Rareview Capital LLC
1980 Festival Plaza Drive, Suite 300
Las Vegas, NV 89135
1-888-783-8637

www.rareviewcapital.com

Annual Shareholder Report

Rareview Dynamic Fixed Income ETF (RDFI)

Rareview Tax Advantaged Income ETF (RTAI)

Rareview Inflation/Deflation ETF (FLTN)

Rareview Systematic Equity ETF (RSEE)

September 30, 2023

TABLE OF CONTENTS

Management’s Discussion of Fund Performance

1

Fund Performance

5

Expense Examples

13

Portfolios of Investments

Rareview Dynamic Fixed Income ETF

15

Rareview Tax Advantaged Income ETF

17

Rareview Inflation/Deflation ETF

18

Rareview Systematic Equity ETF

20

Statements of Assets and Liabilities

22

Statements of Operations

24

Statements of Changes in Net Assets

26

Financial Highlights

28

Notes to Financial Statements

32

Report of Independent Registered Public Accounting Firm

49

Approval of Management Agreement

51

Additional Information

53

Board of Trustees and Trust Officers

55

Privacy Policy

57

Annual Shareholder Report | 1

Management’s Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Dynamic Fixed Income ETF

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The Fund is an actively managed exchange-traded fund. The Fund seeks to achieve its investment objective principally through investments in closed-end funds. Under normal market conditions, the Fund will invest in fixed income closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE PERIOD?

The Fund underperformed during the period.

The Fund gained 2.59% during the fiscal year ended September 30, 2023. Since its inception on October 20, 2020, through September 30, 2023, the Fund gained 0.10%.

Relative to a 50/50 blend1 of Investment Grade and High Yield credit, the Fund underperformed by 4.61% during the fiscal year ended September 30, 2023, and outperformed 1.99% since inception on October 20, 2020.

Performance was positive as the speed of the Federal Reserve tightening slowed, and longer-term interest rates generally stabilized. The discount-to-Net Asset Value widened in most of the Fund’s closed-end fund holdings as the US Treasury yield curve inverted further and the Federal Reserve raised short-term interest rates, which created higher financing costs for the underlying holdings.

A higher allocation to emerging market fixed income positively contributed to performance. Reduced exposure to more risky fixed income detracted from performance on a relative basis. The risk overlay process positively contributed to performance.

1 Investments cannot be made in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges. Past performance is no guarantee of future results. The 50/50 blend index consists of 50% ICE BofA 5-10 Year US Corporate Index and 50% iBoxx USD Liquid High Yield Index. The ICE BofA 5-10 Year US Corporate Index tracks the performance of US dollar-denominated investment grade rated corporate debt publicly issued in the US domestic market. The Markit iBoxx USD Liquid High Yield Index consists of liquid USD high yield bonds, selected to provide a balanced representation of the broad USD high yield corporate bond universe.

Annual Shareholder Report | 2

Management’s Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Tax Advantaged Income ETF

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The Fund is an actively managed exchange-traded fund (ETF). The Fund seeks to achieve its investment objective principally through investments in closed-end funds. Under normal market conditions, the Fund will invest in municipal bond closed-end funds trading at a discount or premium to their underlying net asset value and that pay regular periodic cash distributions.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE PERIOD?

The Fund underperformed during the period.

The Fund lost 4.84% during the fiscal year ended September 30, 2023. Since its inception on October 20, 2020, though September 30, 2023, the Fund lost 6.99%.

Relative to the Bloomberg Barclays U.S. Municipal Bond Index1, the Fund underperformed by 7.50% during the fiscal year ended September 30, 2023, and 4.77% since inception on October 20, 2020.

A rise in interest rates and higher short-term financing costs detracted from performance. The discount-to-Net Asset Value widened in most of the Fund’s closed-end fund holdings as the US Treasury yield curve inverted further and the Federal Reserve raised short-term interest rates, which created higher financing costs for the underlying holdings. The risk overlay process positively contributed to performance.

1 Investments cannot be made in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges. Past performance is no guarantee of future results. The Bloomberg Barclays U.S. Municipal Index covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.

Annual Shareholder Report | 3

Management’s Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Inflation/Deflation Income ETF

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective through investments in inflation-protected U.S. Treasury securities (“TIPS”), exchange traded funds that primarily invest in TIPS, or other U.S. Treasury securities. The Fund seeks to achieve its investment objective over a business cycle which it defines as approximately 60 months. The Adviser invests the Fund’s assets in TIPS or ETFs that primarily invest in TIPS when the Adviser believes the market is in an inflationary environment. The Adviser invests in U.S. Treasury securities when the Adviser believes the market is in a deflationary environment. The Fund will also either invest in a combination of cash, cash equivalents, and exchange traded and over-the-counter fixed income derivatives based on the Adviser’s outlook on current interest rates.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE PERIOD?

The Fund underperformed during the period.

The Fund lost 11.76% during the fiscal year ended September 30, 2023. Since its inception on January 5, 2022, through September 30, 2023, the Fund lost 11.34%.

Relative to the Bloomberg US Aggregate Bond Index1, the Fund underperformed by 12.40% during the fiscal year ended September 30, 2023, and 3.58% since inception on January 5, 2022.

Fixed income securities holdings positively contributed to performance. The yield curve being deeply inverted for a prolonged period and interest rate strategies related to the Federal Reserve tightening cycle ending detracted from performance.

1 Investments cannot be made in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges. Past performance is no guarantee of future results. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

Annual Shareholder Report | 4

Management’s Discussion of Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Systematic Equity ETF

WHAT IS THE FUND’S INVESTMENT STRATEGY?

The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing in exchange traded funds that primarily invest in equity securities of domestic, foreign or emerging market issuers of any market capitalization.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE PERIOD?

The Fund underperformed during the period.

The Fund gained 3.20% during the fiscal year ended September 30, 2023. Since its inception on January 20, 2022, though September 30, 2023, the Fund gained 0.76%.

Relative to the MSCI ACWI Index1, the Fund underperformed by 18.21% during the fiscal year ended September 30, 2023, and outperformed by 4.18% since inception on January 20, 2022.

The Fund used long-term and short-term behavior models to take long and short positions. The Fund seeks to add value by owning regional markets when expected returns are positive and take defensive positions when expected returns are negative.

The underperformance is mostly the result of the benchmark composition of the MSCI ACWI Index¹. The MSCI ACWI Index¹ is predominantly a large cap index with a measured allocation to emerging markets. The Fund allocates 33% of its exposure to US small caps and emerging markets. Large cap developed markets materially outperformed US small caps and emerging markets.

1 Investments cannot be made in an index. Unmanaged index returns do not reflect any fees, expenses, or sales charges. Past performance is no guarantee of future results. The MSCI All Country World Index (ACWI) is a stock index designed to track broad global equity-market performance. The index comprises the stocks of nearly 3,000 companies from 23 developed countries and 25 emerging markets.

Annual Shareholder Report | 5

Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Dynamic Fixed Income ETF

INVESTMENT OBJECTIVE

Rareview Dynamic Fixed Income ETF seeks total return with an emphasis on providing current income.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023) 

Average Annual
Total Returns

Expense Ratio(a)

1 Year

Inception (10/20/20)

Total

Rareview Dynamic Fixed Income ETF (RDFI) -
Total Return (at Net Asset Value)
(b)

2.59%

0.10%

3.12%

Rareview Dynamic Fixed Income ETF (RDFI) -
Total Return (at Market Value)
(c)

2.65%

0.17%

N/A

50% ICE BofA 5-10Y US Corp TR USD and 50% Markit
iBoxx Liquid High Yield TR USD
(d)(e)

7.20%

-1.89%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-888-783-8637 or visit http://www.rareviewcapital.com.

* The chart represents historical performance of a hypothetical investment of $10,000 in Rareview Dynamic Fixed Income ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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 distributions, including dividends and return of capital, 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.

Annual Shareholder Report | 6

Fund Performance (continued)September 30, 2023 (Unaudited)

Rareview Dynamic Fixed Income ETF

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, 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.

(d) The ICE BofA 5-10 Year U.S. Corp Index is a subset of ICE BofAML U.S. Corporate Index. It measures market performance of USD-denominated investment grade corporate debt publicly issued in the U.S. domestic market with a remaining term to final maturity between 5 and 10 years. It is market capitalization weighted. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

(e) The Markit iBoxx USD Liquid High Yield Index consists of liquid USD high yield bonds, selected to provide a balanced representation of the USD high yield corporate bond universe. The indices are an integral part of the global Markit iBoxx index families, which provide the marketplace with accurate and objective indices by which to assess the performance of bond markets and investments. The index is market-value weighted with an issuer cap of 3%. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

Annual Shareholder Report | 7

Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Tax Advantaged Income ETF

INVESTMENT OBJECTIVE

Rareview Tax Advantaged Income ETF seeks total return with an emphasis on providing current income, a substantial portion of which will be exempt from federal income taxes.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023)

Average Annual
Total Returns

Expense Ratio(a)

 

1 Year

Inception (10/20/20)

Total

Rareview Tax Advantaged Income ETF (RTAI) -
Total Return (at Net Asset Value)
(b)

-4.84%

-6.99%

3.02%

Rareview Tax Advantaged Income ETF (RTAI) -
Total Return (at Market Value)
(c)

-4.47%

-6.92%

N/A

Bloomberg Barclays U.S. Municipal Bond TR USD(d)

2.66%

-2.22%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-888-783-8637 or visit http://www.rareviewcapital.com.

