0001719812 2026-04-27 2026-04-27 0001719812 rsee:S000075093Member 2026-04-27 2026-04-27 0001719812 rsee:C000233898Member 2026-04-27 2026-04-27 iso4217:USD pure false 497 N-1A 0001719812 Collaborative Investment Series Trust Supplement dated April 27, 2026 to the Prospectus, Statement of Additional Information (“SAI”) and Summary Prospectus dated February 1, 2026 <div style="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><div style="border-top: black 1.5pt solid; font-size: 1pt"> </div></div> Effective May 1, 2026, the expense cap for Rareview Systematic Equity ETF (the “Fund”) will change from 1.35% of the Fund’s average daily net assets to 1.29% of the Fund’s average daily net assets. Accordingly, effective May 1, 2026, the Prospectus, SAI and Summary Prospectus of the Fund are hereby revised as described below. The fee table on page 30 of the Prospectus and page 1 of the Summary Prospectus and expense example on page 31 of the Prospectus and page 2 of the Summary Prospectus are replaced with the following: 2026-04-27 2026-02-01 <table cellpadding="2" cellspacing="0" id="xdx_A55_zafeWOP6OSLk" style="font: 12pt Times New Roman, Times, Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #DDDDDD"> <td id="xdx_985_eoef--OperatingExpensesCaption_c20260427__20260427__dei--LegalEntityAxis__custom--S000075093Member_zp37E8gVlrM5" style="border: black 1pt solid; width: 85%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260427__20260427__oef--ClassAxis__custom--C000233898Member_zQA7G9M6P09e" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z7dORWamSevg"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: center">1.10%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHboEgvQWAG3"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.00%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses(1)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top"> </td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> Interest Expense </td> <td id="xdx_98B_eoef--Component1OtherExpensesOverAssets_dpn_c20260427__20260427__oef--ClassAxis__custom--C000233898Member_fKDEp_zHraPtRGcXr4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: center">1.31%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> Remaining Other Expenses </td> <td id="xdx_989_eoef--Component2OtherExpensesOverAssets_dpn_c20260427__20260427__oef--ClassAxis__custom--C000233898Member_fKDEp_zG7ZVcVJDH91" style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.51%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNA5fS8KMgg6"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses(2)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zm7gUJ7uMmU4"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">3.03%</td></tr> <tr id="xdx_407_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zDOTBgnoFuX"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and Expense Reimbursement(3)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">(0.32)%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_z7okcOcqoiZ8"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">2.71%</td></tr> </table> <table cellpadding="1" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0 auto; width: 90%"><tr style="vertical-align: top"> <td style="width: 0.25in">(1)</td><td style="text-align: justify">“Other Expenses” include interest expense of 1.31%. Interest expense is borne by the Fund separately from the management fee paid to Rareview Capital LLC (the “Adviser”). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.40%.</td></tr></table> <table cellpadding="1" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0 auto; width: 90%"><tr style="vertical-align: top"> <td style="width: 0.25in">(2)</td><td style="text-align: justify">Acquired Fund Fees and Expenses, which are estimated for the Fund’s current fiscal year, are the indirect costs of investing in other investment companies and not a cost borne directly by the Fund. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Excluding Acquired Fund Fees and Expenses, and interest expense, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.29%.</td></tr></table> <table cellpadding="1" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0 auto; width: 90%"><tr style="vertical-align: top"> <td style="width: 0.25in">(3)</td><td style="text-align: justify">The Adviser has contractually agreed to waive a portion or all of its management fees and/or reimburse Fund expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 1.29% of average daily net assets of each share class of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2027 and may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Limitation Agreement: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment.</td></tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0110 0.0000 0.0131 0.0051 0.0011 0.0303 -0.0032 0.0271 Acquired Fund Fees and Expenses, which are estimated for the Fund’s current fiscal year, are the indirect costs of investing in other investment companies and not a cost borne directly by the Fund. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. January 31, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in mutual funds and other exchange traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example further assumes that the Fund’s operating expense limitation agreement will only be in place for the term specified above. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <table cellpadding="0" cellspacing="0" id="xdx_A5F_zCxGIHNlY933" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zNGV9PAOoHkl" style="width: 24%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zXxkxJvo6Uk1" style="width: 26%; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zLpT1Giwpbqc" style="width: 25%; text-align: center">5 Years </td> <td id="xdx_480_eoef--ExpenseExampleYear10_zxjkFP7GCPCc" style="width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260427__20260427__oef--ClassAxis__custom--C000233898Member_zuFT9eAPs986" style="vertical-align: top"> <td style="width: 24%; text-align: center">$274</td> <td style="width: 26%; text-align: center">$906</td> <td style="width: 25%; text-align: center">$1,564</td> <td style="width: 25%; text-align: center">$3,324</td></tr> </table> 274 906 1564 3324 “Other Expenses” include interest expense of 1.31%. Interest expense is borne by the Fund separately from the management fee paid to Rareview Capital LLC (the “Adviser”). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.40%. Acquired Fund Fees and Expenses, which are estimated for the Fund’s current fiscal year, are the indirect costs of investing in other investment companies and not a cost borne directly by the Fund.The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Excluding Acquired Fund Fees and Expenses, and interest expense, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.29%. The Adviser has contractually agreed to waive a portion or all of its management fees and/or reimburse Fund expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 1.29% of average daily net assets of each share class of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2027 and may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Limitation Agreement: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment.