# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-002992
**Filing Date:** 2026-5
**Character Count:** 209535
**Document Hash:** 234a3578cf83aca8caddcdf2e563b9db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002992.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001580642-26-002992

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust IV
- **CENTRAL INDEX KEY:** 0001644419

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0916

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26948963

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68154-1150

## Series and Classes Contracts Data

### Monarch Ambassador Income Index ETF (Series ID: S000071242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000226137 | Monarch Ambassador Income Index ETF | MAMB            |

### Monarch Blue Chips Core Index ETF (Series ID: S000071243)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000226138 | Monarch Blue Chips Core Index ETF | MBCC            |

### Monarch ProCap Index ETF (Series ID: S000071244)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000226139 | Monarch ProCap Index ETF | MPRO            |

### Monarch Dividend Plus Index ETF (Series ID: S000083387)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246990 | Monarch Dividend Plus Index ETF | MDPL            |

### Monarch Select Subsector Index ETF (Series ID: S000083388)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246991 | Monarch Select Subsector Index ETF | MSSS            |

### Monarch Volume Factor Dividend Tree Index ETF (Series ID: S000083389)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000246992 | Monarch Volume Factor Dividend Tree Index ETF | MVFD            |

### Monarch Volume Factor Global Unconstrained Index ETF (Series ID: S000083390)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000246993 | Monarch Volume Factor Global Unconstrained Index ETF | MVFG            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23066</u>

<u>Northern Lights Fund Trust IV</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Dr, Ste 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Jennifer Farrell, Ultimus Fund Solutions, LLC.</u> <br> <u>80 Arkay Drive, Hauppauge, NY 11788</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>2/28</u> <br>Date of reporting period: <u>2/28/26</u>

**Item 1. Reports to Stockholders.** 

(a) #### Monarch Ambassador Income Index ETF
(MAMB) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch Ambassador Income Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Ambassador Income Index ETF | $107 | 1.01% |

---

# How did the Fund perform during the reporting period?
In Q2 2025, the Fund benefited from strong performance in gold and short-term fixed income products, which helped drive returns above the Bloomberg U.S. Aggregate Bond Index. However, exposures to long-term and intermediate-term treasuries weighed on performance. Despite such headwinds, the strength in alternative assets more than compensated for the softness in traditional fixed income.

The Fund maintained similar sector allocations heading into Q3 2025. During this period, intermediate bonds and convertibles proved to be a bright spot, joined by gold and long-term treasuries in contributing positively to quarterly results. Meanwhile, short-term treasuries, while contributing, lagged the broader fixed income market. The combination of mid-duration fixed income and solid performance from commodities and convertibles enabled the Fund to closely match the Bloomberg U.S. Aggregate Bond Index.

Heading into Q4 2025, gold continued to anchor performance, while intermediate and long-term treasuries also provided a boost. On the downside, convertibles, along with short-term bonds, underperformed. Despite these challenges, the Fund continued to outperform the Bloomberg U.S. Aggregate Bond Index, supported by the strength of its alternative and credit allocations.

In Q1 2026, the Fund's leading contributors remained consistent, with gold and intermediate-term bonds continuing to add value. However, the positive momentum was offset by relatively flat performance in convertibles and short-term treasuries. Despite this, the strength in alternative assets more than compensated for the softness in traditional fixed income to allow the Fund to outpace the Bloomberg U.S. Aggregate Bond Index.

Throughout the reporting period, gold emerged as a consistent positive contributor, delivering strong results throughout the fiscal year. Intermediate and long-term bonds offered steady support, though their impact fluctuated. Conversely, short-term bonds and convertibles remained frequent detractors, particularly in volatile rate environments.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia92a5ce165dff39acd7378ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Monarch Ambassador Income Index ETF - NAV** | **Monarch Ambassador Income Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2021** | $10000 | $10000 | $10000 |
| **Feb-2022** | $9870 | $9893 | $9833 |
| **Feb-2023** | $8870 | $8912 | $8877 |
| **Feb-2024** | $9072 | $9141 | $9172 |
| **Feb-2025** | $9665 | $9753 | $9705 |
| **Feb-2026** | $10761 | $10866 | $10313 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 23, 2021)** |
| Monarch Ambassador Income Index ETF - NAV | 11.34% | 1.50% |
| Monarch Ambassador Income Index | 11.42% | 1.70% |
| Bloomberg U.S. Aggregate Bond Index | 6.26% | 0.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $173148502 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $1176779 |
| Portfolio Turnover | 46% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia06c14c55352574e6bc17a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ie1f0f64a738d49b2c5ad4160.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Commodity | 6.4% |
| Fixed Income | 93.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;18.7% |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;16.2% |
| &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;13.8% |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;iShares 1-3 Year Treasury Bond ETF | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;iShares Gold Trust | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Invesco Taxable Municipal Bond ETF | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;2.5% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Ambassador Income Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MAMB

#### Monarch Blue Chips Core Index ETF
(MBCC) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch Blue Chips Core Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Blue Chips Core Index ETF | $103 | 1.01% |

---

# How did the Fund perform during the reporting period?
In Q2 2025, the Fund enjoyed modest gains from holdings in communications, industrials and financials. Healthcare, real estate and consumer staples detracted from the Fund's overall performance. Technology and consumer discretionary were modestly positive throughout the quarter. Despite relatively flat returns, technology remained the largest sector.

Sector weights remained steady into Q3 2025. Technology posted a strong rebound and outperformed other sectors in the Fund. Gains from healthcare and industrials trailed behind, while consumer staples, energy and financials detracted from performance. Reductions in technology allocations were offset by increases in energy and utilities.

The Fund made small sector shifts from Q3 2025 to Q4 2025, favoring increases to technology and consumer discretionary and trimming exposure to healthcare and energy. Healthcare contributed strongly to the Fund but other allocations missed out on the broader market rally. Communications, technology and financials holdings underperformed the S&P 500 Index.

In Q1 2026, technology's performance declined sharply, alongside other humble performers in financials, consumer discretionary, and communications. Offsetting these detractors were the Fund's holdings in consumer staples, industrials and real estate. Based on portfolio weighting, the Fund decreased technology exposure with increases seen across consumer discretionary, financials and consumer staples. Energy and utilities holdings made brief appearances during the year but were completely removed by the end of the fiscal year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i12959f3c3af0686ec6c2732e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Monarch Blue Chips Core Index ETF - NAV** | **Monarch Blue Chips Core Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2021** | $10000 | $10000 | $10000 |
| **Feb-2022** | $10362 | $10386 | $11332 |
| **Feb-2023** | $9614 | $9654 | $10460 |
| **Feb-2024** | $12894 | $13000 | $13645 |
| **Feb-2025** | $14491 | $14642 | $16157 |
| **Feb-2026** | $14947 | $15109 | $18902 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 23, 2021)** |
| Monarch Blue Chips Core Index ETF - NAV | 3.14% | 8.48% |
| Monarch Blue Chips Core Index | 3.19% | 8.72% |
| S&P 500<sup>®</sup> Index | 16.99% | 13.77% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $152543031 |
| Number of Portfolio Holdings | 24 |
| Advisory Fee | $1121163 |
| Portfolio Turnover | 73% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i233bba6bcfdb788cb726faa8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie17b57898229c910986864d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Financials | 3.7% |
| Real Estate | 8.8% |
| Industrials | 9.4% |
| Communications | 11.3% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.5% |
| Consumer Staples | 14.2% |
| Technology | 27.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;General Electric Company | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Emerson Electric Company | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Costco Wholesale Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;McDonald's Corporation | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;American Tower Corporation | &nbsp;&nbsp;4.4% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Blue Chips Core Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MBCC

#### Monarch Dividend Plus Index ETF
(MDPL) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch Dividend Plus Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Dividend Plus Index ETF | $122 | 1.19% |

---

# How did the Fund perform during the reporting period?
By the end of Q2 2025, the Fund's returns were negative but ahead of the S&P Composite 1500 Value Index and broader market performance. Financials, materials, and consumer staples posted the strongest results. Communications, consumer discretionary and energy detracted from Fund performance, while carrying significant weight in the portfolio.

Consumer discretionary led the pack in Q3 2025, followed by communications, energy and consumer staples. The Fund reduced its consumer staples exposure and increased holdings across healthcare and industrials. Sector frontrunners left healthcare, materials and technology in the dust, all of which were the primary laggards for the quarter.

However, healthcare and materials drove performance in Q4 2025, alongside energy. Industrials, consumer discretionary and communications were the Fund's main detractors and weighed heavily on overall performance. The Fund continued its pullback from consumer staples and consumer discretionary, while repositioning towards industrials.

The beginning of 2026 witnessed strong performance from consumer staples, industrials and communications, while technology, financials and consumer discretionary generated negative returns. In Q1 2026, the Fund leaned into technology and financials as the highest weighted sectors and reduced allocations to consumer discretionary and communications. While delivering positive performance, the Fund lagged the S&P Composite 1500 Value Index for the period.

Sector performance fluctuated significantly throughout the year as different names and areas of the market fell in and out of favor. The Fund ended the reporting period having rotated into the industrial, technology and financials sectors throughout the fiscal year and reduced exposures in consumer discretionary and consumer staples.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5bf2967ea9e984dc903b7dcf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Monarch Dividend Plus Index ETF - NAV** | **Monarch Dividend Plus Index** | **Dow Jones Industrial Average<sup>®</sup>** | **S&P Composite 1500 Value Index TR** |
| **03/06/24** | $10000 | $10000 | $10000 | $10000 |
| **03/31/24** | $10491 | $10494 | $10305 | $10364 |
| **06/30/24** | $9937 | $9939 | $10174 | $10130 |
| **09/30/24** | $10717 | $10730 | $11062 | $11056 |
| **12/31/24** | $10170 | $10182 | $11164 | $10802 |
| **03/31/25** | $10591 | $10615 | $11067 | $10780 |
| **06/30/25** | $10500 | $10532 | $11672 | $11106 |
| **09/30/25** | $10745 | $10784 | $12333 | $11805 |
| **12/31/25** | $10918 | $10964 | $12830 | $12176 |
| **02/28/26** | $10983 | $11040 | $13102 | $12785 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 6, 2024)** |
| Monarch Dividend Plus Index ETF - NAV | 4.69% | 4.84% |
| Monarch Dividend Plus Index | 5.04% | 5.11% |
| Dow Jones Industrial Average<sup>®</sup> | 13.59% | 14.59% |
| S&P Composite 1500 Value Index TR | 14.90% | 13.18% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58817902 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee | $473707 |
| Portfolio Turnover | 89% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i233bba6bcfdb788cb726faa8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if4b6bb45e1c1c30a8d84c123.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Materials | 3.2% |
| Energy | 6.6% |
| Communications | 6.8% |
| Industrials | 9.8% |
| Consumer Staples | 13.1% |
| Health Care | 13.2% |
| Financials | 16.6% |
| Technology | 30.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;3.3% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Dividend Plus Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MDPL

#### Monarch ProCap Index ETF
(MPRO) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch ProCap Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch ProCap Index ETF | $104 | 0.97% |

---

# How did the Fund perform during the reporting period?
In Q2 2025, Fund performance was driven by its economic cycle strategy, though the positioning led to overall underperformance. Allocations to industrials and technology offered meaningful gains, reflecting the Fund's balance to growth and value sectors during the quarter. However, equity exposures to healthcare, real estate and financials detracted from results. The drag from these cyclical sectors ultimately outweighed the benefits of the Fund's defensive tilt.

The Fund maintained a strategic allocation framework into Q3 2025, with positive contributions from communications, technology and consumer discretionary. A supportive fixed income allocation further bolstered performance. On the other hand, consumer staples and real estate were detractors. Despite the boost from fixed income, the weaknesses across several sectors led to underperformance relative to the S&P Target Risk Moderate Index.

By Q4 2025, the Fund's economic cycle-based strategy produced improved results. Utilities were added to deliver steady performance, supporting overall results, along with strong performance in healthcare. However, materials and consumer staples allocations underperformed. Continued support from the fixed income environment helped the Fund slightly outperform the S&P Target Risk Moderate Index for the quarter.

