systematic Equity ETF
Assets:
Investments, at value (Cost $4,879,353 and $7,690,954)	$6,168,982		$7,711,636
Cash	150,809		738,346
Deposits at brokers for derivatives contracts	708,872		2,244,520
Dividends and interest receivable	6,378		9,797
Receivable due from advisor	2,726		1,993
Receivable for investments sold	3,629,737		—
Prepaid expenses and other assets	2,490		4,022
Total Assets	10,669,994		10,710,314
Liabilities:
Payable for investments purchased	245,243		—
Payable for variation margin on futures contracts	6,015		19,367
Written options at value (Premiums received $914,294 and —)	2,365,088		—
Accrued expenses:
Administration	1,000		1,000
Custodian	584		476
Fund accounting	1,961		1,655
Trustee	1,516		879
Other	603		422
Total Liabilities	2,622,010		23,799
Net Assets	$8,047,984		$10,686,515
Net Assets consist of:
Paid in Capital	$8,130,381		$10,512,748
Total Distributable Earnings/(Deficit)	(82,397	)	173,767
Net Assets	$8,047,984		$10,686,515

Net Assets:	$8,047,984		$10,686,515
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):	325,000		425,000
Net Asset Value (offering and redemption price per share):	$24.76		$25.14

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

Semi-Annual Shareholder Report | 17

Statements of OperationsFor the Period Ended March 31, 2022 (Unaudited)


	Rareview Dynamic Fixed Income ETF		Rareview Tax Advantaged Income ETF
Investment Income:
Dividend income	$1,899,325		$452,217
Interest income	—		32
Total Investment Income	1,899,325		452,249
Expenses:
Advisory	293,144		80,142
Administration	49,790		18,166
Compliance services	373		373
Custodian	2,922		766
Fund accounting	19,788		21,696
Legal and audit	14,503		15,223
Printing	2,834		2,834
Treasurer	375		150
Trustee	3,983		2,099
Offering costs	10,221		8,021
Other	7,390		6,008
Total Expenses before fee reductions or recoupment of fees	405,323		155,478
Expenses contractually waived and/or reimbursed by the Advisor	—		(21,939	)
Recoupment of prior expenses reimbursed by the Advisor	46,987		—
Total Net Expenses	452,310		133,539
Net Investment Income (Loss)	1,447,015		318,710
Realized and Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions	(2,090,344	)	(347,570	)
Net realized gains (losses) from in-kind transactions	453,666		(218,824	)
Net realized gains (losses) from futures transactions	253,367		26,483
Net realized gains (losses) from written options transactions	(188,171	)	(23,754	)
Change in unrealized appreciation/ (depreciation) on investments	5,594,772		1,023,941
Change in unrealized appreciation/ (depreciation) on futures	(65,177	)	—
Change in unrealized appreciation/ (depreciation) on written options	(10,839,700	)	(3,934,326	)
Net Realized and Unrealized Gains (Losses) from Investments:	(6,881,587	)	(3,474,050	)
Change in Net Assets Resulting From Operations	$(5,434,572	)	$(3,155,340	)

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

Semi-Annual Shareholder Report | 18

Statements of Operations (continued)For the Period Ended March 31, 2022 (Unaudited)


	Rareview Inflation/ Deflation ETF^(a)		Rareview Systematic Equity ETF^(b)
Investment Income:
Dividend income	$12,227		$12,109
Interest income	4,389		—
Total Investment Income	16,616		12,109
Expenses:
Advisory	10,617		11,902
Administration	3,000		3,000
Compliance services	373		373
Custodian	584		476
Fund accounting	3,678		3,212
Legal and audit	5,150		4,225
Printing	1,486		3,397
Treasurer	150		150
Trustee	1,516		879
Other	2,717		2,280
Total Expenses before fee reductions	29,271		29,894
Expenses contractually waived and/or reimbursed by the Advisor	(16,441	)	(16,041	)
Total Net Expenses	12,830		13,853
Net Investment Income (Loss)	3,786		(1,744	)
Realized and Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions	66,652		1,131
Net realized gains (losses) from in-kind transactions	—		(5,323	)
Net realized gains (losses) from futures transactions	70,569		71,104
Net realized gains (losses) from written options transactions	(62,892	)	—
Change in unrealized appreciation/ (depreciation) on investments	1,289,629		20,682
Change in unrealized appreciation/ (depreciation) on futures	653		87,917
Change in unrealized appreciation/ (depreciation) on written options	(1,450,794	)	—
Net Realized and Unrealized Gains (Losses) from Investments:	(86,183	)	175,511
Change in Net Assets Resulting From Operations	$(82,397	)	$173,767

(a) For the period from the commencement of operations on January 5, 2022 through March 31, 2022.

