# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-000872
**Filing Date:** 2026-2
**Character Count:** 99734
**Document Hash:** 0c7b9f496969402c5d7207fde479f722
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000872.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001580642-26-000872

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**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:** 26606195

**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

### National Security Emerging Markets Index ETF (Series ID: S000079901)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000241373 | National Security Emerging Markets Index ETF | NSI             |

?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 Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(631) 490-4300</u>

Date of fiscal year end: <u>11/30</u>

Date of reporting period: <u>11/30/2025</u>

**Item 1. Reports to Stockholders.** 

(a) # National Security Emerging Markets Index ETF
(NSI) NASDAQ

#### Annual Shareholder Report - November 30, 2025
![Image](i30b9c06d8d98f740c485c4f6.jpg)

## Fund Overview
This annual shareholder report contains important information about National Security Emerging Markets Index ETF for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://www.nationalsecurityindex.com**. You can also request this information by contacting us at 833-906-5569.

## 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** |
| National Security Emerging Markets Index ETF | $86 | 0.75% |

---

## How did the Fund perform during the reporting period?
The National Security Emerging Markets Index ETF (the "Fund") performed in line with the diversified emerging markets category. Emerging markets equities enjoyed macroeconomic tailwinds throughout most of the reporting period. A first half decline in the relative value of the U.S. dollar – its largest drawdown in nearly a decade – made emerging markets assets more attractive to global capital. Relatively high valuations in developed market equities, especially the U.S. information technology sector, likely provided additional tailwinds. Emerging markets equities experienced a sharp correction in April, when the Trump Administration announced its "Liberation Day" tariffs, but the Fund finished the month with a gain after the White House proved eager to negotiate bilateral rates. Emerging markets equities enjoyed positive capital flows from May to November, helping the Fund gain nearly 30% during the six-month period. The second half of the reporting period saw resilient earnings reports from emerging markets companies in general despite lingering trade war concerns. Market enthusiasm for companies involved in artificial intelligence and semiconductors was not limited to the United States. The Fund's largest information technology positions, Taiwan Semiconductor and Samsung Electronics, contributed the most to performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](iedc5251281254da285623310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **National Security Emerging Markets Index ETF - NAV** | **MSCI Emerging Markets Index** | **Alerian National Security Emerging Markets NTR Index** |
| **Dec-2023** | $10000 | $10000 | $10000 |
| **Nov-2024** | $10730 | $11324 | $11025 |
| **Nov-2025** | $13835 | $14665 | $14427 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 6, 2023)** |
| National Security Emerging Markets Index ETF - NAV | 28.94% | 17.75% |
| MSCI Emerging Markets Index | 29.51% | 21.26% |
| Alerian National Security Emerging Markets NTR Index | 30.86% | 20.27% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic78dc11c0ae2782b59baa005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.7% |
| Real Estate | 0.1% |
| Communication Services | 0.1% |
| Utilities | 1.3% |
| Health Care | 2.2% |
| Consumer Staples | 3.0% |
| Industrials | 4.2% |
| Energy | 4.4% |
| Materials | 6.0% |
| Consumer Discretionary | 7.9% |
| Communications | 15.7% |
| Financials | 23.2% |
| Technology | 29.2% |

---

## **Fund Statistics** 
* Net Assets$31,045,325

* Number of Portfolio Holdings112

* Advisory Fee $115,747

* Portfolio Turnover37%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9d09394020e5b2416bda3917.jpg)

---

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

---

## Country Weighting (% of net assets)
![Group By Country Chart](i9cda592b5e43c18090ab0b9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.7% |
| Other Countries | 4.8% |
| Indonesia | 2.8% |
| United States | 2.9% |
| Mexico | 4.6% |
| South Africa | 5.3% |
| China | 6.1% |
| Brazil | 6.8% |
| India | 10.4% |
| Korea (Republic Of) | 13.8% |
| Cayman Islands | 15.3% |
| Taiwan Province Of China | 24.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Taiwan Semiconductor Manufacturing Company Ltd. | 15.5% |
| Samsung Electronics Company Ltd. | 5.7% |
| China Construction Bank Corporation | 3.8% |
| HDFC Bank Ltd. | 2.8% |
| Naspers Ltd., Class N | 2.7% |
| Chunghwa Telecom Company Ltd. | 2.6% |
| PDD Holdings, Inc. | 2.6% |
| ASE Technology Holding Company Ltd. | 2.5% |
| Hon Hai Precision Industry Company Ltd. | 2.5% |
| Reliance Industries Ltd. | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# National Security Emerging Markets Index ETF