In Q1 2026, materials, consumer staples and real estate emerged as strong contributors, alongside continued support from the Fund's core bond allocation. Still, financials, technology and consumer discretionary proved to be detractors, dragging overall performance. However, the Fund was able to deliver strong returns compared to the S&P Target Risk Moderate Index due to the other sector allocations.

While the Fund saw moments of outperformance, particularly in Q1 2026, persistent drag from underperforming cyclical sectors and shifting macro conditions ultimately led to underperformance relative to the S&P Target Risk Moderate Index in most periods.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i03725831441cf61828f34f78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Monarch ProCap Index ETF - NAV** | **Monarch ProCap Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P Target Risk Moderate Index** |
| **03/23/21** | $10000 | $10000 | $10000 | $10000 |
| **02/28/22** | $10918 | $10941 | $9833 | $10162 |
| **02/28/23** | $10380 | $10414 | $8877 | $9325 |
| **02/29/24** | $11418 | $11474 | $9172 | $10385 |
| **02/28/25** | $12557 | $12620 | $9705 | $11375 |
| **02/28/26** | $14178 | $14261 | $10313 | $12962 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 23, 2021)** |
| Monarch ProCap Index ETF - NAV | 12.91% | 7.33% |
| Monarch ProCap Index | 13.00% | 7.45% |
| Bloomberg U.S. Aggregate Bond Index | 6.26% | 0.63% |
| S&P Target Risk Moderate Index | 13.94% | 5.39% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250492723 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $1899326 |
| Portfolio Turnover | 75% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib1e12cd0437970a5b555c381.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i27ad1e2289d217737d6d3ea6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 49.9% |
| Fixed Income | 50.0% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;50.0% |
| &nbsp;&nbsp;State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;State Street Consumer Staples Select Sector SPDR ETF | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;State Street Real Estate Select Sector SPDR ETF | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;State Street Industrial Select Sector SPDR ETF | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;State Street Consumer Discretionary Select Sector SPDR ETF | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;State Street Technology Select Sector SPDR ETF | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;State Street Financial Select Sector SPDR ETF | &nbsp;&nbsp;4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch ProCap Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MPRO

#### Monarch Select Subsector Index ETF
(MSSS) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# What did the Fund invest in?
This annual shareholder report contains important information about Monarch Select Subsector Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Select Subsector Index ETF | $116 | 1.08% |

---

# How did the Fund perform during the reporting period?
At the close of Q2 2025, the Fund's performance was guided by its economic cycle approach, which ultimately led to overperformance relative to the S&P 500 Index. Strength in industrials, financials, and communications helped cushion losses, but these gains were offset by underperformance in healthcare and consumer staples. The combination of strong returns in select exposures was enough to overcome headwinds from healthcare and consumer staples subsectors.

In Q3 2025, the Fund saw an improvement in performance as technology, healthcare and industrials led gains. The cyclical positioning was well timed, allowing the Fund to achieve positive returns, yet it trailed the S&P 500 Index due to continued relative weakness in financials, communications and consumer staples. The strength in technology and healthcare infrastructure-oriented holdings helped drive positive returns for the period.

Performance in Q4 2025 reflected a more mixed environment for the Fund. While the utilities, healthcare and industrials subsectors were bright spots, consumer discretionary, consumer staples and real estate holdings lagged, leading to underperformance compared to the S&P 500 Index.

In Q1 2026, the Fund's top performers continued to include industrials and, in a departure from the prior quarter, also included consumer discretionary and consumer staples. Detracting subsectors included underperformance in healthcare, technology and financials. Strong results from isolated sectors outweighed broader market performance, delivering strong overperformance compared to the S&P 500 Index.

Over the reporting period, the Fund experienced moments of strength—particularly in Q1 2026, when consumer and industrial-related exposures surged. Technology and healthcare returns fluctuated from quarter to quarter. Financials and communications delivered muted returns throughout the year and created headwinds at times.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i33d0fb769bf6a4d2e11590c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Monarch Select Subsector Index ETF - NAV** | **Monarch Select Subsector Index** | **S&P 500<sup>®</sup> Index** |
| **03/06/24** | $10000 | $10000 | $10000 |
| **05/31/24** | $10042 | $10047 | $10372 |
| **08/31/24** | $11339 | $11349 | $11139 |
| **11/30/24** | $11944 | $11952 | $11935 |
| **02/28/25** | $11305 | $11309 | $11819 |
| **05/31/25** | $11297 | $11300 | $11774 |
| **08/31/25** | $12235 | $12244 | $12907 |
| **11/30/25** | $12399 | $12407 | $13725 |
| **02/28/26** | $12978 | $12996 | $13827 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 6, 2024)** |
| Monarch Select Subsector Index ETF - NAV | 14.80% | 14.05% |
| Monarch Select Subsector Index | 14.92% | 14.13% |
| S&P 500<sup>®</sup> Index | 16.99% | 17.75% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $125113913 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $892900 |
| Portfolio Turnover | 127% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia06c14c55352574e6bc17a51.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iae1542a3913bdfa35065a5b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Equity | 99.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;iShares U.S. Healthcare Providers ETF | &nbsp;&nbsp;10.3% |
| &nbsp;&nbsp;Invesco KBW Property & Casualty ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;iShares U.S. Medical Devices ETF | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;SPDR S&P Insurance ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;State Street Communication Services Select Sector SPDR ETF | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Invesco Leisure & Entertainment ETF | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;SPDR S&P Pharmaceuticals ETF | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;State Street SPDR S&P Semiconductor ETF | &nbsp;&nbsp;9.7% |
| &nbsp;&nbsp;SPDR S&P Software & Services ETF | &nbsp;&nbsp;9.4% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Select Subsector Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MSSS

#### Monarch Volume Factor Dividend Tree Index ETF
(MVFD) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch Volume Factor Dividend Tree Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Volume Factor Dividend Tree Index ETF | $119 | 1.10% |

---

# How did the Fund perform during the reporting period?
The Fund concluded Q2 2025 with sector results that were generally negative across the board. Consumer discretionary, healthcare and energy exposures were the biggest laggards, while financials and technology delivered some positive performance. The Fund's highest allocations were to financials, consumer discretionary and industrials. In contrast, the lowest allocations were to consumer staples and materials.

In Q3 2025, the Fund's rotation into energy, consumer discretionary and industrial holdings proved beneficial. Energy also emerged as the portfolio's largest allocation, slightly ahead of healthcare and financials. The detractors from performance for the quarter were allocations to the consumer staples, materials and utilities sectors, but the lower allocations to these exposures limited the impacts.

The strongest contributors to Q4 2025 performance were energy, consumer discretionary and industrials, all three of which delivered solid gains. Consumer staples and materials declined this quarter, while the Fund decreased its holdings in both sectors. Financials took over the top spot in portfolio allocation followed by industrials and consumer discretionary. Energy and technology names also had high allocations and the Fund was concentrated in fewer sectors during the period.

For Q1 2026, several sectors delivered strong returns, led by industrials, technology, consumer discretionary, financials and energy holdings. Only the consumer staples allocations delivered negative returns. Consumer discretionary surged to become the Fund's largest allocation followed by financials, industrials and technology. The Fund diversified across more sectors this quarter with smaller allocations to consumer staples, energy, healthcare and materials as well.

During the reporting period, financials and industrials were consistently among the higher allocations and delivered strong returns for most of the fiscal year. While the Fund struggled with negative returns and relative to the S&P Composite 1500 Index in Q2 2025, positive returns were delivered the rest of the fiscal year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i65e1d62d6c4fefaa18cbf457.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Monarch Volume Factor Dividend Tree Index ETF - NAV** | **Monarch Volume Factor Dividend Tree Index** | **S&P Composite 1500<sup>®</sup> Index** |
| **03/06/24** | $10000 | $10000 | $10000 |
| **05/31/24** | $10187 | $10186 | $10358 |
| **08/31/24** | $10529 | $10538 | $11104 |
| **11/30/24** | $11304 | $11325 | $11916 |
| **02/28/25** | $10943 | $10970 | $11724 |
| **05/31/25** | $10256 | $10272 | $11652 |
| **08/31/25** | $11262 | $11287 | $12776 |
| **11/30/25** | $11638 | $11671 | $13546 |
| **02/28/26** | $12682 | $12729 | $13721 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 6, 2024)** |
| Monarch Volume Factor Dividend Tree Index ETF | 15.90% | 12.73% |
| Monarch Volume Factor Dividend Tree Index | 16.03% | 12.94% |
| S&P Composite 1500<sup>®</sup> Index | 17.04% | 17.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $99079890 |
| Number of Portfolio Holdings | 39 |
| Advisory Fee | $647675 |
| Portfolio Turnover | 321% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i233bba6bcfdb788cb726faa8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i56e3d5710d271bdea9c4074a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Health Care | 2.8% |
| Materials | 2.9% |
| Consumer Staples | 5.2% |
| Energy | 8.4% |
| Technology | 13.0% |
| Industrials | 19.4% |
| Financials | 22.5% |
| Consumer Discretionary | 25.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Halliburton Company | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;EnerSys | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;2.7% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Volume Factor Dividend Tree Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MVFD

#### Monarch Volume Factor Global Unconstrained Index ETF
(MVFG) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - February 28, 2026

# Fund Overview
This annual shareholder report contains important information about Monarch Volume Factor Global Unconstrained Index ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at **https://www.monarchfunds.com/resources**. You can also request this information by contacting us at 1-541-291-4405.

# What were the Fund's costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Monarch Volume Factor Global Unconstrained Index ETF | $121 | 1.03% |

---

# How did the Fund perform during the reporting period?
In Q2 2025, the Fund held heavy concentrations in mid and small cap, as well as technology, ETFs. Developed markets, global stocks and technology emerged as the top contributors, despite broadly subdued performance across other sectors. Utilities and energy ETF holdings remained marginal and posted minimal to negative returns. During the quarter, the Fund's risk overlay kicked in twice, moving a portion of the Fund's allocation to fixed income ETFs. The Fund began and finished the quarter with a full equity ETF allocation.

Developed markets and global stock ETFs were introduced as core holdings with the largest allocations in Q3 2025 and providing positive performance. Technology holdings also delivered strong returns. Healthcare and financial ETFs trailed behind with positive returns, though smaller in positions. The remaining sectors in the Fund exhibited flat performance with emerging markets ETFs entering the portfolio and mid cap holdings exiting.

By the end of 2025, portfolio allocations dramatically shifted to place natural resources and technology based ETFs ahead of prior frontrunners from the international markets. Natural resources also delivered performance leadership followed by the remaining emerging markets and global stocks allocations. Small cap, energy and technology ETFs underperformed during Q4 2025.

In Q1 2026, the Fund repositioned again to prioritize large cap, global stocks, and small and mid cap ETFs. Continued strong returns from the natural resources allocations were on full display as they were the largest contributor to performance, which was universally positive across all sectors. Technology and global stock ETFs were the other top contributors.

Throughout the reporting period, the Fund conducted several rebalances. Allocations rotated across international holdings as well as natural resources, technology and large cap stocks allocations as the Fund followed its investment methodology and reconstituted quarterly.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2cf95f5117106c14b6a313f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Monarch Volume Factor Global Unconstrained Index ETF - NAV** | **Monarch Volume Factor Global Unconstrained Index** | **S&P Global 1200 Index** |
| **03/06/24** | $10000 | $10000 | $10000 |
| **05/31/24** | $10393 | $10400 | $10367 |
| **08/31/24** | $10919 | $10938 | $11049 |
| **11/30/24** | $11168 | $11196 | $11478 |
| **02/28/25** | $10570 | $10598 | $11545 |
| **05/31/25** | $11163 | $11201 | $11810 |
| **08/31/25** | $12180 | $12231 | $12827 |
| **11/30/25** | $12520 | $12579 | $13633 |
| **02/28/26** | $14298 | $14388 | $14373 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 6, 2024)** |
| Monarch Volume Factor Global Unconstrained Index ETF | 35.26% | 19.75% |
| Monarch Volume Factor Global Unconstrained Index | 35.75% | 20.13% |
| S&P Global 1200 Index | 24.49% | 20.07% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-541-291-4405.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $147976181 |
| Number of Portfolio Holdings | 25 |
| Advisory Fee | $939734 |
| Portfolio Turnover | 419% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i78bcd7e5f8c5f8db35343fa6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](id0b30c7de29d88504a45c37b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Equity | 99.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Columbia EM Core ex-China ETF | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;John Hancock Multifactor Emerging Markets ETF | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Vanguard FTSE All World ex-US Small-Cap ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;First Trust Dorsey Wright International Focus 5 ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Fidelity International Value Factor ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;FlexShares International Quality Dividend Index Fund | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;SPDR MSCI ACWI ex-US ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Vanguard S&P Mid-Cap 400 Growth ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;iShares Currency Hedged MSCI ACWI ex U.S. ETF | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Xtrackers Russell US Multifactor ETF | &nbsp;&nbsp;4.1% |

---

# Material Fund Changes
No material changes occurred during the year ended February 28, 2026.

#### Monarch Volume Factor Global Unconstrained Index ETF

#### Annual Shareholder Report - February 28, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.monarchfunds.com/resources**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-MVFG

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

---

| |
|:---|
| (a)(1) The Registrant's Board of Trustees has determined that Joseph Breslin is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Breslin is independent for purposes of this Item. |
| (a)(2) Not applicable. |
| (a)(3) Not applicable. |

---

**Item 4. Principal Accountant Fees and Services.** 

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2026 &nbsp;&nbsp;&nbsp;&nbsp;$101500 <br> 2025 &nbsp;&nbsp;&nbsp;&nbsp; $98700 |

---

---

| | |
|:---|:---|
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2026&nbsp;&nbsp;&nbsp;&nbsp; $22400 <br> 2025 &nbsp;&nbsp;&nbsp;&nbsp;$21000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended February 28, 2026 and 2025 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended February 28, 2026 and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Joseph Breslin, Charles Ranson and Thomas T. Sarkany.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Long Form Financial Statements

---

| |
|:---|
| ![(MONARCH LOGO)](mo001_v1.jpg) |
| **Monarch Ambassador Income Index ETF** |
| MAMB |
| **Monarch Blue Chips Core Index ETF** |
| MBCC |
| **Monarch Dividend Plus Index ETF** |
| MDPL |
| **Monarch ProCap Index ETF** |
| MPRO |
| **Monarch Select Subsector Index ETF** |
| MSSS |
| **Monarch Volume Factor Dividend Tree Index ETF** |
| MVFD |
| **Monarch Volume Factor Global Unconstrained Index ETF** |
| MVFG |
| Annual Financial Statements |
| and Additional Information |
| February 28, 2026 |

---

---

| |
|:---|
| ***MONARCH AMBASSADOR INCOME INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **COMMODITY - 6.4%** |  |
| 112663 | iShares Gold Trust<sup>(a)</sup> | $11161523 |
|  | **FIXED INCOME - 93.4%** |  |
| 389742 | Invesco Taxable Municipal Bond ETF | 10807546 |
| 231625 | iShares 1-3 Year Treasury Bond ETF | 19266567 |
| 120542 | iShares 20+ Year Treasury Bond ETF | 10947624 |
| 243250 | iShares 7-10 Year Treasury Bond ETF | 23836068 |
| 212467 | iShares Core U.S. Aggregate Bond ETF | 21544154 |
| 250365 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 27960763 |
| 334040 | iShares MBS ETF | 32371816 |
| 112814 | SPDR Bloomberg Convertible Securities ETF | 10647385 |
| 141011 | SPDR Portfolio Short Term Corporate Bond ETF | 4275454 |
|  |  | 161657377 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $165,842,241)** | 172818900 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $165,842,241)** | $172818900 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 329602 |
|  | **NET ASSETS - 100.0%** | $173148502 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MBS | - Mortgage-Backed Security |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH BLUE CHIPS CORE INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8%** |  |
|  | **AEROSPACE & DEFENSE - 4.7%** |  |
| 21030 | General Electric Company | $7197728 |
|  | **APPAREL & TEXTILE PRODUCTS - 4.0%** |  |
| 97139 | NIKE, Inc., Class B | 6040103 |
|  | **BIOTECH & PHARMA - 8.7%** |  |
| 18172 | Amgen, Inc. | 7053644 |
| 5831 | Eli Lilly & Company | 6134154 |
|  |  | 13187798 |
|  | **DIVERSIFIED INDUSTRIALS - 4.7%** |  |
| 47069 | Emerson Electric Company | 7095652 |
|  | **E-COMMERCE DISCRETIONARY - 3.7%** |  |
| 26919 | Amazon.com, Inc.<sup>(a)</sup> | 5652990 |
|  | **INFRASTRUCTURE REIT - 4.4%** |  |
| 34622 | American Tower Corporation | 6642577 |
|  | **INTERNET MEDIA & SERVICES - 11.3%** |  |
| 1264 | Booking Holdings, Inc. | 5358538 |
| 9677 | Meta Platforms, Inc., Class A | 6272439 |
| 58352 | Netflix, Inc.<sup>(a)</sup> | 5615796 |
|  |  | 17246773 |
|  | **LEISURE FACILITIES & SERVICES - 4.5%** |  |
| 20135 | McDonald's Corporation | 6867243 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.8%** |  |
| 27674 | Danaher Corporation | 5829251 |
|  | **RETAIL - CONSUMER STAPLES - 9.2%** |  |
| 6861 | Costco Wholesale Corporation | 6935030 |
| 56812 | Walmart, Inc. | 7269095 |
|  |  | 14204125 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH BLUE CHIPS CORE INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.8% (Continued)** |  |
|  | **RETAIL REIT - 4.5%** |  |
| 33695 | Simon Property Group, Inc. | $6868726 |
|  | **SEMICONDUCTORS - 9.2%** |  |
| 35457 | NVIDIA Corporation | 6282626 |
| 37312 | Texas Instruments, Inc. | 7914247 |
|  |  | 14196873 |
|  | **SOFTWARE - 6.8%** |  |
| 12756 | Microsoft Corporation | 5009791 |
| 27235 | Salesforce, Inc. | 5305106 |
|  |  | 10314897 |
|  | **SPECIALTY FINANCE - 3.7%** |  |
| 28650 | Capital One Financial Corporation | 5605086 |
|  | **TECHNOLOGY HARDWARE - 3.9%** |  |
| 22509 | Apple, Inc. | 5946428 |
|  | **TECHNOLOGY SERVICES - 7.8%** |  |
| 11402 | Mastercard, Inc., Class A | 5897228 |
| 18761 | Visa, Inc., Class A | 6006147 |
|  |  | 11903375 |
|  | **TOBACCO & CANNABIS - 4.9%** |  |
| 39861 | Philip Morris International, Inc. | 7447231 |
|  | **TOTAL COMMON STOCKS (Cost $154,557,885)** | 152246856 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $154,557,885)** | $152246856 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 296175 |
|  | **NET ASSETS - 100.0%** | $152543031 |

---

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH DIVIDEND PLUS INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **ASSET MANAGEMENT - 3.3%** |  |
| 4108 | Ameriprise Financial, Inc. | $1931253 |
|  | **BIOTECH & PHARMA - 3.3%** |  |
| 15858 | Merck & Company, Inc. | 1963538 |
|  | **CABLE & SATELLITE - 3.3%** |  |
| 61871 | Comcast Corporation, Class A | 1915526 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.3%** |  |
| 63805 | H&R Block, Inc. | 1953709 |
|  | **CONTAINERS & PACKAGING - 3.2%** |  |
| 154879 | Graphic Packaging Holding Company | 1894170 |
|  | **FOOD - 10.0%** |  |
| 43457 | General Mills, Inc. | 1965561 |
| 16548 | Ingredion, Inc. | 1943728 |
| 40171 | Lamb Weston Holdings, Inc. | 1935840 |
|  |  | 5845129 |
|  | **HEALTH CARE FACILITIES & SERVICES - 9.9%** |  |
| 6916 | Cigna Group (The) | 2004395 |
| 5652 | Elevance Health, Inc. | 1808640 |
| 6685 | UnitedHealth Group, Inc. | 1960510 |
|  |  | 5773545 |
|  | **INSURANCE - 10.1%** |  |
| 27862 | Brown & Brown, Inc. | 2001049 |
| 10812 | Marsh & McLennan Companies, Inc. | 2019033 |
| 6423 | Willis Towers Watson PLC | 1960107 |
|  |  | 5980189 |
|  | **MACHINERY - 3.2%** |  |
| 11046 | Oshkosh Corporation | 1878041 |
|  | **OIL & GAS PRODUCERS - 6.6%** |  |
| 9855 | Marathon Petroleum Corporation | 1953359 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH DIVIDEND PLUS INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.6% (Continued)** |  |
| 38335 | Ovintiv, Inc. | $1939368 |
|  |  | 3892727 |
|  | **PUBLISHING & BROADCASTING - 3.5%** |  |
| 8377 | Nexstar Media Group, Inc. | 2102795 |
|  | **RETAIL - CONSUMER STAPLES - 3.2%** |  |
| 16617 | Target Corporation | 1890848 |
|  | **SEMICONDUCTORS - 3.3%** |  |
| 13571 | QUALCOMM, Inc. | 1931968 |
|  | **SOFTWARE - 3.5%** |  |
| 27164 | SS&C Technologies Holdings, Inc. | 2045178 |
|  | **SPECIALTY FINANCE - 3.1%** |  |
| 26428 | Synchrony Financial | 1826439 |
|  | **TECHNOLOGY SERVICES - 23.4%** |  |
| 9004 | Accenture PLC, Class A | 1879315 |
| 27632 | Amdocs Ltd. | 1928714 |
| 25114 | Booz Allen Hamilton Holding Corporation | 1979736 |
| 29816 | Cognizant Technology Solutions Corporation, Class A | 1921045 |
| 9940 | FactSet Research Systems, Inc. | 2155091 |
| 49808 | Genpact Ltd. | 1978373 |
| 45401 | KBR, Inc. | 1917284 |
|  |  | 13759558 |
|  | **TRANSPORTATION & LOGISTICS - 3.3%** |  |
| 4989 | FedEx Corporation | 1930743 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH DIVIDEND PLUS INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL COMMON STOCKS (Cost $58,931,183)** | $58515356 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $58,931,183)** | $58515356 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 302546 |
|  | **NET ASSETS - 100.0%** | $58817902 |