(b) For the period from the commencement of operations on January 20, 2022 through March 31, 2022.

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

Semi-Annual Shareholder Report | 19

Statements of Changes in Net Assets


	Rareview Dynamic Fixed Income ETF				Rareview Tax Advantaged Income ETF
	Six Months Ended March 31, 2022 (Unaudited)		For the period October 20, 2020^(a) through September 30, 2021		Six Months Ended March 31, 2022 (Unaudited)		For the period October 20, 2020^(a) through September 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$1,447,015		$1,291,807		$318,710		$262,788
Net realized gains (losses) from investment transactions	(1,571,482	)	1,308,157		(563,665	)	495,726
Change in unrealized appreciation/ (depreciation) on investments	(5,310,105	)	430,135		(2,910,385	)	107,486
Change in net assets resulting from operations	(5,434,572	)	3,030,099		(3,155,340	)	866,000
Distributions to Shareholders From:
Earnings	(2,942,878	)	(960,195	)	(840,931	)	(225,810	)
Change in net assets from distributions	(2,942,878	)	(960,195	)	(840,931	)	(225,810	)
Capital Transactions:
Proceeds from shares issued	3,430,570		66,437,443		6,969,623		18,912,063
Cost of shares redeemed	(10,707,194	)	(743,428	)	(3,704,338	)	—
Change in net assets from capital transactions	(7,276,624	)	65,694,015		3,265,285		18,912,063
Change in net assets	(15,654,074	)	67,763,919		(730,986	)	19,552,253
Net Assets:
Beginning of period	67,763,919		—		19,552,253		—
End of period	$52,109,845		$67,763,919		$18,821,267		$19,552,253
Share Transactions:
Issued	125,000		2,325,000		250,000		700,000
Redeemed	(375,000	)	(25,000	)	(150,000	)	—
Change in shares	(250,000	)	2,300,000		100,000		700,000

(a) Commencement of operations.

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

Semi-Annual Shareholder Report | 20

Statements of Changes in Net Assets (continued)


	Rareview Inflation/ Deflation ETF		Rareview Systematic Equity ETF
	For the period January 5, 2022^(a) through March 31, 2022 (Unaudited)		For the period January 20, 2022^(a) through March 31, 2022 (Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$3,786		$(1,744	)
Net realized gains (losses) from investment transactions	74,329		66,912
Change in unrealized appreciation/(depreciation) on investments	(160,512	)	108,599
Change in net assets resulting from operations	(82,397	)	173,767
Capital Transactions:
Proceeds from shares issued	8,130,381		11,140,968
Cost of shares redeemed	—		(628,220	)
Change in net assets from capital transactions	8,130,381		10,512,748
Change in net assets	8,047,984		10,686,515
Net Assets:
Beginning of period	—		—
End of period	$8,047,984		$10,686,515
Share Transactions:
Issued	325,000		450,000
Redeemed	—		(25,000	)
Change in shares	325,000		425,000

(a) Commencement of operations.

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

Semi-Annual Shareholder Report | 21

Financial Highlights


Rareview Dynamic Fixed Income ETF	Six Months Ended March 31, 2022 (Unaudited)		October 20, 2020^(a) through September 30, 2021
Net Asset Value, Beginning of Period	$29.46		$25.00

Net Investment Income (Loss)	0.67	^(b)	1.21
Net Realized and Unrealized Gains (Losses) from Investments	(3.32	)	4.32
Total from Investment Activities	(2.65	)	5.53

Distributions from Net Investment Income	(0.74	)	(1.07	)
Distributions from Net Realized Gains from Investments	(0.65	)	—
Total Distributions	(1.39	)	(1.07	)

Net Asset Value, End of Period	$25.42		$29.46
Net Assets at End of Period (000’s)	$52,110		$67,764

Total Return at NAV^(c)^(d)	(9.43)%		22.35%
Total Return at Market^(d)^(e)	(9.60)%		22.63%

Ratio of Net Expenses to Average Net Assets^(f)^(g)	1.50%		1.50%
Ratio of Gross Expenses to Average Net Assets^(f)^(g)^(h)	1.34%		1.70%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)⁽ⁱ⁾	4.80%		5.11%
Portfolio Turnover^(d)^(j)	57%		74%

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(f) Annualized for periods less than one year.