#### Annual Shareholder Report - November 30, 2025
TSR-AR 113025-NSI

![Image](i30b9c06d8d98f740c485c4f6.jpg)

(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 Mr. 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:

---

| | |
|:---|:---|
| 2025 | $14100 |
| 2024.0 | $13600 |

---

(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:

---

| | |
|:---|:---|
| 2025 | $3000 |
| 2024.0 | $3000 |

---

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 November 30, 2025 and 2024, 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 November 30, 2024 and 2023 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.**

Not applicable to open-end investment companies

**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)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(NATIONAL SECURITY LOGO)](ns001_v1.jpg) |
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **NSI** |
| **Annual Financial Statements and Additional Information** |
| **November 30, 2025** |
| *Listed and traded on:* |
| *the NASDAQ, Inc.* |

---

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **AEROSPACE & DEFENSE - 0.3%** |  |
| 1576 | Embraer S.A. - ADR | $98847 |
|  | **ASSET MANAGEMENT - 0.4%** |  |
| 5797 | XP, Inc., Class A | 114259 |
|  | **AUTOMOTIVE - 1.0%** |  |
| 7377 | Li Auto, Inc., Class A - ADR<sup>(a)</sup> | 135663 |
| 9796 | NIO, Inc. - ADR<sup>(a)</sup> | 53878 |
| 6186 | XPeng, Inc. - ADR<sup>(a)</sup> | 135040 |
|  |  | 324581 |
|  | **BANKING - 20.2%** |  |
| 2933 | Axis Bank Ltd. - GDR | 211763 |
| 37515 | Banco Bradesco S.A. - ADR | 138805 |
| 6905 | Banco de Chile - ADR | 260871 |
| 28690 | Banco do Brasil S.A. - ADR | 122793 |
| 5455 | Banco Santander Brasil S.A. - ADR | 35130 |
| 6491 | Banco Santander Chile - ADR | 194276 |
| 27775 | Bank Central Asia Tbk P.T. - ADR | 348021 |
| 18059 | Bank Mandiri Persero Tbk P.T. - ADR | 209484 |
| 16332 | Bank Rakyat Indonesia Persero Tbk P.T. - ADR | 178509 |
| 56344 | China Construction Bank Corporation - ADR | 1191111 |
| 195 | Credicorp Ltd. | 50156 |
| 1159 | Grupo Cibest S.A. - ADR | 73087 |
| 2246 | Grupo Financiero Banorte S.A.B. de C.V. - ADR | 108078 |
| 23316 | HDFC Bank Ltd. - ADR | 858494 |
| 15624 | ICICI Bank Ltd. - ADR | 487938 |
| 29501 | Itau Unibanco Holding S.A. - ADR | 230108 |
| 4429 | KB Financial Group, Inc. - ADR | 376864 |
| 15733 | NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | 273597 |
| 6925 | Shinhan Financial Group Company Ltd. - ADR | 374573 |
| 1596 | State Bank of India - GDR | 175241 |
| 7018 | Woori Financial Group, Inc. - ADR | 385639 |
|  |  | 6284538 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **BEVERAGES - 2.3%** |  |
| 92915 | Ambev S.A. - ADR | $236004 |
| 2271 | Coca-Cola Femsa S.A.B. de C.V. - ADR | 199189 |
| 2918 | Fomento Economico Mexicano S.A.B. de C.V. - ADR | 279954 |
|  |  | 715147 |
|  | **BIOTECH & PHARMA - 2.2%** |  |
| 718 | BeiGene Ltd. - ADR<sup>(a)</sup> | 244558 |
| 18362 | Dr Reddy's Laboratories Ltd. - ADR | 257986 |
| 6462 | HUTCHMED China Ltd. - ADR<sup>(a)</sup> | 93182 |
| 3982 | Zai Lab Ltd. - ADR<sup>(a)</sup> | 81273 |
|  |  | 676999 |
|  | **CHEMICALS - 0.7%** |  |
| 26978 | Sasol Ltd. - ADR<sup>(a)</sup> | 175357 |
| 683 | Sociedad Quimica y Minera de Chile S.A. - ADR<sup>(a)</sup> | 43931 |
|  |  | 219288 |
|  | **CONSTRUCTION MATERIALS - 0.3%** |  |
| 4843 | Cemex S.A.B. de C.V. - ADR | 52256 |
| 768 | Tecnoglass, Inc. | 38231 |
|  |  | 90487 |
|  | **CONSUMER SERVICES - 0.5%** |  |
| 1427 | New Oriental Education & Technology Group, Inc. - ADR | 72977 |
| 7356 | TAL Education Group - ADR<sup>(a)</sup> | 80916 |
|  |  | 153893 |
|  | **E-COMMERCE DISCRETIONARY - 5.4%** |  |
| 6674 | Coupang, Inc.<sup>(a)</sup> | 187940 |
| 285 | MercadoLibre, Inc.<sup>(a)</sup> | 590458 |
| 7020 | PDD Holdings, Inc. - ADR<sup>(a)</sup> | 814882 |
| 4332 | Vipshop Holdings Ltd. - ADR | 85080 |
|  |  | 1678360 |
|  | **ELECTRIC UTILITIES - 1.1%** |  |
| 5096 | Centrais Eletricas Brasileiras S.A. - ADR | 59878 |
| 14325 | Cia Energetica de Minas Gerais - ADR | 30369 |
| 3116 | Companhia Paranaense de Energia - ADR | 33248 |
| 10364 | Enel Chile S.A. - ADR | 39901 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 1.1% (Continued)** |  |
| 10078 | Korea Electric Power Corporation - ADR | $183521 |
|  |  | 346917 |
|  | **ENGINEERING & CONSTRUCTION - 0.5%** |  |
| 3403 | Larsen & Toubro Ltd. - GDR | 155177 |
|  | **ENTERTAINMENT CONTENT - 2.2%** |  |
| 6231 | Bilibili, Inc. - ADR<sup>(a)</sup> | 165807 |
| 3693 | NetEase, Inc. - ADR | 509819 |
|  |  | 675626 |
|  | **FOOD - 0.1%** |  |
| 12019 | Marfrig Global Foods S.A. - ADR | 43869 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 3161 | Suzano S.A. - ADR | 28291 |
|  | **GAS & WATER UTILITIES - 0.2%** |  |
| 1846 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 48679 |
|  | **INSURANCE - 2.3%** |  |
| 47960 | Ping An Insurance Group Company of China Ltd. - ADR | 702134 |
|  | **INTERNET MEDIA & SERVICES - 6.3%** |  |
| 4014 | Autohome, Inc. - ADR | 95373 |
| 5704 | Kanzhun Ltd. - ADR | 126058 |
| 8926 | KE Holdings, Inc., Institutional Class - ADR | 153795 |
| 20364 | Meituan - ADR<sup>(a)</sup> | 525391 |
| 66865 | Naspers Ltd., Class N - ADR | 841162 |
| 3169 | Trip.com Group Ltd. - ADR | 221576 |
|  |  | 1963355 |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 1289 | Atour Lifestyle Holdings Ltd. - ADR | 49459 |
| 2038 | H World Group Ltd. - ADR | 93952 |
| 2272 | Yum China Holdings, Inc. | 109374 |
|  |  | 252785 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **MACHINERY - 0.5%** |  |
| 20340 | WEG S.A. - ADR | $166585 |
|  | **METALS & MINING - 3.3%** |  |
| 14217 | Anglo American Platinum Ltd. - ADR | 163353 |
| 1781 | Anglogold Ashanti plc | 152596 |
| 1471 | Cia de Minas Buenaventura S.A.A. - ADR | 36451 |
| 5658 | Gold Fields Ltd. - ADR | 242672 |
| 6676 | Harmony Gold Mining Company Ltd. - ADR | 131250 |
| 3810 | Impala Platinum Holdings Ltd. - ADR | 47625 |
| 3270 | Sibanye Stillwater Ltd. - ADR<sup>(a)</sup> | 43589 |
| 17231 | Vale S.A. - ADR | 217283 |
|  |  | 1034819 |
|  | **OFFICE REIT - 0.1%** |  |
| 1132 | Corp Inmobiliaria Vesta S.A.B. de C.V. - ADR | 35262 |
|  | **OIL & GAS PRODUCERS - 4.4%** |  |
| 12266 | Cosan S.A. - ADR<sup>(a)</sup> | 59981 |
| 6726 | Ecopetrol S.A. - ADR | 66049 |
