# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-000089
**Filing Date:** 2026-1
**Character Count:** 161215
**Document Hash:** 1be069b014191078f612d6613962b7b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000089.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001580642-26-000089

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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:** 26511957

**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

### Main Sector Rotation ETF (Series ID: S000058154)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000190408 | Main Sector Rotation ETF | SECT            |

### Main Thematic Innovation ETF (Series ID: S000070451)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000223946 | Main Thematic Innovation ETF | TMAT            |

### Main International ETF (Series ID: S000072613)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000228990 | Main International ETF | INTL            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

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

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

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

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

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

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

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>10/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### Main International ETF
(INTL) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Main International ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://www.mainmgtetfs.com/intl/**. You can also request this information by contacting us at 1-866-383-9778. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Main International ETF | $80 | 0.71% |

---

# How did the Fund perform during the reporting period?
The Adviser made no large changes to the portfolio in Q3 2025, opting to allow the significant changes implemented in Q1 2025 to continue to play out. The Adviser rebalanced some cash from dividends into the regional positions, as it is actively managing those exposures. The Fund's overall tilt towards Emerging Markets was beneficial as they mildly outperformed the MSCI ACWI ex USA (ACWX) benchmark over the reporting period. The Fund's satellite position in China Tech (KWEB) was a big boost in Q3 2025, surging over +22% after being a drag in Q2 2025. The Fund's other satellite position in Mexico (FLMX) also helped contribute to the strategy's performance, as it outperformed the benchmark by more than 10% from its addition to the portfolio through the end of the reporting period. China Tech is trading at roughly 17x its estimated earnings per share for the next twelve months, which remains inexpensive relative to both itself and international equities despite its big move in Q3 2025, while maintaining stronger earnings per share and Revenue growth forecasts than the ACWX Index. As mentioned above, the currency moves helped Mexico earlier in the year and it remains attractively valued and has both earnings and sales growth forecasts above those of the benchmark. Overall, the strategy trades at a slight valuation discount to the ACWX with stronger growth forecasts.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](if15c14e2aff2e6b88ac129e2.jpg)

---

| | | |
|:---|:---|:---|
| | **Main International ETF - NAV** | **MSCI ACWI ex USA Index** |
| **Dec-2022** | $10000 | $10000 |
| **Oct-2023** | $9947 | $9829 |
| **Oct-2024** | $11975 | $12220 |
| **Oct-2025** | $15030 | $15267 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 1, 2022)** |
| Main International ETF - NAV | 25.51% | 15.00% |
| MSCI ACWI ex USA Index | 24.93% | 15.62% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $152219982 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $697304 |
| Portfolio Turnover | 36% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6c003a82a170b7ea978a64ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 96.9% |
| Money Market Funds | 3.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i77cb12164dcf16167060e89e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Money Market Funds | 0.5% |
| Collateral for Securities Loaned | 2.7% |
| Equity | 99.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core MSCI International Developed Markets ETF | &nbsp;&nbsp;38.9% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;17.8% |
| &nbsp;&nbsp;SPDR Portfolio Europe ETF | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;KraneShares CSI China Internet ETF | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;Vanguard FTSE Pacific ETF | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Franklin FTSE Mexico ETF | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Franklin FTSE Canada ETF | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class | &nbsp;&nbsp;0.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, dated February 28, 2025, as supplemented September 24, 2025, or the Fund's next prospectus, which we expect to be available by February 28, 2026, or upon request at 1-866-383-9778.

Effective January 30, 2025, the Fund's transfer agent and custodian changed to State Street Bank and Trust Company.

Effective September 24, 2025, the Fund's adviser agreed to pay that portion of the Fund's acquired fund fees and expenses necessary to limit the Fund's current operating expenses plus acquired fund fees and expenses to no more than 0.95% of the Fund's average daily net assets.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-INTL

#### Main Sector Rotation ETF
(SECT) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Main Sector Rotation ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://www.mainmgtetfs.com/sect/**. You can also request this information by contacting us at 1-866-383-9778. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Main Sector Rotation ETF | $62 | 0.56% |

---

# How did the Fund perform during the reporting period?
The fund performed slightly above the S&P 500 Index benchmark during the reporting period, with the greatest performance contributions coming from the Fund's sector overweight in Information Technology, bolstered by a targeted Semiconductor industry exposure. The fund also benefited from a Communication Services overweight and was hurt by a Health Care overweight. The Fund remains overweight for Healthcare, Communication Services, Information Technology, and Consumer Discretionary. Communication Services has 2025 earnings growth forecasts which are nearly 8x those of the S&P 500 and trades at a roughly 15% discount to the S&P 500 on a next twelve month (NTM) P/E basis, which is an even greater discount when you factor in that earnings growth potential into the price/earnings to growth ratio (PEG) ratio. Within the Fund's our Information Technology overweight, the Fund is maintaining its exposure in the Semiconductor and Software industries. On an aggregate level, the Fund has 2026 revenue growth forecasts of roughly 8.3% versus the S&P 500 at 6.5%, and 2026 EPS growth forecasts of 14.3% versus the S&P 500 at 13.5%.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7eaf5e62d223485b118a038f.jpg)

---

| | | |
|:---|:---|:---|
| | **Main Sector Rotation ETF - NAV** | **S&P 500<sup>®</sup> Index** |
| **Sep-2017** | $10000 | $10000 |
| **Oct-2017** | $10572 | $10502 |
| **Oct-2018** | $10728 | $11274 |
| **Oct-2019** | $12196 | $12889 |
| **Oct-2020** | $12601 | $14141 |
| **Oct-2021** | $18237 | $20209 |
| **Oct-2022** | $16528 | $17256 |
| **Oct-2023** | $17545 | $19006 |
| **Oct-2024** | $22907 | $26232 |
| **Oct-2025** | $27875 | $31860 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **Since Inception (September 5, 2017)** |
| Main Sector Rotation ETF - NAV | 21.69% | 17.21% | 13.40% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 15.27% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2412725970 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee | $10249939 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic2e72658a785a47f7d41ad55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 95.4% |
| Money Market Funds | 4.6% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i56fbf3a57aa74c8682ac40c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.3% |
| Money Market Funds | 0.6% |
| Collateral for Securities Loaned | 4.2% |
| Equity | 99.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Technology Select Sector SPDR Fund | &nbsp;&nbsp;33.8% |
| &nbsp;&nbsp;Communication Services Select Sector SPDR Fund | &nbsp;&nbsp;14.6% |
| &nbsp;&nbsp;Health Care Select Sector SPDR Fund | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Financial Select Sector SPDR Fund | &nbsp;&nbsp;12.8% |
| &nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund | &nbsp;&nbsp;9.2% |
| &nbsp;&nbsp;VanEck Semiconductor ETF | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;iShares Expanded Tech-Software Sector ETF | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;iShares U.S. Home Construction ETF | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, dated February 28, 2025, as supplemented September 24, 2025, or the Fund's next prospectus, which we expect to be available by February 28, 2026, or upon request at 1-866-383-9778.

