0001719812 2026-04-27 2026-04-27 0001719812 rdfi:S000069798Member 2026-04-27 2026-04-27 0001719812 rdfi:C000222559Member 2026-04-27 2026-04-27 pure false 497 N-1A 0001719812 Collaborative Investment Series Trust Supplement dated April 27, 2026 to the Prospectus 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 fee table on page 1 of the Prospectus and page 1 of the Summary Prospectus is replaced with the following: 2026-04-27 2026-02-01 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zvjRSeXw0UWf"></div> <table cellpadding="2" cellspacing="0" id="xdx_A5F_zQFEBve4FM2b" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 95%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #DDDDDD"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260427__20260427__dei--LegalEntityAxis__custom--S000069798Member_zmQFqI7gYzIg" style="border: black 1pt solid; width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260427__20260427__oef--ClassAxis__custom--C000222559Member_zBz61hiHRpgk" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dp_zAEIpfzc6zDh"> <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">0.97%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dp_zi5lHeXmbun8"> <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 id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zWeW9GwcAkEl"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.53%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zVvm32B41yHf"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">2.73%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zTswjFShiZ4l"> <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">4.23%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dp_zwq4p2dDvfU1"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Fee Waiver and Expense Reimbursement(2)</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dp_ziq5L1mrXYhh"> <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">4.23%</td></tr> </table> <table cellpadding="1" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; margin: 0 auto; width: 95%"><tr style="vertical-align: top"> <td style="width: 0.25in">(1)</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, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.50%. </td></tr></table> <table cellpadding="1" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; margin: 0 auto; width: 95%"><tr style="vertical-align: top"> <td style="width: 0.25in">(2)</td><td style="text-align: justify">Rareview Capital LLC (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and/or reimburse Fund expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 1.50% of average daily net assets of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2027 and may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Limitation Agreement: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment.</td></tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0097 0.0000 0.0053 0.0273 0.0423 0.0000 0.0423 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 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, Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement are 1.50%. Rareview Capital LLC (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and/or reimburse Fund expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 1.50% of average daily net assets of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least January 31, 2027 and may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”). The Adviser may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Limitation Agreement: (i) in effect at the time of the waiver or reimbursement, or (ii) in effect at the time of recoupment.