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

(h) Before fee reductions or recoupment of fees previously reimbursed by the Advisor. If such waivers/reimbursements or recoupment had not occurred, the ratio would have been as indicated.

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

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

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

Semi-Annual Shareholder Report | 22

Financial Highlights (continued)


Rareview Tax Advantaged Income ETF	Six Months Ended March 31, 2022 (Unaudited)		October 20, 2020^(a) through September 30, 2021
Net Asset Value, Beginning of Period	$27.93		$25.00

Net Investment Income (Loss)	0.39	^(b)	0.72
Net Realized and Unrealized Gains (Losses) from Investments	(3.83	)	2.88
Total from Investment Activities	(3.44	)	3.60

Distributions from Net Investment Income	(0.39	)	(0.67	)
Distributions from Net Realized Gains from Investments	(0.57	)	—
Total Distributions	(0.96	)	(0.67	)

Net Asset Value, End of Period	$23.53		$27.93
Net Assets at End of Period (000’s)	$18,821		$19,552

Total Return at NAV^(c)^(d)	(12.76)%		14.49%
Total Return at Market^(d)^(e)	(12.95)%		14.81%

Ratio of Net Expenses to Average Net Assets^(f)^(g)	1.25%		1.25%
Ratio of Gross Expenses to Average Net Assets^(f)^(g)^(h)	1.46%		2.03%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)⁽ⁱ⁾	2.98%		2.94%
Portfolio Turnover^(d)^(j)	11%		78%

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(f) Annualized for periods less than one year.

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

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

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

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

Semi-Annual Shareholder Report | 23

Financial Highlights (continued)


Rareview Inflation/Deflation ETF	January 5, 2022^(a) through March 31, 2022 (Unaudited)
Net Asset Value, Beginning of Period	$25.00

Net Investment Income (Loss)^(b)	0.01
Net Realized and Unrealized Gains (Losses) from Investments	(0.25	)
Total from Investment Activities	(0.24	)

Distributions from Net Investment Income	—
Distributions from Net Realized Gains from Investments	—
Total Distributions	—

Net Asset Value, End of Period	$24.76
Net Assets at End of Period (000’s)	$8,048

Total Return at NAV^(c)^(d)	(0.95)%
Total Return at Market^(d)^(e)	(0.88)%

Ratio of Net Expenses to Average Net Assets^(f)^(g)	0.87%
Ratio of Gross Expenses to Average Net Assets^(f)^(g)^(h)	1.98%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)⁽ⁱ⁾	0.26%
Portfolio Turnover^(d)^(j)	108%

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(f) Annualized for periods less than one year.

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

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

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

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

Semi-Annual Shareholder Report | 24

Financial Highlights (continued)


Rareview Systematic Equity ETF	January 20, 2022^(a) through March 31, 2022 (Unaudited)
Net Asset Value, Beginning of Period	$25.00

Net Investment Income (Loss)^(b)	(0.01	)
Net Realized and Unrealized Gains (Losses) from Investments	0.15
Total from Investment Activities	0.14

Distributions from Net Investment Income	—
Distributions from Net Realized Gains from Investments	—
Total Distributions	—

Net Asset Value, End of Period	$25.14
Net Assets at End of Period (000’s)	$10,687

Total Return at NAV^(c)^(d)	0.58%
Total Return at Market^(d)^(e)	0.84%

Ratio of Net Expenses to Average Net Assets^(f)^(g)	0.97%
Ratio of Gross Expenses to Average Net Assets^(f)^(g)^(h)	2.09%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)⁽ⁱ⁾	(0.12)%
Portfolio Turnover^(d)^(j)	3%

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(f) Annualized for periods less than one year.

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

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

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

Semi-Annual Shareholder Report | 25

Notes to Financial StatementsMarch 31, 2022 (Unaudited)

(1) Organization

Collaborative Investment Series Trust (the “Trust”) was organized on July 26, 2017 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of the Rareview Dynamic Fixed Income ETF, Rareview Tax Advantaged Income ETF, Rareview Inflation/Deflation ETF, and Rareview Systematic Equity ETF (the “Funds”). The Funds’ prospectus provides a description of each Fund’s investment objectives, policies, and strategies. The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held. Rareview Inflation/Deflation ETF commenced operations on January 5, 2022. Rareview Systematic Equity ETF commenced operations on January 20, 2022.

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

(2) Significant Accounting Policies

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“CBOE”). Market prices for the Shares may be different from their net asset value (“NAV”). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, currently 25,000 Shares, called “Creation Units”. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of each Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Foreside Fund Services, LLC (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund.

Semi-Annual Shareholder Report | 26

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

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

A. Investment Valuations

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

Security values are ordinarily obtained through the use of independent pricing services in accordance with procedures adopted by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds’ securities. When reliable market quotations are not readily available for any security, the fair value of that security will be determined by a committee established by the Board in accordance with procedures adopted by the Board. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

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

• Level 1 - Quoted prices in active markets for identical assets that the Funds have the ability to access.

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

• Level 3 - Significant unobservable pricing inputs at the measurement date (including the Funds’ own assumptions in determining the fair value of investments).

Semi-Annual Shareholder Report | 28

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

The following table provides the fair value measurement as of March 31, 2022, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:


	Level 1	Level 2	Total Investments
Rareview Dynamic Fixed Income ETF
Closed End Funds	$34,259,735	$—	$34,259,735
Exchange-Traded Funds	15,187,717	—	15,187,717
Purchased Options on Futures	15,961,875	—	15,961,875
Total Investment Securities	$65,409,327	$—	$65,409,327
Other Financial Instruments⁽¹⁾
Futures Contracts	(65,177)	—	(65,177)
Written Options	(15,916,875)	—	(15,916,875)
Total Investments	$49,427,275	$—	$49,427,275

Rareview Tax Advantaged Income ETF
Closed End Funds	$16,716,154	$—	$16,716,154
Exchange-Traded Fund	1,012,635	—	1,012,635
Purchased Options on Futures	5,882,944	—	5,882,944
Total Investment Securities	$23,611,733	$—	$23,611,733
Other Financial Instruments⁽¹⁾
Written Options	(5,862,944)	—	(5,862,944)
Total Investments	$17,748,789	$—	$17,748,789

Rareview Inflation/Deflation ETF
Exchange-Traded Fund	$240,890	$—	$240,890
Purchased Options on Futures	2,368,932	17,098	2,386,030
Treasury Note	—	3,542,062	3,542,062
Total Investment Securities	$2,609,822	$3,559,160	$6,168,982
Other Financial Instruments⁽¹⁾
Futures Contracts	653	—	653
Written Options	(2,363,038)	(2,050)	(2,365,088)
Total Investments	$247,437	$3,557,110	$3,804,547

Rareview Systematic Equity ETF
Exchange-Traded Funds	$7,711,636	$—	$7,711,636
Total Investment Securities	$7,711,636	$—	$7,711,636
Other Financial Instruments⁽¹⁾
Futures Contracts	87,917	—	87,917
Total Investments	$7,799,553	$—	$7,799,553

(1) Other financial instruments include derivative instruments, such as futures contracts which are valued at the unrealized appreciation/(depreciation) on the instrument and written options, which are valued at fair value.

Semi-Annual Shareholder Report | 29

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

B. Security Transactions and Related Income

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by a Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

C. Cash

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

D. Dividends and Distributions to Shareholders

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

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

The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction.

Semi-Annual Shareholder Report | 30

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

E. Allocation of Expenses

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

F. Derivative Instruments:

All open derivative positions at period end are reflected on each Fund’s Portfolio of Investments. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

Futures Contracts:

The Funds may enter into futures contracts for the purpose of hedging existing portfolio securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing market interest conditions. Upon entering into futures contracts, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the amounts reflected on the Statements of Assets and Liabilities as variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The gross notional amount of futures contracts outstanding as of March 31, 2022, and the monthly average notional amount for these contracts for the period ended March 31, 2022 were as follows:


	Outstanding Notional Amount		Monthly Average Notional Amount
Futures Contracts:	Long	Short	Long	Short
Rareview Dynamic Fixed Income ETF	$—	$5,199,480	$1,428,281^(a)	$30,162,563
Rareview Tax Advantaged Income ETF	—	—	1,142,625^(a)	10,243,994^(b)
Rareview Inflation/Deflation ETF	3,602,672	—	2,086,992^(c)	2,485,242^(d)
Rareview Systematic Equity ETF	4,660,508	4,142,858	2,966,297^(c)	7,640,465^(e)

(a) For the period when the Fund held long futures contracts from January 1, 2022 through

Semi-Annual Shareholder Report | 31

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

January 31, 2022.