* The chart represents historical performance of a hypothetical investment of $10,000 in Rareview Tax Advantaged Income ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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.

Annual Shareholder Report | 8

Fund Performance (continued)September 30, 2023 (Unaudited)

Rareview Tax Advantaged Income ETF

(c) 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.

(d) The Bloomberg Barclays U.S. Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

Annual Shareholder Report | 9

Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Inflation/Deflation ETF

INVESTMENT OBJECTIVE

Rareview Inflation/Deflation ETF seeks a rate of return that exceeds the rate of inflation over a business cycle.

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023)

Average Annual
Total Returns

Expense Ratio(a)

 

1 Year

Inception (1/5/22)

Total

Rareview Inflation/Deflation ETF (FLTN) -
Total Return (at Net Asset Value)
(b)

-11.76%

-11.34%

1.94%

Rareview Inflation/Deflation ETF (FLTN) -
Total Return (at Market Value)
(c)

-11.40%

-11.12%

N/A

Bloomberg U.S. Aggregate Bond Index(d)

0.64%

-7.76%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-888-783-8637 or visit http://www.rareviewcapital.com.

* The chart represents historical performance of a hypothetical investment of $10,000 in Rareview Inflation/Deflation ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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.

Annual Shareholder Report | 10

Fund Performance (continued)September 30, 2023 (Unaudited)

Rareview Inflation/Deflation ETF

(c) 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.

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

Annual Shareholder Report | 11

Fund PerformanceSeptember 30, 2023 (Unaudited)

Rareview Systematic Equity ETF

INVESTMENT OBJECTIVE

Rareview Systematic Equity ETF seeks returns that exceed global developed and emerging markets equities

FUND PERFORMANCE
(AS OF SEPTEMBER 30, 2023)

Average Annual
Total Returns

Expense Ratio(a)

 

1 Year

Inception (1/20/22)

Total

Rareview Systematic Equity ETF (RSEE) -
Total Return (at Net Asset Value)
(b)

3.20%

0.76%

1.99%

Rareview Systematic Equity ETF (RSEE) -
Total Return (at Market Value)
(c)

3.14%

0.75%

N/A

MSCI ACWI Index(d)

21.41%

-3.42%

N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-888-783-8637 or visit http://www.rareviewcapital.com.

* The chart represents historical performance of a hypothetical investment of $10,000 in Rareview Systematic Equity ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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.

Annual Shareholder Report | 12

Fund Performance (continued)September 30, 2023 (Unaudited)

Rareview Systematic Equity ETF

(c) 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.

(d) The MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,933 constituents, the index covers approximately 85% of the global investable equity opportunity set. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

Annual Shareholder Report | 13

Expense ExamplesSeptember 30, 2023 (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 six-month period ended September 30, 2023.

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.

Annual Shareholder Report | 14

Expense Examples (continued)September 30, 2023 (Unaudited)

 

 

Beginning
Account Value
4/1/2023

 

Ending
Account Value
9/30/2023

 

Expenses Paid
During Period
(a)

 

Annualized
Expense
Ratio

Rareview Dynamic Fixed Income ETF

Actual

$1,000.00

$967.20

$7.45

1.51%

 

Hypothetical

1,000.00

1,017.50

7.64

1.51

Rareview Tax Advantaged Income ETF

Actual

1,000.00

875.10

5.88

1.25

 

Hypothetical

1,000.00

1,018.80

6.33

1.25

Rareview Inflation/Deflation ETF

Actual

1,000.00

880.80

4.57

0.97

 

Hypothetical

1,000.00

1,020.21

4.91

0.97

Rareview Systematic Equity ETF

Actual

1,000.00

993.30

6.75

1.35

 

Hypothetical

1,000.00

1,018.30

6.83

1.35

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (the number of days in the most recent fiscal half year divided by the number of days in the fiscal year).

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

Annual Shareholder Report | 15

Portfolio of InvestmentsSeptember 30, 2023

Rareview Dynamic Fixed Income ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Closed End Funds

83.5

Financials

4.1

Treasury Bill

12.4

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, 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 — 80.1%

1,155,124

Aberdeen Asia-Pacific Income Fund, Inc. 