Effective January 30, 2025, the Fund's transfer agent and custodian changed to State Street Bank and Trust Company.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-SECT

#### Main Thematic Innovation ETF
(TMAT) Cboe BZX Exchange, Inc.

#### Annual Shareholder Report - October 31, 2025

# Fund Overview
This annual shareholder report contains important information about Main Thematic Innovation ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://www.mainmgtetfs.com/tmat/**. You can also request this information by contacting us at 1-866-383-9778. **This report describes changes to the Fund that occurred during the reporting period.** 

# 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** |
| Main Thematic Innovation ETF | $105 | 0.82% |

---

# How did the Fund perform during the reporting period?
During the reporting period, the fund substantially outperformed the benchmark. The best performing themes in the portfolio were AI Builders & Beneficiaries and Quantum Computing, while the laggards were Online Consumer and Digital Entertainment. At the beginning of Q1 2025, the fund rebalanced to reduce concentration risk, helping the performance of the Fund. At the beginning of Q3 2025, the adviser rebalanced the fund again – combining its standalone Crypto and FinTech sleeves into a broader Digital Assets & Payments theme and realigning weights toward companies with accelerating revenue trajectories and stronger multi-year growth profiles. The themes in the portfolio are now: AI Builders & Beneficiaries, Disruptive Healthcare, Digital Assets & Payments, Online Consumer, Robotics & Automation, Digital Entertainment, Quantum Computing, Cloud Computing & Data Centers, and Cybersecurity. Within the fund, the price/earnings-ratio-to-Growth (PEG) is 1.1x. Additionally, the growth forecasts are very strong, with the consensus earnings per share Growth at 33% for 2026 and the consensus sales growth for the fund at 17% versus.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6a183eee1fef397c36c1d700.jpg)

---

| | | |
|:---|:---|:---|
| | **Main Thematic Innovation ETF - NAV** | **MSCI ACWI Index Net** |
| **Jan-2021** | $10000 | $10000 |
| **Oct-2021** | $9480 | $11526 |
| **Oct-2022** | $4962 | $9226 |
| **Oct-2023** | $5155 | $10195 |
| **Oct-2024** | $7237 | $13538 |
| **Oct-2025** | $11467 | $16604 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (January 28, 2021)** |
| Main Thematic Innovation ETF - NAV | 58.44% | 2.92% |
| MSCI ACWI Index Net | 22.64% | 11.25% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $226146977 |
| Number of Portfolio Holdings | 107 |
| Advisory Fee | $1089128 |
| Portfolio Turnover | 5% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f6ba2db09f4d382104f70a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 94.5% |
| Money Market Funds | 5.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iff758d04c140b5a8edfc69e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -5.6% |
| Money Market Funds | 0.4% |
| Financials | 2.0% |
| Industrials | 3.5% |
| Collateral for Securities Loaned | 5.5% |
| Consumer Discretionary | 6.8% |
| Health Care | 13.1% |
| Communications | 14.6% |
| Technology | 59.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio | &nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Nebius Group N.V., Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Snowflake, Inc. | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Rubrik, Inc., Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;1.9% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, dated February 28, 2025, as supplemented September 24, 2025, or the Fund's next prospectus, which we expect to be available by February 28, 2026, or upon request at 1-866-383-9778.

Effective January 30, 2025, the Fund's transfer agent and custodian changed to State Street Bank and Trust Company.

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-TMAT

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

**Item 2. Code of Ethics.**

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

(b) N/A

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

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

(e) N/A

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

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

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

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

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

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43,500

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41,650

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

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

2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10,250

2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9,500

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 October 31, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended October 31, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

**Item 6. Investments.**

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Main Sector Rotation ETF** |
| **(SECT)** |
| **Main Thematic Innovation ETF** |
| **(TMAT)** |
| **Main International ETF** |
| **(INTL)** |
| **Annual Financial Statements and Additional** |
| **Information** |
| **October 31, 2025** |
| **1-866-383-9778** |
| **www.mainmgtetfs.com** |

---

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  | **EQUITY - 99.5%** |  |
| 3074450 | Communication Services Select Sector SPDR Fund | $352977605 |
| 922681 | Consumer Discretionary Select Sector SPDR Fund<sup>(a)</sup> | 221378852 |
| 5884960 | Financial Select Sector SPDR Fund | 308195355 |
| 2334044 | Health Care Select Sector SPDR Fund<sup>(a)</sup> | 336685847 |
| 1201382 | iShares Expanded Tech-Software Sector ETF<sup>(a),(b)</sup> | 138771635 |
| 633324 | iShares U.S. Home Construction ETF<sup>(a)</sup> | 63598396 |
| 2709524 | Technology Select Sector SPDR Fund<sup>(a)</sup> | 814699676 |
| 451848 | VanEck Semiconductor ETF<sup>(b)</sup> | 164029861 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,877,292,224)** | 2400337227 |
|  | **SHORT-TERM INVESTMENTS — 4.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.2%** |  |
| 101205056 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.06% (Cost $101,205,056)<sup>(c),(d)</sup> | 101205056 |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 13448987 | State Street Institutional Treasury Money Market Fund, Premier Class, 3.94% (Cost $13,448,987)<sup>(d)</sup> | 13448987 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $114,654,043)** | 114654043 |
|  | **TOTAL INVESTMENTS - 104.3% (Cost $1,991,946,267)** | $2514991270 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.3)%** | (102265300) |
|  | **NET ASSETS - 100.0%** | $2412725970 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of October 31, 2025 was $110,443,998.

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

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $101,205,056 at October 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $10,358,419.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |
| 9516 | AeroVironment, Inc.<sup>(a)</sup> | $3520063 |
|  | **AUTOMOTIVE - 1.7%** |  |
| 108641 | WeRide, Inc. - ADR<sup>(a),(b)</sup> | 1159199 |
| 116571 | XPeng, Inc. - ADR<sup>(a)</sup> | 2738253 |
|  |  | 3897452 |
|  | **BANKS - 0.7%** |  |
| 98332 | NU Holdings Ltd. - Class A<sup>(a)</sup> | 1584129 |
|  | **BIOTECH & PHARMA - 7.5%** |  |
| 3172 | Argenx S.E. - ADR<sup>(a)</sup> | 2596282 |
| 11102 | Ascendis Pharma A/S - ADR<sup>(a)</sup> | 2238163 |
| 30927 | Bridgebio Pharma, Inc.<sup>(a),(b)</sup> | 1937267 |
| 18239 | CRISPR Therapeutics A.G.<sup>(a),(b)</sup> | 1167114 |
| 26962 | Guardant Health, Inc.<sup>(a)</sup> | 2508005 |
| 13481 | Insmed, Inc.<sup>(a)</sup> | 2555998 |
| 10309 | Krystal Biotech, Inc.<sup>(a)</sup> | 2036131 |
| 26962 | Legend Biotech Corporation - ADR<sup>(a)</sup> | 873569 |
| 7930 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1135655 |
|  |  | 17048184 |
|  | **DIVERSIFIED FINANCIAL SERVICES - 0.5%** |  |
| 29341 | Toast, Inc., Class A<sup>(a)</sup> | 1060384 |
|  | **DIVERSIFIED INDUSTRIALS - 0.3%** |  |
| 4758 | Emerson Electric Company | 664074 |
|  | **E-COMMERCE DISCRETIONARY - 2.0%** |  |
| 13481 | eBay, Inc. | 1096140 |
| 47580 | JD.com, Inc. - ADR | 1572043 |
| 793 | MercadoLibre, Inc.<sup>(a)</sup> | 1845517 |
|  |  | 4513700 |
|  | **ELECTRICAL EQUIPMENT - 0.5%** |  |
| 50752 | Hesai Group - ADR<sup>(a)</sup> | 1204345 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **ENTERTAINMENT CONTENT - 6.5%** |  |
| 3172 | AppLovin Corporation, Class A<sup>(a)</sup> | $2021611 |
| 707356 | FuboTV, Inc.<sup>(a),(b)</sup> | 2673806 |
| 466284 | HUYA, Inc. - ADR | 1282281 |
| 23790 | ROBLOX Corporation, Class A<sup>(a)</sup> | 2705398 |
| 24583 | Sea Ltd. - ADR<sup>(a)</sup> | 3841094 |
| 8723 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2236316 |
|  |  | 14760506 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 15860 | GeneDx Holdings Corporation<sup>(a)</sup> | 2171393 |
| 26962 | Tempus AI, Inc.<sup>(a)</sup> | 2422535 |
|  |  | 4593928 |
|  | **INTERNET MEDIA & SERVICES - 6.1%** |  |
| 46787 | Nebius Group N.V.<sup>(a)</sup> | 6120674 |
| 793 | Netflix, Inc.<sup>(a)</sup> | 887256 |
| 137189 | Rumble, Inc.<sup>(a),(b)</sup> | 941117 |
| 168909 | Serve Robotics, Inc.<sup>(a),(b)</sup> | 2234666 |
| 1586 | Spotify Technology S.A.<sup>(a)</sup> | 1039338 |
| 54717 | Tencent Music Entertainment Group - ADR | 1221283 |
| 18239 | Trip.com Group Ltd. - ADR | 1288586 |
|  |  | 13732920 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 28548 | DraftKings, Inc.<sup>(a)</sup> | 873283 |
| 6344 | Flutter Entertainment PLC | 1475551 |
| 165737 | Genius Sports Ltd.<sup>(a)</sup> | 1866199 |
| 101504 | Super Group SGHC Ltd. | 1096243 |
|  |  | 5311276 |
|  | **MACHINERY - 1.1%** |  |
| 30134 | ATS Corporation<sup>(a),(b)</sup> | 827480 |
| 1586 | Deere & Company | 732145 |
| 7137 | JBT Marel Corporation | 899976 |
|  |  | 2459601 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.6%** |  |
| 21411 | Globus Medical, Inc., Class A<sup>(a)</sup> | 1293010 |
| 5551 | Insulet Corporation<sup>(a)</sup> | 1737519 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.6% (Continued)** |  |
| 9516 | Natera, Inc.<sup>(a)</sup> | $1893018 |
| 30134 | PROCEPT BioRobotics Corporation<sup>(a),(b)</sup> | 1025460 |
| 34892 | Siemens Healthineers A.G. - ADR | 974185 |
| 11102 | Zimmer Biomet Holdings, Inc. | 1116417 |
|  |  | 8039609 |
|  | **RETAIL - DISCRETIONARY - 0.8%** |  |
| 5551 | Carvana Company<sup>(a)</sup> | 1701604 |
|  | **SEMICONDUCTORS - 13.6%** |  |
| 8723 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 2234135 |
| 17446 | Ambarella, Inc.<sup>(a)</sup> | 1486923 |
| 3965 | Analog Devices, Inc. | 928325 |
| 793 | ASML Holding N.V. - ADR | 839969 |
| 19032 | Astera Labs, Inc.<sup>(a)</sup> | 3552894 |
| 12688 | Broadcom, Inc. | 4689865 |
| 16653 | Coherent Corporation<sup>(a)</sup> | 2197530 |
| 11895 | Lam Research Corporation | 1872987 |
| 12688 | Micron Technology, Inc. | 2839194 |
| 41236 | NVIDIA Corporation | 8349877 |
| 55510 | Ouster, Inc.<sup>(a)</sup> | 1851814 |
|  |  | 30843513 |
|  | **SOFTWARE - 34.1%** |  |
| 83265 | ACV Auctions, Inc.<sup>(a)</sup> | 755214 |
| 6344 | Circle Internet Group, Inc.<sup>(a),(b)</sup> | 805561 |
| 42821 | Cloudflare, Inc., Class A<sup>(a)</sup> | 10846559 |
| 17446 | Coreweave, Inc., Class A<sup>(a)</sup> | 2332705 |
| 7929 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 4305526 |
| 4758 | CyberArk Software Ltd.<sup>(a)</sup> | 2477871 |
| 11895 | Datadog, Inc., Class A<sup>(a)</sup> | 1936625 |
| 84851 | Gen Digital, Inc. | 2236672 |
| 34099 | Gitlab, Inc., Class A<sup>(a),(b)</sup> | 1662326 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **SOFTWARE - 34.1% (Continued)** |  |
| 53131 | Global-e Online Ltd<sup>(a)</sup> | $1935562 |
| 7137 | Guidewire Software, Inc.<sup>(a)</sup> | 1667489 |
| 2379 | Intuit, Inc. | 1588101 |
| 26962 | IonQ, Inc.<sup>(a),(b)</sup> | 1681890 |
| 25376 | Kaspi.KZ JSC - ADR | 1897871 |
| 5551 | Microsoft Corporation | 2874363 |
| 25376 | Oddity Tech Ltd.<sup>(a)</sup> | 1148264 |
| 24583 | Oracle Corporation | 6455742 |
| 10309 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2066645 |
| 19825 | Pegasystems, Inc. | 1261861 |
| 66612 | Quantum Computing, Inc.<sup>(a),(b)</sup> | 1113087 |
| 61854 | Rubrik, Inc., Class A<sup>(a)</sup> | 4655751 |
| 103883 | SailPoint, Inc.<sup>(a)</sup> | 2252183 |
| 83265 | SentinelOne, Inc., Class A<sup>(a)</sup> | 1486280 |
| 15860 | Shopify, Inc., Class A<sup>(a)</sup> | 2757420 |
| 19032 | Snowflake, Inc.<sup>(a)</sup> | 5231516 |
| 91195 | SoundHound AI, Inc., Class A<sup>(a),(b)</sup> | 1606856 |
| 23790 | Upstart Holdings, Inc.<sup>(a),(b)</sup> | 1130501 |
| 5551 | Veeva Systems, Inc., Class A<sup>(a)</sup> | 1616451 |
| 230763 | VTEX<sup>(a),(b)</sup> | 1036126 |
| 12687 | Zscaler, Inc.<sup>(a)</sup> | 4201173 |
|  |  | 77024191 |
|  | **SPECIALTY FINANCE - 1.3%** |  |
| 95953 | SoFi Technologies, Inc.<sup>(a),(b)</sup> | 2847884 |
|  | **TECHNOLOGY HARDWARE - 5.6%** |  |
| 12688 | Cisco Systems, Inc. | 927620 |
| 22997 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 4314696 |
| 70577 | D-Wave Quantum, Inc.<sup>(a)</sup> | 2615584 |
| 272792 | Nokia OYJ - ADR<sup>(b)</sup> | 1884993 |
| 65026 | Rigetti Computing, Inc.<sup>(a)</sup> | 2878701 |
|  |  | 12621594 |
|  | **TECHNOLOGY SERVICES - 6.0%** |  |
| 149084 | Core Scientific, Inc.<sup>(a)</sup> | 3211270 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 6.0% (Continued)** |  |
| 17446 | CoStar Group, Inc.<sup>(a)</sup> | $1200459 |
| 181597 | Dlocal Ltd. | 2660396 |
| 2379 | International Business Machines Corporation | 731328 |
| 95953 | MARA Holdings, Inc.<sup>(a),(b)</sup> | 1753061 |
| 72956 | Pagaya Technologies Ltd.<sup>(a),(b)</sup> | 1961787 |
| 97539 | Remitly Global, Inc.<sup>(a)</sup> | 1564526 |
| 7136 | Sezzle, Inc.<sup>(a),(b)</sup> | 467765 |
|  |  | 13550592 |
|  | **TELECOMMUNICATIONS - 2.0%** |  |
| 72163 | Galaxy Digital, Inc., Class A<sup>(a),(b)</sup> | 2526427 |
| 185562 | Vnet Group, Inc. - ADR<sup>(a),(b)</sup> | 1929845 |
|  |  | 4456272 |
|  | **TOTAL COMMON STOCKS (Cost $174,805,443)** | 225435821 |
|  | **SHORT-TERM INVESTMENTS — 5.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.5%** |  |
| 12399064 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.06% (Cost $12,399,064)<sup>(d),(e)</sup> | 12399064 |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 842136 | State Street Institutional Treasury Money Market Fund, Premier Class, 3.94% (Cost $842,136)<sup>(e)</sup> | 842136 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $13,241,200)** | 13241200 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL INVESTMENTS - 105.6% (Cost $188,046,643)** | $238677021 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.6)%** | (12530044) |
|  | **NET ASSETS - 100.0%** | $226146977 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| A/S | - Anonim Sirketi |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| PLC | - Public Limited Company |
| S.A. | - Société Anonyme |

---

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

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of October 31, 2025 was $28,391,964.

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

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $12,399,064 at October 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $16,073,511.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 81450 | Franklin FTSE Canada ETF<sup>(a)</sup> | $3699459 |
| 261522 | Franklin FTSE Mexico ETF<sup>(a),(b)</sup> | 8499936 |
| 396390 | iShares Core MSCI Emerging Markets ETF | 27061545 |
| 733050 | iShares Core MSCI International Developed Markets ETF | 59179126 |
| 373983 | KraneShares CSI China Internet ETF | 14940621 |
| 229447 | SPDR Portfolio Emerging Markets ETF<sup>(a)</sup> | 10917088 |
| 371955 | SPDR Portfolio Europe ETF | 18634946 |
| 95025 | Vanguard FTSE Pacific ETF<sup>(a)</sup> | 8707141 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $129,859,301)** | 151639862 |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.7%** |  |
| 4185123 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.06% (Cost $4,185,123)<sup>(c),(d)</sup> | 4185123 |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 698010 | State Street Institutional Treasury Money Market Fund, Premier Class, 3.94% (Cost $698,010)<sup>(d)</sup> | 698010 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,883,133)** | 4883133 |
|  | **TOTAL INVESTMENTS - 102.8% (Cost $134,742,434)** | $156522995 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.8)%** | (4303013) |
|  | **NET ASSETS - 100.0%** | $152219982 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of October 31, 2025 was $19,043,186.

<sup>(b)</sup> Affiliated Company – Main International ETF holds in excess of 5% of outstanding voting securities of this security.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $4,185,123 at October 31, 2025. Additional non-cash collateral received from the borrower not disclosed in the Schedule of Investments had a fair value of $15,283,592.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN ETFS** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Main Sector**<br>**Rotation ETF** | **Main Thematic**<br>**Innovation ETF** | **Main International**<br>**ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities, at cost | $— | $— | $6955539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at cost | 1991946267 | 188046643 | 127786895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments, at cost | $1991946267 | $188046643 | $134742434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities, at value | $— | $— | $8499936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities, at value | 2514991270 | 238677021 | 148023059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments, at value | $2514991270 \* | $238677021 \* | $156522995 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 22343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held for collateral at broker for options | 39752 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 568567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 285179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities lending | 41979 | 11456 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 49185 | 15056 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 14745 | 2331 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 2515136931 | 239581953 | 156531025 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending collateral payable | 101205056 | 12399064 | 4185123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed |  | 570358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased |  | 284284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 1000763 | 120310 | 70704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 62604 | 7356 | 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and other liabilities | 142538 | 53604 | 49733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 102410961 | 13434976 | 4311043 |
| **NET ASSETS** | $**2412725970** | $**226146977** | $**152219982** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $1963454702 | $210883656 | $131364830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 449271268 | 15263321 | 20855152 |
| **NET ASSETS** | $**2412725970** | $**226146977** | $**152219982** |
| **NET ASSET VALUE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**2412725970** | $**226146977** | $**152219982** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **37450000** | **7930000** | **5430000** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**64.43** | $**28.52** | $**28.03** |

---

**\*** Includes fair value of securities on loan in the amount of $110,443,998, $28,391,964 and $19,043,186 for Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF, respectively.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN ETFS** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended October 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Main Sector Rotation ETF** | **Main Thematic Innovation ETF** | **Main International ETF** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $17828681 | $529852 | $2651541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliates |  |  | 596969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 576444 | 58688 | 21299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 732413 | 293766 | 214995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  | (15007) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 19137538 | 867299 | 3484804 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 10249939 | 1089128 | 697304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 786668 | 105266 | 86964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 124248 | 36865 | 18308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 74042 | 40054 | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 54969 | 18684 | 18041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 54305 | 33197 | 30098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 21889 | 5348 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 15268 | 10285 | 11785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 14402 | 14488 | 14300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 30458 | 14986 | 15276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 11426188 | 1368301 | 903878 |
| **NET INVESTMENT INCOME (LOSS)** | 7711350 | (501002) | 2580926 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, IN-KIND REDEMPTIONS AND OPTIONS WRITTEN** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, unaffiliated companies | (30805094) | (7400) | 665630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, affiliated companies |  |  | (648132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (643631) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions, unaffiliated companies | 370274125 | 34298238 | 7598937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions, affiliated companies |  |  | 5791489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies |  |  | 147755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, unaffiliated companies | 71027609 | 45632967 | 13231134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, affiliated companies |  |  | 374588 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, IN-KIND REDEMPTIONS AND OPTIONS WRITTEN** | 409853009 | 79923805 | 27161401 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**417564359** | $**79422803** | $**29742327** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $7711350 | $8596728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments, options written and in-kind redemptions | 338825400 | 108631434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and options written | 71027609 | 279480917 |
| Net increase in net assets resulting from operations | 417564359 | 396709079 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (10640660) | (6116485) |
| Decrease in net assets resulting from distributions to shareholders | (10640660) | (6116485) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1112604931 | 631512677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (966737489) | (381903096) |
| Net increase in net assets resulting from shares of beneficial interest | 145867442 | 249609581 |
| **TOTAL INCREASE IN NET ASSETS** | 552791141 | 640202175 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 1859934829 | 1219732654 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**2412725970** | $**1859934829** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 19300000 | 13150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (16800000) | (8000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 2500000 | 5150000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(501002) | $61615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments and in-kind redemptions | 34290838 | 4165658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 45632967 | 32732433 |
| Net increase in net assets resulting from operations | 79422803 | 36959706 |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 226951635 | 105614375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (220232401) | (85657160) |
| Net increase in net assets resulting from shares of beneficial interest | 6719234 | 19957215 |
| **TOTAL INCREASE IN NET ASSETS** | 86142037 | 56916921 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 140004940 | 83088019 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**226146977** | $**140004940** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 9930000 | 6390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (9780000) | (5090000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 150000 | 1300000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN INTERNATIONAL ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2580926 | $3443946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments and in-kind redemptions | 13407924 | 4496763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying investment companies | 147755 | 12382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 13605722 | 11543648 |
| Net increase in net assets resulting from operations | 29742327 | 19496739 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid | (2646525) | (2034833) |
| Decrease in net assets resulting from distributions to shareholders | (2646525) | (2034833) |
| **FROM SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 85528287 | 52931270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (72944505) | (49706860) |
| Net increase in net assets resulting from shares of beneficial interest | 12583782 | 3224410 |
| **TOTAL INCREASE IN NET ASSETS** | 39679584 | 20686316 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 112540398 | 91854082 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**152219982** | $**112540398** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3610000 | 2390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3100000) | (2220000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 510000 | 170000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN SECTOR ROTATION ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**May 31, 2021** |
| Net asset value, beginning of year/period | $53.22 | $40.93 | $38.91 | $43.23 | $40.42 | $27.72 |
| Income from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (16) | 0.21 | 0.26 | 0.42 | 0.35 | 0.15 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 11.30 | 12.23 | 1.97 | (4.40) | 2.77 | 12.83 |
| Total from investment operations | 11.51 | 12.49 | 2.39 | (4.05) | 2.92 | 13.07 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.20) | (0.37) | (0.27) | (0.11) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |  |
| Total distributions | (0.30) | (0.20) | (0.37) | (0.27) | (0.11) | (0.37) |
| Net asset value, end of year/period | $64.43 | $53.22 | $40.93 | $38.91 | $43.23 | $40.42 |
| Market price, end of year/period | $64.42 | $53.25 | $40.97 | $38.91 | $43.20 | $40.46 |
| Total return (2) | 21.69% | 30.56% | 6.16% | (9.37)% | 7.25% (3) | 47.61% |
| Net assets, at end of year/period (000s) | $2412726 | $1859935 | $1219733 | $963076 | $1020289 | $871097 |
| Ratio of expenses to average net assets (5) | 0.56% | 0.66% (8) | 0.57% | 0.58% | 0.57% (4) | 0.59% |
| Ratio of net investment income to average net assets (6) | 0.38% | 0.53% (8) | 1.00% | 0.86% | 0.88% (4) | 0.69% |
| Portfolio Turnover Rate (7) | 23% | 22% | 33% | 48% | 0% (3) | 27% |

---

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

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

(3) Not annualized.

(4) Annualized.

(5) Does not include the expenses of other investment companies in which the Fund
 invests.

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

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

(8) Includes interest expense. Excluding interest expense, the following ratios would
 have been:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (5) | N/A | 0.57% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (6) | N/A | 0.62% | N/A |

---

\* For the period June 1, 2021 to October 31, 2021.

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN THEMATIC INNOVATION ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** |  | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\* Ended**<br>**October 31, 2021** | **For the**<br>**Period Ended**<br>**May 31, 2021 (1)** |
| Net asset value, beginning of year/period | $18.00 | $12.82 |  | $12.38 | $23.68 | $23.05 | $25.00 |
| Income from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (2) | (0.07) | 0.01 | (8) | 0.00 | (0.00) | 0.00 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 10.59 | 5.17 |  | 0.48 | (11.28 | 0.65 | (1.89 |
| Total from investment operations | 10.52 | 5.18 |  | 0.48 | (11.28 | 0.65 | (1.95 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.04) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.02 |  |
| Total distributions |  |  |  | (0.04 | (0.02 | (0.02 |  |
| Net asset value, end of year/period | $28.52 | $18.00 |  | $12.82 | $12.38 | $23.68 | $23.05 |
| Market price, end of year/period | $28.55 | $18.01 |  | $12.84 | $12.38 | $23.65 | $23.04 |
| Total return (4) | 58.44% | 40.41 | % | 3.88 | (47.66 | 2.82 | (7.80 |
| Net assets, at end of year/period (000s) | $226147 | $140005 |  | $83088 | $53602 | $84522 | $68918 |
| Ratio of expenses to average net assets (7) | 0.82% | 0.85 | % | 0.94 | 0.96 | 0.87 | 0.86 |
| Ratio of net investment income (loss) to average net assets | (0.30)% | 0.05 | % (8) | 0.03 | (0.00) | 0.02 | (0.72) |
| Portfolio Turnover Rate (9) | 5% | 39 | % | 52 | 43 | 34 | 60 |

---

(1) The Main
 Thematic Innovation ETF commenced operations on January 28, 2021.

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

(3) Represents amount less than 0.005.

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

(5) Not annualized.

(6) Annualized.

(7) Does not include the expenses of other
 investment companies in which the Fund invests.

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

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

(10) Net realized and unrealized gain/(loss)
 on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may
 not reconcile with aggregate gains/(losses) in the statements of operations due to the share transactions for the period.

\* For the period June 1, 2021 to October 31, 2021.

See accompanying notes to financial statements.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Period Ended**<br>**October 31, 2023 (1)** |
| Net asset value, beginning of year/period | $22.87 | $19.34 | $20.00 |
| Income from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (27) | 0.50 | 0.68 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.19 | 3.25 | (0.51) |
| Total from investment operations | 5.69 | 3.93 | (0.08) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.40) | (0.58) |
| Total distributions | (0.53) | (0.40) | (0.58) |
| Net asset value, end of year/period | $28.03 | $22.87 | $19.34 |
| Market price, end of year/period | $28.02 | $22.91 | $19.36 |
| Total return (3) | 25.51% | 20.39% | (0.53)% (4) |
| Net assets, at end of year/period (000s) | $152220 | $112540 | $91854 |
| Ratio of gross expenses to average net assets (6) | 0.71% | 0.73% | 0.78% (5) |
| Ratio of net expenses to average net assets (6) | 0.71% | 0.70% | 0.64% (5) |
| Ratio of net investment income to average net assets (7) | 2.03% | 3.01% | 2.26% (5) |
| Portfolio Turnover Rate (8) | 36% | 37% | 33% (4) |

---

(1) The Main International ETF commenced operations
 on December 1, 2022.

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

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

(4) Not annualized.

(5) Annualized.

(6) Does not include the expenses of other investment companies in which the Fund
 invests.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **October 31, 2025** |

---

**1.** **ORGANIZATION** 

The Main Sector Rotation ETF, the Main Thematic Innovation ETF and the Main International ETF (each a "Fund" and collectively the "Funds") are each a diversified series of Northern Lights Fund Trust IV (the "Trust"), a trust organized under the laws of the State of Delaware on June 2, 2015, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Main Sector Rotation ETF commenced operations on September 5, 2017. The Main Thematic Innovation ETF commenced operations on January 28, 2021. The Main International ETF commenced operations on December 1, 2022. The Main Sector Rotation ETF and the Main International ETF are "fund of funds" in that each Fund will generally invest in other investment companies.

The Funds' investment objectives are as follows:

Main Sector Rotation ETF – seeks to outperform the S&P 500 in rising markets while limiting losses during periods of decline.

Main Thematic Innovation ETF – seeks to outperform the MSCI ACWI Index in rising markets while limiting losses during periods of decline.

Main International ETF – seeks to outperform the MSCI All Country World ex-USA Index® over a full market cycle while maintaining below-benchmark risk.

**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 increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

**Operating Segments** – The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of each Fund's portfolio managers and the Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Equity option contracts not listed on a securities exchange or board of trade for which over-

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments in open-end investment companies are valued at net asset value, including the short-term investment currently held. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the "Board") based on methods which include the 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. Short-term debt obligations, having 60 days or less remaining until maturity at time of purchase, may be valued at amortized cost.

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

**Valuation of Underlying Investment Companies** - The Main Sector Rotation ETF and Main International ETF may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Mutual funds are valued at their respective net asset values as reported by such investment companies. Exchange-traded funds ("ETFs") are valued at the lasted reported sales price or official closing price. Open-end investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value using the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

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

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the 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 fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Main Sector Rotation ETF** | **Main Sector Rotation ETF** | **Main Sector Rotation ETF** | **Main Sector Rotation ETF** | **Main Sector Rotation ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $2400337227 | $— | $— | $2400337227 |
| Collateral For Securities Loaned | 101205056 |  |  | 101205056 |
| Money Market Funds | 13448987 |  |  | 13448987 |
| Total | $2514991270 | $— | $— | $2514991270 |
| **Main Thematic Innovation ETF** | **Main Thematic Innovation ETF** | **Main Thematic Innovation ETF** | **Main Thematic Innovation ETF** | **Main Thematic Innovation ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks\* | $225435821 | $— | $— | $225435821 |
| Collateral For Securities Loaned | 12399064 |  |  | 12399064 |
| Money Market Funds | 842136 |  |  | 842136 |
| Total | $238677021 | $— | $— | $238677021 |

---

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Main International ETF** | **Main International ETF** | **Main International ETF** | **Main International ETF** | **Main International ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $151639862 | $— | $— | $151639862 |
| Collateral For Securities Loaned | 4185123 |  |  | 4185123 |
| Money Market Funds | 698010 |  |  | 698010 |
| Total | $156522995 | $— | $— | $156522995 |

---

\* Refer to the Schedule of Investments for industry classification.

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

**Option Transactions** – When a Fund writes a call option, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option. The Main Sector Rotation ETF writes options with the objective of generating income by way of cash premiums received from the written options.

The Funds may purchase put and call options. A call option on a security is a contract that gives the holder of the option, in return for a premium, the right, but not the obligation, to buy from the writer of the option the security underlying the option at a specified exercise or "strike" price by or before the contract's expiration. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Funds upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Funds, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

**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 and expense are 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.

**Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly by the Main Sector Rotation ETF and semi-annually by the Main Thematic Innovation ETF and Main International ETF. Distributable net realized capital gains, if any, are declared and distributed annually. 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, capital loss carryforwards, etc.) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Funds. Dividends that represent long term capital gain distributions from underlying investments are reclassified out of dividend income and presented separately for financial reporting purposes. The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. Distributions received from investments in

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

securities that represent a return of capital or long-term capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2022 to October 31, 2024, or expected to be taken in the Funds' October 31, 2025 year-end tax returns. 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 expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

**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.

**Cash and Cash Equivalents –** Cash and cash equivalents are held with a financial institution and include demand deposits and short-term, liquid investments with an original maturity of three months or less. The assets of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

**3.** **PRINCIPAL INVESTMENT RISKS** 

**Exchange Traded Funds Risk -** The Main Sector Rotation ETF and Main International ETF may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, 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.

**Derivatives Risk -** The Funds' use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including:

***Leverage and Volatility* Risk:** Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, including options, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Funds. The use of leverage may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Funds' potential for gain or loss and, therefore, amplify the effects of market volatility on the Funds' share price.

***Options Risk*:** There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Funds will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Funds may experience lower returns if the value of the reference index or security rises above the strike price.

***Index Call Option Risk*:** Because the exercise of index options is settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Funds bear a risk that the value of the securities held by the Funds will vary from the value of the index and relative to the written index call option positions. Accordingly, the Funds may incur losses on the index call options that it has sold that exceed gains on other securities in its portfolio. The value of index options written by the Funds, which will be priced daily, will be affected by changes in the value of and dividend rates of the underlying common stocks in the index, changes in the actual or perceived volatility of the stock market and the remaining time to the options' expiration. The value of the index options also may be adversely affected if the market for the index options becomes less liquid or smaller.

As a writer of an index call option, a Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the index underlying the call option above the sum of the premium and the strike price of the option, but will retain the risk of loss should the market value of the index underlying the call option decline. The purchaser of the index call option has the right to any appreciation in the value of the underlying index over the exercise price upon the exercise of the call option or the expiration date.

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

**Securities Lending Risk** – The Funds may lend portfolio securities to institutions, such as banks and certain broker-dealers. The Funds may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Funds (see additional information at Note 9).

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended October 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to the following:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Main Sector Rotation ETF | $1310534548 | $469759096 |
| Main Thematic Innovation ETF | 130991380 | 9062516 |
| Main International ETF | 119757588 | 45415664 |

---

For the year ended October 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to the following:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Main Sector Rotation ETF | $274150722 | $968628560 |
| Main Thematic Innovation ETF | 99427794 | 213719346 |
| Main International ETF | 14205979 | 73689133 |

---

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

Main Management ETF Advisors, LLC serves as the investment adviser (the "Adviser") to the Funds. Pursuant to an investment advisory agreement with the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Funds, manages the Funds' portfolios, 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 management fee, computed and accrued daily and paid monthly, at an annual rate of 0.50%, 0.65%, and 0.55% of the average daily net assets of the Main Sector Rotation ETF, Main Thematic Innovation ETF, and Main International ETF, respectively.

For the year ended October 31, 2025, the advisory fees incurred by each of the Funds were as follows:

---

| | |
|:---|:---|
|  | **Advisory Fee** |
| Main Sector Rotation ETF | $10249939 |
| Main Thematic Innovation ETF | 1089128 |
| Main International ETF | 697304 |

---

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Main Sector Rotation ETF and Main Thematic Innovation ETF, until at least February 28, 2031 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles not registered under the 1940 Act or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) and will not exceed 0.65% and 0.99% of the average daily net assets of the Main Sector Rotation ETF and Main Thematic Innovation ETF, respectively. These fee waivers and expense reimbursements are subject to possible recoupment by the Adviser from the Funds in future years (within three years from the time the fees were waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Board on 60 days' written notice to the Adviser. The Adviser has contractually agreed to reduce its fees and/or absorb expenses of International until at least February 28, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) fees and expenses associated with investments in other collective investment vehicles not

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

registered under the 1940 Act, as amended, or derivative instruments (including for example option and swap fees and expenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.74% of the average daily net assets for International; subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation or those in place at the time of waiver and the expense limitation in place at the time of recapture. Further, the Adviser agrees to pay that portion of Main International ETF's acquired fund fees and expenses necessary to limit International's current operating expenses plus acquired fund fees and expenses to no more than 0.95% of Main International ETF's average daily net assets. The total amount of previously waived fees by the Main International ETF are $107,209 and $37,935 which are subject to recapture until October 31, 2026 and October 31, 2027, respectively. During the year ended October 31, 2025, the Funds did not waive any advisory fees. During the year ended October 31, 2025, the Adviser did not waive any acquired fund fees and expenses for Main International ETF. As of October 31, 2025, there are no previously waived advisory fees subject to recapture for the Main Sector Rotation ETF and Main Thematic Innovation ETF.

**Distributor** – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plan as amended (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services related to Fund shares. Under the Plan, the Funds may pay 0.25% per year of the average daily net assets of each Fund's shares for such distribution and shareholder service activities. As of October 31, 2025, the Plan has not been activated.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of each Fund's shares and is an affiliate of Ultimus Fund Solutions, LLC.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – 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 as shown in the Statements of Operations. 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 the Funds which are included in the compliance officer fees in the Statements of Operations.

<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, which are included in the printing and postage expenses in the Statements of Operations.

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

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

At October 31, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Main Sector Rotation ETF | $1991946267 | $523045003 | $— | $523045003 |
| Main Thematic Innovation ETF | $188592002 | $59288003 | $(9202984) | $50085019 |
| Main International ETF | $134742434 | $21780561 | $— | $21780561 |

---

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

The tax character of Funds' distributions for the period ended October 31, 2025, and October 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the period ended October 31, 2025:** | **For the period ended October 31, 2025:** | **For the period ended October 31, 2025:** | **For the period ended October 31, 2025:** | **For the period ended October 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Main Sector Rotation ETF | $10640660 | $— | $— | $10640660 |
| Main Thematic Innovation ETF |  |  |  |  |
| Main International ETF | 2646525 |  |  | 2646525 |
| **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** | **For the period ended October 31, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Main Sector Rotation ETF | $6116485 | $— | $— | $6116485 |
| Main Thematic Innovation ETF |  |  |  |  |
| Main International ETF | 2034833 |  |  | 2034833 |

---

As of October 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **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)** |
| Main Sector Rotation ETF | $3764638 | $— | $— | $(77538373) | $— | 523045003 | $449271268 |
| Main Thematic Innovation ETF | 41721 |  |  | (34863419) |  | 50085019 | 15263321 |
| Main International ETF | 1343514 |  |  | (2268923) |  | 21780561 | 20855152 |

---

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

At October 31, 2025, the Funds had capital loss carryforwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Main Sector Rotation ETF | $77538373 | $— | $77538373 | $— |
| Main Thematic Innovation ETF | 12119668 | 22743751 | 34863419 |  |
| Main International ETF | 2268923 |  | 2268923 | 165253 |

---

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

Permanent book and tax differences, primarily attributable to tax adjustments for realized gains (losses) on in-kind redemptions, and the true up adjustments for the tax returns, resulted in reclassification for the year ended October 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Main Sector Rotation ETF | $369764608 | $(369764608) |
| Main Thematic Innovation ETF | 34325447 | (34325447) |
| Main International ETF | 13390426 | (13390426) |

---

The following Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **For period ended**<br>**10/31/2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| Main International ETF | $0.0455 | $0.4678 |
| **For period ended** |  |  |
| **10/31/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Main International ETF | $0.0554 | $0.5146 |

---

**8.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Main Sector Rotation ETF only in Creation Unit size aggregations of 50,000 shares. Shares are created and redeemed by the Main Thematic Innovation ETF and Main International ETF only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants 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 DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value 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 the Funds' shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian 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"). Transactions in capital shares for the Funds are disclosed in the Statements of Changes in Net Assets. For the year ended October 31, 2025, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fixed Fees** | **Variable Fees** |
| **Main Sector Rotation ETF** | $11600 | $— |
| **Main Thematic Innovation ETF** | $4400 | $— |
| **Main International ETF** | $1800 | $— |

---

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

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

---

| | |
|:---|:---|
| **Fixed Fee** | **Variable Charge** |
| $200 | 2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**9.** **SECURITIES LENDING** 

Effective January 23, 2025, under an agreement (the "Securities Lending Agreement") with State Street Bank and Trust Company, each Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. The Securities Lending Agreement requires that loans are collateralized at all times in an amount equal to at least 100% of the value of any loaned securities at the time of the loan. Each Fund receives compensation in the form of fees. The amount of fees depends on a number of factors, including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the terms of the Securities Lending Agreement to recall the securities from the borrower on demand. The cash collateral is held by the custodian in accordance with the custody agreement. Each Fund could experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. Prior to January 23, 2025, the Funds had a Securities Lending Agreement with Brown Brothers Harriman.

As of October 31, 2025, the below table shows the securities on loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities.

---

| | | |
|:---|:---|:---|
|  | **Fair Value of**<br>**Securities Loaned** | **Collateral for**<br>**Securities Loaned** |
| Main Sector Rotation ETF | $110443998 | $101205056 |
| Main Thematic Innovation ETF | 28391964 | 12399064 |
| Main International ETF | 19043186 | 4185123 |

---

The contractual maturity of securities purchased with the cash collateral is on an overnight and continuous basis. At October 31, 2025, the Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF received non-cash collateral of $10,358,419, $16,073,511 and $15,283,592, respectively. The non-cash collateral consists of U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Inflation Indexed Bonds, with coupon rates ranging from 0.01% to 5.375% and maturity dates from 11/15/2025 to 2/15/2055 and is held at the Funds' securities lending agent. The Funds cannot pledge or resell the collateral.

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

The remaining contractual maturity of the collateral as of October 31, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>Collateral | Overnight and<br>Continuous | Up to<br>30 Days |<br>30-90 days | Greater than<br>90 days |<br>Total |
| Main Sector Rotation ETF | Cash Collateral | $101205056 | $— | $— | $— | $101205056 |
|  | Non-Cash Collateral | $— | $— | $29082 | $10329337 | $10358419 |
|  |  | $101205056 | $— | $29082 | $10329337 | $111563475 |
| Main Thematic Innovation ETF | Cash Collateral | $12399064 | $— | $— | $— | $12399064 |
|  | Non-Cash Collateral | $— | $70249 | $143764 | $15859498 | $16073511 |
|  |  | $12399064 | $70249 | $143764 | $15859498 | $28472575 |
| Main International ETF | Cash Collateral | $4185123 | $— | $— | $— | $4185123 |
|  | Non-Cash Collateral | $— | $209646 | $397399 | $14676547 | $15283592 |
|  |  | $4185123 | $209646 | $397399 | $14676547 | $19468715 |

---

It is each Fund's policy to obtain additional collateral from, or return excess collateral to, the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than that required under the lending contract. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

**10.** **DERIVATIVE TRANSACTIONS** 

As of October 31, 2025, the Funds were not invested in derivatives.

The following is a summary of the effect of derivative instruments on the Main Sector Rotation ETF's Statements of Operations for the year ended October 31, 2025.

---

| | | |
|:---|:---|:---|
|  | | Net |
|  | Net | Change in Unrealized |
|  | Realized Gain | Appreciation |
| Contract Type/Primary Risk Exposure | on Options Written | on Options Written |
| Equity Contract/Equity Price Risk | $(643631) | $— |

---

The average quarterly notional value of derivative instruments outstanding during the year ended October 31, 2025 was $180,492,000.

**11.** **INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Companies that are affiliates at October 31, 2025 are noted in a Fund's Schedule of Investments. Transactions during the year with the companies that are affiliated or were affiliates at the beginning of the year are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Main International ETF** | **Main International ETF** | **Main International ETF** | **Main International ETF** | | | | |
|  | Fair Value | | | | | | | |
|  | Beginning of | | | Realized Gain | | | | |
|  | Year | Purchases | Sales Proceeds | (Loss) |<br>Net Change in<br>Unrealized<br>Depreciation |<br>Fair Value End of<br>Year |<br>Dividend<br>Credited to<br>Income |<br>Shares End<br>of Year |
| Franklin FTSE China ETF | $14835488 | $426328 | $(16632066) | $3182062 | $(1811812) | $— | $316252 |  |
| Franklin FTSE Germany ETF | $3244590 | $355722 | $(4091913) | $754893 | $(263292) | $— | $— |  |
| Franklin FTSE Mexico ETF | $— | $7003020 | $(51377) | $3896 | $1544397 | $8499936 | $155054 | 261522 |
| Franklin FTSE South Korea ETF | $10109136 | $277337 | $(10294635) | $(1406634) | $1314796 | $— | $28786 |  |
| iShares MSCI Israel ETF | $11967228 | $390379 | $(14557246) | $2609140 | $(409501) | $— | $96877 |  |
|  |  |  |  | $5143357 | $374588 | $8499936 | $596969 |  |

---

---

| |
|:---|
| **MAIN ETFS** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**12.** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

The Main Sector Rotation ETF and Main International ETF, the ("Funds"), currently invests a portion of their assets in the underlying investment companies mentioned in the table below. The Funds may redeem their investments in these underlying investment companies at any time if the Advisor determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Funds will be directly affected by the performance of the underlying investment companies. The financial statements of the below mentioned investment companies, including their portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Funds' financial statements. As of October 31, 2025, the percentage of the net assets invested in each underlying investment company were as follows.

---

| | | |
|:---|:---|:---|
| Fund | Underlying Investment | % of Net Assets |
| Main Sector Rotation ETF | Technology Select Sector SPDR Fund | 33.80% |
| Main International ETF | iShares Core MSCI International Developed Markets ETF | 38.90% |

---

**13.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**14.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. On December 23, 2025 the Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF made an income distribution of $0.1041, $0.0055 and $0.7176 per share, respectively. Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(COHEN & CO LOGO)](ma001_v1.jpg)

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

To the Shareholders of Main Sector Rotation ETF, Main Thematic Innovation ETF, and Main International 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 Main Sector Rotation ETF, Main Thematic Innovation ETF, and Main International ETF (the "Funds"), each a series of Northern Lights Fund Trust IV, as of October 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, 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.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of<br> Changes in Net<br> Assets | Financial Highlights |
| Main Sector Rotation ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, and 2022, for the period from June 1, 2021 to October 31, 2021, and for the year ended May 31, 2021 |
| Main Thematic Innovation ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, and 2022, for the period from June 1, 2021 to October 31, 2021, and for the period from January 28, 2021 (commencement of operations) to May 31, 2021 |
| Main International ETF | For the year ended October 31, 2025 | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, and for the period from December 1, 2022 (commencement of operations) to October 31, 2023 |

---

---

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

---

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.

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 October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies with a related advisor since 2015.

![(SIGNATURE)](ma002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 29, 2025

---

| |
|:---|
| **MAIN ETFS** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **October 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

*<u>Renewal of the Investment Advisory Agreement with Main Management ETF Advisors, LLC</u>*

In connection with the meeting of the Board of Trustees (the "Board") of Northern Lights Fund Trust IV (the "Trust") held on July 23-24, 2025 (the "Meeting"), the Board discussed the renewal of an investment advisory agreement (the "MMEA Advisory Agreement") between Main Management ETF Advisors, LLC ("MMEA") and the Trust, with respect to Main International ETF ("Main IE"), Main Sector Rotation ETF ("Main SR") and Main Thematic Innovation ETF ("Main TI") (collectively, the "Main ETFs"). In considering the renewal of the MMEA Advisory Agreement, the Board received materials specifically relating to the MMEA Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the MMEA 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 MMEA Advisory Agreement, on behalf of the Main 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 MMEA Advisory Agreement.

*<u>Nature, Extent and Quality of Services</u>*. The Board reviewed the key personnel servicing the Main ETFs, noting no material changes since the last renewal of the advisory agreement. The Board noted that MMEA provided research, analysis, compliance and operational services to the Main ETFs. The Board further noted that investment decisions were made based on internal and external research and trading information and agreed upon by an investment committee. The Board reviewed MMEA's investment process. The Board discussed the factors that MMEA considered when selecting broker-dealers for portfolio transactions. The Board reviewed MMEA's practices for monitoring compliance, noting that strategy positions were monitored daily. The Board noted that MMEA did not report any SEC or regulatory examinations or investigations nor any material litigation or administrative actions. The Board concluded that it could expect MMEA to continue providing high quality services to each of the Main ETFs and its shareholders.

*<u>Performance</u>*.

Main IE—The Board observed that Main IE underperformed its benchmark index, MSCI ACWI ex USA Net Index, peer group median and Morningstar category median for the 1- year and since inception periods ended April 30, 2025. The Board further observed that Main IE ranked in the first quartile of its peer group regarding its standard deviation for the 1-year period ended April 30, 2025. The Board acknowledged MMEA's explanation that the underperformance could be attributed to a number of factors, including the volatile market and geopolitical uncertainty, as well as tariffs. The Board

---

| |
|:---|
| **MAIN ETFS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **October 31, 2025** |

---

discussed a couple of changes to Main IE's portfolio during the period. The Board concluded that Main IE's performance was acceptable.

Main SR—The Board noted that Main SR underperformed its benchmark index, the S&P 500 Total Return Index, and peer group and Morningstar medians for the 1-year period ended April 30, 2025. The Board further noted that Main SR underperformed its benchmark and peer group median, but outperformed its Morningstar category median for the 3-year period ended April 30, 2025. The Board observed that Main SR outperformed its peer group median and Morningstar category for the 5-year period ended April 30, 2025 and its peer group median since inception. The Board further observed that Main SR was in the first quartile in its peer group with respect to its standard deviation since inception. The Board acknowledged MMEA's explanation that the underperformance was attributed to a number of factors, including recent abnormal market concentration rather than historical market drivers. The Board concluded that Main SR's performance was acceptable.

Main TI—The Board observed that Main TI outperformed its benchmark, the MSCI AC World Index, Morningstar category and peer group median for the 1-year period ended April 30, 2025 with net returns of 17.12%. The Board further observed that Main TI underperformed its benchmark, Morningstar category median and peer group median for the 3-year and since inception periods. The Board concluded that Main TI's performance was acceptable.

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

Main IE—The Board observed that Main IE's advisory fee of 0.55% was slightly higher than the peer group average of 0.54% and was in line with the peer group median. The Board further observed that the advisory fee was higher than the Morningstar category median and average but lower than the high of 0.85%. The Board noted that Main IE's net expense ratio of 0.70% was higher than the medians and averages of its peer group and Morningstar category but lower than the highs of each, which were 0.95% each. The Board noted MMEA's intention to renew the expense limitation agreement. The Board determined that MMEA's advisory fee for Main IE was not unreasonable.

Main SR—The Board observed Main SR's advisory fee of 0.50% and net expense ratio of 0.57% were below its peer group average of 0.55% and 0.60%, respectively, and Morningstar category high of 1.20% and 1.40%, respectively. The Board noted MMEA's intention to renew the expense limitation agreement. The Board determined that MMEA's advisory fee for Main SR was not unreasonable.

Main TI—The Board noted that the 0.65% advisory fee for Main TI was in line with its Morningstar category median and lower than its peer group median and average. The Board noted that the net expense ratio of 0.85% for Main TI was higher than its peer group and Morningstar category averages and medians but below the highs of each, which were 1.00% and 1.19%, respectively. The Board noted MMEA's intention to renew the expense limitation agreement. The Board determined that MMEA's advisory fee for Main TI was not unreasonable.

*<u>Profitability</u>*. The Board reviewed the profitability analysis provided by MMEA for each of the Main ETFs. The Board observed that MMEA was earning a reasonable profit from Main SR and modest profit from each of Main IE and Main TI. The Board determined that excessive profitability was not an issue for MMEA with respect to the Main 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 Main ETFs. The Board noted that MMEA had indicated a willingness to evaluate the appropriateness of breakpoints at higher asset levels. The Board agreed to monitor and revisit the issue at the appropriate time.

---

| |
|:---|
| **MAIN ETFS** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **October 31, 2025** |

---

*<u>Conclusion</u>*. Having requested such information from MMEA 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 with MMEA on behalf of Main IE, Main SR and Main TI, were in the best interests of each of the Main ETFs and their shareholders.

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.**

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

(a)(2) Not applicable

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

(a)(4) Not applicable

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

**SIGNATURES**

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

Northern Lights Fund Trust IV

---

| | |
|:---|:---|
| By | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer | Principal Executive Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ Wendy Wang |
| Wendy Wang | Wendy Wang |
| Principal Executive Officer | Principal Executive Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Sam Singh |
| Sam Singh | Sam Singh |
| Principal Financial Officer | Principal Financial Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Wendy Wang, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 1/5/2026 | /s/ Wendy Wang |
|  | Wendy Wang |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Sam Singh, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 1/5/2026 | /s/ Sam Singh |
|  | Sam Singh |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| 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: | 1/5/2026 | Date: | 1/5/2026 |

---

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.