(b) For the period when the Fund held short futures contracts from October 1, 2021 through February 28, 2022.

(c) For the period when the Fund held long futures contracts from January 1, 2022 through January 31, 2022 and March 1, 2022 through March 31, 2022.

(d) For the period when the Fund held short futures contracts from January 1, 2022 through February 28, 2022.

(e) For the period when the Fund held short futures contracts from February 1, 2022 through March 31, 2022.

Options Contracts:

Purchased Options Contracts – The Funds pay a premium which is included in “Investments, at value” on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts – The Funds receive a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of March 31, 2022, the Funds hold deposits at brokers for written options collateral, which is reported on the Statements of Assets and Liabilities.

The gross notional amount of purchased and written options outstanding as of March 31, 2022, and the monthly average notional amount for these contracts for the period ended March 31, 2022 were as follows:


	Outstanding Notional Amount (000)	Monthly Average Notional Amount (000)
Purchased Options Contracts:
Rareview Dynamic Fixed Income ETF	$8,321,992	$2,149,090
Rareview Tax Advantaged Income ETF	2,486,488	662,881
Rareview Inflation/Deflation ETF	1,180,726	528,047^(a)

Semi-Annual Shareholder Report | 32

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)


	Outstanding Notional Amount (000)	Monthly Average Notional Amount (000)
Written Options Contracts:
Rareview Dynamic Fixed Income ETF	$8,329,898	$2,149,076
Rareview Tax Advantaged Income ETF	2,488,635	662,764
Rareview Inflation/Deflation ETF	1,263,853	783,787^(b)

(a) For the period when the Fund held purchased options contracts from January 1, 2022 through March 31, 2022.

(b) For the period when the Fund held written options contracts from February 1, 2022 through March 31, 2022.

Summary of Derivative Instruments:

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of March 31, 2022:


	Assets		Liabilities
Fund	Investments, at value for Purchased Options	Unrealized Appreciation on Futures Contracts⁽¹⁾	Written Options, at Fair Value	Unrealized Depreciation on Futures Contracts⁽¹⁾
Interest Rate Risk Exposure:
Rareview Dynamic Fixed Income ETF	$15,961,875	$—	$15,916,875	$65,177
Rareview Tax Advantaged Income ETF	5,882,944	—	5,862,944	—
Rareview Inflation/Deflation ETF	2,368,932	653	2,363,038	—
Equity Risk Exposure:
Rareview Inflation/Deflation ETF	17,098	—	2,050	—
Rareview Systematic Equity ETF	—	125,546	—	37,629

(1) For futures contracts, the amounts represent their cumulative appreciation/(depreciation) as reported on the Portfolios of Investments. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities as variation margin on futures contracts.

Semi-Annual Shareholder Report | 33

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended March 31, 2022:


	Net Realized Gains (Losses) from
Fund	Futures Contracts	Purchased Options	Written Options
Interest Rate Risk Exposure:
Rareview Dynamic Fixed Income ETF	$253,367	$180,811	$(188,171)
Rareview Tax Advantaged Income ETF	26,483	(15,672)	(23,754)
Rareview Inflation/Deflation ETF	70,569	71,257	(62,892)
Equity Risk Exposure:
Rareview Systematic Equity ETF	71,104	—	—


	Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
Fund	Futures Contracts	Purchased Options	Written Options
Interest Rate Risk Exposure:
Rareview Dynamic Fixed Income ETF	$(65,177)	$10,043,788	$(10,839,700)
Rareview Tax Advantaged Income ETF	—	3,683,843	(3,934,326)
Rareview Inflation/Deflation ETF	653	1,352,608	(1,450,790)
Equity Risk Exposure
Rareview Inflation/Deflation ETF	—	(1,352)	(4)
Rareview Systematic Equity ETF	87,917	—	—

(3) Investment Advisory and Other Contractual Services

A. Investment Advisory Fees

Rareview Capital, LLC (the “Advisor”), serves as the Funds’ investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Funds. Each Fund pays the Advisor a management fee, based on a percentage of its average daily net assets, calculated daily and paid monthly.


