Collaborative Investment Series Trust 485BPOS
Exhibit 99(h)(x)
COLLABORATIVE
INVESTMENT SERIES TRUST
OPERATING EXPENSES LIMITATION AGREEMENT
RAREVIEW CAPITAL LLC
THIS OPERATING EXPENSES
LIMITATION AGREEMENT (the “Agreement”) by and between COLLABORATIVE INVESTMENT SERIES TRUST, a Delaware statutory
trust (the “Trust”), on behalf of Rareview Total Return Bond ETF (the “Fund”) a series of the Trust and
the Advisor, Rareview Capital LLC (the “Advisor”).
WITNESSETH:
WHEREAS, the Advisor renders
advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and
the Advisor dated June 3rd, 2024 (the “Investment Advisory Agreement”);
WHEREAS, the Fund is responsible
for, and has assumed the obligation for, payment of certain expenses pursuant to the Investment Advisory Agreement that have not
been assumed by the Advisor; and
WHEREAS, the Advisor desires
to limit the Fund’s Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and
provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Advisor to implement those limits;
NOW THEREFORE, in consideration
of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree
as follows:
1. Limit
on Operating Expenses. The Advisor xxxxxx agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed
as a percentage of a share classes’ average daily net assets, to the amounts listed in Appendix A (the “Annual Limit”)
for the time periods indicated. In the event that the current Operating Expenses of the Fund, on a class-specific basis, as accrued
each month, exceed the respective Annual Limit, the Advisor will, as needed, waive its fees and pay to the Fund, on a monthly basis,
the excess expense within 30 days of being notified that an excess expense payment is due.
2. Definition.
For purposes of this Agreement, the term “Operating Expenses” with respect to the Fund, is defined to include all expenses
necessary or appropriate for the operation of the Fund and including the Advisor’s investment advisory or management fee
detailed in the Investment Advisory Agreement, but does not include any 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.
3. Reimbursement
of Fees and Expenses. The Advisor retains its right to receive reimbursement of any excess expense payments paid by it
pursuant to this Agreement for three years from the date on which the waiver or reimbursement occurs, if such reimbursement
can be achieved within the lesser of the Operating
Expense Limitations listed in Appendix A or the expense limits in place at the time of recoupment. The Advisor’s right
to receive such reimbursement shall survive the termination of either this Agreement or the Investment Advisory Agreement.
4. Term.
This Agreement shall become effective on the date specified herein and shall remain in effect until at least January 31, 2026 unless
sooner terminated as provided in Paragraph 5 of this Agreement.
5. Termination.
This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf
of the Fund, upon sixty (60) days’ written notice to the Advisor. This Agreement may not be terminated by the Advisor without
the consent of the Board of Trustees of the Trust. This Agreement will automatically terminate, with respect to the Fund listed
in Appendix A if the Investment Advisory Agreement for the Fund is terminated, with such termination effective upon the
effective date of the Investment Advisory Agreement’s termination for the Fund.
6. Assignment.
This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.
7. Severability.
If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered
invalid, the remainder of this Agreement shall not be affected thereby.
8. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving
effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent
with, any federal law, regulation or rule, including the Investment Company Act of 1940 and the Investment Advisers Act of 1940
and any rules and regulations promulgated thereunder.
IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above
written.
Appendix A
Fund |
Annualized Percentage of Average Daily Net Assets |
Minimum Duration |
Rareview Total Return Bond ETF |
0.67% |
January 31, 2026 |