| 26180 | Petroleo Brasileiro S.A. - ADR | 328297 |
| 10569 | Reliance Industries Ltd. - GDR<sup>(b)</sup> | 746172 |
| 19911 | Ultrapar Participacoes S.A. - ADR | 81834 |
| 3305 | Vibra Energia S.A. - ADR | 32273 |
| 863 | Vista Oil & Gas S.A.B. de C.V. - ADR<sup>(a)</sup> | 42425 |
|  |  | 1357031 |
|  | **RETAIL - CONSUMER STAPLES - 0.6%** |  |
| 5566 | Wal-Mart de Mexico S.A.B. de C.V. - ADR | 186572 |
|  | **RETAIL - DISCRETIONARY - 0.1%** |  |
| 1669 | MINISO Group Holding Ltd. - ADR | 33163 |
|  | **SEMICONDUCTORS - 19.4%** |  |
| 52831 | ASE Technology Holding Company Ltd. - ADR | 789823 |
| 16462 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 4798839 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **SEMICONDUCTORS - 19.4% (Continued)** |  |
| 55242 | United Microelectronics Corporation - ADR | $412105 |
|  |  | 6000767 |
|  | **SPECIALTY FINANCE - 0.3%** |  |
| 5472 | Qifu Technology, Inc. - ADR | 106868 |
|  | **STEEL - 1.6%** |  |
| 9728 | Gerdau S.A. - ADR | 35021 |
| 8563 | POSCO Holdings, Inc. - ADR | 454524 |
|  |  | 489545 |
|  | **TECHNOLOGY HARDWARE - 8.6%** |  |
| 281 | Fabrinet<sup>(a)</sup> | 129094 |
| 54489 | Hon Hai Precision Industry Company Ltd. - GDR | 777013 |
| 1023 | Samsung Electronics Company Ltd. - GDR | 1769790 |
|  |  | 2675897 |
|  | **TECHNOLOGY SERVICES - 1.3%** |  |
| 17592 | Infosys Ltd. - ADR | 307508 |
| 2805 | StoneCompany Ltd.<sup>(a)</sup> | 47264 |
| 13785 | Wipro Ltd. - ADR | 37495 |
|  |  | 392267 |
|  | **TELECOMMUNICATIONS - 7.3%** |  |
| 7562 | America Movil S.A.B. de C.V. - ADR | 174531 |
| 19594 | Chunghwa Telecom Company Ltd. - ADR | 819224 |
| 2313 | GDS Holdings Ltd. - ADR<sup>(a)</sup> | 78573 |
| 21549 | KT Corporation - ADR | 395640 |
| 807 | Millicom International Cellular S.A. | 42827 |
| 5237 | PLDT, Inc. - ADR | 116995 |
| 16365 | SK Telecom Company Ltd. - ADR | 330409 |
| 3577 | Telefonica Brasil S.A. - ADR | 47288 |
| 6613 | Telkom Indonesia Persero Tbk P.T. - ADR | 142510 |
| 1526 | TIM S.A. - ADR | 35830 |
| 17713 | Turkcell Iletisim Hizmetleri A/S - ADR | 99016 |
|  |  | 2282843 |
|  | **TRANSPORTATION & LOGISTICS - 2.8%** |  |
| 14356 | Full Truck Alliance Company Ltd. - ADR | 162940 |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.8% (Continued)** |  |
| 921 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - ADR | $99063 |
| 498 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - ADR | 118270 |
| 439 | Grupo Aeroportuario del Sureste SAB de C.V. - ADR | 132556 |
| 1716 | Latam Airlines Group S.A. - ADR | 82763 |
| 13106 | ZTO Express Cayman, Inc. - ADR | 270638 |
|  |  | 866230 |
|  | **TOTAL COMMON STOCKS (Cost $25,883,739)** | 30201081 |
|  | **TOTAL INVESTMENTS - 97.3% (Cost $25,883,739)** | $30201081 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.7%** | 844244 |
|  | **NET ASSETS - 100.0%** | $31045325 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| GDR | - Global Depositary Receipt |
| Ltd. | - Limited Company |
| plc | - Public Limited Company |
| P.T. | - Perseroan Terbatas |
| REIT | - Real Estate Investment Trust |
| S.A. | - Société Anonyme |
| S.A.A. | - Société Anónima Abierta |