---

PLC - Public Limited Company <br>Ltd. - Limited

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH PROCAP INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.9%** |  |
|  | **EQUITY - 49.9%** |  |
| 211198 | State Street Communication Services Select Sector SPDR ETF | $24931924 |
| 104928 | State Street Consumer Discretionary Select Sector SPDR ETF | 12261886 |
| 142470 | State Street Consumer Staples Select Sector SPDR ETF | 12823725 |
| 231864 | State Street Financial Select Sector SPDR ETF | 11924765 |
| 159869 | State Street Health Care Select Sector SPDR ETF | 25611013 |
| 71395 | State Street Industrial Select Sector SPDR ETF | 12646910 |
| 289831 | State Street Real Estate Select Sector SPDR ETF | 12706191 |
| 87100 | State Street Technology Select Sector SPDR ETF | 12085996 |
|  |  | 124992410 |
|  | **FIXED INCOME - 50.0%** |  |
| 1236068 | iShares Core U.S. Aggregate Bond ETF | 125337296 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $241,052,355)** | 250329706 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $241,052,355)** | $250329706 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 163017 |
|  | **NET ASSETS - 100.0%** | $250492723 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH SELECT SUBSECTOR INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 101356 | Invesco KBW Property & Casualty ETF | $12815412 |
| 201739 | Invesco Leisure & Entertainment ETF | 12439227 |
| 278370 | iShares U.S. Healthcare Providers ETF | 12843992 |
| 212375 | iShares U.S. Medical Devices ETF | 12784975 |
| 45639 | SPDR S&P Aerospace & Defense ETF | 12913099 |
| 214393 | SPDR S&P Insurance ETF | 12462665 |
| 215174 | SPDR S&P Pharmaceuticals ETF | 12338077 |
| 78257 | SPDR S&P Software & Services ETF | 11781591 |
| 105519 | State Street Communication Services Select Sector SPDR ETF | 12456518 |
| 34417 | State Street SPDR S&P Semiconductor ETF | 12081744 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $118,873,961)** | 124917300 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $118,873,961)** | $124917300 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 196613 |
|  | **NET ASSETS - 100.0%** | $125113913 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH VOLUME FACTOR DIVIDEND TREE INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **ASSET MANAGEMENT - 5.9%** |  |
| 15664 | Ares Management Corporation, Class A | $1754525 |
| 50579 | Janus Henderson Group PLC | 2635165 |
| 32990 | StepStone Group, Inc., Class A | 1423189 |
|  |  | 5812879 |
|  | **AUTOMOTIVE - 2.3%** |  |
| 28907 | General Motors Company | 2275270 |
|  | **BEVERAGES - 5.2%** |  |
| 89178 | Brown-Forman Corporation, Class B | 2573677 |
| 51791 | Molson Coors Beverage Company, Class B | 2537241 |
|  |  | 5110918 |
|  | **BIOTECH & PHARMA - 2.8%** |  |
| 43953 | Bristol-Myers Squibb Company | 2741349 |
|  | **CHEMICALS - 2.9%** |  |
| 56798 | DuPont de Nemours, Inc. | 2842172 |
|  | **CONSUMER SERVICES - 2.1%** |  |
| 2018 | Graham Holdings Company, Class B | 2125378 |
|  | **HOME & OFFICE PRODUCTS - 2.7%** |  |
| 59216 | HNI Corporation | 2662351 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 2.7%** |  |
| 22562 | Mueller Industries, Inc. | 2661414 |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.9%** |  |
| 40463 | Rush Enterprises, Inc., Class A | 2871659 |
|  | **INSURANCE - 14.0%** |  |
| 11058 | Allstate Corporation (The) | 2372162 |
| 14015 | Cincinnati Financial Corporation | 2298180 |
| 12541 | Hanover Insurance Group, Inc. (The) | 2265281 |
| 20276 | Jackson Financial, Inc. | 2219816 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH VOLUME FACTOR DIVIDEND TREE INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INSURANCE - 14.0% (Continued)** |  |
| 7470 | Travelers Companies, Inc. (The) | $2305541 |
| 8244 | Willis Towers Watson PLC | 2515821 |
|  |  | 13976801 |
|  | **LEISURE FACILITIES & SERVICES - 2.0%** |  |
| 148024 | Brightstar Lottery PLC | 2007205 |
|  | **LEISURE PRODUCTS - 6.7%** |  |
| 37779 | Polaris, Inc. | 2294696 |
| 20477 | Thor Industries, Inc. | 1968454 |
| 60349 | Winnebago Industries, Inc. | 2407322 |
|  |  | 6670472 |
|  | **MACHINERY - 7.8%** |  |
| 23043 | Franklin Electric Company, Inc. | 2295544 |
| 7336 | Snap-on, Inc. | 2825973 |
| 7850 | Watts Water Technologies, Inc., Class A | 2580609 |
|  |  | 7702126 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 87798 | APA Corporation | 2666425 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.9%** |  |
| 78759 | Halliburton Company | 2835324 |
|  | **RENEWABLE ENERGY - 2.8%** |  |
| 16970 | EnerSys | 2819566 |
|  | **RETAIL - DISCRETIONARY - 9.5%** |  |
| 97820 | American Eagle Outfitters, Inc. | 2403437 |
| 40276 | Buckle, Inc. (The) | 2156780 |
| 109171 | Macy's, Inc. | 2159402 |
| 5850 | Winmark Corporation | 2669005 |
|  |  | 9388624 |
|  | **SEMICONDUCTORS - 4.2%** |  |
| 59233 | Kulicke & Soffa Industries, Inc. | 4129725 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH VOLUME FACTOR DIVIDEND TREE INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **SOFTWARE - 3.5%** |  |
| 71126 | Clear Secure, Inc., Class A | $3459569 |
|  | **SPECIALTY FINANCE - 2.5%** |  |
| 46979 | Fidelity National Financial, Inc. | 2484250 |
|  | **TECHNOLOGY HARDWARE - 5.3%** |  |
| 18231 | Dell Technologies, Inc., Class C | 2699646 |
| 7017 | InterDigital, Inc. | 2571941 |
|  |  | 5271587 |
|  | **TRANSPORTATION & LOGISTICS - 6.1%** |  |
| 16595 | Expeditors International of Washington, Inc. | 2406773 |
| 47988 | International Seaways, Inc. | 3624534 |
|  |  | 6031307 |
|  | **TOTAL COMMON STOCKS (Cost $93,414,595)** | 98546371 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $93,414,595)** | $98546371 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 533519 |
|  | **NET ASSETS - 100.0%** | $99079890 |

---

PLC - Public Limited Company

See accompanying notes to financial statements.

---

| |
|:---|
| ***MONARCH VOLUME FACTOR GLOBAL UNCONSTRAINED INDEX ETF*** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 84210 | American Century US Quality Value ETF | $5834069 |
| 142336 | Columbia EM Core ex-China ETF | 6486251 |
| 97927 | Fidelity High Dividend ETF | 5779652 |
| 161195 | Fidelity International Value Factor ETF | 6136694 |
| 221735 | First Trust Dorsey Wright International Focus 5 ETF | 6154410 |
| 180827 | FlexShares International Quality Dividend Index Fund | 6129131 |
| 68667 | FlexShares US Quality Large Cap Index Fund | 5641681 |
| 80096 | Franklin U.S. Large Cap Multifactor Index ETF | 5710044 |
| 95993 | Hartford Multifactor US Equity ETF | 5931407 |
| 139477 | iShares Currency Hedged MSCI ACWI ex U.S. ETF | 6061894 |
| 46017 | iShares ESG MSCI USA Leaders ETF | 5553028 |
| 43923 | iShares Global 100 ETF | 5603696 |
| 17054 | iShares Russell 2000 Growth ETF | 5717354 |
| 166240 | John Hancock Multifactor Emerging Markets ETF | 6292184 |
| 69627 | John Hancock Multi-Factor Large Cap ETF | 5735872 |
| 53674 | Proshares S&P 500 EX-Technology ETF | 5791425 |
| 152987 | SPDR MSCI ACWI ex-US ETF | 6091942 |
| 32047 | SPDR MSCI USA StrategicFactors ETF | 5791242 |
| 26381 | Vanguard Extended Market ETF | 5709376 |
| 38568 | Vanguard FTSE All World ex-US Small-Cap ETF | 6172808 |
| 23369 | Vanguard Russell 2000 Growth ETF | 5722601 |
| 18543 | Vanguard Russell 3000 ETF | 5629655 |
| 45796 | Vanguard S&P Mid-Cap 400 Growth ETF | 6064306 |
| 18184 | Vanguard Small-Cap Growth ETF | 5824153 |
| 95352 | Xtrackers Russell US Multifactor ETF | 6031014 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $142,560,554)** | 147595889 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $142,560,554)** | $147595889 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 380292 |
|  | **NET ASSETS - 100.0%** | $147976181 |

---

---

| | |
|:---|:---|
| ACWI | - All Country World Index |
| EM | - Emerging Markets |
| ESG | - Environmental, Social & Governance |
| ETF | - Exchange-Traded Fund |
| FTSE | - Financial Times Stock Exchange |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Monarch ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **February 28, 2026** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Monarch<br> Ambassador Income<br> Index ETF** | **Monarch Blue Chips<br> Core Index ETF** | **Monarch Dividend<br> Plus Index ETF** | **Monarch ProCap<br> Index ETF** | **Monarch Select<br> Subsector Index<br> ETF** | **Monarch Volume<br> Factor Dividend<br> Tree Index ETF** | **Monarch Volume Factor<br> Global Unconstrained<br> Index ETF** |
| **ASSETS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At cost | $165842241 | $154557885 | $58931183 | $241052355 | $118873961 | $93414595 | $142560554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, At value | $172818900 | $152246856 | $58515356 | $250329706 | $124917300 | $98546371 | $147595889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 479181 | 304488 | 337136 | 375651 | 323015 | 593981 | 511492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable |  | 125183 | 52649 |  |  | 36550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 620564 |  |  |  |  | 617359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1232 | 1034 | 1433 | 1423 | 987 | 805 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 173919877 | 152677561 | 58906574 | 250706780 | 125241302 | 99795066 | 148108430 |
| **LIABILITIES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 619044 |  |  |  |  | 608316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 106802 | 95697 | 37739 | 161647 | 80394 | 62439 | 94492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 11810 | 9269 | 9838 | 16998 | 13773 | 8017 | 4257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 33719 | 29564 | 41095 | 35412 | 33222 | 36404 | 33500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 771375 | 134530 | 88672 | 214057 | 127389 | 715176 | 132249 |
| **NET ASSETS** | $**173148502** | $**152543031** | $**58817902** | $**250492723** | $**125113913** | $**99079890** | $**147976181** |
| **Net Assets Consist Of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $172180608 | $164447903 | $63982131 | $250810638 | $120673205 | $106553024 | $149041849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 967894 | (11904872) | (5164229) | (317915) | 4440708 | (7473134) | (1065668) |
| **NET ASSETS** | $**173148502** | $**152543031** | $**58817902** | $**250492723** | $**125113913** | $**99079890** | $**147976181** |
| **Net Asset Value Per Share:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**173148502** | $**152543031** | $**58817902** | $**250492723** | $**125113913** | $**99079890** | $**147976181** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **6975000** | **4125000** | **2180000** | **7650000** | **3880000** | **3210000** | **4290000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**24.82** | $**36.98** | $**26.98** | $**32.74** | $**32.25** | $**30.87** | $**34.49** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***The Monarch ETFs*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended February 28, 2026** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Monarch**<br>**Ambassador**<br>**Income Index ETF** | **Monarch**<br>**Blue Chips**<br>**Core Index ETF** | **Monarch**<br>**Dividend**<br>**Plus Index ETF** | **Monarch**<br>**ProCap**<br>**Index ETF** | **Monarch**<br>**Select Subsector**<br>**Index ETF** | **Monarch Volume**<br>**Factor Dividend**<br>**Tree Index ETF** | **Monarch Volume**<br>**Factor Global Unconstrained**<br>**Index ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $4969929 | $1790106 | $1370708 | $6395629 | $1149024 | $1935509 | $3566603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated companies |  |  |  |  | 56925 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  |  | (399) |  |  | (1305) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 4969929 | 1790106 | 1370309 | 6395629 | 1205949 | 1934204 | 3566603 |
| **EXPENSES** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 1176779 | 1121163 | 473707 | 1899326 | 892900 | 647675 | 939734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 79796 | 68998 | 46471 | 118438 | 68047 | 53516 | 68821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 19889 | 19916 | 14892 | 26890 | 19752 | 14892 | 14892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 17474 | 17474 | 17474 | 17474 | 17474 | 17474 | 17474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 17002 | 20002 | 15029 | 20002 | 15029 | 14029 | 14029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 16276 | 16276 | 16276 | 16276 | 16276 | 16276 | 16276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 14974 | 14974 | 14974 | 15002 | 14974 | 14974 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 14343 | 9061 | 26477 | 17179 | 19233 | 23359 | 19013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 13960 | 13488 | 12005 | 13960 | 12005 | 11033 | 11033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 11028 | 15028 | 8987 | 14528 | 10987 | 4987 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 2596 | 2791 | 2110 | 3209 | 2405 | 2209 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody overdraft Expense |  |  |  |  | 19895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 14501 | 15501 | 15501 | 15501 | 23502 | 18501 | 18501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1398618 | 1334672 | 663903 | 2177785 | 1132479 | 838925 | 1142039 |
| **NET INVESTMENT INCOME** | 3571311 | 455434 | 706406 | 4217844 | 73470 | 1095279 | 2424564 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions, unaffiliated companies | 8351758 | 28420604 | 4901438 | 22346280 | 7089514 | 19500760 | 29854258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions, affiliated companies |  |  |  |  | 406858 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, unaffiliated companies | (491253) | (5583488) | (3616729) | 218229 | (1109739) | (9574266) | (4197169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, affiliated companies |  |  |  |  | (50574) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  |  |  |  |  |  | 24109 |
|  | 7860505 | 22837116 | 1284709 | 22564509 | 6336059 | 9926494 | 25681198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, unaffiliated companies | 4228314 | (17442662) | 697009 | 5900513 | 5111783 | 2265269 | 6223977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, affiliated companies |  |  |  |  | 272194 |  |  |
|  | 4228314 | (17442662) | 697009 | 5900513 | 5383977 | 2265269 | 6223977 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 12088819 | 5394454 | 1981718 | 28465022 | 11720036 | 12191763 | 31905175 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**15660130** | $**5849888** | $**2688124** | $**32682866** | $**11793506** | $**13287042** | $**34329739** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Ambassador Income Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3571311 | $2068800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 7860505 | 2222826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 4228314 | 1250257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 15660130 | 5541883 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (3502700) | (1934185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders | (3502700) | (1934185) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 87784392 | 64954742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (50814731) | (12469260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 36969661 | 52485482 |
| **TOTAL INCREASE IN NET ASSETS** | 49127091 | 56093180 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 124021411 | 67928231 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**173148502** | $**124021411** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3675000 | 2875000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2125000) | (550000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1550000 | 2325000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Blue Chips Core Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $455434 | $(120778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 22837116 | 12071505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (17442662) | 1125973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 5849888 | 13076700 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (341210) | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (341210) | (2500) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 254574757 | 93753190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (236052846) | (55082823) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 18521911 | 38670367 |
| **TOTAL INCREASE IN NET ASSETS** | 24030589 | 51744567 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 128512442 | 76767875 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**152543031** | $**128512442** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 7275000 | 2775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (6725000) | (1600000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 550000 | 1175000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Dividend Plus Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $706406 | $545721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 1284709 | 1308661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 697009 | (1112836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2688124 | 741546 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (797065) | (397575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (797065) | (397575) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 23039691 | 87227597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (22307760) | (31376656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 731931 | 55850941 |
| **TOTAL INCREASE IN NET ASSETS** | 2622990 | 56194912 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 56194912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**58817902** | $**56194912** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 860000 | 3360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (830000) | (1210000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 30000 | 2150000 |

---

<sup>(a)</sup> The Fund commenced operations on March 6, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch ProCap Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $4217844 | $2356569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 22564509 | 14721369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5900513 | (4532576) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 32682866 | 12545362 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (4251130) | (2427370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in net assets resulting from distributions to shareholders | (4251130) | (2427370) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 267125464 | 208294588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (227629621) | (151999724) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 39495843 | 56294864 |
| **TOTAL INCREASE IN NET ASSETS** | 67927579 | 66412856 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 182565144 | 116152288 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**250492723** | $**182565144** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 8775000 | 7250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (7300000) | (5325000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1475000 | 1925000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Select Subsector Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $73470 | $(56395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 6336059 | 5126206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5383977 | 659362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 11793506 | 5729173 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (229424) | (378275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (229424) | (378275) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 116023671 | 169111880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (109995251) | (66941367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 6028420 | 102170513 |
| **TOTAL INCREASE IN NET ASSETS** | 17592502 | 107521411 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 107521411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**125113913** | $**107521411** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3790000 | 6280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3730000) | (2460000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 60000 | 3820000 |

---

<sup>(a)</sup> The Fund commenced operations on March 6, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Volume Factor Dividend Tree Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1095279 | $707085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 9926494 | 740519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2265269 | 2866507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 13287042 | 4314111 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (1049756) | (643617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (1049756) | (643617) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 123467867 | 95500216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (106033835) | (29762138) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 17434032 | 65738078 |
| **TOTAL INCREASE IN NET ASSETS** | 29671318 | 69408572 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 69408572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**99079890** | $**69408572** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4490000 | 3710000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3850000) | (1140000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 640000 | 2570000 |

---

<sup>(a)</sup> The Fund commenced operations on March 6, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Volume Factor Global Unconstrained Index ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2424564 | $514216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 25657089 | 1688390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies | 24109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 6223977 | (1188642) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 34329739 | 1013964 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from earnings | (2172972) | (913700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from distributions to shareholders | (2172972) | (913700) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 229869500 | 165085425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (197832139) | (81403636) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from shares of beneficial interest | 32037361 | 83681789 |
| **TOTAL INCREASE IN NET ASSETS** | 64194128 | 83782053 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year/Period | 83782053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year/Period | $**147976181** | $**83782053** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 7480000 | 6260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (6410000) | (3040000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1070000 | 3220000 |

---

<sup>(a)</sup> The Fund commenced operations on March 6, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Ambassador Income Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** | **Year Ended**<br>**February 29, 2024** | **Year Ended**<br>**February 28, 2023** | **Period Ended**<br>**February 28, 2022 (1)** |
| Net asset value, beginning of year/period | $22.86 | $21.91 | $21.80 | $24.48 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.61 | 0.52 | 0.41 | 0.26 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.94 | 0.90 | 0.09 | (2.74) | (0.50) |
| Total from investment operations | 2.55 | 1.42 | 0.50 | (2.48) | (0.38) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.47) | (0.39) | (0.20) | (0.14) |
| Total distributions | (0.59) | (0.47) | (0.39) | (0.20) | (0.14) |
| Net asset value, end of year/period | $24.82 | $22.86 | $21.91 | $21.80 | $24.48 |
| Total return (3) | 11.34% | 6.53% | 2.28% | (10.14)% | (1.53)% (4) |
| Net assets, at end of year/period (000s) | $173149 | $124021 | $67928 | $42508 | $31213 |
| Ratio of gross expenses to average net assets before waiver/recapture (6) | 1.01% | 1.07% (9) | 1.19% | 1.32% | 1.44% (5) |
| Ratio of net expenses to average net assets after waiver/recapture (6) | 1.01% | 1.12% (9) | 1.25% | 1.25% | 1.25% (5) |
| Ratio of net investment income to average net assets (67) | 2.58% | 2.32% | 1.86% | 1.18% | 0.51% (5) |
| Portfolio Turnover Rate (8) | 46% | 86% | 133% | 228% | 123% (4) |

---

(1) The Monarch Ambassador Income ETF
 commenced operations on March 23, 2021.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(7) The recognition of investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(9) Ratios include 0.01% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Blue Chips Core Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** | **Year Ended**<br>**February 29, 2024** | **Year Ended**<br>**February 28, 2023** | **Period Ended**<br>**February 28, 2022 (1)** |
| Net asset value, beginning of year/period | $35.95 | $31.99 | $23.88 | $25.74 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | 0.12 | (0.04) | 0.01 | 0.01 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.01 | 4.00 | 8.13 | (1.87) | 0.83 |
| Total from investment operations | 1.13 | 3.96 | 8.14 | (1.86) | 0.74 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.00 | (0.03) |  |  |
| Total distributions | (0.10) | (0.00 | (0.03) |  |  |
| Net asset value, end of year/period | $36.98 | $35.95 | $31.99 | $23.88 | $25.74 |
| Total return (4) | 3.14% | 12.38 | 34.13% | (7.23)% | 2.96 |
| Net assets, at end of year/period (000s) | $152543 | $128512 | $76768 | $34619 | $29599 |
| Ratio of gross expenses to average net assets before waiver/recapture | 1.01% | 1.06 | 1.21% | 1.41% | 1.46 |
| Ratio of net expenses to average net assets after waiver/recapture | 1.01% | 1.14 | 1.25% | 1.25% | 1.25 |
| Ratio of net investment income (loss) to average net assets | 0.35% | (0.12) | 0.04% | 0.05% | (0.33) |
| Portfolio Turnover Rate (7) | 73% | 75 | 86% | 126% | 39 |

---

(1) The Monarch Blue Chips Core ETF commenced
 operations on March 23, 2021.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Less than $0.01 per share.

(4) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(5) Not annualized for periods less than
 one year.

(6) Annualized for periods less than one
 year.

(7) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(8) Realized and unrealized gains and
 losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period,
 and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(9) Ratios include 0.01% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Dividend Plus Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (1)** |
| Net asset value, beginning of year/period | $26.14 | $25.17 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.33 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.89 | 0.86 |
| Total from investment operations | 1.22 | 1.23 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.26 |
| Total distributions | (0.38) | (0.26 |
| Net asset value, end of year/period | $26.98 | $26.14 |
| Total return (3) | 4.69% | 4.91 |
| Net assets, at end of year/period (000s) | $58818 | $56195 |
| Ratio of expenses to average net assets | 1.19% | 1.24 |
| Ratio of net investment income to average net assets | 1.27% | 1.43 |
| Portfolio Turnover Rate (6) | 89% | 77 |

---

(1) The Monarch Dividend Plus ETF commenced
 operations on March 6, 2024.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(7) Ratios include 0.02% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch ProCap Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** | **Year Ended**<br>**February 29, 2024** | **Year Ended**<br>**February 28, 2023** | **Period Ended**<br>**February 28, 2022 (1)** |
| Net asset value, beginning of year/period | $29.57 | $27.33 | $25.21 | $26.80 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.57 | 0.47 | 0.39 | 0.32 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.19 | 2.24 | 2.11 | (1.64) | 1.89 |
| Total from investment operations | 3.76 | 2.71 | 2.50 | (1.32) | 2.06 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.47) | (0.38) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04) |
| Total distributions | (0.59) | (0.47) | (0.38) | (0.27) | (0.26) |
| Net asset value, end of year/period | $32.74 | $29.57 | $27.33 | $25.21 | $26.80 |
| Total return (3) | 12.91% | 9.97% | 10.01% | (4.93)% | 8.26% (4) |
| Net assets, at end of year/period (000s) | $250493 | $182565 | $116152 | $99573 | $66335 |
| Ratio of expenses to average net assets (6) | 0.97% | 1.01% (9) | 1.08% | 1.06% | 1.17% (5) |
| Ratio of net investment income to average net assets (67) | 1.89% | 1.61% (9) | 1.51% | 1.26% | 0.67% (5) |
| Portfolio Turnover Rate (8) | 75% | 118% | 215% | 396% | 291% (4) |

---

(1) The Monarch ProCap ETF commenced operations
 on March 23, 2021.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(7) The recognition of investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(9) Ratios include 0.01% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Select Subsector Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (1)** |
| Net asset value, beginning of year/period | $28.15 | $25.01 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 4.14 | 3.27 |
| Total from investment operations | 4.16 | 3.25 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.03 |
| Total distributions | (0.06) | (0.11 |
| Net asset value, end of year/period | $32.25 | $28.15 |
| Total return (3) | 14.80% | 13.05 |
| Net assets, at end of year/period (000s) | $125114 | $107521 |
| Ratio of expenses to average net assets (6) | 1.08% (10) | 1.08 |
| Ratio of net investment income (loss)to average net assets (67) | 0.07% (10) | (0.08) |
| Portfolio Turnover Rate (8) | 127% | 172 |

---

(1) The Monarch Select Subsector ETF commenced
 operations on March 6, 2024.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(7) The recognition of investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(9) Ratios include 0.01% of waived administrator
 fees during the period ended February 28, 2025.

(10) Includes custody overdraft expense.
 Excluding custody overdraft expense, the ratios would have been as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (6) | 1.06% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (67) | 0.09% | N/A |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Volume Factor Dividend Tree Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (1)** |
| Net asset value, beginning of year/period | $27.01 | $25.03 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.39 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.85 | 1.95 |
| Total from investment operations | 4.24 | 2.34 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.36 |
| Total distributions | (0.38) | (0.36 |
| Net asset value, end of year/period | $30.87 | $27.01 |
| Total return (3) | 15.90% | 9.43 |
| Net assets, at end of year/period (000s) | $99080 | $69409 |
| Ratio of expenses to average net assets (6) | 1.10% | 1.19 |
| Ratio of net investment income to average net assets (67) | 1.44% | 1.52 |
| Portfolio Turnover Rate (8) | 321% | 264 |

---

(1) The Monarch Volume Factor Dividend
 Tree ETF commenced operations on March 6, 2024.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(7) The recognition of investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(9) Ratios include 0.02% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Monarch Volume Factor Global Unconstrained Index ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (1)** |
| Net asset value, beginning of year/period | $26.02 | $25.03 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.65 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 8.41 | 1.17 |
| Total from investment operations | 9.06 | 1.42 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.10 |
| Total distributions | (0.59) | (0.43 |
| Net asset value, end of year/period | $34.49 | $26.02 |
| Total return (3) | 35.26% | 5.70 |
| Net assets, at end of year/period (000s) | $147976 | $83782 |
| Ratio of expenses to average net assets (6) | 1.03% | 1.14 |
| Ratio of net investment income to average net assets (67) | 2.19% | 0.95 |
| Portfolio Turnover Rate (8) | 419% | 367 |

---

(1) The Monarch Volume Factor Global Unconstrained
 ETF commenced operations on March 6, 2024.

