ELEVATION SERIES TRUST 485BPOS

Exhibit 99(d)(10)

AMENDMENT TO THE ELEVATION SERIES TRUST
INVESTMENT ADVISORY AGREEMENT

with

TRUEMARK INVESTMENTS, LLC

THIS AMENDMENT dated as of May 21, 2026, to the Investment Advisory Agreement dated as of December 31, 2025 (the “Agreement”), entered into by and between ELEVATION SERIES TRUST (the “Trust”), a Delaware statutory trust, and 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”).

WITNESSETH

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

WHEREAS, the Trust and the Adviser desire to amend Schedule A to the Agreement to add the TrueShares Quarterly Bull Hedge ETF as a series of the Trust covered under the Agreement, so that the Adviser may render investment 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 First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above

	ELEVATION SERIES TRUST on behalf of the series listed on Schedule A
	By:	/s/ Bradley Swenson
	Name:	Bradley Swenson
	Title:	President
	TRUEMARK INVESTMENTS, LLC
	By:	/s/ Michael N. Loukas
	Name:	Michael N. Loukas
	Title:	Chief Executive Officer

SCHEDULE A

to the

INVESTMENT ADVISORY AGREEMENT with
TRUEMARK INVESTMENTS, LLC

The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily and paid monthly, at an annual rate based on the average daily net assets of the respective Fund in accordance with the following fee schedule:

Sc-A