---

(a) Non-income producing security.

(b) Security exempt from registration
 under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration,
 normally to qualified institutional buyers. As of November 30, 2025, the total market value of Rule 144A securities is $746,172 or 2.4%
 of net assets.

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Cost | $25883739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at Value | $30201081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 825104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Cash | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 38265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 31064457 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 19132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 19132 |
| **NET ASSETS** | $**31045325** |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $27101813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 3943512 |
| **NET ASSETS** | $**31045325** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**31045325** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **940000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**33.03** |

---

(a) Unlimited number of shares of beneficial
 interest authorized, no par value.

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended November 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of $76,580 foreign withholding taxes) | $312057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 332219 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 115747 |
| **NET INVESTMENT INCOME** | 216472 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (230324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind transactions | 197932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4140051 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 4107659 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**4324131** |

---

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Period Ended**<br>**November 30, 2024\*** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $216472 | $122850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investment transactions | (230324) | (69243) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from in-kind transactions | 197932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4140051 | 177291 |
| Net increase in net assets resulting from operations | 4324131 | 230898 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (301360) | (120839) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 20970358 | 7521515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1586378) |  |
| Net increase in net assets from shares of beneficial interest | 19383980 | 7528515 |
| **TOTAL INCREASE IN NET ASSETS** | 23406751 | 7638574 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 7638574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $**31045325** | $**7638574** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 710000 | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (60000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 650000 | 290000 |

---

\* The National Security Emerging Markets Index ETF commenced operations on December 6, 2023.

*See accompanying notes to financial statements.*

---

| |
|:---|
| **NATIONAL SECURITY EMERGING MARKETS INDEX ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period Presented |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**November 30, 2025** | **For the**<br>**Period Ended**<br>**November 30, 2024\*** |
| Net asset value, beginning of period | $26.34 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.42 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 7.03 | 1.31 |
| Total from investment operations | 7.45 | 1.83 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.76) | (0.49) |
| Net asset value, end of period | $33.03 | $26.34 |
| Market price, end of period | $33.14 | $26.35 |
| Total return (2) | 28.94% | 7.30% (3) |
| Net assets, end of period (000s) | $31045 | $7639 |
| Ratio of expenses to average net assets | 0.75% | 0.75% (4) |
| Ratio of net investment income to average net assets | 1.40% | 1.98% (4) |
| Portfolio Turnover Rate (5) | 37% | 42% (3) |

---

\* The National Security Emerging Markets ETF commenced operations on December 6, 2023.

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

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of all dividends and distributions, if any.

(3) Not annualized.

(4) Annualized.

(5) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 5)

*See accompanying notes to financial statements.*

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS November 30, 2025**

**1.** **ORGANIZATION** 

The National Security Emerging Markets Index ETF (the "Fund") is a diversified series of Northern Lights Fund Trust IV (the "Trust"), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund seeks to track the results, before fees and expenses, of the Alerian National Security Emerging Markets Index (the "Index"). The Fund invests at least 80% of its total assets in component securities of the Index. The Index consists of stocks listed on globally recognized stock exchanges that excludes companies benefiting end-users that, in the view of the sponsor of the Fund, National Security Index, LLC (the "Sponsor"), pose a threat to the national security interests of the United States. The Fund commenced operations on December 6, 2023.

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

The following is a summary of significant accounting policies followed by the Fund 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 year. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies"*, including Accounting Standards Update ("ASU") 2013-08.

**Operating Segments** - The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. The Fund's CODM is comprised of its portfolio manager and the chief financial officer of the Trust. The Fund operates as a single operating segment. The 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 the Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation** – The Fund records its investments at fair value. Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the 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 day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. 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 market maker in the securities. Securities traded on a foreign exchange which has not closed by the valuation time or for which the official closing prices are not available at the time the net asset value per share ("NAV") is determined may use alternative market prices provided by a pricing service.

The Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Mutual funds are valued at their respective NAV as reported by such investment companies. Exchange-traded funds ("ETFs") are valued at the last reported sale price or official closing price. Mutual funds value securities in their portfolios for which market

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the NAV. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Fund will not change.

The 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 are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third-party consultants, such as a 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, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**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 affects 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 the Fund's calculation of its NAV. 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 the 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 Fund utilizes various methods to measure the fair value of its 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 Fund has 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.

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's 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 fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair 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 table summarizes the inputs used as of November 30, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $30201081 | $— | $— | $30201081 |
| Total | $30201081 | $— | $— | $30201081 |

---

The Fund did not hold any Level 2 or 3 securities during the year.

\* Please refer to the Schedule of Investments for industry classifications.

**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 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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid at least semi-annually for the Fund. Distributable net realized capital gains, if any, are declared and distributed annually for the Fund. 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 and are recorded on the ex-dividend date. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards, etc.) 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. Any such reclassifications will have no effect on net assets, results of operations, or NAV per share of the Fund.

**Federal Income Tax –** Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns to be filed for the open tax year ended November 30, 2025.

The Fund recognizes 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 Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns to be filed for the open tax year ended November 30, 2025. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statement of Operations. During the period ended

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

November 30, 2025, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which there is a reasonable possibility 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, taking into consideration the nature and type of expense and the relative sizes of the fund in the Trust.

**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 Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**PRINCIPAL INVESTMENT RISKS:**

*Currency Exchange Rate Risk -* To the extent the Fund invests in securities denominated in non-U.S. currencies, changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investment and the value of your shares. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund's holdings, measured in the foreign currency, increases. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

*Emerging Markets Risk -* The Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities.

*Market and Geopolitical Risk -* The increasing interconnectivity 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 the 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, 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 the U.S. financial market.

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

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

For the year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than in-kind transactions, short-term investments and U.S. government securities, amounted to the following:

---

| | |
|:---|:---|
| Purchases | Sales |
| $7964550 | $5579777 |

---

For the year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to the following:

---

| | |
|:---|:---|
| Purchases | Sales |
| $17731717 | $1301399 |

---

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

Tuttle Capital Management, LLC is the investment adviser for the Fund (the "Adviser"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Fund, manages the Fund's portfolio 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, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets for the Fund. For the year ended November 30, 2025, the Fund incurred $115,747 in advisory fees.

Northern Lights Distributors, LLC (the "Distributor") serves as the principal underwriter and distributor for the shares of the Fund. The Fund has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Fund and will not be paid by the Fund unless authorized by the Board.

The Adviser's unitary management fee is designed to pay the Fund's expenses and to compensate the Adviser for providing services for the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services and independent Trustees' fees, but not its management fee; any front-end or contingent deferred loads; brokerage fees and commissions; any Rule 12b-1 fees; 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); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and 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)). The Adviser, and not the Fund's shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

<u>Ultimus Fund Services, 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 Adviser pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund 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 the Adviser.

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

<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 Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Adviser.

For the year ended November 30, 2025, the Trustees received fees in the aggregate amount of $10,567, paid by the Adviser.

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

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the 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 ("DTC") 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 the 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, the Fund generally imposes transaction fees on purchases and redemptions of the Fund's shares to cover the custodial and other costs incurred by the Fund in effecting trades, which is payable to the custodian ("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 Fund 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").

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and Cash Purchases** | &nbsp;&nbsp;**Maximum Additional Variable**<br> **Charge for Cash Purchases\*** |
| &nbsp;&nbsp;$500 | &nbsp;&nbsp;2.00% |

---

\* As a percentage of the amount invested.

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

At November 30, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | | Net Unrealized |
| | Gross Unrealized | Gross Unrealized | Appreciation/ |
| Tax Cost | Appreciation | Depreciation | Depreciation |
| $26041048 | $4906011 | $(745978) | $4160033 |

---

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

The tax character of distributions paid for the periods ended November 30, 2025, and November 20, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>November 30, 2025 | Fiscal Year Ended<br>November 30, 2024 |
| Ordinary Income | $301360 | $120839 |

---

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | Non-expiring | | | |
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $48321 | $— | $— | $(264842) | $— | $4160033 | $3943512 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales and the mark to market on passive foreign investment companies.

At November 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $218912 | $45930 | $264842 | $— |

---

Permanent book and tax differences, primarily attributable to realized gain (loss) on in-kind redemptions resulted in reclassifications for the Fund for the year ended November 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Accumulated |
| Capital | Earnings |
| $189318 | $(189318) |

---

**8.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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 other than the following:

On December 17, 2025, the National Security Emerging Markets Index ETF made an income distribution of $0.2562 per share.

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF NOTES TO FINANCIAL STATEMENTS (Continued) November 30, 2025**

**10.** **Foreign Tax Credit (Unaudited)** 

The Fund intends 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 November 30, 2025 were as follows:

---

| | |
|:---|:---|
| | Foreign Source |
| Foreign Taxes Paid | Income |
| $61323 | $261455 |

---

![(COHEN LOGO)](ns002_v1.jpg)

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

To the Shareholders of National Security Emerging Markets Index ETF and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of National Security Emerging Markets Index ETF (the "Fund"), a series of Northern Lights Fund Trust IV, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year then ended and for the period from December 6, 2023 (commencement of operations) through November 30, 2024, 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 the Fund as of November 30, 2025, the results of its operations and for the year then ended, and the changes in net assets and financial highlights for the year then ended and for the period from December 6, 2023 (commencement of operations) through November 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our 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 November 30, 2025, by correspondence with the custodian. 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 provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Tuttle Capital Management, LLC since 2018.

![(SIGNATURE)](ns003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 28, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

**NATIONAL SECURITY EMERGING MARKETS INDEX ETF ADDITIONAL INFORMATION (Unaudited) November 30, 2025**

**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**

Not applicable.

**Proxy Voting Policy**

Information regarding how the Fund voted proxies relating to portfolio securities for the 12 month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies, is available without charge, upon request, by (i) calling 1-833-906-5569; (ii) visiting the Fund's website at www.nationalsecurityindex.com; or (iii) referring to the Securities and Exchange Commission's website at http://www.sec.gov.

**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. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached hereto. [Exhibit 99.906 CERT](ex99-906cert.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 | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 2/6/26 | Date: 2/6/26 |

---

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 | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 2/6/26 | Date: 2/6/26 |

---

---

| | |
|:---|:---|
| By | /s/ Sam Singh |
| Sam Singh | Sam Singh |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 2/6/26 | Date: 2/6/26 |

---

## 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 National Security Emerging Markets Index ETF (a series of Northern
 Lights Fund Trust IV, the "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: 2/6/26 | /s/ Wendy Wang |
|  | Wendy Wang |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of National Security Emerging Markets Index ETF (a series of Northern
 Lights Fund Trust IV, the "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: 2/6/26 | /s/ Sam Singh |
|  | Sam Singh |
|  | Principal Financial Officer/Treasurer |

---

## 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 November 30, 2025, (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/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| /s/ Wendy Wang | /s/ Wendy Wang | /s/ Sam Singh | /s/ Sam Singh |
| Wendy Wang | Wendy Wang | Sam Singh | Sam Singh |
| Date: | 2/6/26 | Date: | 2/6/26 |

---

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.