(2) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(3) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(4) Not annualized for periods less than
 one year.

(5) Annualized for periods less than one
 year.

(6) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(7) The recognition of investment income
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(8) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units.

(9) Ratios include 0.02% of waived administrator
 fees during the period ended February 28, 2025.

See accompanying notes to financial statements.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS**

**February 28, 2026**

**1.** **ORGANIZATION** 

The Monarch Ambassador Income Index ETF ("MAMB"), Monarch Blue Chips Core Index ETF ("MBCC"), Monarch Dividend Plus Index ETF ("MDPL"), Monarch ProCap Index ETF ("MPRO"), Monarch Select Subsector Index ETF ("MSSS"), Monarch Volume Factor Dividend Tree Index ETF ("MVFD"), and the Monarch Volume Factor Global Unconstrained Index ETF ("MVFG") (each a "Fund" and collectively the "Funds") are each diversified series of Northern Lights Fund Trust IV (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The investment objective of the Funds are as follows:

MAMB - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Ambassador Income Index.

MBCC - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Blue Chips Core Index.

MDPL - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Dividend Plus Index.

MPRO - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch ProCap Index.

MSSS - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Select Subsector Index.

MVFD - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Volume Factor Dividend Tree Index.

MVFG - seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Volume Factor Global Unconstrained Index.

The investment objectives are non-fundamental. MAMB, MPRO, MSSS, and MVFG are "fund of funds", in that they will generally invest in other investment companies. MAMB, MBCC and MPRO commenced operations on March 23, 2021. MDPL, MSSS, MVFD and MVFG commenced operations on March 6, 2024.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

**Securities valuation –** Securities listed on an exchange, including exchange-traded funds, are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

Each Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Segment Reporting –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund's CODM is comprised of its portfolio managers and the chief financial officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Fair Valuation Process –** Applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1– Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

The inputs used to measure value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2026 for the Funds' assets measured at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;MAMB | &nbsp;&nbsp;MAMB | &nbsp;&nbsp;MAMB | &nbsp;&nbsp;MAMB | &nbsp;&nbsp;MAMB |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange - Traded Funds | $172818900 | $— | $— | $172818900 |
| &nbsp;&nbsp;Total | $172818900 | $— | $— | $172818900 |
| &nbsp;&nbsp;MBCC | &nbsp;&nbsp;MBCC | &nbsp;&nbsp;MBCC | &nbsp;&nbsp;MBCC | &nbsp;&nbsp;MBCC |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $152246856 | $— | $— | $152246856 |
| &nbsp;&nbsp;Total | $152246856 | $— | $— | $152246856 |

---

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;MDPL | &nbsp;&nbsp;MDPL | &nbsp;&nbsp;MDPL | &nbsp;&nbsp;MDPL | &nbsp;&nbsp;MDPL |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $58515356 | $— | $— | $58515356 |
| &nbsp;&nbsp;Total | $58515356 | $— | $— | $58515356 |
| &nbsp;&nbsp;MPRO | &nbsp;&nbsp;MPRO | &nbsp;&nbsp;MPRO | &nbsp;&nbsp;MPRO | &nbsp;&nbsp;MPRO |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange - Traded Funds | $250329706 | $— | $— | $250329706 |
| &nbsp;&nbsp;Total | $250329706 | $— | $— | $250329706 |
| &nbsp;&nbsp;MSSS | &nbsp;&nbsp;MSSS | &nbsp;&nbsp;MSSS | &nbsp;&nbsp;MSSS | &nbsp;&nbsp;MSSS |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange - Traded Funds | $124917300 | $— | $— | $124917300 |
| &nbsp;&nbsp;Total | $124917300 | $— | $— | $124917300 |
| &nbsp;&nbsp;MVFD | &nbsp;&nbsp;MVFD | &nbsp;&nbsp;MVFD | &nbsp;&nbsp;MVFD | &nbsp;&nbsp;MVFD |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $98546371 | $— | $— | $98546371 |
| &nbsp;&nbsp;Total | $98546371 | $— | $— | $98546371 |
| &nbsp;&nbsp;MVFG | &nbsp;&nbsp;MVFG | &nbsp;&nbsp;MVFG | &nbsp;&nbsp;MVFG | &nbsp;&nbsp;MVFG |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Exchange - Traded Funds | $147595889 | $— | $— | $147595889 |
| &nbsp;&nbsp;Total | $147595889 | $— | $— | $147595889 |

---

The Funds did not hold any Level 3 securities during the year.

\* See Schedule of Investments for industry classification.

**Exchange Traded Funds –** A Fund may invest in ETFs. An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. An ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect a Fund's performance.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly for the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date. Distributable net realized capital gains, if any, are declared and distributed annually no later than December 31 of each year. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes –** The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended February 28, 2023 to February 28, 2025, or expected to be taken in the Funds' February 28, 2026 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Cash –** The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

**Foreign Currency –** The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

**Indemnification –** The Trust indemnifies its Officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**Market and Geopolitical Risk –** The increasing inter connectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended February 28, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;**MAMB** | $68722226 | $63868460 |
| &nbsp;&nbsp;**MBCC** | $106020955 | $96636677 |
| &nbsp;&nbsp;**MDPL** | $55391890 | $49243395 |
| &nbsp;&nbsp;**MPRO** | $167449799 | $166437305 |
| &nbsp;&nbsp;**MSSS** | $139543403 | $133981425 |
| &nbsp;&nbsp;**MVFD** | $248931184 | $245330842 |
| &nbsp;&nbsp;**MVFG** | $464334103 | $463763644 |

---

For the year ended February 28, 2026, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;**MAMB** | $81982622 | $49618949 |
| &nbsp;&nbsp;**MBCC** | $243354533 | $233683543 |
| &nbsp;&nbsp;**MDPL** | $16682934 | $22267054 |
| &nbsp;&nbsp;**MPRO** | $265853798 | $227133963 |
| &nbsp;&nbsp;**MSSS** | $110322662 | $109995759 |
| &nbsp;&nbsp;**MVFD** | $118749996 | $105082636 |
| &nbsp;&nbsp;**MVFG** | $228580441 | $196800576 |

---

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026** 

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The business activities of the Funds are overseen by the Board. Kingsview Wealth Management LLC (the "Adviser") serves as the Funds' investment adviser pursuant to an Investment Advisory Agreement with the Trust (the "Advisory Agreement"). The Adviser has engaged Penserra Capital Management LLC, as the sub-adviser (the "Sub-Adviser"), to manage the assets of the Funds. The Sub-Adviser is paid by the Adviser, not the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate of 0.85% of its average daily net assets. For the year ended February 28, 2026, the Adviser earned investment advisory fees as follows:

---

| | |
|:---|:---|
|  | **Investment Advisory Fee** |
| &nbsp;&nbsp;**MAMB** | $1176779 |
| &nbsp;&nbsp;**MBCC** | $1121163 |
| &nbsp;&nbsp;**MDPL** | $473707 |
| &nbsp;&nbsp;**MPRO** | $1899326 |
| &nbsp;&nbsp;**MSSS** | $892900 |
| &nbsp;&nbsp;**MVFD** | $647675 |
| &nbsp;&nbsp;**MVFG** | $939734 |

---

Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until June 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse each Fund for other expenses to the extent necessary so that total expenses incurred (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.25% of average daily net assets for each Fund (the "Expense Limitation.")

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and a Fund's operating expenses are subsequently lower than its Expense Limitation, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause that Fund's operating expenses to exceed the Expense Limitation in place at the time of waiver and at the time of reimbursement. If a Fund's operating expenses subsequently exceed the Expense Limitation, the reimbursements for the Fund shall be suspended. For the year ended February 28, 2026, the Adviser did not waive any advisory fees. As of February 28, 2026, there are no advisory fees waived available for recapture.

The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the "Custodian") to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC, (the "Distributor") to serve as the principal underwriter and distributor for the Funds.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

<u>Ultimus Fund Solutions, LLC ("UFS")</u>–UFS, an affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> - NLCS, an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.

<u>Blu Giant, LLC ("Blu Giant")</u>–Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by each Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from a Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of a Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, each Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transaction Fees may be used to cover the custodial and other costs incurred by a Fund.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

The Transaction Fees for the Funds are listed in the table below:

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;**Fund** | **Fee for In-Kind and Cash**<br>**Purchases** | **Maximum Additional Variable**<br>**Charge for Cash Purchases\*** |
| &nbsp;&nbsp;**MAMB** | $225 | 2.00% |
| &nbsp;&nbsp;**MBCC** | $225 | 2.00% |
| &nbsp;&nbsp;**MDPL** | $225 | 2.00% |
| &nbsp;&nbsp;**MPRO** | $225 | 2.00% |
| &nbsp;&nbsp;**MSSS** | $225 | 2.00% |
| &nbsp;&nbsp;**MVFD** | $225 | 2.00% |
| &nbsp;&nbsp;**MVFG** | $225 | 2.00% |

---

\* The maximum Transaction Fee is 2.00% as a percentage of the amount invested.

For the year ended February 28, 2026, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fixed Fees** | **Variable Fees** |
| MAMB | $12375 | $— |
| MBCC | $21600 | $— |
| MDPL | $9450 | $— |
| MPRO | $17775 | $— |
| MSSS | $13050 | $— |
| MVFD | $16200 | $— |
| MVFG | $13725 | $— |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Tax Cost** | **Gross Unrealized**<br>**Appreciation** | **Gross Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation (Depreciation)** |
| MAMB | $166888115 | $6981398 | $(1050613) | $5930785 |
| MBCC | 154586266 | 8826375 | (11165785) | (2339410) |
| MDPL | 60121881 | 4123705 | (5730230) | (1606525) |
| MPRO | 241126711 | 9381635 | (178640) | 9202995 |
| MSSS | 118972945 | 6513674 | (569319) | 5944355 |
| MVFD | 93426759 | 8787593 | (3667981) | 5119612 |
| MVFG | 142560554 | 5364314 | (328979) | 5035335 |

---

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the periods ended February 28, 2026 and February 28, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year or period ended**<br>**2/28/2026** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| MAMB | $3502700 | $— | $— | $3502700 |
| MBCC | 341210 |  |  | 341210 |
| MDPL | 797065 |  |  | 797065 |
| MPRO | 4251130 |  |  | 4251130 |
| MSSS | 229424 |  |  | 229424 |
| MVFD | 1049756 |  |  | 1049756 |
| MVFG | 2172972 |  |  | 2172972 |
| **For fiscal year or period ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **2/28/2025** | **Income** | **Capital Gains** | **Capital** | **Total** |
| MAMB | $1934185 | $— | $— | $1934185 |
| MBCC | 2500 |  |  | 2500 |
| MDPL | 397575 |  |  | 397575 |
| MPRO | 2427370 |  |  | 2427370 |
| MSSS | 378275 |  |  | 378275 |
| MVFD | 643617 |  |  | 643617 |
| MVFG | 913700 |  |  | 913700 |

---

As of February 28, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| MAMB | $256224 | $— | $(180753) | $(5038362) | $— | $5930785 | $967894 |
| MBCC | 95043 |  | (2638968) | (7021537) |  | (2339410) | (11904872) |
| MDPL | 62308 |  | (788022) | (2831990) |  | (1606525) | (5164229) |
| MPRO | 43432 |  |  | (9564342) |  | 9202995 | (317915) |
| MSSS |  |  | (271253) | (1232394) |  | 5944355 | 4440708 |
| MVFD | 54982 |  |  | (12647728) |  | 5119612 | (7473134) |
| MVFG | 444509 |  | (219036) | (6326476) |  | 5035335 | (1065668) |

---

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026** 

The difference between book basis and tax basis undistributed net investment income (loss), accumulated net realized losses and unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for grantor trusts and C-Corporation return of capital distributions.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| MAMB | $— |
| MBCC |  |
| MDPL |  |
| MPRO |  |
| MSSS | 217899 |
| MVFD |  |
| MVFG | 219036 |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| MAMB | $180753 |
| MBCC | 2638968 |
| MDPL | 788022 |
| MPRO |  |
| MSSS | 53354 |
| MVFD |  |
| MVFG |  |

---

At February 28, 2026, the Funds had non-expiring capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-**<br>**Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss Carry**<br>**Forwards Utilized** |
| MAMB | $2894039 | $2144323 | $5038362 | $— |
| MBCC | 4527183 | 2494354 | 7021537 |  |
| MDPL | 2280980 | 551010 | 2831990 |  |
| MPRO | 9190877 | 373465 | 9564342 |  |
| MSSS | 728846 | 503548 | 1232394 |  |
| MVFD | 12647728 |  | 12647728 |  |
| MVFG | 6326476 |  | 6326476 |  |

---

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026** 

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and the book/tax basis treatment of non-deductible expenses, and distributions in excess resulted in reclassifications for the Funds for the year ended February 28, 2026 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** | **Accumulated**<br>**Earnings**<br>**(Deficit)** |
| MAMB | $7919858 | $(7919858) |
| MBCC | $28419457 | $(28419457) |
| MDPL | $4823986 | $(4823986) |
| MPRO | $22049672 | $(22049672) |
| MSSS | $7256343 | $(7256343) |
| MVFD | $19464209 | $(19464209) |
| MVFG | $29689183 | $(29689183) |

---

**8.** **FOREIGN TAX CREDIT (UNAUDITED)** 

The below Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended February 28, 2026 and February 28, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**2/28/2026** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| MVFG | $0.0299 | $0.5052 |
| **For fiscal year ended** |  |  |
| **2/28/2025** | **Foreign Taxes Paid** | **Foreign Source Income** |
| MVFG | $0.0114 | $0.1080 |

---

**9.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

MPRO currently invests a significant portion of its assets in the iShares Core U.S. Aggregate Bond ETF ("iShares ETF"). MPRO may redeem its investment in the iShares ETF at any time if the Adviser determines that it is in the best interest of MPRO and its shareholders to do so. MPRO's performance will be directly affected by the performance of the iShares ETF. The financial statements of the iShares ETF, including the portfolio of investments, can be found on the Securities and Exchange Commission's website at <u>www.sec.gov</u> and should be read in conjunction with MPRO's financial statements. As of February 28, 2026, MPRO's investment in iShares represented 50.0% of MPRO's net assets.

***The Monarch ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

**10.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Companies that are affiliates, if any, at February 28, 2026 are noted in the Funds' Schedules of Investments. Transactions during the year with the companies that are affiliated or were affiliates at the beginning of the year are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MSSS** | | | | | | | | |
|  | Value - |  |  |  | Net Change in |  | Dividends | Shares - |
|  | Beginning of |  | Sales | Realized | Unrealized Appreciation/ | Value - End | Credited | End of |
| Description | Year | Purchases | Proceeds | Loss | (Depreciation) | of Year | to Income | Year |
| SPDR S&P Pharmaceuticals ETF | $10827946 | $21571845 | $(20690192) | $356284 | $272194 | $12338077 | $56925 | 215174 |

---

As of February 28, 2026, the Fund no longer holds more than 5% of the outstanding shares of the security in the table above.

**11.** **ACCOUNTING PRONOUNCEMENT** 

The Funds have adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on any Fund's financial statements.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](mo002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Monarch ETFs and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Northern Lights Fund Trust IV comprising the funds listed below (the "Funds") as of February 28, 2026, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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 February 28, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Statements of |  |
|  | &nbsp;&nbsp;Statement of | &nbsp;&nbsp;Changes in Net |  |
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Operations | &nbsp;&nbsp;Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF and Monarch ProCap Index ETF | &nbsp;&nbsp;For the year ended February 28, 2026 | &nbsp;&nbsp;For the years ended February 28, 2026 and 2025 | &nbsp;&nbsp;For the years ended February 28, 2026, 2025, February 29, 2024, February 28, 2023, and for the period from March 23, 2021 (commencement of operations) through February 28, 2022 |
| &nbsp;&nbsp;Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF | &nbsp;&nbsp;For the year ended February 28, 2026 | &nbsp;&nbsp;For the year ended February 28, 2026 and the period from March 6, 2024 (commencement of operations) through February 28, 2025 | &nbsp;&nbsp;For the year ended February 28, 2026 and the period from March 6, 2024 (commencement of operations) through February 28, 2025 |

---

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 audits. 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.

**COHEN & COMPANY, LTD.**

**Registered with the Public Company Accounting Oversight Board**

**800.229.1099 \| 866.818.4538** **fax \| cohenco.com**

We conducted our audits 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 audits 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 February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits 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 audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![(SIGNATURE)](mo003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 29, 2026

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited)**

**February 28, 2026**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

*<u>Renewal of the Investment Advisory Agreement with Kingsview Wealth Management, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on July 23-24, 2025 (the "Meeting"), the Board discussed the renewal of an investment advisory agreement (the "Kingsview Advisory Agreement") between Kingsview Wealth Management, LLC ("Kingsview") and the Trust, with respect to Monarch Ambassador Income Index ETF ("Monarch AI"), Monarch Blue Chips Core Index ETF ("Monarch BCC"), Monarch Dividend Plus Index ETF ("Monarch DP"), Monarch ProCap Index ETF ("Monarch PC"), Monarch Select Subsector Index ETF ("Monarch SSE"), Monarch Volume Factor Dividend Tree Index ETF ("Monarch FDT"), Monarch Volume Factor Global Unconstrained Index ETF ("Monarch FGU") (collectively, the "Monarch ETFs"). In considering the renewal of the Kingsview Advisory Agreement, the Board received materials specifically relating to the Kingsview Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Kingsview Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Kingsview Advisory Agreement, on behalf of Monarch ETFs, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Kingsview Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed the key personnel servicing the Monarch ETFs, noting the experience of each. The Board reviewed the investment advisory services provided by Kingsview to the Monarch ETFs, which included, among other things, portfolio management oversight, risk management and compliance, recognizing that certain portfolio management and trading services for the Monarch ETFs were provided by a sub-adviser. The Board reviewed Kingsview's oversight responsibilities of the sub-adviser. The Board noted that Kingsview delegated the selection of broker-dealers to the sub-adviser and reviewed the factors the sub-adviser considered in its selection, including the broker-dealer's ability to achieve best execution. The Board further noted that Kingsview used internal tools to monitor bid/ask spreads for the Monarch ETFs. The Board concluded it could expect Kingsview to continue to provide satisfactory services to the Monarch ETFs and their shareholders.

Performance.

Monarch AI — The Board noted that Monarch AI maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch AI outperformed its Morningstar category and peer group medians, ranking in the first quartile of both in terms of its net returns, for the 1-year period ended April 30, 2025. The Board noted that Monarch AI underperformed its Morningstar category median, peer group

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**February 28, 2026**

median and index for the 3-year and since inception periods ended April 30, 2025. The Board concluded that Monarch AI's tracking error was acceptable.

Monarch BCC — The Board noted that Monarch BCC maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch BCC underperformed its Morningstar category and the Monarch Blue Chips Core Index, the index it seeks to track, across all periods, noting that Monarch BCC's net returns ranked 14 out of 15 peers for the 1-year period ended April 30, 2025. The Board further observed that Monarch BCC outperformed its peer group median for the since inception period ended April 30, 2025. The Board noted that Monarch BCC ranked in the first quartile of its peer group and Morningstar category with respect to its standard deviation across all periods. The Board concluded that Monarch BCC's tracking error was acceptable.

Monarch PC — The Board noted that Monarch PC maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch PC outperformed its Morningstar category median across all periods and peer group median across all periods except for the 3-year period ended April 30, 2025. The Board noted that Monarch PC trailed the index it seeks to track, the Monarch ProCap Index, across all periods. The Board observed that Monarch PC's net returns ranked 5 out of 13 peers for the 1-year period ended April 30, 2025. The Board concluded that Monarch PC's tracking error was acceptable.

Monarch FGU — The Board observed that Monarch FGU maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board further observed that Monarch FGU underperformed its peer group median for the 1-year and since inception periods ended April 30, 2025, but outperformed its Morningstar category median for the same periods. The Board further noted that Monarch FGU's net returns ranked 10 out of 16 peers for the 1-year period ended April 30, 2025. The Board concluded that Monarch FGU's tracking error was acceptable.

Monarch SSE — The Board noted that Monarch SSE maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch SSE outperformed its Morningstar category median for the 1-year and since inception periods ended April 30, 2025 and the Monarch Select Subsector Index, the index it seeks to track, for the 1-year period ended April 30, 2025. The Board further observed that Monarch SSE underperformed its peer group median across all periods. The Board observed that Monarch SSE's net returns ranked 6 out of 10 peers for the 1-year period ended April 30, 2025. The Board concluded that Monarch SEE's tracking error was acceptable.

Monarch DP — The Board noted that Monarch DP maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch DP outperformed its Morningstar category and peer group medians across for the 1-year and since inception periods ended April 30, 2025. The Board observed that Monarch DP's net returns ranked 6 out of 11 peers for the 1-year period ended April 30, 2025. The Board concluded that Monarch DP's tracking error was acceptable.

Monarch FDT — The Board noted that Monarch FDT maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board observed that Monarch FDT underperformed its peer group and Morningstar category medians across the 1-year and since inception periods ended April 30, 2025. The Board noted that Monarch FDT's net returns ranked 12 out of 15 peers for the 1-year period ended April 30, 2025. The Board concluded that Monarch FDT's tracking error was acceptable.

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**February 28, 2026**

Fees and Expenses.

Monarch AI — The Board observed that Kingsview's advisory fee for Monarch AI of 0.85% and net expense ratio of 1.12% were higher than its peer group and Morningstar category medians and averages, but below the highs of each, which were 1.00% and 1.76%, respectively, for the peer group and 1.50% and 1.97%, respectively for the Morningstar category. The Board noted that the advisory fee for Monarch AI ranked 10 out of 16 peers. The Board acknowledged Kingsview explanation that the advisory fee was reasonable given the unique approach to investing. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch AI. The Board concluded that the fee for Monarch AI was not unreasonable.

Monarch BCC — The Board noted that Monarch BCC's advisory fee of 0.85% and net expense ratio of 1.14% were higher than its peer group and Morningstar category averages and medians, but lower than its Morningstar category high of 1.25%. The Board noted that the advisory fee for Monarch BCC ranked 15 out of 15 peers. The Board acknowledged Kingsview explanation that the advisory fee was reasonable. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch BCC. The Board concluded that the fee for Monarch BCC was not unreasonable.

Monarch PC — The Board noted that Monarch PC's advisory fee of 0.85% and net expense ratio of 1.01% were higher than its peer group and Morningstar category averages and medians, but lower than or equal to the highs of each, which were 0.85% and 1.20%, respectively, for its peer group and 1.25% and 1.53%, respectively, for its Morningstar category. The Board observed that the advisory fee for Monarch PC ranked 9 out of 13 peers. The Board acknowledged Kingsview explanation that the advisory fee was reasonable. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch PC. The Board concluded that the fee for Monarch PC was not unreasonable.

Monarch FGU — The Board observed that Monarch FGU's advisory fee of 0.85% and net expense ratio of 1.14% were higher than its peer group and Morningstar category averages and medians but lower than the highs of each, which were 0.90% and 1.53%, respectively, for its peer group, and 1.25% and 1.53%, respectively, for its Morningstar category. The Board noted that the advisory fee for Monarch FGU ranked 10 out of 16 peers. The Board acknowledged Kingsview explanation that the advisory fee was reasonable. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch FGU. The Board concluded that the fee for Monarch FGU was not unreasonable.

Monarch SSE — The Board noted that Monarch SSE's advisory fee of 0.85% and net expense ratio of 1.08% were higher than its peer group and Morningstar category averages and medians, but lower than the Morningstar category highs of 1.20% and 1.40%, respectively. The Board observed that the advisory fee for Monarch SSE ranked 10 out of 10 peers. The Board acknowledged Kingsview explanation that the advisory fee was reasonable. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch SSE. The Board concluded that the fee for Monarch SSE was not unreasonable.