2,830,054

306,237

BlackRock Credit Allocation Income Trust 

2,964,374

150,049

BlackRock Income Trust, Inc. 

1,707,558

82,850

BlackRock Municipal Income Trust II 

757,249

72,551

BlackRock MuniYield Fund, Inc. 

666,018

51,717

BlackRock MuniYield Quality Fund, Inc. 

529,065

79,387

BlackRock MuniYield Quality Fund III, Inc. 

758,146

42,567

First Trust High Yield Opportunities 2027 Term Fund 

566,992

150,418

First Trust Intermediate Duration Preferred & Income Fund 

2,241,228

98,718

Franklin, Ltd. Duration Income Trust 

601,193

78,653

Invesco Municipal Opportunity Trust 

647,314

53,458

Invesco Municipal Trust 

445,840

91,716

Invesco Quality Municipal Income Trust 

769,497

467,891

Morgan Stanley Emerging Markets Domestic Debt
Fund, Inc. 

1,993,216

99,529

Nuveen AMT-Free Municipal Credit Income Fund 

1,026,144

122,485

Nuveen Municipal Credit Income Fund 

1,277,519

365,637

Nuveen Preferred & Income Securities Fund 

2,255,980

91,475

Nuveen Quality Municipal Income Fund 

927,556

22,719

Nuveen Variable Rate Preferred & Income Fund 

356,007

96,867

PGIM Global High Yield Fund, Inc. 

1,044,226

80,730

PGIM High Yield Bond Fund, Inc. 

950,999

118,646

Templeton Emerging Markets Income Fund 

546,958

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

Annual Shareholder Report | 16

Portfolio of Investments (continued)September 30, 2023

Rareview Dynamic Fixed Income ETF

Shares

Fair Value ($)

40,127

Western Asset Diversified Income Fund 

531,281

294,850

Western Asset Emerging Markets Debt Fund, Inc. 

2,447,255

99,465

Western Asset High Income Opportunity Fund, Inc. 

362,053

 

29,203,722

Total Closed End Funds (Cost $33,778,361)

29,203,722

 

Common Stock — 3.9%

Financials — 3.9%

75,647

Annaly Capital Management, Inc. 

1,422,920

Total Common Stock (Cost $1,457,839)

1,422,920

 

Treasury Bill — 11.9%

4,350,000

United States Treasury Bill, 5.34%, 10/10/2023(a)

4,344,922

Total Treasury Bill (Cost $4,344,078)

4,344,922

 

Total Investments — 95.9% (Cost $39,580,278)

34,971,564

Other Assets in Excess of Liabilities — 4.1%

1,477,203

Net Assets — 100.0%

36,448,767

(a) The rate represents the effective yield at September 30, 2023.

AMT — Alternative Minimum Tax

Futures Contracts

At September 30, 2023, the Fund’s exchange-traded open futures contracts were as follows:

Futures Contracts Purchased

Description

 

Number
of
Contracts

 

Expiration
Date

 

Notional
Amount ($)

 

Value ($)

 

Unrealized
Appreciation
(Depreciation)($)

Brazil Real Currency Future

22

11/01/23

439,614

436,040

(3,574)

Mexican Peso Currency Future

16

12/18/23

453,800

453,760

(40)

 

(3,614)

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

Annual Shareholder Report | 17

Portfolio of InvestmentsSeptember 30, 2023

Rareview Tax Advantaged Income ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Closed End Funds

100.0

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, 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 — 98.7%

148,751

BlackRock Municipal Income Trust II 

1,359,584

261,672

BlackRock MuniYield Fund, Inc. 

2,402,149

132,979

BlackRock MuniYield Quality Fund, Inc. 

1,360,375

186,107

BlackRock MuniYield Quality Fund III, Inc. 

1,777,322

96,090

Invesco Municipal Opportunity Trust 

790,821

190,482

Invesco Municipal Trust 

1,588,620

194,064

Invesco Quality Municipal Income Trust 

1,628,197

251,417

Nuveen AMT-Free Municipal Credit Income Fund 

2,592,109

255,612

Nuveen Municipal Credit Income Fund 

2,666,033

247,117

Nuveen Quality Municipal Income Fund 

2,505,766

 

18,670,976

Total Closed End Funds (Cost $22,444,395)

18,670,976

 

Total Investments — 98.7% (Cost $22,444,395)

18,670,976

Other Assets in Excess of Liabilities — 1.3%

253,209

Net Assets — 100.0%

18,924,185

AMT — Alternative Minimum Tax

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

Annual Shareholder Report | 18

Portfolio of InvestmentsSeptember 30, 2023

Rareview Inflation/Deflation ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Exchange-Traded Funds

