# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-003100
**Filing Date:** 2026-5
**Character Count:** 117113
**Document Hash:** d61cac3927adfd93e425de47eb084839
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003100.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001580642-26-003100

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**EFFECTIVENESS DATE**: 20260508

**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:** 26957518

**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

### FM Focus Equity ETF (Series ID: S000074624)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232649 | FM Focus Equity ETF | FMCX            |

### FM Compounders Equity ETF (Series ID: S000088455)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000254728 | FM Compounders Equity ETF | FMCE            |

?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, Ohio</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>2/28</u> <br>Date of reporting period: <u>2/28/26</u>

**Item 1. Reports to Stockholders.**

(a) #### FM Compounders Equity ETF
(FMCE) NYSE Arca, Inc.

#### Annual Shareholder Report - February 28, 2026
![Image](i576012614b48d23eee099770.jpg)

# Fund Overview
This annual shareholder report contains important information about FM Compounders Equity ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at**https://fmexcelsioretfs.com/fmce/details/**. You can also request this information by contacting us at 1-888-530-2448.

# 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** |
| FM Compounders Equity ETF | $72 | 0.70% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended February 28, 2026, FM Compounders Equity ETF ("FMCE") returned 5.42% vs the S&P 500 Equal Weighted of 15.96%.

FMCE's underperformance was driven largely by a continued market rotation out of financial and software stocks.

The largest contributors to FMCE's performance in the period (enumerated with return contribution) were: AMAT (+3.22%), ASML (+2.60%) and INTC (+2.39%). The largest detractors were SNPS (-1.18%), CRM (-1.12%) and PGR (-1.06%).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i326a1e6d0e5ac7af36cfa754.jpg)

---

| | | |
|:---|:---|:---|
| | **FM Compounders Equity ETF - NAV** | **S&P 500<sup>®</sup> Equal Weight Index** |
| **11/08/24** | $10000 | $10000 |
| **11/30/24** | $10304 | $10195 |
| **12/31/24** | $9785 | $9557 |
| **01/31/25** | $10118 | $9891 |
| **02/28/25** | $10274 | $9831 |
| **03/31/25** | $9978 | $9499 |
| **04/30/25** | $9926 | $9281 |
| **05/31/25** | $10322 | $9685 |
| **06/30/25** | $10616 | $10017 |
| **07/31/25** | $10516 | $10115 |
| **08/31/25** | $10729 | $10387 |
| **09/30/25** | $10882 | $10503 |
| **10/31/25** | $10785 | $10403 |
| **11/30/25** | $10833 | $10601 |
| **12/31/25** | $10847 | $10649 |
| **01/31/26** | $11013 | $11010 |
| **02/28/26** | $10831 | $11400 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (November 8, 2024)** |
| FM Compounders Equity ETF - NAV | 5.42% | 6.30% |
| S&P 500<sup>®</sup> Equal Weight Index | 15.96% | 10.55% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-888-530-2448.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $62645210 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee | $436620 |
| Portfolio Turnover | 46% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i48ebd7cd95726bebcbe87cbc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.2% |
| Money Market Funds | 9.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i255cf9e7c03826884cb8d0c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 2.2% |
| Materials | 3.8% |
| Consumer Staples | 4.3% |
| Communications | 4.9% |
| Consumer Discretionary | 7.1% |
| Health Care | 9.5% |
| Money Market Funds | 9.8% |
| Industrials | 10.6% |
| Financials | 14.8% |
| Technology | 33.0% |

---

# Top 10 Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| General Electric Company | 5.1% |
| Intel Corporation | 4.8% |
| Berkshire Hathaway, Inc. - Class B | 4.6% |
| Progressive Corporation (The) | 4.2% |
| Visa, Inc. - Class A | 4.0% |
| Danaher Corporation | 3.9% |
| Amazon.com, Inc. | 3.8% |
| Linde PLC | 3.8% |
| ASML Holding N.V. | 3.8% |
| Salesforce, Inc. | 3.6% |

---

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

![Image](i576012614b48d23eee099770.jpg)

#### FM Compounders Equity ETF

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-FMCE

#### FM Focus Equity ETF
(FMCX) NYSE Arca, Inc.

#### Annual Shareholder Report - February 28, 2026
![Image](i4d2e9ada92ff5d1d7fbb34d8.jpg)

# Fund Overview
This annual shareholder report contains important information about FM Focus Equity ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at**https://fmexcelsioretfs.com/fmcx/details/**. You can also request this information by contacting us at 1-888-530-2448.

# 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** |
| FM Focus Equity ETF | $73 | 0.70% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended February 28, 2026, FM Focus Equity ETF ("FMCX")returned 8.61% vs. the S&P 500 Index of 16.99%.

FMCX's underperformance was driven largely by a continued market rotation out of financial and software stocks.

The largest contributors to FMCX's performance in the period (enumerated with return contribution) were: AMAT (+3.34%), GE (+3.08%) and GEV US (+2.27%). The largest detractors were KKR (-1.92%), CRM (-1.49%) and SNPS (-1.17%).

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i30e877a27ea28da509abf79a.jpg)

---

| | | |
|:---|:---|:---|
| | **FM Focus Equity ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **04/22/22** | $10000 | $10000 |
| **08/31/22** | $9224 | $9316 |
| **02/28/23** | $9266 | $9433 |
| **08/31/23** | $10167 | $10801 |
| **02/29/24** | $11513 | $12306 |
| **08/31/24** | $12440 | $13732 |
| **02/28/25** | $13075 | $14571 |
| **08/31/25** | $14233 | $15913 |
| **02/28/26** | $14202 | $17046 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (April 22, 2022)** |
| FM Focus Equity ETF - NAV | 8.61% | 9.53% |
| S&P 500<sup>®</sup> Index | 16.99% | 14.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-888-530-2448.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $108523011 |
| Number of Portfolio Holdings | 30 |
| Advisory Fee | $745050 |
| Portfolio Turnover | 67% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i172a916ad5c67f402076d660.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 92.1% |
| Money Market Funds | 7.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iac2df1eee3d8dc1f6a5f4d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.6% |
| Communications | 6.0% |
| Money Market Funds | 7.9% |
| Health Care | 9.8% |
| Consumer Discretionary | 11.6% |
| Industrials | 12.2% |
| Financials | 12.5% |
| Technology | 35.4% |

---

# Top 10 Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| General Electric Company | 6.5% |
| Microsoft Corporation | 6.3% |
| Berkshire Hathaway, Inc. - Class A | 4.9% |
| Linde PLC | 4.6% |
| KKR & Company, Inc. | 4.4% |
| O'Reilly Automotive, Inc. | 4.2% |
| Danaher Corporation | 4.1% |
| Amazon.com, Inc. | 4.1% |
| Intel Corporation | 3.9% |
| Applied Materials, Inc. | 3.8% |

---

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

![Image](i4d2e9ada92ff5d1d7fbb34d8.jpg)

#### FM Focus Equity ETF

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 022826-FMCX

(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 Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2026 - $29,500

2025 - $28,700

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2026 – $6,400

2025 – $9,000

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

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended February 28, 2026, and 2025 respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended February 28, 2026, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a) **Long Form Financial Statements** 

---

| |
|:---|
| ![(LOGO)](fm001_v1.jpg) |
| **FM Focus Equity ETF**(fmcx) |
| **FM Compounders Equity ETF**(fmce) |
| Annual Financial Statements |
| and Additional Information |
| February 28, 2026 |

---

---

| |
|:---|
| **FM FOCUS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1%** |  |
|  | **AEROSPACE & DEFENSE - 6.5%** |  |
| 20702 | General Electric Company | $7085466 |
|  | **ASSET MANAGEMENT - 4.4%** |  |
| 54752 | KKR & Company, Inc. | 4800655 |
|  | **CHEMICALS - 4.6%** |  |
| 9899 | Linde PLC | 5029484 |
|  | **DIVERSIFIED INDUSTRIALS - 2.6%** |  |
| 11545 | Honeywell International, Inc. | 2812247 |
|  | **E-COMMERCE DISCRETIONARY - 4.1%** |  |
| 21194 | Amazon.com, Inc.<sup>(a)</sup> | 4450740 |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 3800 | GE Vernova, Inc. | 3319680 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 8276 | UnitedHealth Group, Inc. | 2427103 |
|  | **INSURANCE - 8.1%** |  |
| 7 | Berkshire Hathaway, Inc., Class A<sup>(a)</sup> | 5299000 |
| 10116 | Chubb Ltd. | 3448140 |
|  |  | 8747140 |
|  | **INTERNET MEDIA & SERVICES - 6.1%** |  |
| 1646 | Alphabet, Inc., Class A | 513157 |
| 5051 | Alphabet, Inc., Class C | 1573033 |
| 3329 | Meta Platforms, Inc., Class A | 2157791 |
| 31124 | Uber Technologies, Inc.<sup>(a)</sup> | 2347372 |
|  |  | 6591353 |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.5%** |  |
| 47843 | Boston Scientific Corporation<sup>(a)</sup> | 3676735 |
| 21344 | Danaher Corporation | 4495899 |
|  |  | 8172634 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **FM FOCUS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.1% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 7.5%** |  |
| 960 | AutoZone, Inc.<sup>(a)</sup> | $3605357 |
| 48255 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 4530179 |
|  |  | 8135536 |
|  | **SEMICONDUCTORS - 15.8%** |  |
| 11164 | Applied Materials, Inc. | 4156357 |
| 2477 | ASML Holding N.V. - ADR | 3593037 |
| 10086 | Broadcom, Inc. | 3222981 |
| 93120 | Intel Corporation<sup>(a)</sup> | 4247204 |
| 10748 | NVIDIA Corporation | 1904438 |
|  |  | 17124017 |
|  | **SOFTWARE – 16.0%** |  |
| 75724 | BlackLine, Inc.<sup>(a)</sup> | 2669271 |
| 17342 | Microsoft Corporation | 6810897 |
| 12426 | Oracle Corporation | 1806740 |
| 20650 | Salesforce, Inc. | 4022414 |
| 4938 | Synopsys, Inc.<sup>(a)</sup> | 2044332 |
|  |  | 17353654 |
|  | **TECHNOLOGY SERVICES - 3.6%** |  |
| 3966 | S&P Global, Inc. | 1752496 |
| 6761 | Visa, Inc., Class A | 2164467 |
|  |  | 3916963 |
|  | **TOTAL COMMON STOCKS (Cost $79,766,643)** | 99966672 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **FM FOCUS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 7.9%** |  |
|  | **MONEY MARKET FUND - 7.9%** |  |
| 8540812 | Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.59% **(Cost $8,540,812)**<sup>(b)</sup> | $8540812 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $88,307,455)** | $108507484 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> | 15527 |
|  | **NET ASSETS - 100.0%** | $108523011 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| N.V. | - Naamloze Vennootschap |
| PLC | - Public Limited Company |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

---

| |
|:---|
| **FM COMPOUNDERS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2%** |  |
|  | **AEROSPACE & DEFENSE - 5.1%** |  |
| 9281 | General Electric Company | $3176516 |
|  | **ASSET MANAGEMENT - 3.3%** |  |
| 23264 | KKR & Company, Inc. | 2039788 |
|  | **CHEMICALS - 3.8%** |  |
| 4684 | Linde PLC | 2379847 |
|  | **DIVERSIFIED INDUSTRIALS - 2.6%** |  |
| 6672 | Honeywell International, Inc. | 1625232 |
|  | **E-COMMERCE DISCRETIONARY - 3.8%** |  |
| 11359 | Amazon.com, Inc.<sup>(a)</sup> | 2385390 |
|  | **ELECTRICAL EQUIPMENT - 2.9%** |  |
| 2085 | GE Vernova, Inc. | 1821456 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 4741 | UnitedHealth Group, Inc. | 1390393 |
|  | **INSURANCE - 8.9%** |  |
| 5723 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2889828 |
| 12432 | Progressive Corporation (The) | 2656221 |
|  |  | 5546049 |
|  | **INTERNET MEDIA & SERVICES - 4.9%** |  |
| 2658 | Meta Platforms, Inc., Class A | 1722863 |
| 17967 | Uber Technologies, Inc.<sup>(a)</sup> | 1355071 |
|  |  | 3077934 |
|  | **MEDICAL EQUIPMENT & DEVICES - 7.2%** |  |
| 27500 | Boston Scientific Corporation<sup>(a)</sup> | 2113375 |
| 11478 | Danaher Corporation | 2417726 |
|  |  | 4531101 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **FM COMPOUNDERS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 90.2% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.2%** |  |
| 8856 | Phillips 66 | $1366746 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 3912 | Walmart, Inc. | 500540 |
|  | **RETAIL - DISCRETIONARY - 3.3%** |  |
| 549 | AutoZone, Inc.<sup>(a)</sup> | 2061813 |
|  | **SEMICONDUCTORS - 13.2%** |  |
| 6136 | Applied Materials, Inc. | 2284433 |
| 1627 | ASML Holding N.V. - ADR | 2360061 |
| 65797 | Intel Corporation<sup>(a)</sup> | 3001001 |
| 3547 | NVIDIA Corporation | 628493 |
|  |  | 8273988 |
|  | **SOFTWARE - 11.4%** |  |
| 42509 | BlackLine, Inc.<sup>(a)</sup> | 1498442 |
| 5578 | Microsoft Corporation | 2190704 |
| 11729 | Salesforce, Inc. | 2284692 |
| 2828 | Synopsys, Inc.<sup>(a)</sup> | 1170792 |
|  |  | 7144630 |
|  | **SPECIALTY FINANCE - 2.7%** |  |
| 5474 | American Express Company | 1690919 |
|  | **TECHNOLOGY SERVICES - 8.4%** |  |
| 3343 | Mastercard, Inc., Class A | 1729033 |
| 2294 | S&P Global, Inc. | 1013673 |
| 7842 | Visa, Inc., Class A | 2510538 |
|  |  | 5253244 |
|  | **TOBACCO & CANNABIS - 3.5%** |  |
| 11812 | Philip Morris International, Inc. | 2206836 |
|  | **TOTAL COMMON STOCKS (Cost $39,742,103)** | 56472422 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **FM COMPOUNDERS EQUITY ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **February 28, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 9.8%** |  |
|  | **MONEY MARKET FUND - 9.8%** |  |
| 6154463 | Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.59% **(Cost $6,154,463)**<sup>(b)</sup> | $6154463 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $45,896,566)** | $62626885 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(c)</sup> | 18325 |
|  | **NET ASSETS - 100.0%** | $62645210 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| N.V. | - Naamloze Vennootschap |
| PLC | - Public Limited Company |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of February 28, 2026.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | <br>**FM Focus Equity ETF** | **FM Compounders**<br>**Equity ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $88307455 | $45896566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $108507484 | $62626885 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 73835 | 51886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 108581319 | 62678771 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 58308 | 33561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 58308 | 33561 |
| **NET ASSETS** | $**108523011** | $**62645210** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $87724833 | $44551497 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 20798178 | 18093713 |
| **NET ASSETS** | $**108523011** | $**62645210** |
| **Net Asset Value Per Share:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**108523011** | $**62645210** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **3210000** | **2393047** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $**33.81** | $**26.18** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | <br>**FM Focus Equity ETF** | **FM Compounders**<br>**Equity ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $647769 | $759695 |
| &nbsp;&nbsp;&nbsp;Interest | 459003 | 206371 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes | (4666) | (4277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1102106 | 961789 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 745050 | 436620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 745050 | 436620 |
| **NET INVESTMENT INCOME** | 357056 | 525169 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 6080623 | 24451299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1630714 | 1907869 |
|  | 7711337 | 26359168 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 463182 | (23956633) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 8174519 | 2402535 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**8531575** | $**2927704** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***FM Focus Equity ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $357056 | $247023 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 7711337 | 12210669 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 463182 | (47193) |
| Net increase in net assets resulting from operations | 8531575 | 12410499 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from earnings | (386632) | (2114896) |
| Net decrease in net assets resulting from distributions to shareholders | (386632) | (2114896) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 24007355 | 63588995 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (24847304) | (62499740) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | (839949) | 1089255 |
| **TOTAL INCREASE IN NET ASSETS** | 7304994 | 11384858 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 101218017 | 89833159 |
| &nbsp;&nbsp;&nbsp;End of Year | $**108523011** | $**101218017** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 740000 | 2130000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (770000) | (2090000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (30000) | 40000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***FM Compounders Equity ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (a)** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $525169 | $311183 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 26359168 | 8059444 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (23956633) | (6613967) |
| Net increase in net assets resulting from operations | 2927704 | 1756660 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from earnings | (2007631) | (139459) |
| Net decrease in net assets resulting from distributions to shareholders | (2007631) | (139459) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 37649339 | 74735741 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (36098478) | (16178666) |
| Net increase in net assets resulting from shares of beneficial interest | 1550861 | 58557075 |
| **TOTAL INCREASE IN NET ASSETS** | 2470934 | 60174276 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 60174276 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**62645210** | $**60174276** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1490000 | 2988054 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1445000) | (640007) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 45000 | 2348047 |

---

(a) The FM Compounders Equity ETF commenced
 operations on November 8, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| ***FM Focus Equity ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Year Ended**<br>**February 28, 2025** | **Year Ended**<br>**February 29, 2024** | **Period Ended**<br>**February 28, 2023 (1)** |
| Net asset value, beginning of period | $31.24 | $28.07 | $22.90 | $25.01 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.12 | 0.08 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.57 | 3.75 | 5.41 | (1.88) |
| Total from investment operations | 2.69 | 3.83 | 5.53 | (1.84) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.08) | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.58) | (0.24) | (0.24) |
| Total distributions | (0.12) | (0.66) | (0.36) | (0.27) |
| Net asset value, end of period | $33.81 | $31.24 | $28.07 | $22.90 |
| Total return (4)(6) | 8.61% | 13.57% | 24.25% | (7.34)% |
| Net assets, at end of period (000s) | $108523 | $101218 | $89833 | $72243 |
| Ratio of net expenses to average net assets (3) | 0.70% | 0.70% | 0.70% | 0.70% |
| Ratio of net investment income to average net assets (3) | 0.34% | 0.25% | 0.45% | 0.19% |
| Portfolio Turnover Rate (4)(5) | 67% | 58% | 53% | 77% |

---

(1) The FM Focus Equity ETF commenced
 operations on April 22, 2022.

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

(3) Annualized for periods less than one
 year.

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| ***FM Compounders Equity ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28, 2026** | **Period Ended**<br>**February 28, 2025 (1)** |
| Net asset value, beginning of period | $25.63 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.22 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.17 | 0.56 |
| Total from investment operations | 1.39 | 0.68 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) |  |
| Total distributions | (0.84) | (0.05) |
| Net asset value, end of period | $26.18 | $25.63 |
| Total return (4)(6) | 5.42% | 2.74% |
| Net assets, at end of period (000s) | $62645 | $60174 |
| Ratio of net expenses to average net assets (3) | 0.70% | 0.70% |
| Ratio of net investment income to average net assets (3) | 0.84% | 1.61% |
| Portfolio Turnover Rate (4)(5) | 46% | 21% |

---

(1) The
 FM Compounders Equity ETF commenced operations on November 8, 2024.

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

(3) Annualized
 for periods less than one year.

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

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

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

See accompanying notes to financial statements.

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS**

**February 28, 2026**

**1.** **ORGANIZATION** 

The FM Focus Equity ETF ("FMCX") and the FM Compounders Equity ETF ("FMCE") (each a "Fund" and collectively the "Funds") are each a non-diversified series of Northern Lights Fund Trust IV (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 2, 2015, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund's investment objective is to seek long-term capital appreciation. Each Fund's investment objective is non-fundamental. FMCX and FMCE commenced operations on April 22, 2022 and November 8, 2024, respectively.

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each 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 –** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the Funds' portfolio manager and the chief financial officer of the Trust. The Funds operate as a single operating segment. The Funds' 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 Funds, using the information presented in the financial statements and financial highlights.

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

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

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

The Funds 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 securities will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**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 ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its 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 a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

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.

**Exchange Traded Funds ("ETFs") –** The Funds may invest in ETFs. ETFs are generally a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they hold, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| FMCX | FMCX | FMCX | FMCX | FMCX |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $99966672 | $— | $— | $99966672 |
| &nbsp;&nbsp;Short-Term Investment | 8540812 |  |  | 8540812 |
| &nbsp;&nbsp;Total | $108507484 | $— | $— | $108507484 |

---

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| FMCE | FMCE | FMCE | FMCE | FMCE |
| &nbsp;&nbsp;Assets \* | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;Common Stocks | $56472422 | $— | $— | $56472422 |
| &nbsp;&nbsp;Short-Term Investment | 6154463 |  |  | 6154463 |
| &nbsp;&nbsp;Total | $62626885 | $— | $— | $62626885 |

---

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

\* See Schedule of Investments for industry classification.

**In-Kind Seeding -** The seeding (capital required to fund initial creation units to commence trading) of FMCE was provided by in-kind seeding. The particulars of the in-kind seeding are described below:

FMCE was seeded through the exchange of ETF shares for the securities held by various separately managed accounts ("SMAs") on November 8, 2024. The transactions were structured as tax-free exchanges of shares. FMCE carried forward the historical cost basis of investments and cumulative unrealized gains and losses as reported by the SMAs prior to the transactions to align ongoing financial reporting. Investment companies carry substantially all their assets at fair value for periodic and ongoing reporting. The primary use of historical cost basis is to determine both realized and unrealized gains and losses.

The transaction resulted in the following:

---

| | | |
|:---|:---|:---|
| **Initial Fair Value of Securities**<br>**acquired by Fund** |<br>**Cost Basis** |<br>**Unrealized Gain (Loss)** |
| $68326309 | $21025390 | $47300919 |

---

The above securities were contributed at fair value of $68,326,309 and unrealized appreciation of $47,300,919, in exchange for 2,733,053 shares at a NAV of $25.00.

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

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

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

**Federal Income Taxes –** The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filed for open tax year ended February 28, 2023 to February 28, 2025, or expected to be taken in the Fund's February 28, 2026 year-end tax return. The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

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

**Market and Geopolitical Risk –** The increasing 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 a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

particular products or resources, natural disasters, climate-change and climate related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on both the U.S. and global financial markets.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ticker** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**FMCX** | $83914437 | $64551557 |
| &nbsp;&nbsp;**FMCE** | $49502803 | $26751349 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ticker** | **Purchases** | **Sales** |
| &nbsp;&nbsp;**FMCX** | $— | $18952165 |
| &nbsp;&nbsp;**FMCE** | $7740524 | $34386119 |

---

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

The business activities of the Funds are overseen by the Board. First Manhattan Co. LLC (the "Adviser") serves as the Funds' investment adviser pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). The Adviser has engaged Vident Advisory, LLC dba Vident Asset Management, as the trading sub-adviser (the "Sub-Adviser"), to trade portfolio securities for the Funds in accordance with instructions provided by the Adviser and select broker-dealers to execute purchase and sale transactions. The Trust has entered into a Custody Agreement with State Street Bank and Trust Company (the "Custodian") to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC (the "Distributor") to serve as the principal underwriter and distributor for the Funds.

Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund's average daily net assets. For the year ended February 28, 2026, each Fund incurred the following in advisory fees:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ticker** | &nbsp;&nbsp;**ANNUAL RATE** | **TOTAL ADVISORY FEE** |
| &nbsp;&nbsp;**FMCX** | 0.70% | $745050 |
| &nbsp;&nbsp;**FMCE** | 0.70% | $436620 |

---

The Adviser's unitary management fee is designed to pay the Funds' expenses and to compensate the Adviser for providing services for the Funds. Out of the unitary management fee, the Adviser pays substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees' fees, except for payment of advisory fees, any front-end or contingent deferred loads, brokerage fees and commissions, any Rule

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

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. The Adviser, and not the Funds' shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

The Trust, with respect to the Funds, has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are 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 Funds 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 Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

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

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

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

Each Trustee who is not affiliated with the Trust ("Independent Trustees") or the Adviser receives quarterly fees. For the year ended February 28, 2026, the Independent Trustees received fees in the amount of $11,118 and $11,118 from FMCX and FMCE, respectively, paid by the Adviser.

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

Shares are not individually redeemable and may be redeemed by each Fund at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 5,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. 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 Depositary 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

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

component to equate the transaction to the NAV per share of the Funds 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 Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees").

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

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;**Ticker** | &nbsp;&nbsp;**Fee for In-Kind and Cash**<br>&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Maximum Additional Variable**<br>&nbsp;&nbsp;**Charge for Cash Purchases\*** |
| &nbsp;&nbsp;**FMCX** | &nbsp;&nbsp;$100 | &nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;**FMCE** | &nbsp;&nbsp;$150 | &nbsp;&nbsp;2.00% |

---

\* The maximum Transaction Fee is 2.00% as a percentage of the net asset value per Creation Unit.

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

The tax character of distributions paid during the following periods were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year or period ended 2/28/2026** | **For fiscal year or period ended 2/28/2026** | **For fiscal year or period ended 2/28/2026** | **For fiscal year or period ended 2/28/2026** | **For fiscal year or period ended 2/28/2026** |
|  | **Ordinary** | **Long-Term** | **Return of** | |
| **Ticker** | **Income** | **Capital Gains** | **Capital** | **Total** |
| FMCX | $374226 | $12406 | $— | $386632 |
| FMCE | 527758 | 1479873 |  | 2007631 |
| **For fiscal year or period ended 2/28/2025** | **For fiscal year or period ended 2/28/2025** | **For fiscal year or period ended 2/28/2025** | **For fiscal year or period ended 2/28/2025** | **For fiscal year or period ended 2/28/2025** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
| **Ticker** | **Income** | **Capital Gains** | **Capital** | **Total** |
| FMCX | $246098 | $1868798 | $— | $2114896 |
| FMCE | 139459 |  |  | 139459 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Ticker** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| FMCX | $— | $646844 | $— | $— | $— | $20151334 | $20798178 |
| FMCE | 170937 | 1193295 |  |  |  | 16729481 | 18093713 |

---

The difference between book basis and tax basis unrealized appreciation and accumulated net realized gains from investments is attributable to the tax deferral of losses on wash sales and adjustments for partnerships, real estate investment trusts and C-Corporation return of capital distributions.

***The FM ETFs***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**February 28, 2026**

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

---

| | | |
|:---|:---|:---|
| <br>**Ticker** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| FMCX | $6039538 | $(6039538) |
| FMCE | 24461664 | (24461664) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Ticker** |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| FMCX | $88356150 | $23879472 | $(3728138) | $20151334 |
| FMCE | 45897404 | 19610745 | (2881264) | 16729481 |

---

**8.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](fm002_v1.jpg)

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

To the Shareholders of FM Focus Equity ETF and FM Compounders Equity ETF and

Board of Trustees of Northern Lights Fund Trust IV

Opinion on the Financial Statements

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Statements of |  |
|  | Statements of | Changes in Net |  |
| Fund Name | Operations | Assets | Financial Highlights |
| FM Focus Equity ETF | For the year ended February 28, 2026 | For the years ended February 28, 2026 and 2025 | For the years ended February 28, 2026, 2025, February 29, 2024, and for the period from April 22, 2022 (commencement of operations) through February 28, 2023 |
| FM Compounders Equity ETF | For the year ended February 28, 2026 | For the year ended February 28, 2026 and the period from November 8, 2024 (commencement of operations) through February 28, 2025 | For the year ended February 28, 2026 and the period from November 8, 2024 (commencement of operations) through February 28, 2025 |

---

Basis for Opinion

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

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.

**COHEN & COMPANY, LTD.**

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

800.229.1099 \| 866.818.4538 fax \| cohenco.com

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2022.

![(SIGNATURE)](fm003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 29, 2026

***The FM ETFs***

**Additional Information (Unaudited)**

**February 28, 2026**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the notes of the financial statements included herein.

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

*<u>Renewal of the Investment Advisory Agreement with First Manhattan Co., LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on October 23, 2025 (the "Meeting"), the Board, all of who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "First Manhattan Advisory Agreement") between First Manhattan Co., LLC ("First Manhattan") and the Trust, with respect to FM Focus Equity ETF ("FMFE") and FM Compounders Equity ETF ("FMCE," and collectively with FMFE, the "FM ETFs"). In considering the renewal of the First Manhattan Advisory Agreement, the Board received materials specifically relating to the First Manhattan Advisory Agreement.

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

*<u>Nature, Extent and Quality of Services</u>*. The Board reviewed the key personnel servicing the FM ETFs, noting the experience of each. The Board reviewed the investment advisory services provided by First Manhattan, including portfolio management, noting that it engaged a sub-adviser to provide portfolio trading services. The Board noted that First Manhattan delegated the selection of broker-dealers to the sub-adviser and reviewed the factors the sub-adviser considered in its selection, including the broker-dealer's ability to achieve best execution. The Board noted First Manhattan's oversight responsibilities of the sub-adviser. The Board observed that First Manhattan reported no compliance issues or material litigation or administrative action since the last approval of the advisory agreement. The Board concluded it could expect First Manhattan to continue to provide satisfactory services to the FM ETFs and their shareholders.

***The FM ETFs***

**Additional Information (Unaudited)(Continued)**

**February 28, 2026**

*<u>Performance</u>*.

*FMFE* - The Board noted that FMFE had net returns of 16.98%, outperforming its peer group and Morningstar category medians, as well as its benchmark index, the S&P 500 Total Return Index, for the 1-year period ended July 31, 2025, with returns of 12.61%, 13.45% and 16.33%, respectively. The Board further noted that FMFE was in the first quartile of its peer group and Morningstar category index, in terms of its net returns for the same period, ranking 1 out of 10 in its peer group and 17 out of 87 in its Morningstar category. The Board observed that FMFE underperformed its benchmark index and Morningstar category median for the 3-year and since inception periods ended July 31, 2025 but outperformed its peer group median. The Board further observed that FMFE ranked in the second quartile of its peer group and Morningstar category in terms of standard deviation for the 3-year and since inception periods ended July 31, 2025. The Board concluded that FMFE's performance was acceptable.

*FMCE* - The Board observed that FMCE's net returns of 2.06% underperformed its Morningstar category median of 3.85% but outperformed its peer group median and benchmark index, the S&P 500 Equal Weighted Total Return Index, of 1.88% and -0.79%, respectively, for the since inception period ended July 31, 2025. The Board noted that FMCE ranked in the first quartile of its peer group and Morningstar category in terms of standard deviation for the same period. The Board concluded that FMCE's performance was acceptable.

*<u>Fees and Expenses</u>*.

*FMFE -* The Board observed that First Manhattan's advisory fee for FMFE of 0.70% and net expense ratio of 0.70% were higher than its peer group and Morningstar category medians and averages, but below the highs of each, which were 0.95% and 0.85%, respectively, for the peer group and 1.05% and 1.23%, respectively for the Morningstar category. The Board concluded that the fee for FMFE was not unreasonable.

*FMCE* - The Board noted that First Manhattan's advisory fee of 0.70% for FMCE was above its peer group and Morningstar category averages and medians but equal to the peer group high and below the Morningstar category high of 1.05%. The Board observed that FMCE's net expense ratio of 0.70% was above the peer group and Morningstar category medians and averages but below the highs of 0.80% and 1.23%, respectively. The Board concluded that the fee for FMCE was not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by First Manhattan of each of the FM ETFs. The Board noted that First Manhattan was earning a modest profit for each of the FM ETFs. The Board determined that excessive profitability was not an issue for First Manhattan with respect to the FM ETFs at this time.

*<u>Economies of Scale</u>*. The Board considered whether economies of scale had been reached with respect to the management of the FM ETFs. The Board noted that there were no perceived economies of scale at this time, but First Manhattan indicated a willingness to revisit the topic at the appropriate time.

***The FM ETFs***

**Additional Information (Unaudited)(Continued)**

**February 28, 2026**

*<u>Conclusion</u>*. Having requested such information from First Manhattan as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and with the advice of independent counsel, the Board determined that renewal of the advisory agreement between First Manhattan and the Trust, on behalf of each of the FM ETFs, was in the best interests of the FM ETFs and their shareholders.

*<u>Renewal of Investment Sub-Advisory Agreement between First Manhattan Co., LLC</u>* <u>and Vident Advisory, LLC dba Vident Asset Management</u>

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on October 23, 2025 (the "Meeting"), the Board, all of who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment sub-advisory agreement (the "Vident Sub-Advisory Agreement") between First Manhattan Co., LLC ("First Manhattan") and Vident Advisory, LLC dba Vident Asset Management ("Vident"), with respect to FM Focus Equity ETF ("FMFE") and FM Compounders Equity ETF ("FMCE," and collectively with FMFE, the "FM ETFs"). In considering the renewal of the Vident Sub-Advisory Agreement, the Board received materials specifically relating to the Vident Sub-Advisory Agreement.

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

*<u>Nature, Extent and Quality of Services</u>*. The Board reviewed the key professionals servicing the FM ETFs, noting no material changes. The Board reviewed the sub-advisory services Vident provided to the FM ETFs, which included portfolio trading services and support of the adviser. The Board reviewed the factors Vident considered in broker-dealer selection, which included best-execution selection, as well as Vident's practices for monitoring compliance. The Board concluded that it could expect Vident to continue providing high quality services to each of the FM ETFs and their shareholders.

*<u>Performance</u>*.

*FMFE* - The Board noted that FMFE had net returns of 16.98%, outperforming its peer group and Morningstar category medians, as well as its benchmark index, the S&P 500 Total Return Index, for the 1-year period ended July 31, 2025, with returns of 12.61%, 13.45% and 16.33%, respectively. The Board further noted that FMFE was in the first quartile of its peer group and Morningstar category index, in terms of its net returns for the same period, ranking 1 out of 10 in its peer group and 17 out of 87 in its Morningstar category. The Board observed that FMFE underperformed its benchmark index and Morningstar category median for the 3-year and since inception periods ended July 31, 2025 but outperformed its peer group median. The Board

***The FM ETFs***

**Additional Information (Unaudited)(Continued)**

**February 28, 2026**

further observed that FMFE ranked in the second quartile of its peer group and Morningstar category in terms of standard deviation for the 3-year and since inception periods ended July 31, 2025. The Board concluded that FMFE's performance was acceptable.

*FMCE* - The Board observed that FMCE's net returns of 2.06% underperformed its Morningstar category median of 3.85% but outperformed its peer group median and benchmark index, the S&P 500 Equal Weighted Total Return Index, of 1.88% and -0.79%, respectively, for the since inception period ended July 31, 2025. The Board noted that FMCE ranked in the first quartile of its peer group and Morningstar category in terms of standard deviation for the same period. The Board concluded that FMCE's performance was acceptable.

*<u>Fees and Expenses</u>*. The Board noted that Vident's sub-advisory fee for each of the FM ETFs, which was structured with breakpoints, was in line with the fees charged to Vident's other clients. The Board determined that Vident's sub-advisory fee for each of the FM ETFs was not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by Vident for each of the FM ETFs. The Board observed that Vident was operating each of the FM ETFs at a loss. The Board determined that excessive profitability was not an issue for Vident at this time.

*<u>Economies of Scale</u>*. The Board considered whether Vident would expect realized economies of scale with respect to the sub-advisory services provided to each of the FM ETFs. The Board concluded that it was unlikely that Vident was benefitting from any material economies of scale.

*<u>Conclusion</u>*. Having requested such information from Vident as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and with the advice of independent counsel, the Board determined that the renewal of the sub-advisory agreement between First Manhattan and Vident, on behalf of the FM ETFs, was in the best interests of each of the FM ETFs and their shareholders.

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

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-888-530-2448, visiting the Funds' website at www.fmexcelsioretfs.com or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

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

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

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

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

**INVESTMENT ADVISER** 

First Manhattan Co. LLC

399 Park Avenue, 27<sup>th</sup> Floor

New York, NY 10022

**INVESTMENT SUB-ADVISER**

Vident Advisory, LLC

1125 Sanctuary Pkwy, Suite 515

Alpharetta, GA 30009

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Included under Item 7 of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Included under Item 7 of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7 of this Form.

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

Included under Item 7 of this Form.

**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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](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.

(Registrant) <u>Northern Lights Fund Trust IV</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>05/08/26</u>

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 (Signature and Title) |
| /s/ Wendy Wang |
| Wendy Wang, Principal Executive Officer/President |

---

Date <u>05/08/26</u> <br>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Sam Singh |
| Sam Singh, Principal Financial Officer/Treasurer |

---

Date <u>05/08/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Wendy Wang, certify that:

1. I have reviewed this report on Form N-CSR of the FM Focus Equity ETF and FM Compounders Equity ETF (a series of Northern Lights Fund Trust IV);

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;

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;

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:

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;

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;

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

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

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: | 05/08/26 | /s/ Wendy Wang |
|  |  | Wendy Wang, Principal Executive Officer/President |

---

I, Sam Singh, certify that:

1. I have reviewed this report on Form N-CSR of the FM Focus Equity ETF and FM Compounders Equity ETF (a series of Northern Lights Fund Trust IV);

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;

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;

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:

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;

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;

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

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

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: | 05/08/26 | /s/ Sam Singh |
|  |  | Sam Singh |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; 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: | 05/08/26 | Date: | 05/08/26 |

---

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.