Fund		Management Fee Rate
Rareview Dynamic Fixed Income ETF		0.97%
Rareview Tax Advantaged Income ETF		0.75%
Rareview Inflation/Deflation ETF		0.73%
Rareview Systematic Equity ETF		0.85%

Semi-Annual Shareholder Report | 34

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

GST Management LLC, (“GST”) serves as subadvisor for Rareview Systematic Equity ETF and is paid for its services directly by the Advisor, not the Fund. GST’s contractual fee is 0.40% of the Fund’s average daily net assets.

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


Fund		Expense Cap
Rareview Dynamic Fixed Income ETF		1.50%
Rareview Tax Advantaged Income ETF		1.25%
Rareview Inflation/Deflation ETF		0.87%
Rareview Systematic Equity ETF		0.97%

Each Expense Cap will remain in effect through at least January 31, 2023. The Expense Cap may be terminated earlier only upon approval by the Board, on 60 days’ written notice to the Advisor. More information about each Fund’s fee waiver and Expense Cap agreement is available in the “Management of the Fund” section of each Fund’s prospectus.

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

During the period ended March 31, 2022, the Adviser recouped $46,987of the previous fiscal year waivers from Rareview Dynamic Fixed Income ETF.

As of March 31, 2022, the Advisor may recoup amounts from the Funds as follows:


	Expires 9/30/2024	Expires 9/30/2025	Total
Rareview Dynamic Fixed Income ETF	$ 1,685	$—	$ 1,685
Rareview Tax Advantaged Income ETF	69,755	21,939	91,694
Rareview Inflation/Deflation ETF	—	16,441	16,441
Rareview Systematic Equity ETF	—	16,041	16,041

Semi-Annual Shareholder Report | 35

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

B. Administration, Custodian, Transfer Agent and Accounting Fees

Citi Fund Services Ohio, Inc. (“Citi”) serves as administrator and dividend disbursing agent for the Funds pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Funds pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC (“CFS”) provides the Funds with various management and legal administrative services. For these services, the Funds pay CFS an administrative fee that is computed daily and paid monthly, based on the aggregate daily net assets of each Fund and is subject to a minimum monthly fee of $1,000 per Fund.

C. Distribution and Shareholder Services Fees

Foreside Fund Services, LLC is the principal underwriter and distributor for the Funds’ Shares. The Distributor is compensated by the Advisor in accordance with a Distribution Services Agreement between the Advisor and the Distributor.

D. Compliance Services

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

E. Treasurer Fees

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund’s net assets at month-end and is paid by the Funds on a quarterly basis. During the period ended March 31, 2022, the Funds paid a total of $825 to the Treasurer.

F. General

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

(4) Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2022 were as follows:


	Purchases	Sales
Rareview Dynamic Fixed Income ETF	$31,647,334	$34,118,940
Rareview Tax Advantaged Income ETF	2,110,567	3,392,597
Rareview Inflation/Deflation ETF	2,016,397	7,366,367
Rareview Systematic Equity ETF	849,909	161,830

Semi-Annual Shareholder Report | 36

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

Purchases and sales of in-kind transactions for the period ended March 31, 2022 were as follows:


	Purchases	Sales
Rareview Dynamic Fixed Income ETF	$2,865,411	$10,216,489
Rareview Tax Advantaged Income ETF	6,713,803	3,184,670
Rareview Inflation/Deflation ETF	5,599,818	—
Rareview Systematic Equity ETF	7,412,983	405,917

Purchases and sales of long-term U.S. government securities for the period ended March 31, 2022 were as follows:


	Purchases	Sales
Rareview Inflation/Deflation ETF	$3,596,042	$—

(5) Capital Share Transactions

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

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund’s specified universe, and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The standard transaction fee charge is $250.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statements of Assets and Liabilities.

As of March 31, 2022, there were no unsettled in-kind capital transactions.

(6) Investment Risks

ETF Risk

The NAV of a Fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund’s shares may trade above or below its NAV; (2) an active trading market for a Fund’s shares may not develop or be maintained; or (3) trading of the Fund’s shares may be halted if the listing exchange’s officials deem

Semi-Annual Shareholder Report | 37

Notes to Financial Statements (continued)March 31, 2022 (Unaudited)

such action appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Market Risk

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and their investments and could result in increased premiums or discounts to the Funds’ NAV, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

(7) Subsequent Events

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2022.

Semi-Annual Shareholder Report | 38

Approval of Management AgreementMarch 31, 2022 (Unaudited)

Consideration and Approval of Management Agreement between Collaborative Investment Series Trust and Rareview Capital, LLC with respect to the Rareview Inflation/Deflation ETF, Rareview Systematic Equity ETF

Nature, Extent and Quality of Service. The Trustees noted that Rareview was founded in 2016 and was registered with the SEC as an investment adviser with approximately $145 million in assets under management as of September 30, 2021. They further noted that Rareview provided advisory services to investment companies and separately managed accounts. The Trustees reviewed the background information on the key investment personnel who would be responsible for servicing the Funds including Mr. Azous, taking into account their education and financial industry experience. They discussed the adviser’s research process and acknowledged the process allowed the adviser to rebalance the Fund tactically and strategically. They commented that the adviser would utilize a sub-adviser’s signals for the execution of Rareview Systematic Equity ETF’s strategy but maintained oversight of the sub-adviser’s investment activities, monitored the Fund’s risk characteristics, and ensured that the Fund’s strategy remained in compliance with the Fund’s prospectus. They noted that the adviser retained ultimate authority but collaborated with the sub-adviser to select broker-dealers and discussed the adviser’s multi-factor process for broker-dealer selection. The Trustees expressed its satisfaction with Rareview’s overall experience, operations, and compliance culture.

Performance. The Trustees noted that although neither Fund was operational, the adviser managed both the Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged Income ETF. They further noted that both the Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged Income ETF returned 22.35% and 14.49% for the since inception period, respectively. The Trustees’ acknowledged that the adviser’s existing ETFs both ranked in the top 1% in both of their Morningstar categories. They reviewed hypothetical back-tested performance data provided by the adviser on behalf of Rareview Systematic Equity ETF. The Trustees commented that the hypothetical back-tested data indicated that the Fund would have returned 18.42% on an annual basis from its inception in April 1, 2003. They acknowledged the limitations of back-tested performance data, noting that (i) in generating the data, no market risk was involved because no actual trading was done; (ii) because the data was created with the benefit of hindsight, it may be difficult to account for all factors that would have affected Rareview’s decision-making process; (iii) assumptions used to generate the data may not be indicative of current or future market conditions and (iv) due to the benefit of hindsight, back-tested performance tends to show favorable results. The Trustees acknowledged the strong performance of the adviser’s existing funds and agreed that the adviser should be given an opportunity to advise each Fund.

Semi-Annual Shareholder Report | 39

Approval of Management Agreement (continued)March 31, 2022 (Unaudited)

Fees and Expenses.

Rareview Inflation/Deflation ETF. The Trustees reviewed the proposed advisory fee of 0.73% and net expense ratio of 0.87%. The Trustees noted that the proposed advisory fee was lower than the Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged Income ETF’s advisory fees of 0.97% and 0.75%, respectively. The Trustees considered the peer group’s average advisory fee charged and noted that at 0.82% it was slightly higher than the Fund’s proposed advisory fee. They reviewed the Fund’s net expense ratio of 0.87% and acknowledged that it was lower than the average net expense ratio for the Fund’s peer group. The Trustees concluded that Rareview’s proposed advisory fees and the overall fees on behalf of the Rareview Inflation/Deflation ETF were not unreasonable.

Rareview Systematic Equity ETF. The Trustees acknowledged the proposed advisory fee of 0.85% and net expense ratio of 0.97%. They compared the Fund’s advisory fee and expense ratio to the Fund’s peer group and noted that both were lower than the peer group’s average advisory fee and net expense ratio of 1.12% and 0.98%, respectively. The Trustees reviewed the advisory fee’s charged by Rareview for managing its other ETFs and noted that the Fund’s advisory fee was higher than the Rareview Inflation/Deflation ETF but lower than the Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged Income ETF. The Board concluded that Rareview’s proposed advisory fees and the overall fees on behalf of the Rareview Systematic Equity ETF were not unreasonable.

Profitability. The Trustees reviewed profitability analysis for each Fund and noted that the adviser did not anticipate earning a profit for the Rareview Systematic Equity ETF during its first year of operation and anticipated earning a modest profit in connection with the Rareview Inflation/Deflation ETF. They further noted the adviser anticipated earning a profit in year two for both Funds. The Trustees acknowledged that the profitability estimates were based assumptions that may not materialize. The Trustees determined that the estimated profitability for Rareview with regard to each Fund was not unreasonable.

