Elevation Series Trust 485BPOS

Exhibit 99(d)(18)

FIRST AMENDMENT TO THE ELEVATION SERIES TRUST

INVESTMENT SUB-ADVISORY AGREEMENT

With

TRUEMARK INVESTMENTS, LLC AND

RIVERNORTH CAPITAL MANAGEMENT, LLC

This FIRST AMENDMENT dated July 23, 2025, to the Investment Sub-Advisory Agreement dated as of June 5, 2025 (the “Agreement”), entered into by and between TRUEMARK INVESTMENTS, LLC, a Delaware limited liability company with its principal place of business at 433 W. Van Buren Street, 1100-D, Chicago, IL 60607 (the “Adviser”), and RIVERNORTH CAPITAL MANAGEMENT, LLC, a Delaware limited liability company with its principal place of business at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, Florida 33401 (the “Sub-Adviser”) and ELEVATION SERIES TRUST (the “Trust”), a Delaware statutory trust.

WITNESSETH

WHEREAS, the parties have entered into the Agreement, pursuant to which the Sub-Adviser renders investment advisory services to certain series of the Trust;

WHEREAS, the Trust, the Adviser and the Sub-Adviser desire to amend Schedule A to the Agreement to add the RiverNorth Active Income ETF as a series of the Trust covered under the Agreement, so that the Sub-Adviser may render investment sub-advisory services to the new series pursuant to the Agreement; and

WHEREAS, the Agreement allows for the amendment of the Agreement subject to certain conditions which have been met.

NOW, THEREFORE, the parties agree as follows:

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

SCHEDULE A

to the

INVESTMENT SUB-ADVISORY AGREEMENT

Dated July 23, 2025 by and among

TRUEMARK INVESTMENTS, LLC

And

RIVERNORTH CAPITAL MANAGEMENT, LLC

And

ELEVATION SERIES TRUST

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser’s services rendered, a fee, as set forth below: