REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of The SPAC and New Issue ETF,
The De-SPAC ETF and The Short De-SPAC ETF and Board of
Trustees of Collaborative Investment Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and
liabilities, including the portfolios of investments, of
The SPAC and New Issue ETF, The De-SPAC ETF and The Short De-SPAC
ETF (the "Funds"), each a series of Collaborative Investment
Series Trust, as of September 30, 2021, the related statements of
operations and changes in net assets, the related notes, and the
financial highlights for the periods indicated below
(collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all
material respects, the financial position of each of the Funds
as of September 30, 2021, the results of their operations, the
changes in net assets, and the financial highlights for the
periods indicated below in conformity with accounting
principles generally accepted in the United States of America.
Statements of
Fund Name The SPAC and New Issue The De-SPAC ETF ETF
Statements of Changes in Net Operations Assets For the period
from December 15, 2020 (commoperations) through September 30,
2021 For the period from May 18, 2021 (commencethrough
September 30, 2021  Financial Highlights encement of
ment of operations)
Basis for Opinion
These financial statements are the responsibility of the Funds'
management. Our responsibility is to express an opinion on the
Funds, financial statements based on our audit. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to
be independent with respect to the Funds in accordance with the
U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement whether due to
error or fraud.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due
to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of September 30, 2021, by correspondence with
the custodian, transfer agent and brokers or by other auditing
procedures as appropriate in the circumstances; when replies were
not received from brokers, we performed other auditing procedures.
Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that our audit provides a reasonable basis for
our opinion.
We have served as the auditor of one or more investment companies
advised by Tuttle Capital Management, LLC, since 2020.
COHEN & COMPANY, LTD. Milwaukee, Wisconsin December 9, 2021