Economies of Scale. The Board considered whether economies of scale would be realized in connection with the advisory services provided to the Funds. They noted that based on each Fund’s projected asset size and profit level, the absence of breakpoints was acceptable at this time. The Board discussed Rareview’s position on breakpoints and agreed to continue to monitor each Fund’s asset levels and revisit the matter as each Fund continues to grow.

Conclusion. Having requested and received such information from Rareview as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the advisory agreement was in the best interests of the Fund and its future shareholders.

Semi-Annual Shareholder Report | 40

Approval of Management Agreement (continued)March 31, 2022 (Unaudited)

Consideration and Approval of Proposed Sub-Advisory Agreement between Rareview Capital, LLC and GST Management, LLC with respect to the Rareview Systematic Equity ETF

Nature, Extent and Quality of Service. The Trustees noted that GST was founded in 2017 to provide discretionary and non-discretionary investment advisory services to registered investment companies and separately managed accounts. They further noted that GST was in the process of registering with the SEC as an investment adviser and would be fully registered before the Fund became operational. They reviewed the background information of Mr. Jones and took into consideration his diverse education and financial industry experience. The Trustees noted that GST, as the sub-adviser, would provide the adviser non-discretionary signals that the adviser utilizes when determining whether to buy, sell, or hold a security. The Trustees, based upon their review, concluded that the sub-adviser would likely provide a high level of service to the Fund and its shareholders.

Performance. The Trustees reviewed sub-adviser’s hypothetical back-tested performance and noted that the sub-adviser’s strategy would have returned approximately 18.42% on an annual basis from the since inception period beginning April 1, 2003. They acknowledged the limitations of back-tested performance data and noted that (i) in generating the data, no market risk was involved because no actual trading was done; (ii) because the data was created with the benefit of hindsight, it may be difficult to account for all factors that would have affected the sub-adviser’s decision-making process; (iii) assumptions used to generate the data may not be indicative of current or future market conditions and (iv) due to the benefit of hindsight, back-tested performance tends to show favorable results. The Trustees agreed that the sub-adviser should be given an opportunity to sub-advise the Fund.

Fees and Expenses. The Trustees noted that sub-adviser would receive 40% of the Fund’s net management fee. They compared the proposed sub-advisory fee to the fees charged by the sub-adviser for managing other accounts and noted that Fund’s sub-advisory was lower than the fees typically charged by the sub-adviser. The Trustees agreed that the sub-advisory fee was not unreasonable.

Profitability. The Trustees reviewed the profitability analysis provided by the sub-adviser in connection with the services provided to the Fund. They noted that the sub-adviser estimated that it would receive a profit in connection with its relationship with the Fund. The Trustees noted that the profits were reasonable in terms of actual dollars and as a percentage of revenue.

Economies of Scale. The Trustees considered whether the sub-adviser had realized economies of scale with respect to the sub-advisory services provided to the Fund. The Trustee agreed that this was primarily an adviser level issue

Sem-Annual Shareholder Report | 43

PRIVACY NOTICE
COLLABORATIVE INVESTMENT SERIES TRUST


FACTS	WHAT DOES THE COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	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.

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

How?	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 the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information:	Do we share information?	Can you limit sharing?
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.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share

Semi-Annual Shareholder Report | 44


Reasons we can share your personal information:	Do we share information?	Can you limit sharing?
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share
QUESTIONS?	Call 1-800-595-4866


What we do:
How does the Collaborative Investment Series Trust protect my personal information?	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. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does the Collaborative Investment Series Trust collect my personal information?	We collect your personal information, for example, when you •open an account or deposit money •direct us to buy securities or direct us to sell your securities •seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: •sharing for affiliates’ everyday business purposes – information about your creditworthiness. •affiliates from using your information to market to you. •sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.


Expense Examples	1
Portfolios of Investments	3
Rareview Dynamic Fixed Income ETF	3
Rareview Tax Advantaged Income ETF	7
Rareview Inflation/Deflation ETF	10
Rareview Systematic Equity ETF	13
Statements of Assets and Liabilities	15
Statements of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	21
Notes to Financial Statements	25
Approval of Management Agreement	38
Additional Information	42
Privacy Policy	43


Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. •The Collaborative Investment Series Trust does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. •The Collaborative Investment Series Trust does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •The Collaborative Investment Series Trust doesn’t jointly market.