76.2

Options on Futures

4.1

Treasury Bill

19.7

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, 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 ($) 

Exchange-Traded Funds — 73.2%

61,943

iShares MBS ETF(a)

5,500,538

120,566

Vanguard Intermediate-Term Treasury ETF(b)

6,890,347

19,215

Vanguard Short-Term Treasury ETF

1,106,784

 

13,497,669

Total Exchange-Traded Funds (Cost $13,933,630)

13,497,669

 

Purchased Options on Futures — 3.9%(c)

Total Purchased Options on Futures (Cost $695,761)

716,513

 

Treasury Bill — 19.0%

3,500,000

United States Treasury Bill, 5.34%, 10/10/2023(d)

3,495,914

Total Treasury Bill (Cost $3,495,393)

3,495,914

 

Total Investments — 96.1% (Cost $18,124,784)

17,710,096

Other Assets in Excess of Liabilities — 3.9%

717,294

Net Assets — 100.0%

18,427,390

(a) As of September 30, 2023, investment is 29.85% of the Fund’s net assets. See Note 8 in the Notes to Financial Statements.

(b) As of September 30, 2023, investment is 37.39% of the Fund’s net assets. See Note 8 in the Notes to Financial Statements.

(c) See Portfolio of Purchased Options.

(d) The rate represents the effective yield at September 30, 2023.

ETF — Exchange-Traded Fund

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

Annual Shareholder Report | 19

Portfolio of Investments (continued)September 30, 2023

Rareview Inflation/Deflation ETF

Futures Contracts

At September 30, 2023, the Fund’s exchange-traded open futures contracts were as follows:

Futures Contracts Purchased

Description

 

Number
of
Contracts

 

Expiration Date

 

Notional
Amount ($)

 

Value ($)

 

Unrealized
Appreciation
(Depreciation)($)

2 Year US Treasury Note Future

337

12/29/23

68,439,171

68,313,586

(125,585)

3 Month SOFR Future

304

6/18/24

72,076,582

71,915,000

(161,582)

 

(287,167)

Futures Contracts Sold

Description

 

Number
of
Contracts

 

Expiration Date

 

Notional
Amount ($)

 

Value ($)

 

Unrealized
Appreciation
(Depreciation)($)

10 Year US Treasury Note Future

141

12/19/23

16,030,174

15,730,313

299,861

 

299,861

Written Options

Exchange-traded options on futures contracts written as of September 30, 2023 were as follows:

Description

Put/Call

Number
of
Contracts

Notional Amount (000)
($)(e)

Premiums
Received ($)

Strike Price ($)

Expiration Date

Value ($)

 

3 Month SOFR Options

Call

2,123

517,481

189,089

97.50

6/14/24

(225,569

)

(Total Premiums Received $189,089)

(225,569

)

Portfolio of Purchased Options

Exchange-traded options on futures contracts purchased as of September 30, 2023 were as follows:

Description

Put/Call

Number
of
Contracts

Notional
Amount
(000)
($)(e)

Strike Price ($)

Expiration Date

Value ($)

 

3 Month SOFR Options

Call

2,123

509,520

96.00

6/14/24

716,513

(Total Cost $695,761) - 3.9%

716,513

(e) 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.

Annual Shareholder Report | 20

Portfolio of InvestmentsSeptember 30, 2023

Rareview Systematic Equity ETF

Portfolio of Investments Summary Table

Percentage of
Total
Investments (%)

Domestic Equity Exchange-Traded Funds

48.3

Developed and Emerging Markets Exchange-Traded Funds

32.1

Treasury Bill

19.6

Total

100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, 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 ($)

Exchange-Traded Funds — 71.2%

97,963

iShares MSCI Emerging Markets ETF

3,717,696

25,145

iShares Russell 2000 ETF

4,444,127

139,971

Vanguard FTSE Developed Markets ETF

6,119,532

26,304

Vanguard S&P 500 ETF(a)

10,329,581

 

24,610,936

Total Exchange-Traded Funds (Cost $23,168,089)

24,610,936

 

Treasury Bill — 17.4%

6,000,000

United States Treasury Bill, 5.15%, 10/10/2023(b)

5,992,996

Total Treasury Bill (Cost $5,992,110)

5,992,996

 

Total Investments — 88.6% (Cost $29,160,199)

30,603,932

Other Assets in Excess of Liabilities — 11.4%

3,941,004

Net Assets — 100.0%

34,544,936

(a) As of September 30, 2023, investment is 29.90% of the Fund’s net assets. See Note 8 in the Notes to Financial Statements.