Monarch DP — The Board noted that Monarch DP's advisory fee of 0.85% and net expense ratio of 1.24% were higher than its peer group and Morningstar category averages and medians, but lower than or equal to the Morningstar category highs of 0.99% and 1.24%, respectively. The Board observed that the advisory fee for Monarch DP ranked 10 out of 11 peers. The Board acknowledged Kingsview's explanation that the advisory fee was reasonable. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch DP. The Board concluded that the fee for Monarch DP was not unreasonable.

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**February 28, 2026**

Monarch FDT — The Board noted that Monarch FDT's advisory fee of 0.85% was equal to its peer group median and Morningstar category average but lower than its peer group average. The Board further noted that Monarch FDT's net expense ratio of 1.19% was slightly above its peer group average of 1.17% but lower than the Morningstar category average of 1.24%. The Board noted that Kingsview would have an expense limitation agreement in place with respect to Monarch FDT. The Board concluded that the fee for Monarch FDT was not unreasonable.

Profitability. The Board reviewed the profitability analysis provided by Kingsview of each of the Monarch ETFs. The Board noted that Kingsview was earning a modest profit for each of the Monarch ETFs. The Board determined that excessive profitability was not an issue for Kingsview with respect to the Monarch ETFs at this time.

Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of the Monarch ETFs. The Board noted that there were no perceived economies of scale at this time, but Kingsview indicated a willingness to revisit the topic at the appropriate time.

Conclusion. Having requested such information from Kingsview as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and with the advice of independent counsel, the Board determined that renewal of the advisory agreement with each of the Monarch ETFs was in the best interests of the Monarch ETFs and their shareholders.

*<u>Renewal of Investment Sub-Advisory Agreement between Kingsview Wealth Management, LLC and Penserra Capital Management, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on July 23-24, 2025 (the "Meeting"), the Board discussed the renewal of an investment sub-advisory agreement ("Penserra Sub-Advisory Agreement") between Kingsview Wealth Management, LLC ("Kingsview") and Penserra Capital Management, LLC ("Penserra") with respect to Monarch Ambassador Income Index ETF ("Monarch AI"), Monarch Blue Chips Core Index ETF ("Monarch BCC"), Monarch Dividend Plus Index ETF ("Monarch DP"), Monarch ProCap Index ETF ("Monarch PC"), Monarch Select Subsector Index ETF ("Monarch SSE"), Monarch Volume Factor Dividend Tree Index ETF ("Monarch FDT"), Monarch Volume Factor Global Unconstrained Index ETF ("Monarch FGU") (collectively, the "Monarch ETFs"). In considering the renewal of the Penserra Sub-Advisory Agreement, the Board received materials specifically relating to the Penserra Sub- Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Penserra Sub-Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Penserra Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Penserra Sub-Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed the key professionals servicing the Monarch ETFs, noting no material changes. The Board noted that Penserra had a succession plan in place. The Board reviewed the sub-advisory services Penserra provided to the Monarch ETFs, which included portfolio management, compliance and trading. The Board further reviewed Penserra's policies with respect to the selection of broker- dealers for portfolio transactions, which included best-execution selection, as well as Penserra's practices for

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**February 28, 2026**

monitoring compliance. The Board concluded that it could expect Penserra to continue providing high quality services to each of the Monarch ETFs and their shareholders.

Performance.

Monarch AI — The Board noted that Monarch AI maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board acknowledged that the performance difference between Monarch AI and the index it seeks to track, Monarch Ambassador Income Index, was largely attributable to the fees accrued in Monarch AI, noting that an index does not reflect fees. The Board concluded that Monarch AI's tracking error was acceptable.

Monarch BCC — The Board noted that Monarch BCC maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board acknowledged that the performance difference between Monarch BCC and the index it seeks to track, the Monarch Blue Chips Core Index, was largely attributable to the fees accrued in Monarch BCC, noting that an index does not reflect fees. The Board concluded that Monarch BCC's tracking error was acceptable.

Monarch PC — The Board noted that Monarch PC maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board acknowledged that the performance difference between Monarch PC and the Monarch ProCap Index, the index the Fund seeks to track, was largely attributable to the fees accrued in Monarch PC, noting that an index does not reflect fees. The Board concluded that Monarch PC's tracking error was acceptable.

Monarch FGU — The Board observed that Monarch FGU maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board acknowledged that the performance difference between Monarch FGU and the index it seeks to track, the Monarch Volume Factor Global Unconstrained Index, the index it seeks to track, was largely attributable to the fees accrued in Monarch FGU, noting that an index does not reflect fees. The Board concluded that Monarch FGU's tracking error was acceptable.

Monarch SSE — The Board noted that Monarch SSE maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board acknowledged that the performance difference between Monarch SSE and the index it seeks to track, the Monarch Select Subsector Index, was largely attributable to the fees accrued in Monarch SSE, noting that an index does not reflect fees. The Board concluded that Monarch SSE's tracking error was acceptable.

Monarch DP — The Board noted that Monarch DP maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board further observed that Monarch DP trailed the Monarch Dividend Plus Index, the index it seeks to track, across all periods, in large part because of the fees it accrued, noting that an index does not reflect fees. The Board concluded that Monarch DP's tracking error was acceptable.

Monarch FDT — The Board noted that Monarch FDT maintained a tight bid/ask spread and an acceptable tracking error to the index it seeks to track. The Board further observed that Monarch FDT trailed the index it seeks to track, the Monarch Volume Factor Dividend Tree Index, across all periods, in large part because of the fees it accrued, noting that an index does not reflect fees. The Board concluded that Monarch FDT's tracking error was acceptable.

***The Monarch ETFs***

**ADDITIONAL INFORMATION (Unaudited) (Continued)**

**February 28, 2026**

Fees and Expenses. The Board noted that Penserra's sub-advisory fee for each of the Monarch ETFs, which was structured with breakpoints, was in line with the fees charged to Penserra's other clients. The Board determined that Penserra's sub-advisory fee for each of the Monarch ETFs was not unreasonable.

Profitability. The Board reviewed the profitability analysis provided by Penserra for each of the Monarch ETFs. The Board observed that Penserra was operating each of the Monarch ETFs at a loss. The Board determined that excessive profitability was not an issue for Penserra at this time.

Economies of Scale. The Board considered whether Penserra would expect realized economies of scale with respect to the sub-advisory services provided to each of the Monarch ETFs. The Board concluded that it was unlikely that Penserra was benefitting from any material economies of scale.

Conclusion. Having requested such information from Penserra as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and with the advice of independent counsel, the Board determined that the renewal of the sub-advisory agreement between Kingsview and Penserra was in the best interests of each of the Monarch ETFs and their shareholders.

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-541-291-4405, by visiting the Funds' website at <u>www.monarchfunds.com</u>, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

**<u>PREMIUM/DISCOUNT INFORMATION</u>**

Information regarding how often the shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.monarchfunds.com.

**INVESTMENT ADVISOR**

Kingsview Wealth Management LLC

509 SE 7th Street, 2nd Floor

Grants Pass, OR 97526

**INVESTMENT SUB-ADVISOR** 

Penserra Capital Management LLC

4 Orinda Way, Suite 100

Orinda, CA 94563

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](ex_99cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Lights Fund Trust IV

---

| |
|:---|
| By <u>/s/ Wendy Wang</u> <br> Wendy Wang<br>|
| Principal Executive Officer |
| Date: 5/4/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>/s/ Wendy Wang</u> <br> Wendy Wang  |
| Principal Executive Officer |
| Date: 5/4/2026 |
| By <u>/s/ Sam Singh</u><br> Sam Singh  |
| Principal Financial Officer |
| Date: 5/4/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust IV ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 5/4/2026 | <u>/s/ Wendy Wang</u> |
|  | Wendy Wang |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust IV ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 5/4/2026 | <u>/s/ Sam Singh</u> |
|  | Sam Singh |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Wendy Wang, Principal Executive Officer, and Sam Singh, Principal Financial Officer of Northern Lights Fund Trust IV (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2026, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Sam Singh |
| Wendy Wang | Sam Singh |

---

Date: <u>5/4/2026</u> Date: <u>5/4/2026</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Attachment 12.B – Trust Code of Ethics**

**<u>Northern Lights Fund Trust IV</u>**

**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Introduction*** 

Northern Lights Fund Trust IV (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Funds must always be paramount** 

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**2.** **Access Persons may not take advantage of their relationship with the Funds** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

 ****

&nbsp;&nbsp;&nbsp;&nbsp;***II.***  ***DEFINITIONS*** 

**1.** **"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under
the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function)
of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function)
of an Adviser with respect to its corresponding series of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under
common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates
in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the
making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the
Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities
by the Funds.

**2.** **"Beneficial Ownership"** means in general and subject to the specific provisions
of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any
contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**3.** **"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of each
Trust with respect to Trustees and officers of the respective Trust, or the CCO of the Advisers with respect to Advisers personnel.

**4.** **"Code"** means this Code of Ethics.

**5.** **"Covered Security"** means any Security, except (i) direct obligations of the
U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini,
NLCS, or NLD.

**6.** "**Decision Making Access Person"** means any Access Person who, in connection with
his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase
or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases
or sales. Decision Makers typically are Adviser personnel.

**7.** **"Funds"** means series of the Trust.

**8.** **"Immediate family"** means an individual's spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary
interest" in securities, only ownership by "immediate family" members sharing the same household as the Access
Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**9.** **"Independent Trustees"** means those Trustees of the Trust that would not be deemed
an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**10.** **"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities
held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a
general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's
right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not
constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's
right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable;
and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company,
investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**11.** **"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit
or share in any profit derived from a transaction in securities.

**12.** **"Personal Securities Transaction"** means any transaction in a Covered Security
in which an Access Person has a direct or indirect Pecuniary Interest.

**13.** **"Purchase or Sale of a Security"** includes the writing of an option to purchase
or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation
to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the
recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted
List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**14.** **"Restricted List"** means the list of securities maintained by the Chief Compliance
Officer in which trading by Access Persons is generally prohibited.

**15.** **"Security"** means any note, stock, treasury stock, bond, debenture, evidence
of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization
certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as
"security", or any certificate or interest or participation in temporary or interim

certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**16.** **"Advisers"** means the Advisers to the Trust.

**17.** **"Trust"** mean Northern Lights Fund Trust IV.

&nbsp;&nbsp;&nbsp;&nbsp;***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

1. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he
or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or
should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

2. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities
in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the
Chief Compliance Officer or his designee prior to such participation;

3. No Access Person, with the exception of the Independent Trustees, may purchase a Covered Security
in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written
authorization of the acquisition by the Chief Compliance Officer or his designee;

4. Access Persons may not accept any fee, commission, gift, entertainment, or services, other than
de minimus gifts or entertainment, from any single person or entity that does business with, on behalf of, or in hoping to do business
with the Trust. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates
which provide services to the Trust, or an Access Person of a Fund's investment Adviser or Sub-Adviser will be subject to the applicable
gift and gratuities policies of the Trust's principal underwriter or an Access Person of a Fund's investment Adviser or Sub-Adviser
as applicable;

5. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company
without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would
be consistent with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such
Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the
Trust.

6. Advanced notice should be given so that the Trust or Advisers may take such action concerning the
conflict as deemed appropriate by the Chief Compliance Officer or his designee.

7. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered
Security without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance
Officer from time to time, provided it is permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his
designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

8. It shall be a violation of this Code for any Access Person, in connection with the purchase or
sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud
or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;***IV.***  ***EXEMPTED TRANSACTIONS*** 

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

1. Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial
Ownership;

2. Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example,
the receipt of stock dividends);

3. Purchase of Securities made as part of automatic dividend reinvestment plans;

4. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase
of company stock or mutual Funds; and

5. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all
holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief

Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;***VI.***  ***REPORTING AND MONITORING*** 

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity, and other activities covered by this Code, of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or Sub-Adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

2. INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

3. ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

4. QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide services to the Trust or an Access Person of a Fund's investment Adviser or Sub-Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, investment Adviser, or Sub-Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

&nbsp;&nbsp;&nbsp;&nbsp;***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

1. Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

2. Identify any violations of this Code and any significant remedial action taken during the prior year; and;

3. Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;***VIII.***  ***ACKNOWLEDGMENT*** 

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.