(b) The rate represents the effective yield at September 30, 2023.

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard and Poor’s

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

Annual Shareholder Report | 21

Portfolio of Investments (continued)September 30, 2023

Rareview Systematic Equity ETF

Futures Contracts

At September 30, 2023, the Fund’s exchange-traded open futures contracts were as follows:

Futures Contracts Purchased

Description

 

Number
of
Contracts

 

Expiration Date

 

Notional
Amount ($)

 

Value ($)

 

Unrealized
Appreciation
(Depreciation)($)

E-mini S&P 500 Index Future

43

12/15/23

9,713,135

9,299,825

(413,310)

MSCI EAFE Index Future

55

12/15/23

5,818,014

5,614,125

(203,889)

 

(617,199)

Futures Contracts Sold

Description

 

Number
of
Contracts

 

Expiration Date

 

Notional
Amount ($)

 

Value ($)

 

Unrealized
Appreciation
(Depreciation)($)

E-mini Russell 2000 Index Future

72

12/15/23

6,454,654

6,474,960

(20,306)

MSCI Emerging Markets Index Future

114

12/15/23

5,467,284

5,446,350

20,934

 

628

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

Annual Shareholder Report | 22

Statements of Assets and LiabilitiesSeptember 30, 2023

 

Rareview Dynamic Fixed Income ETF

 

Rareview Tax Advantaged Income ETF

 

Assets:

Investments, at value (Cost $39,580,278 and $22,444,395)

$34,971,564

$18,670,976

Cash 

287,043

85,961

Deposits at brokers for derivative contracts

1,079,752

154,272

Dividends and interest receivable

171,328

61,871

Receivable for investments sold

666,749

789,804

Receivable for variation margin on futures contracts

8,340

Prepaid expenses

436

209

Total Assets

37,185,212

19,763,093

Liabilities:

Payable for investments purchased

673,675

797,924

Accrued expenses:

Advisory

26,671

7,053

Administration

5,234

2,787

Custodian

205

82

Fund accounting

5,959

6,325

Legal and audit

19,545

19,545

Trustee

1,200

1,200

Other

3,956

3,992

Total Liabilities

736,445

838,908

Net Assets

$36,448,767

$18,924,185

Net Assets consist of:

Paid-in Capital

$50,173,342

$26,760,133

Total Distributable Earnings (Loss)

(13,724,575

)

(7,835,948

)

Net Assets

$36,448,767

$18,924,185

 

Net Assets:

$36,448,767

$18,924,185

 

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,
no par value):

1,730,000

1,045,000

Net Asset Value (offering and redemption
price per share):

$21.07

$18.11

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

Annual Shareholder Report | 23

Statements of Assets and Liabilities (continued)September 30, 2023

 

Rareview Inflation/Deflation ETF

 

Rareview Systematic Equity ETF

 

Assets:

Investments, at value (Cost $18,124,784 and $29,160,199)

$17,710,096

$30,603,932

Cash 

37,075

302,749

Deposits at brokers for derivative contracts

1,069,943

3,657,573

Dividends and interest receivable

5,418

44,462

Receivable for investments sold

57,118

Receivable for variation margin on futures contracts

4,979

Prepaid expenses

216

582

Total Assets

18,884,845

34,609,298

Liabilities:

Payable for investments purchased

199,770

Payable for variation margin on futures contracts

7,563

Written options at value (Premiums received $189,089
and $—)

225,569

Accrued expenses:

Advisory

2,366

25,238

Administration

2,425

4,466

Custodian

91

57

Fund accounting

4,652

4,432

Legal and audit

18,027

17,527

Trustee

800

1,600

Other

3,755

3,479

Total Liabilities

457,455

64,362

Net Assets

$18,427,390

$34,544,936

Net Assets consist of:

Paid-in Capital

$21,764,092

$34,747,745

Total Distributable Earnings (Loss)

(3,336,702)

(202,809)

Net Assets

$18,427,390

$34,544,936

 

Net Assets:

$18,427,390

$34,544,936

 

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,
no par value):

930,000

1,395,000

Net Asset Value (offering and redemption
price per share):

$19.81

$24.76

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

Annual Shareholder Report | 24

Statements of OperationsFor the year ended September 30, 2023

 

Rareview Dynamic Fixed Income ETF

 

Rareview Tax Advantaged Income ETF

 

Investment Income:

Dividend income 

$2,439,079

$894,330

Interest income

99,494

2,986

Total Investment Income

2,538,573

897,316

Expenses:

Advisory

394,310

150,192

Administration

69,105

34,043

Compliance services

9,000

9,000

Custodian

3,115

628

Fund accounting

81,558

82,233

Legal and audit

28,374

27,870

Printing

8,844

4,386

Treasurer

2,700

2,475

Trustee

4,618

4,555

Other

14,210

13,633

Total Expenses before fee reductions

615,834

329,015

Expenses contractually waived and/or reimbursed by the Advisor

(6,178

)

(78,585

)

Total Net Expenses

609,656

250,430

Net Investment Income (Loss)

1,928,917

646,886

Realized and Unrealized Gains (Losses) from Investments:

Net realized gains (losses) from investment and foreign currency transactions

114,704

(870,203

)

Net realized gains (losses) from in-kind transactions

132,206

76,767

Net realized gains (losses) from futures transactions

(875,223

)

(77,778

)

Net realized gains (losses) from written options transactions

(2,219,966

)

(670,983

)

Change in unrealized appreciation (depreciation)
on investments

2,199,297

(41,969

)

Change in unrealized appreciation (depreciation) on futures

(34

)

(19,634

)

Net Realized and Unrealized Gains (Losses) from Investments:

(649,016

)

(1,603,800

)

Change in Net Assets Resulting From Operations

$1,279,901

$(956,914

)

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

Annual Shareholder Report | 25

Statements of Operations (continued)

 

Rareview
Inflation/
Deflation ETF

 

Rareview
Systematic
Equity ETF

 

Investment Income:

Dividend income 

$217,472

$562,590

Interest income

286,447

207,455

Total Investment Income

503,919

770,045

Expenses:

Advisory

120,673

384,177

Administration

28,102

63,811

Compliance services

9,000

9,000

Custodian

1,317

2,003

Fund accounting

50,465

50,158

Legal and audit

24,258

28,383

Printing

4,536

4,746

Treasurer

1,800

2,700

Trustee

3,200

6,400

Other

14,627

14,251

Total Expenses before fee reductions

257,978

565,629

Expenses contractually waived and/or reimbursed by the Advisor

(101,777

)

(102,421

)

Expenses voluntarily waived by the Administrator

(762

)

Total Net Expenses

155,439

463,208

Net Investment Income (Loss)

348,480

306,837

Realized and Unrealized Gains (Losses) from Investments:

Net realized gains (losses) from investment and foreign currency transactions

(1,384,887

)

859,515

Net realized gains (losses) from in-kind transactions

5,841

777,701

Net realized gains (losses) from futures transactions

(437,021

)

(817,116

)

Net realized gains (losses) from written options transactions

(354,471

)

Change in unrealized appreciation (depreciation)
on investments

(81,417

)

1,933,688

Change in unrealized appreciation (depreciation) on futures

(9,394

)

(1,896,302

)

Change in unrealized appreciation (depreciation) on
written options

(83,975

)

Net Realized and Unrealized Gains (Losses)
from Investments:

(2,345,324

)

857,486

Change in Net Assets Resulting From Operations

$(1,996,844

)

$1,164,323

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

Annual Shareholder Report | 26

Statements of Changes in Net Assets

Rareview Dynamic Fixed
Income ETF

 

Rareview Tax Advantaged
Income ETF

 

 

Year Ended
September 30,
2023

 

Year Ended
September 30,
2022

 

Year Ended
September 30,
2023

 

Year Ended
September 30,
2022

 

From Investment Activities:

Operations:

Net investment income (loss)

$1,928,917

$1,946,261

$646,886

$625,777

Net realized gains (losses) from investment, foreign currency, in-kind, futures, written options, and securities sold short transactions

(2,848,279

)

(6,104,145

)

(1,542,197

)

(2,753,892

)

Change in unrealized appreciation (depreciation) on investments, futures, and written options

2,199,263

(7,241,725

)

(61,603

)

(3,819,302

)

Change in net assets resulting from operations

1,279,901

(11,399,609

)

(956,914

)

(5,947,417

)

Distributions to Shareholders From:

Earnings

(2,448,562

)

(4,012,196

)

(643,292

)

(1,138,829

)

Return of Capital

(233,868

)

(16,256

)

Change in net assets from distributions

(2,682,430

)

(4,028,452

)

(643,292

)

(1,138,829

)

Capital Transactions:

Proceeds from shares issued

6,325,740

3,430,569

5,914,412

(a)

6,969,624

Cost of shares redeemed

(7,407,949

)

(16,832,922

)

(1,121,313

)

(3,704,339

)

Change in net assets from capital transactions

(1,082,209

)

(13,402,353

)

4,793,099

3,265,285

Change in net assets

(2,484,738

)

(28,830,414

)

3,192,893

(3,820,961

)

Net Assets:

Beginning of period

38,933,505

67,763,919

15,731,292

19,552,253

End of period

$36,448,767

$38,933,505

$18,924,185

$15,731,292

Share Transactions:

Issued

285,000

125,000

300,000

250,000

Redeemed

(330,000

)

(650,000

)

(55,000

)

(150,000

)

Change in shares

(45,000

)

(525,000

)

245,000

100,000

(a) Includes variable transaction fees of $929 for the year ended September 30, 2023. See Note 5 in Notes to Financial Statements.

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

Annual Shareholder Report | 27

Statements of Changes in Net Assets (continued)

Rareview Inflation/
Deflation ETF

 

Rareview Systematic
Equity ETF

 

 

Year Ended
September 30,
2023

 

For the period
January 5,
2022
(a)
through
September 30,
2022

 

Year Ended
September 30,
2023

 

For the period
January 20,
2022
(a)
through
September 30,
2022

 

From Investment Activities:

Operations:

Net investment income (loss)

$348,480

$53,600

$306,837

$67,460

Net realized gains (losses) from investment, foreign currency, in-kind, futures, and written options transactions

(2,170,538

)

(822,711

)

820,100

(664,894

)

Change in unrealized appreciation (depreciation) on investments, futures, and written options

(174,786

)

(263,688

)

37,386

789,776

Change in net assets resulting from operations

(1,996,844

)

(1,032,799

)

1,164,323

192,342

Distributions to Shareholders From:

Earnings

(302,428

)

(42,306

)

(759,704

)

Return of Capital

(8,473

)

Change in net assets from distributions

(310,901

)

(42,306

)

(759,704

)

Capital Transactions:

Proceeds from shares issued

10,198,674

14,226,263

22,717,021

25,587,615

Cost of shares redeemed

(1,483,786

)

(1,130,911

)

(13,728,441

)

(628,220

)

Change in net assets from capital transactions

8,714,888

13,095,352

8,988,580

24,959,395

Change in net assets

6,407,143

12,020,247

9,393,199

25,151,737

Net Assets:

Beginning of period

12,020,247

25,151,737

End of period

$18,427,390

$12,020,247

$34,544,936

$25,151,737

Share Transactions:

Issued

470,000

575,000

920,000

1,050,000

Redeemed

(65,000

)

(50,000

)

(550,000

)

(25,000

)

Change in shares

405,000

525,000

370,000

1,025,000

(a) Commencement of operations.

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

Annual Shareholder Report | 28

Financial Highlights

Rareview Dynamic Fixed Income ETF

Year Ended
September 30,
2023

 

Year Ended
September 30,
2022

 

October 20,
2020
(a)
through
September 30,
2021

 

Net Asset Value, Beginning of Period

$21.93

$29.46

$25.00

 

Net Investment Income (Loss)

1.06

(b)

0.93

(b)

1.21

Net Realized and Unrealized Gains (Losses)
on Investments

(0.44

)

(6.54

)

4.32

Total from Investment Activities

0.62

(5.61

)

5.53

 

Distributions from Net Investment Income

(1.35

)

(1.26

)

(1.07

)

Distributions from Net Realized Gains on Investments

(0.65

)

Return of Capital

(0.13

)

(0.01

)

Total Distributions

(1.48

)

(1.92

)

(1.07

)

 

Net Asset Value, End of Period

$21.07

$21.93

$29.46

Net Assets at End of Period (000’s)

$36,449

$38,934

$67,764

 

Total Return at NAV(c)(d)

2.59%

(20.10)%

22.35%

Total Return at Market(d)(e)

2.65%

(20.16)%

22.63%

 

Ratio of Net Expenses to Average Net Assets(f)(g)

1.50%

1.47%

1.50%

Ratio of Gross Expenses to Average Net Assets(f)(g)(h)

1.52%

1.38%

1.70%

Ratio of Net Investment Income (Loss) to Average
Net Assets
(f)(i)

4.75%

3.57%

5.11%

Portfolio Turnover(d)(j)

128%

132%

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) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements 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.

Annual Shareholder Report | 29

Financial Highlights (continued)

Rareview Tax Advantaged Income ETF

Year Ended
September 30,
2023

 

Year Ended
September 30,
2022

 

October 20,
2020
(a)
through
September 30,
2021

 

Net Asset Value, Beginning of Period

$19.66

$27.93

$25.00

 

Net Investment Income (Loss)

0.65

(b)

0.78

(b)

0.72

Net Realized and Unrealized Gains (Losses)
on Investments

(1.54

)

(7.72

)

2.88

Total from Investment Activities

(0.89