# EDGAR Filing Document

**Accession Number:** 0001644419
**File Stem:** 0001580642-26-002021
**Filing Date:** 2026-3
**Character Count:** 801575
**Document Hash:** 0e06f5ff6fdb15dc2a0a89d724d9ee2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002021.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0001580642-26-002021

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**EFFECTIVENESS DATE**: 20260330

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23066
- **FILM NUMBER:** 26797303

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-204808
- **FILM NUMBER:** 26797302

**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

### Inspire Corporate Bond ETF (Series ID: S000056116)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000176728 | Inspire Corporate Bond ETF | IBD             |

### Inspire Global Hope ETF (Series ID: S000056117)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000176729 | Inspire Global Hope ETF | BLES            |

### Inspire Small/Mid Cap ETF (Series ID: S000056118)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000176730 | Inspire Small/Mid Cap ETF | ISMD            |

### Inspire 100 ETF (Series ID: S000059335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000194706 | Inspire 100 ETF | BIBL            |

### Inspire International ETF (Series ID: S000066581)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000214760 | Inspire International ETF | WWJD            |

### Inspire Capital Appreciation ETF (Series ID: S000068946)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000220340 | Inspire Capital Appreciation ETF | RISN            |

### Inspire Growth ETF (Series ID: S000070125)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000223048 | Inspire Growth ETF | GLRY            |

### Inspire Fidelis Multi Factor ETF (Series ID: S000076870)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237005 | Inspire Fidelis Multi Factor ETF | FDLS            |

### Inspire 500 ETF (Series ID: S000084295)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000248596 | Inspire 500 ETF | PTL             |

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

Securities Act Registration No. 333-204808

Investment Company Act Registration No. 811-23066

As filed with the Securities and Exchange Commission on March 26, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ⌧

□ Pre-Effective
 Amendment No.

⌧ Post-Effective
 Amendment No. 383

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ⌧

⌧ Amendment
 No. 386

(Check appropriate box or boxes.)

**Northern Lights Fund Trust IV**

(Exact Name of Registrant as Specified in Charter)

**225 Pictoria Drive, Suite 450, Cincinnati, OH 45246**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **(631) 490-4300**

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 (614) 469-3265 (phone) (614) 469-3361 (fax) <u>Jennifer Farrell Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246 (631) 490-4300 (phone) (631) 813-2884 (fax)</u>

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

□ Immediately
upon filing pursuant to paragraph (b)

⌧ On March 30, 2026 pursuant to paragraph (b)

□ 60
days after filing pursuant to paragraph (a)(1)

□ On
(date) pursuant to paragraph (a)(1)

□ 75
days after filing pursuant to paragraph (a)(2)

□ On
(date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

□ This
post-effective amendment designates a new effective date for a previously filed post-effective amendment.

---

| |
|:---|
| ![(INSPIRE LOGO)](in001_v1.jpg) |
| **Inspire Global Hope ETF** |
| BLES |
| **Inspire Small/Mid Cap ETF** |
| ISMD |
| **Inspire Corporate Bond ETF** |
| IBD |
| **Inspire 100 ETF** |
| BIBL |
| **Inspire International ETF** |
| WWJD |
| **Inspire Capital Appreciation ETF** |
| (formerly, "Inspire Tactical Balanced ETF") |
| RISN |
| **Inspire Growth ETF** |
| (formerly, "Inspire Momentum ETF") |
| GLRY |
| **Inspire Fidelis Multi Factor ETF** |
| FDLS |
| **Inspire 500 ETF** |
| PTL |
| each a series of Northern Lights Fund Trust IV |
| **PROSPECTUS** |
| **March 30, 2026** |

---

---

| | |
|:---|:---|
| *Advised by:* |  |
| Inspire Investing, LLC |  |
| 3597 E. Monarch Sky Lane, Suite 330 |  |
| Meridian, ID 83646 |  |
| <u>inspireetf.com</u> | phone: 877.658.9473 (toll free) |

---

This Prospectus provides important information about the Funds that you should know before investing. Please read it carefully and keep it for future reference.

These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Shares of the Funds are listed and traded on the NYSE Arca, Inc.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **FUND SUMMARY - Inspire Global Hope ETF** | **1** |
| **FUND SUMMARY - Inspire Small/Mid Cap ETF** | **9** |
| **FUND SUMMARY – Inspire Corporate Bond ETF** | **17** |
| **FUND SUMMARY – Inspire 100 ETF** | **24** |
| **FUND SUMMARY - Inspire International ETF** | **32** |
| **FUND SUMMARY - Inspire <u>CAPITAL APPRECIATION</u> ETF** | **40** |
| **FUND SUMMARY – Inspire <u>Growth</u> ETF** | **48** |
| **FUND SUMMARY – Inspire <u>fIDELIS MULTI-FACTOR</u> ETF** | **55** |
| **FUND SUMMARY – Inspire 100 ETF** | **63** |
| **ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** | **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies: | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks: | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational and Cybersecurity Risk | 82 |
| **MANAGEMENT** | **82** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser and Index Providers | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 84 |
| **HOW SHARES ARE PRICED** | **84** |
| **HOW TO BUY AND SELL SHARES** | **85** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount Information | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book Entry | 86 |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | **87** |
| **DISTRIBUTION AND SERVICE PLAN** | **87** |
| **DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes on Distributions | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes on Exchange-Listed Share Sales | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes on Purchase and Redemption of Creation Units | 88 |
| **FUND SERVICE PROVIDERS** | **88** |
| **OTHER INFORMATION** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuous Offering | 89 |
| **FINANCIAL HIGHLIGHTS** | **90** |
| **Privacy Notice** | **99** |

---

**FUND SUMMARY - Inspire Global Hope ETF**

**Investment Objective:**

The Inspire Global Hope ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Index ("Global Hope Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.30% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.30% |
| Total Annual Fund Operating Expenses | 0.60% |

---

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$61 | &nbsp;&nbsp;$192 | &nbsp;&nbsp;$335 | &nbsp;&nbsp;$750 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in the component securities of the Global Hope Index. Inspire Investing, LLC (the "Adviser" or "Index Provider"), the Fund's index provider (and also the Fund's investment adviser) selects foreign (including emerging markets) and domestic equity securities from a global universe of publicly traded equity securities of large capitalization companies and which have an Inspire Impact Score™ of zero or higher. The Adviser defines large capitalization companies to be those that are the largest 10% of the global equity market.

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types such as film, print, gaming, and websites that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories), are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Index Provider uses software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The 400 securities with the highest Inspire Impact Scores™ are included in the Global Hope Index and are equally weighted. The Global Hope Index is typically comprised of 50% domestic securities, 40% in developed foreign securities, and 10% in emerging market securities. The Inspire Impact Scores™ of the securities in the Global Hope Index are reviewed periodically (at least annually), and the Global Hope Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security falls below an acceptable level, the security is removed from the Global Hope Index and replaced with a higher scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the Global Hope Index.

The equity securities included in the Global Hope Index are typically foreign and domestic equity securities of large capitalization companies. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of companies in at least 3 countries outside the U.S.

The Fund may or may not hold all of the securities in the Global Hope Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the Global Hope Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the Global Hope Index to track the Global Hope Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the underlying index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Global Hope Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and price of shares and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the Global Hope Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the Global Hope Index which uses the Inspire Impact Score™ and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the Global Hope Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the Global Hope Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Emerging Markets Risk:*** Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade Shares.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Foreign Securities Risk:*** Since the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards generally differ from those applicable to U.S. companies.

***Large Capitalization Company Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

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

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Global Hope Index or the selling of shares of that security is otherwise required upon a rebalancing of the Global Hope Index as addressed in the Global Hope Index methodology.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Global Hope Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Global Hope Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Global Hope Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the Global Hope Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the Global Hope Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Global Hope Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and a supplemental index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting .

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in002_v1.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;24.10% |
| &nbsp;&nbsp;Worst Quarter: &nbsp;&nbsp;1<sup>st</sup> Quarter 2020 | &nbsp;&nbsp;(29.54)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since<br> Inception<br> (2/27/17)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;18.98% | &nbsp;&nbsp;8.74% | &nbsp;&nbsp;9.48% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;18.58% | &nbsp;&nbsp;7.88% | &nbsp;&nbsp;8.73% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;11.78% | &nbsp;&nbsp;6.76% | &nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;Inspire Global Hope Index | &nbsp;&nbsp;20.12% | &nbsp;&nbsp;9.55% | &nbsp;&nbsp;10.06% |
| &nbsp;&nbsp;S&P Global 1200 Total Return Index\* | &nbsp;&nbsp;23.03% | &nbsp;&nbsp;12.78% | &nbsp;&nbsp;12.86% |

---

\* The S&P Global 1200 Total Return Index provides efficient exposure to the global equity market. Capturing approximately 70% of global market capitalization, it is constructed as a composite of 7 headline indices, many of which are accepted leaders in their regions. These include the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in February 2017. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com</u>.

Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY - Inspire Small/Mid Cap ETF**

**Investment Objective:**

The Inspire Small/Mid Cap ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Index ("Small/Mid Cap Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.30% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.17% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.06% |
| Total Annual Fund Operating Expenses | 0.53% |

---

(1) Acquired
 Fund Fees and Expenses, are the indirect costs of investing in other investment companies.
 The operating expenses in this fee table will not correlate to the expense ratio in the Fund's
 financial highlights because the financial statements include only the direct operating expenses
 incurred by the Fund.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$54 | &nbsp;&nbsp;$170 | &nbsp;&nbsp;$296 | &nbsp;&nbsp;$665 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in the component securities of the Small/Mid Cap Index. Inspire Investing, LLC (the "Adviser" or "Index Provider"), the Fund's index provider (and also the Fund's investment adviser) selects securities from a universe of publicly traded, domestic small and mid capitalization equity securities of companies which have an Inspire Impact Score™ of zero or higher. The Adviser defines mid capitalization companies to be those that are the second largest 10% of the U.S. equity market, and small capitalization companies as the next largest 10% of the U.S. equity market. The Inspire Impact Score™ is a proprietary selection methodology that assigns a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on its customers, communities, workplace and the world. Under normal circumstances, 50% of the index will be comprised of equities of small capitalization companies, and 50% of the index will be comprised of equities of mid capitalization companies.

Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. Philanthropy to Planned Parenthood, a widely known abortion access advocate, is not included, because their corporate donor list is no longer publicly available. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages -.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (*rather than hormonal or chemical means*).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, which the Inspire Impact Score™ seeks to assign positive scores for (to companies not found to be in violation of the previously mentioned exclusionary categories), are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Index Provider uses software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The 500 securities with the highest Inspire Impact Scores are included in the Small/Mid Cap Index and are equally weighted. The Inspire Impact Scores™ of the securities in the Small/Mid Cap Index are reviewed periodically (at least annually), and the Small/Mid Cap Index is rebalanced quarterly. If, upon review, the Inspire Impact Score of a security falls below an acceptable level, the security is removed from the Small/Mid Cap Index and replaced with a higher scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the Small/Mid Cap Index.

The Fund may or may not hold all of the securities in the Small/Mid Cap Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the Small/Mid Cap Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the Small/Mid Cap Index to track the Small/Mid Cap Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of underlying index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Small/Mid Cap Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and price of shares and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the Small/Mid Cap Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the Small/Mid Cap Index which uses the Inspire Impact Score™ and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the Small/Mid Cap Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the Small/Mid Cap Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV and price of shares to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

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

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Small/Mid Cap Index or the selling of shares of that security is otherwise required upon a rebalancing of the Small/Mid Cap Index as addressed in the Small/Mid Cap Index methodology.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Small/Mid Cap Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Small/Mid Cap Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Financials Sector Risk.* The Fund may, from time to time, invest a certain amount of its assets in the financials sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

***Small and Medium Capitalization Stock Risk:*** The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Small/Mid Cap Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the Small/Mid Cap Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the Small/Mid Cap Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Small/Mid Cap Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and supplemental indices. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com.</u>

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in003_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;4th Quarter 2020 | &nbsp;&nbsp;31.98% |
| &nbsp;&nbsp;Worst Quarter: | &nbsp;&nbsp;1st Quarter 2020 | &nbsp;&nbsp;(32.52)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Year** | &nbsp;&nbsp;**Since<br> Inception<br> (2/27/17)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;4.24% | &nbsp;&nbsp;8.29% | &nbsp;&nbsp;7.67% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;3.93% | &nbsp;&nbsp;7.27% | &nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;2.71% | &nbsp;&nbsp;6.14% | &nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;Inspire Small/Mid Cap Index | &nbsp;&nbsp;4.69% | &nbsp;&nbsp;9.11% | &nbsp;&nbsp;8.70% |
| &nbsp;&nbsp;Russell 2000 Total Return Index\* | &nbsp;&nbsp;12.81% | &nbsp;&nbsp;6.09% | &nbsp;&nbsp;8.08% |
| &nbsp;&nbsp;S&P SmallCap 600 Equal Weight Total Return Index\*\* | &nbsp;&nbsp;4.81% | &nbsp;&nbsp;6.99% | &nbsp;&nbsp;7.53% |

---

\* The Russell 2000 Total Return Index is an unmanaged market capitalization-weighted index which measures the performance of the small-cap sector of the U.S. stock market. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

\*\* The S&P SmallCap 600 Equal Weight Total Return Index (EWI) is the equal-weight version of the S&P SmallCap 600. The index has the same constituents as the capitalization weighted S&P SmallCap 600, but each company in the S&P SmallCap 600 EWI is allocated a fixed weight. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in February 2017. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY – Inspire Corporate Bond ETF**

**Investment Objective:**

The Inspire Corporate Bond ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Index ("Corporate Bond Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (*expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.30% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.11% |
| Total Annual Fund Operating Expenses | 0.41% |

---

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$42 | &nbsp;&nbsp;$132 | &nbsp;&nbsp;$230 | &nbsp;&nbsp;$518 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in the component securities of the Corporate Bond Index. Inspire Investing, LLC (the "Adviser" or "Index Provider"), the Fund's index provider (and also the Fund's investment adviser) selects domestic corporate bonds issued by companies that are large capitalization companies, which have an Inspire Impact Score™ of zero or higher. The Adviser defines large capitalization companies to be those that are the largest 10% of the U.S. bond market. The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that the issuing company has on its customers, communities, workplace and the world.

Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B., levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, which the Inspire Impact Score™ seeks to assign positive scores for (to companies not found to be in violation of the previously mentioned exclusionary categories), are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

**Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*). The category addresses management of risks related to the use of personally identifiable information and other customer or user data for secondary purposes including. but not limited to. marketing through affiliates and non-affiliates. The scope of the category includes social issues that may arise from a company's approach to collecting data, obtaining consent (e.g., opt-in policies), managing user and customer expectations regarding how their data is used, and managing evolving regulations. It excludes social issues arising from cybersecurity risks, which are covered in Data Security.

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water & Conservation:** Companies who conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources. Category data provided by FactSet.

Two hundred fifty (250) bonds from the top 200 issuers with the highest Inspire Impact Scores™ are included in the Corporate Bond Index and under normal circumstances are equally weighted across four maturity tranches of 0-3 years, 3-5 years, 5-7 years and 7-10 years, to arrive at an average maturity of approximately 5 years of all holdings. The Inspire Impact Scores™ of the securities in the Corporate Bond Index are reviewed periodically (at least annually), and the Corporate Bond Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security falls below an acceptable level, the security is removed from the Corporate Bond Index and replaced with a higher scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the Corporate Bond Index.

The Fund may or may not hold all of the securities in the Corporate Bond Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the Corporate Bond Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the Corporate Bond Index to track the Corporate Bond Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the underlying index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Corporate Bond Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and price of Shares and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the Corporate Bond Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the Corporate Bond Index which uses the Inspire Impact Score™ and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the Corporate Bond Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the Corporate Bond Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV only in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Fixed Income Risk:*** When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

***Large Capitalization Company Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

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

***Passive Investment Risk:*** The Fund is not actively managed and the adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Corporate Bond Index or the selling of shares of that security is otherwise required upon a rebalancing of the Corporate Bond Index as addressed in the Corporate Bond Index methodology.

***REIT Risk****:* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Corporate Bond Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Corporate Bond Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Real Estate Sector Risk.* Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill and creditworthiness of the issuer.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Corporate Bond Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the Corporate Bond Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the Corporate Bond Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Corporate Bond Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and supplemental indices. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in004_v1.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;8.29% |
| &nbsp;&nbsp;Worst Quarter: &nbsp;&nbsp;1<sup>st</sup> Quarter 2022 | &nbsp;&nbsp;(5.17)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since<br> Inception<br> (7/10/17)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;7.12% | &nbsp;&nbsp;1.04% | &nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;5.29% | &nbsp;&nbsp;(0.18)% | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;4.18% | &nbsp;&nbsp;0.26% | &nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;Inspire Corporate Bond Index | &nbsp;&nbsp;7.59% | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;Bloomberg U.S. Intermediate Credit Total Return Index\* | &nbsp;&nbsp;7.88% | &nbsp;&nbsp;1.54% | &nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;Bloomberg U.S. Intermediate Corporate Bond <br> Total Return Index\*\* | &nbsp;&nbsp;7.95% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;3.09% |

---

\* The Bloomberg U.S. Intermediate Credit Total Return Index (LUICTRUU) measures the performance of investment grade, US dollar denominated, fixed-rate, taxable corporate and government-related debt with less than ten years to maturity. It is composed of a corporate and a non-corporate component that includes non-US agencies, sovereigns, supranational and local authorities. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

\*\* The Bloomberg U.S. Intermediate Corporate Bond Total Return Index (LD06TRUU) measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in February 2017. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com.</u>

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY – Inspire 100 ETF**

**Investment Objective:**

The Inspire 100 ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index (the "100 Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.30% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.11% |
| Total Annual Fund Operating Expenses | 0.41% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.06)% |
| Total Annual Fund Operating Expenses <br> After Fee Waiver and/or Expense Reimbursement | 0.35% |

---

(1) The
 Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of
 the Fund, until at least March 31, 2027 , to ensure that total annual fund operating expenses
 after fee waiver and/or reimbursement, exclusive of (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 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, and contractual indemnification of Fund service providers (other than the adviser)),
 will not exceed 0.35% of the Fund's average daily net assets. This fee waiver and expense
 reimbursement is subject to possible recoupment from the Fund if such recoupment does not
 cause the Fund's expense ratio (after the repayment is taken into account) to exceed
 both: (i) the Fund's expense cap in place at the time such expenses were waived, and
 (ii) the Fund's current expense cap at the time of recoupment. This agreement may be
 terminated by the Board of Trustees only on 60 days' written notice to the Fund's
 adviser.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$36 | &nbsp;&nbsp;$126 | &nbsp;&nbsp;$224 | &nbsp;&nbsp;$512 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in the component securities of the 100 Index. Inspire Investing, LLC (the "Adviser" or "Index Provider"), the Fund's index provider (and also the Fund's investment adviser) selects domestic large capitalization equity securities and which have an Inspire Impact Score™ of zero or higher. The Adviser defines large capitalization companies to be those that are the largest 10% of the U.S. equity market.

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data Inspire has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries **.** 

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Index Provider uses software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The 100 securities without a negative Inspire Impact Scores™ are included in the 100 Index and are market capitalization weighted so that components with higher market values have a higher weighting in the 100 Index. The Inspire Impact Scores™ of the securities in the 100 Index are reviewed semi-annually for activities that would cause it to be removed from the investment universe due to participation in the activities described above that do not align with biblical values, and the 100 Index is rebalanced annually. If, upon review, the Inspire Impact Score™ of a security falls below the threshold level for inclusion in the 100 Index, the security is removed from the 100 Index and replaced with a higher scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the 100 Index.

The Fund may or may not hold all of the securities in the 100 Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the 100 Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the 100 Index to track the 100 Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the 100 Index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the 100 Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and price of shares and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the 100 Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the 100 Index which uses the Inspire Impact Score™ and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the 100 Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the 100 Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by the Authorized Participants at NAV and only in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Fund shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security. The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Large Capitalization Company Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

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

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the 100 Index or the selling of shares of that security is otherwise required upon a rebalancing of the 100 Index as addressed in the 100 Index methodology.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the 100 Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the 100 Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* Information technology companies face intense competition and potentially rapid product obsolescence.

● *Real Estate Sector Risk.* Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill and creditworthiness of the issuer.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the 100 Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the 100 Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the 100 Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the 100 Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and a supplemental index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in005_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;2nd Quarter 2020 | &nbsp;&nbsp;23.67% |
| &nbsp;&nbsp;Worst Quarter: | &nbsp;&nbsp;2nd Quarter 2022 | &nbsp;&nbsp;(18.79)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since<br> Inception<br> (10/30/17)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;17.14% | &nbsp;&nbsp;8.75% | &nbsp;&nbsp;11.00% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;16.83% | &nbsp;&nbsp;7.57% | &nbsp;&nbsp;10.08% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;10.33% | &nbsp;&nbsp;6.60% | &nbsp;&nbsp;8.73% |
| &nbsp;&nbsp;Inspire 100 Index | &nbsp;&nbsp;17.60% | &nbsp;&nbsp;9.25% | &nbsp;&nbsp;11.77% |
| &nbsp;&nbsp;S&P 500 Index\* | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;14.42% | &nbsp;&nbsp;14.61% |

---

\* The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in October 2017. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY - Inspire International ETF**

**Investment Objective:**

The Inspire International ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire International Index ("International Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.45% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.16% |
| Total Annual Fund Operating Expenses | 0.61% |

---

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$62 | &nbsp;&nbsp;$195 | &nbsp;&nbsp;$340 | &nbsp;&nbsp;$762 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in the component securities of the International Index. Inspire Investing, LLC (the "Adviser" or "Index Provider"), the Fund's index provider (and also the Fund's investment adviser) selects foreign (including emerging markets) equity securities from a global universe of publicly traded equity securities of large capitalization foreign and emerging market companies which have an Inspire Impact Score™ of zero or higher. The Adviser defines large capitalization companies to be those that are the largest 10% of the international equity market. The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on its customers, communities, workplace and the world.

Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Index Provider relies exclusively on software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The 200 securities with the highest Inspire Impact Scores™ are included in the International Index and are equally weighted. The International Index will typically be comprised of 80% in developed foreign securities, and 20% in emerging market securities. The Inspire Impact Scores™ of the securities in the International Index are reviewed periodically (at least annually), and the International Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security is negative, the security is removed from the International Index and replaced with a positive scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the International Index.

The equity securities included in the International Index are typically foreign securities of large capitalization companies. The Fund may or may not hold all of the securities in the International Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the International Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the International Index to track the International Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the International Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the International Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the International Index which uses the Inspire Impact Score(R) and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the International Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the International Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Emerging Markets Risk:*** Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable -* Shares are not individually redeemable to retail investors and may be redeemed only by Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues -* Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk -* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Foreign Securities Risk:*** Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. The lack of readily available publicly available information may lead to inaccurate Inspire Impact Scores. Not all countries and jurisdictions monitor or regulate all ESG factors so that there may be no relevant information available for certain factors. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

***Large Capitalization Company Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

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

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the International Index or the selling of shares of that security is otherwise required upon a rebalancing of the International Index as addressed in the International Index methodology.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the International Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the International Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Financials Sector Risk.* The Fund may, from time to time, invest a certain amount of its assets in the financials sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the International Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the International Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the International Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the International Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and supplemental indices. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in006_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;4th Quarter 2020 | &nbsp;&nbsp;23.53% |
| &nbsp;&nbsp;Worst Quarter: | &nbsp;&nbsp;1st Quarter 2020 | &nbsp;&nbsp;(27.55)% |

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**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since<br> Inception<br> (09/30/19)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;29.05% | &nbsp;&nbsp;8.57% | &nbsp;&nbsp;10.83% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;28.34% | &nbsp;&nbsp;7.32% | &nbsp;&nbsp;9.76% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;17.85% | &nbsp;&nbsp;6.53% | &nbsp;&nbsp;8.52% |
| &nbsp;&nbsp;Inspire Global Hope Ex-US GTR Index\* | &nbsp;&nbsp;30.71% | &nbsp;&nbsp;9.21% | &nbsp;&nbsp;10.72% |
| &nbsp;&nbsp;Inspire International NTR Index | &nbsp;&nbsp;29.78% | &nbsp;&nbsp;7.53% | &nbsp;&nbsp;10.05% |
| &nbsp;&nbsp;S&P International 700 Total Return Index\*\* | &nbsp;&nbsp;35.45% | &nbsp;&nbsp;9.90% | &nbsp;&nbsp;11.16% |

---

\* The Inspire International Index GTR (the "Index") is an Index of Inspire Investing, LLC and is calculated and distributed by Solactive AG. The Index intends to track the price movements of a portfolio of 200 of the most inspiring, biblically aligned large cap companies outside of the United States, as determined by Inspire's revolutionary Inspire Impact Score methodology which measures a company's positive impact on the world. Under normal circumstances the index will be comprised of 80% international developed large cap companies and 20% emerging markets large cap companies. The index is equally weighted, rebalanced quarterly, annually reconstituted, and calculated on a gross total return basis in USD. The Index is a Gross Total Return index. The Index is published in USD. Investors cannot invest directly in an index.

\*\* The S&P International 700 Total Return Index measures the non-U.S. component of the global equity market through an index that is designed to be highly liquid and efficient to replicate. The index covers all regions included in the S&P Global 1200 except for the U.S., which is represented by the S&P 500. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in October 2019. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY - Inspire Capital Appreciation ETF** (formerly, "Inspire Tactical Balanced ETF")

**Investment Objective:**

The Inspire Capital Appreciation ETF (the "Fund") seeks to provide capital appreciation with lower volatility than the US large cap stock market over the long-term.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.50% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.21% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.72% |

---

(1) Acquired
 Fund Fees and Expenses, are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's
 financial highlights because the financial statements include only the direct operating expenses
 incurred by the Fund.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$74 | &nbsp;&nbsp;$230 | &nbsp;&nbsp;$401 | &nbsp;&nbsp;$894 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 288% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund, an actively managed exchange-traded fund ("ETF"), uses a proprietary methodology of technical analysis, using publicly available data, to tactically allocate assets into U.S. large cap stocks when the strategy identifies an uptrend in the U.S. large cap stock market, and shifts into U.S. Treasury bonds via third-party ETFs, investment grade and high-yield corporate bonds, government agency bonds, and listed gold exchange-traded products and exchange-traded notes such as SPDR Gold Shares (GLD) when the strategy identifies a downtrend in the U.S. large cap stock market. The Fund's investment adviser, Inspire Investing LLC (the "Adviser"), defines large capitalization companies to be those that are the largest 10% of the U.S. equity market. The Fund invests at least 80% of the Fund's net assets plus any borrowings for investment purposes in stocks or fixed income securities that meet the Fund's criteria described below.

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its ETFs.

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

**●** **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual companies for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Adviser relies exclusively on software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores<sup>™</sup> to a company. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score. The Adviser invests Fund assets only in securities with an Inspire Impact Score<sup>™</sup> of zero or higher and the Adviser will cause a portfolio security to be sold when the Adviser deems appropriate if a portfolio security's Impact Score<sup>™</sup> falls below a specified level.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Active Management Risk:*** The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests its assets in securities with an Inspire Impact Score™ of zero or higher. As a result of its strategy, the Fund's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not individually redeemable to retail investors and may be redeemed only by Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Exchange-Traded Fund Risk:*** The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. This may result in a loss. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.

***Fixed Income Risk:*** When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

***Gold Risk:*** The Fund has exposure to gold and precious metals. Investments in gold and precious metals may be speculative and subject to greater price volatility than investments in other types of assets. The price of metals is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund's share price may be more volatile than other types of investments.

***Issuer Risk:*** The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

***Large Capitalization Companies Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

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

***Portfolio Turnover Risk:*** The Fund buys and sells investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Consumer Discretionary Sector Risk.* The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* Information technology companies face intense competition and potentially rapid product obsolescence.

***U.S. Government Securities Risk:*** Although U.S. government securities are considered among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in007_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;4th Quarter 2023 | &nbsp;&nbsp;9.71% |
| &nbsp;&nbsp;Worst Quarter: | &nbsp;&nbsp;1st Quarter 2022 | &nbsp;&nbsp;(10.73)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Since<br> Inception<br> (7/15/20)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;10.69% | &nbsp;&nbsp;5.74% | &nbsp;&nbsp;6.63% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;10.41% | &nbsp;&nbsp;4.56% | &nbsp;&nbsp;5.19% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;6.49% | &nbsp;&nbsp;3.99% | &nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;S&P Target Risk Moderate Index<sup>\*</sup> | &nbsp;&nbsp;13.38% | &nbsp;&nbsp;4.76% | &nbsp;&nbsp;5.81% |

---

\* The S&P Target Risk Moderate Index is designed to measure the performance of moderate stock-bond allocations to fixed income while seeking to increase opportunities for higher returns through equities. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, Robert Netzly, Chief Executive Officer of the Adviser, Keith Chandler, Portfolio Manager of the Adviser, and Jacob Chandler, Portfolio Manager of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in 2020. Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at inspireetf.com.

Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY – Inspire Growth ETF** (formerly, "Inspire Momentum ETF")

**Investment Objective:**

The Inspire Growth ETF (the "Fund") seeks to outperform the results (before fees and expenses) of the broader U.S. stock market when momentum is in favor.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.65% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.22% |
| Total Annual Fund Operating Expenses | 0.87% |
| Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.07)% |
| Total Annual Fund Operating Expenses<br> After Fee Waiver and/or Expense Reimbursement | 0.80% |

---

(1) The
 Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of
 the Fund, until at least March 31, 2027 , to ensure that total annual fund operating expenses
 after fee waiver and/or reimbursement, exclusive of (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 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, and contractual indemnification of Fund service providers (other than the adviser))
 will not exceed 0.80% of the Fund's average daily net assets. This fee waiver and expense
 reimbursement is subject to possible recoupment from the Fund if such recoupment does not
 cause the Fund's expense ratio (after the repayment is taken into account) to exceed
 both: (i) the Fund's expense cap in place at the time such expenses were waived, and
 (ii) the Fund's current expense cap at the time of recoupment. This agreement may be
 terminated by the Board of Trustees only on 60 days' written notice to the Fund's
 adviser.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$82 | &nbsp;&nbsp;$271 | &nbsp;&nbsp;$475 | &nbsp;&nbsp;$1066 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund, an actively managed exchange-traded fund ("ETF"), invests at least 80% of its net assets plus any borrowings for investment purposes in midcap stocks. The Adviser defines midcap companies to be those that are the second largest 10% of the U.S. equity market.

The Fund's investment adviser, Inspire Investing, LLC (the "Adviser") uses the proprietary Inspire Impact Score™ method of faith-based analysis to provide the acceptable investment universe available for the Fund. The Adviser uses a system of technical analysis provided by a third-party research firm not affiliated with the Adviser to select Fund investments from this investment universe and to manage the assets of the Fund. It seeks to invest Fund assets in stocks demonstrating momentum that the Adviser further deems to have high growth potential based on the company's financial health, earnings trends, valuation, risk and relative strength. In adopting a momentum style of investing, the Fund seeks to invest in securities that have had better recent performance compared to their peers and upward price movements. Based on these factors, the Fund at any given time may have significant percentage of its assets invested in one or more sectors than other sectors.

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its ETFs.

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provides abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual companies for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing. Category data provided by FactSet.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources. Category data provided by FactSet.

The Adviser relies exclusively on software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™® to a company. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score. The Adviser invests Fund assets only in securities with an Inspire Impact Score™ of zero or higher and the Adviser will cause a portfolio security to be sold when the Adviser deems appropriate if a portfolio security's Impact Score™ falls below a specified level.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.*

 

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Active Management Risk:*** The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests its assets in securities with an Inspire Impact Score™ of zero or higher. As a result of its strategy, the Fund's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not individually redeemable to retail investors and may be redeemed only by Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Market and Geopolitical Risk:*** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events 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.

***Momentum Investing Risk:*** The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* Information technology companies face intense competition and potentially rapid product obsolescence.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's one-year, five-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and a supplemental index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in008_v1.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;14.16% |
| &nbsp;&nbsp;Worst Quarter: &nbsp;&nbsp;1<sup>st</sup> Quarter 2022 | &nbsp;&nbsp;(16.27)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;**Since<br> Inception<br> (12/7/2020)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;16.07% | &nbsp;&nbsp;7.81% | &nbsp;&nbsp;8.82% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;15.96% | &nbsp;&nbsp;7.34% | &nbsp;&nbsp;8.35% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;9.57% | &nbsp;&nbsp;5.97% | &nbsp;&nbsp;6.79% |
| &nbsp;&nbsp;S&P MidCap 400 Index\* | &nbsp;&nbsp;7.50% | &nbsp;&nbsp;9.12% | &nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;S&P Composite 1500 Total Return Index\*\* | &nbsp;&nbsp;17.02% | &nbsp;&nbsp;13.96% | &nbsp;&nbsp;14.20% |

---

\* The S&P MidCap 400 Index® provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

\*\* The S&P Composite 1500 Total Return Index combines three leading indices, the S&P 500, the S&P MidCap 400 and the S&P SmallCap 600, to cover approximately 90% of U.S. market capitalization. The index is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser and Robert Netzly, Chief Executive Officer of the Adviser, have each served the Fund as a portfolio manager since December 2020; Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, has served the Fund as a portfolio manager since March 2022.

**Purchase and Sale of Shares:** Shares of the Fund may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares on the secondary market (the "bid-ask spread"). Information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at <u>www.inspireetf.com</u>.

Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY - Inspire Fidelis Multi Factor ETF**

**Investment Objective:**

The Inspire Fidelis Multi Factor ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index (the "Index").

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commission and other fees to financial intermediaries, which are not reflected in the table and example below.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.45% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.21% |
| Total Annual Fund Operating Expenses | 0.66% |

---

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$67 | &nbsp;&nbsp;$211 | &nbsp;&nbsp;$368 | &nbsp;&nbsp;$822 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 233% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund generally invests at least 80% of its total assets in securities that meet the following criteria (the "Multi Factor" criteria) that are the components of the Index in an attempt to track the Index.

The universe of eligible index components consists of common stocks that meet the following "Multi-Factor" criteria:

● have an Inspire Impact Score that is positive (i.e., greater than or equal to zero).

● are listed on a major US stock exchange, including American Depositary Receipts ("ADRs");

● have market capitalization of $250 million or greater;

● are in the top 60% of stocks for combined value, growth and momentum factors (as described below);

● are not in the bottom 20% of stocks for value, growth or momentum factors individually;

● are not limited partnerships;

● are not companies based in China; and

● are not a manufacturer of military weapons or a medical facility providing access to abortion services.

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on its customers, communities, workforce and the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values and seeks to assign positive scores to companies which the Fund's adviser, Inspire Investing, LLC (the "Adviser"), has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities, and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce completed weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual companies for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Adviser licenses the Index from Wallick Investments, LLC (the "FDLS Index Provider."). After selecting the Index universe, the FDLS Index Provider uses a proprietary ranking system to provide each common stock with an overall Fidelis Multi-Factor Score. The FDLS Index Provider's Fidelis Multi-Factor Score ranks securities based on their exposure to traditional factors: quality, value and momentum. Quality also includes a Christian values component and the value factor includes a dividend and low volatility component. Quality refers to a company's profitability, financial health and potential for economic growth. Value refers to a company's dividend yield, price to sale ratio, price to earnings ratio, price to book value, price to cash flow ratio and volatility in relation to the market. Momentum refers to whether a company is showing an upward price trend.

The Index is composed of 100 constituents. The FDLS Index Provider selects the 40 companies with the highest Fidelis Multi-Factor Score for the Index. The FDLS Index Provider then chooses the remaining 60 constituents of the Index by adding the companies from each sector with the highest Fidelis Multi-Factor Score in accordance with the Index's target sector weightings. The Index is weighted to permit significant exposure, up to 27%, in the information technology sector. If necessary, due to restrictions that may eliminate a company in the top 40, the FDLS Index Provider will select the next highest scoring stocks until a total of 40 have been selected. Next, the FDLS Index Provider selects the highest-ranking stocks within each sector to complete the needed weightings. The process is repeated for each sector. The FDLS Index Provider then assigns each of the final 100 Index constituents an equal weight of 1%. If the resulting Index has weightings to international stocks greater than 35%, the FDLS Index Provider makes an adjustment to keep the weighting at or below 35%. When a common stock within the Index is no longer available due to a corporate action or its Inspire Impact Score drops below zero, the stock will be replaced.

The Index is reconstituted and rebalanced on a quarterly basis. Deletions from the Index may be made at any time due to changes in business, mergers, acquisitions, bankruptcies, suspensions, de-listings and spin-offs. The Index is unmanaged and cannot be invested in directly. Weightings will be changed between rebalances based on market movements.

The Fund employs a "passive management" investment strategy in seeking to achieve its investment objective. The Adviser generally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to the weightings in the Index. However, the Fund may or may not hold all of the securities in the Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the Index to track the Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund will not concentrate in any particular industry.

The FDLS Index Provider is not affiliated with the Fund or the Adviser. The FDLS Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Solactive AG, which is not affiliated with the Fund or the Adviser.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests its assets in securities with an Inspire Impact Score™ of zero or higher. As a result of its strategy, the Fund's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™. The Fund uses data provided by third parties in assessing an Inspire Impact Score™. The amount and accuracy of publicly available data varies from company to company.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Depositary Receipt Risk:*** Depositary Receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as, currency risk, political and economic risk, and market risk, because their values depend on the performance of a foreign security denominated in its home currency.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not individually redeemable to retail investors and may be redeemed only by Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Foreign Securities Risk:*** Since the Fund's investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. In addition, foreign accounting, auditing, and financial reporting standards generally differ from those applicable to U.S. companies.

***Large Capitalization Company Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

***Market and Geopolitical Risk:*** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, tariffs and trade wars, regulatory events 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.

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology.

***Portfolio Turnover Risk:*** The Fund buys and sells investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Financials Sector Risk.* The Fund may, from time to time, invest a certain amount of its assets in the financials sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* Information technology companies face intense competition and potentially rapid product obsolescence.

***Small and Medium Capitalization Risk:*** The earnings and prospects of small and medium capitalization sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium capitalization companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Index. Tracking error may occur because of an imperfect correlation between the Fund's holdings of portfolio securities and those in the Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund's performance from year to year and by showing the Fund's one-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and supplemental indices. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com.</u>

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in009_v1.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;13.11% |
| &nbsp;&nbsp;Worst Quarter: &nbsp;&nbsp;1<sup>st</sup> Quarter 2025 | &nbsp;&nbsp;(4.32)% |

---

**Performance Table Average Annual Total Returns (For periods ended December 31, 2025)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Since<br> Inception<br> (8/23/2022)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;22.37% | &nbsp;&nbsp;14.26% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;22.10% | &nbsp;&nbsp;13.47% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;13.41% | &nbsp;&nbsp;11.07% |
| &nbsp;&nbsp;WI Fidelis Multi-Cap, Multi-Factor Index | &nbsp;&nbsp;23.28% | &nbsp;&nbsp;15.54% |
| &nbsp;&nbsp;S&P Global 1200 Index\* | &nbsp;&nbsp;23.03% | &nbsp;&nbsp;18.03% |
| &nbsp;&nbsp;MSCI ACWI Index\*\* | &nbsp;&nbsp;22.34% | &nbsp;&nbsp;16.85% |

---

\* The S&P Global 1200 Index captures approximately 70% of the world cap, covering seven distinct regions and 30 countries. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

**\*\*** The MSCI ACWI Index is an index representing the equity returns in 23 developed and 24 emerging markets. Investor may not invest in the index directly and the index does not take into account charges, fees and other expenses. Given the Fund's principal investment strategies, the MSCI ACWI Index is a more appropriate benchmark index for the Fund. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, Robert Netzly, Chief Executive Officer of the Adviser, and Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in August 2022.

**Purchase and Sale of Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the second market (the "bid-ask spread"). Information on the Fund's NAV, market price, premiums and discounts and bid-asks spreads is available online at <u>www.inspireetf.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**FUND SUMMARY - Inspire 500 ETF**

**Investment Objective:**

The Inspire 500 ETF (the "Fund") seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 500 Index.

**Fees and Expenses of the Fund:**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.09% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Total Annual Fund Operating Expenses <br> After Fee Waiver and/or Expense Reimbursement | 0.09% |

---

(1) The
 Fund's adviser, Inspire Investing, LLC (the "Adviser"), has agreed to pay
 all expenses incurred by the Fund except for the advisory fee, interest, taxes, brokerage
 commissions and other expenses incurred in placing or settlement of orders for the purchase
 and sale of securities and other investment instruments, acquired fund fees and expenses,
 accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses
 paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment
 Company Act of 1940, as amended.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$9 | &nbsp;&nbsp;$29 | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$115 |

---

***Portfolio Turnover:***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

**Principal Investment Strategies:** 

The Fund generally invests at least 80% of its total assets in the component securities of the Inspire 500 Index. Inspire Investing, LLC (the "Adviser"), the Fund's index provider (and also the Fund's investment adviser) selects domestic large capitalization equity securities using the Adviser's Inspire Impact Score™, a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that company has on its customers, communities, workplace and the world. The Adviser defines large capitalization companies to be those that are the largest 10% of the U.S. equity market.

Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to and exclude companies from the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its exchange-traded funds ("ETFs").

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC**): Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit Content:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (rather than hormonal or chemical means).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories), are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions *(does not include GHG emissions).* 

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including, but not limited, to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes and compliance with evolving regulation (*does not include cybersecurity risks)*.

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices**: Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices**: Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition**: Companies that conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies that responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics**: Companies that responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies that responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact**: Companies that demonstrate conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies that responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies that responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability**: Companies that conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence**: Companies that responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies that responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste & Hazmat Management:** Companies that responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies that conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

The Adviser uses software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The 500 largest US securities without a negative Inspire Impact Score™ are included in the Inspire 500 Index and are market capitalization weighted so that components with higher market values have a higher weighting in the Inspire 500 Index. The Inspire Impact Scores™ of the securities in the Inspire 500 Index are reviewed at least annually for activities that would cause it to be removed from the investment universe due to participation in the activities described above that do not align with biblical values, and the Inspire 500 Index is rebalanced annually. If, upon review, the Inspire Impact Score™ of a security falls below the threshold level for inclusion in the Inspire 500 Index, the security is removed from the Inspire 500 Index and replaced with a higher scoring security. A security with a score of zero—indicating that the issuer has no violations to merit a negative score, but there is insufficient data to assess a positive score—may be included in the Inspire 500 Index if it meets all other criteria set forth in the Inspire 500 Index's proprietary methodology.

The Fund may or may not hold all of the securities in the Inspire 500 Index because, in certain circumstances, it may not be possible or practicable to purchase all of the securities in the Inspire 500 Index in their proportionate weightings. In that case, the Adviser may purchase a sample of the securities in the Inspire 500 Index to track the Inspire 500 Index. This is known as "representative sampling." "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Inspire 500 Index concentrates in an industry or group of industries.

**Principal Investment Risks:**

*As with all funds, there is a risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and price of shares and performance.*

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

***Asset Class Risk:*** Securities in the Inspire 500 Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk****:* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares ("Shares") may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest insecurities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests at least 80% of its assets in the component securities of the Inspire 500 Index which uses the Inspire Impact Score™ and related biblical values screening criteria in selecting its component securities. As a result of its strategy, the Inspire 500 Index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** The Fund may focus its investments in securities of a particular industry to the extent the Inspire 500 Index does. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular industry.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the net asset value ("NAV") of the Fund to fluctuate.

● *Common Stock Risk **.*** Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk.* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility.

● *Market Price Variance Risk.* The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security.

○ The market price of Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less the Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

***Limited History of Operations Risk:*** The Fund has a limited history of operations for investors to evaluate.

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

***Passive Investment Risk:*** The Fund is not actively managed and the Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the 500 Index or the selling of shares of that security is otherwise required upon a rebalancing of the 500 Index as addressed in the 500 Index methodology.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Inspire 500 Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the 500 Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Industrials Sector Risk.* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk.* Information technology companies face intense competition and potentially rapid product obsolescence.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Inspire 500 Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the Inspire 500 Index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the Inspire 500 Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Inspire 500 Index does not.

**Performance:**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund's performance from year to year and by showing the Fund's one-year and since inception performance compared with those of a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index and a supplemental index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.inspireetf.com</u>.

**Performance Bar Chart For Calendar Year Ended December 31**

![(BAR CHAT)](in010_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Best Quarter: | &nbsp;&nbsp;2nd Quarter 2020 | &nbsp;&nbsp;23.67% |
| &nbsp;&nbsp;Worst Quarter: | &nbsp;&nbsp;2nd Quarter 2022 | &nbsp;&nbsp;(18.79)% |

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**Performance Table Average Annual Total Returns**

**(For periods ended December 31, 2025)**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Since<br> Inception<br> (3/5/2024)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;17.57% | &nbsp;&nbsp;14.22% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;17.17% | &nbsp;&nbsp;13.86% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | &nbsp;&nbsp;10.61% | &nbsp;&nbsp;10.91% |
| &nbsp;&nbsp;Inspire 500 Index | &nbsp;&nbsp;17.69% | &nbsp;&nbsp;14.34% |
| &nbsp;&nbsp;S&P 500 Index<sup>\*</sup> | &nbsp;&nbsp;17.88% | &nbsp;&nbsp;18.10% |

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\* The S&P 500 Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index. Unlike the Fund's returns, the index does not reflect any fees or expenses.

**Investment Adviser:** Inspire Investing, LLC.

**Portfolio Managers:** Darrell Jayroe, CFA®, Senior Portfolio Manager of the Adviser, and Tim Schwarzenberger, CFA®, Portfolio Manager of the Adviser, have each served the Fund as a portfolio manager since it commenced operations in 2024.

**Purchase and Sale of Fund Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the second market (the "bid-ask spread"). Because the Fund has only recently commenced investment operations, no information on the Fund's NAV, market price, premiums and discounts and bid-asks spreads is presented at this time. In the future, this information will be presented in this section of the Prospectus and on the Fund's website at <u>www.inspireetf.com</u>.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for marketing activities or other services related to the safe or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS**

**INVESTMENT OBJECTIVE:**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investment Objective** |
| &nbsp;&nbsp;Inspire Global Hope ETF <br> *("Inspire Global Hope")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Global Hope Index. |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF <br> *("Inspire Small/Mid Cap")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Small/Mid Cap Index. |
| &nbsp;&nbsp;Inspire Corporate Bond ETF <br> *("Inspire Corporate Bond")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire Corporate Bond Index. |
| &nbsp;&nbsp;Inspire 100 ETF <br> *("Inspire 100")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 100 Index |
| &nbsp;&nbsp;Inspire International ETF <br> *("Inspire International")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire International Index. |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF <br> *("Inspire Capital Appreciation")* | &nbsp;&nbsp;seeks to provide capital appreciation with lower volatility than the U.S. large cap stock market over the long-term. |
| &nbsp;&nbsp;Inspire Growth ETF *<br> ("Inspire Growth")* | &nbsp;&nbsp;seeks to outperform the results (before fees and expenses) of the broader U.S. stock market when momentum is in favor. |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF <br> *("Inspire Fidelis")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index. |
| &nbsp;&nbsp;Inspire 500 ETF<br> (*"Inspire 500")* | &nbsp;&nbsp;seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Inspire 500 Index |

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Each Fund's investment objective may be changed by the Board of Trustees upon 60 days' written notice to shareholders. Each Fund has adopted a policy to invest at least 80% of its assets in a particular type of security. Each Fund may change its 80% policy upon 60 days' written notice to its shareholders.

**PRINCIPAL INVESTMENT STRATEGIES:**

Inspire Global Hope

The Fund generally invests at least 80% of its total assets in the component securities of the Global Hope Index. The Global Hope Index Provider selects foreign (including emerging markets) and domestic equity securities from a global universe of publicly traded equity securities of large capitalization companies which have an Inspire Impact Score™ of zero or higher. The Index Provider defines large capitalization companies to be those that are the largest 10% of the U.S. equity market. The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on its customers, communities, workplace and the world.

The 400 securities with the highest Inspire Impact Scores are included in the Global Hope Index and are equally weighted. The Global Hope Index will typically be comprised of 50% domestic securities, 40% in developed foreign securities, and 10% in emerging annually), and the Global Hope Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security falls below an acceptable level, the security is removed from the Global Hope Index and replaced with a higher scoring security.

The equity securities included in the Global Hope Index are typically foreign and domestic equity securities of large capitalization companies. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of companies in at least 3 countries outside the U.S.

The Adviser may use a representative sampling indexing strategy in an attempt to track the Global Hope Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may or may not hold all of the securities in the Global Hope Index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Global Hope Index concentrates in an industry or group of industries.

Inspire Small/Mid Cap

The Fund generally invests at least 80% of its total assets in the component securities of the Small/Mid Cap Index. The Index Provider selects securities from a universe of publicly traded, domestic small and mid capitalization companies which have an Inspire Impact Score of zero or higher. The Adviser defines mid capitalization companies to be those that are the second largest 10% of the U.S. equity market and small capitalization companies to be those that are the next largest 10% of the U.S. equity market. The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on its customers, communities, workplace and the world. Under normal circumstances, 50% of the index will be comprised of equities of small capitalization companies, and 50% of the index will be comprised of equities of mid capitalization companies.

The 500 securities with the highest Inspire Impact Scores™ are included in the Small/Mid Cap Index and are equally weighted. The Inspire Impact Scores™ of the securities in the Small/Mid Cap Index are reviewed periodically (at least annually), and the Small/Mid Cap Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security falls below an acceptable level, the security is removed from the Small/Mid Cap Index and replaced with a higher scoring security.

The Adviser may use a representative sampling indexing strategy in an attempt to track the Small/Mid Cap Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may or may not hold all of the securities in the Small/Mid Cap Index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Small/Mid Cap Index concentrates in an industry or group of industries.

Inspire Corporate Bond

The Fund generally invests at least 80% of its total assets in the component securities of the Corporate Bond Index. The Index Provider selects domestic corporate bonds issued by companies that are considered large capitalization companies, are rated investment grade quality from a bond ratings agency widely recognized in the financial services industry and which have an Inspire Impact Score of zero or higher. The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that company has on its customers, communities, workplace and the world.

Two hundred fifty (250) bonds from the top 200 issuers with the highest Inspire Impact Scores™ are included in the Corporate Bond Index and are equally weighted. The Inspire Impact Scores of the securities in the Corporate Bond Index are reviewed periodically (at least annually), and the Corporate Bond Index is rebalanced quarterly. If, upon review, the Inspire Impact Score of a security falls below an acceptable level, the security is removed from the Corporate Bond Index and replaced with a higher scoring security.

The Adviser defines large capitalization companies to be those that are the largest 10% of the U.S. bond market.

The Adviser may use a representative sampling indexing strategy in an attempt to track the Corporate Bond Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may or may not hold all of the securities in the Corporate Bond Index.

The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Corporate Bond Index concentrates in an industry or group of industries.

Inspire 100

The Fund generally invests at least 80% of its total assets in the component securities of the 100 Index. The Index Provider selects domestic large capitalization equity securities (capitalizations of $20 billion or more) using the Index Provider's Inspire Impact Score™, a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that company has on its customers, communities, workplace and the world.

The 100 securities with the highest Inspire Impact Scores are included in the 100 Index and are market capitalization weighted. The Inspire Impact Scores of the securities in the 100 Index are reviewed semi-annually for activities that would cause it to be removed from the investment universe due to participation in the activities described above that do not align with biblical values, and the 100 Index is rebalanced annually. If, upon review, the Inspire Impact Score™ of a security falls below the threshold level for inclusion in the 100 Index, the security is removed from the 100 Index and replaced with a higher scoring security.

The Adviser may use a representative sampling indexing strategy in an attempt to track the 100 Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may or may not hold all of the securities in the 100 Index.

The Index Provider defines large capitalization companies to be those that are the largest 10% of the U.S. equity market. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the 100 Index concentrates in an industry or group of industries.

Inspire International

The Fund generally invests at least 80% of its total assets in the component securities of the International Index, a rules-based index. The Index Provider selects foreign (including emerging markets) and domestic large capitalization equity securities from all publicly traded international and emerging market large cap companies using the Index Provider's Inspire Impact Score™, a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that the company has on its customers, communities, workplace and the world. The Fund holds a representative sample of the securities that make up the International Index.

The Adviser uses software that analyzes publicly available data relating to the primary business activities, products and services, philanthropy, legal activities, policies and practices when assigning Inspire Impact Scores™ to a company. The screening process looks through a company to its parents, subsidiaries, and affiliates in determining whether a company has any degree of participation in these activities. The 200 securities with the highest Inspire Impact Scores™ are included in the International Index and are equally weighted. The International Index will typically be comprised of 80% in developed foreign securities and 20% in emerging market securities. The Inspire Impact Scores™ of the securities in the International Index are reviewed periodically (at least annually), and the International Index is rebalanced quarterly. If, upon review, the Inspire Impact Score™ of a security is negative, the security is removed from the International Index and replaced with a positive scoring security.

The Adviser may use a representative sampling indexing strategy in an attempt to track the International Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of an underlying index. The Fund may or may not hold all of the securities in the International Index.

The equity securities included in the International Index are foreign equity securities of companies of large capitalization. The Index Provider defines large capitalization companies to be those that are the largest 10% of the U.S. equity market. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the International Index concentrates in an industry or group of industries.

Inspire Capital Appreciation

The Fund seeks to provide capital appreciation with lower volatility than the US large cap stock market over the long-term. The Fund, an actively managed ETF, uses a proprietary system of technical analysis to tactically allocate assets into US large cap stocks when the strategy identifies an uptrend in the US large cap stock market, and shifts into U.S. Treasury bonds via third-party ETFs, investment grade and high-yield corporate bonds, government agency bonds, and listed gold exchange-traded products and exchange-traded notes such as SPDR Gold Shares (GLD) when the strategy identifies a downtrend in the US large cap stock market. The Fund invests at least 80% of the Fund's net assets plus any borrowings for investment purposes in stocks or fixed income securities using the Index Provider's Inspire Impact Score™, a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that the company has on its customers, communities, workplace and the world.

Inspire Growth

The Fund, an actively managed exchange traded fund, invests at least 80% of its net assets plus any borrowings for investment purposes in midcap stocks. Midcap stocks are defined as stocks of mid capitalization companies. The Adviser defines mid capitalization companies to be those that are the second largest 10% of the U.S. equity market.

The Adviser uses a system of technical analysis to manage the assets of the Fund. It seeks to invest Fund assets in momentum stocks that the Adviser deems to have high growth potential based on the company's financial health, earnings trends, valuation, risk and relative strength. In adopting a momentum style of investing, the Fund seeks to invest in securities that have had better recent performance compared to their peers and upward price movements.

The Fund invests principally in equity securities including common and preferred stock. To narrow the applicable investment universe

for the Adviser to implement its investment strategy, the Adviser assigns each potential portfolio security an Inspire Impact Score™, a proprietary selection methodology that scores the security's alignment with biblical values and the positive impact that company has on the world through various criteria.

Inspire Fidelis

The Fund seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the WI Fidelis Multi-Cap, Multi-Factor Index. The Fund generally invests at least 80% of its net assets plus borrowings for investment purposes in the components of the Index.

The Index is reconstituted and rebalanced on a quarterly basis. Deletions from the Index may be made at any time due to changes in business, mergers, acquisitions, bankruptcies, suspensions, de-listings and spin-offs. The Index is unmanaged and cannot be invested in directly. Weightings will be changed between rebalances based on market movements.

The Fund employs a "passive management" investment strategy in seeking to achieve its investment objective. The Adviser generally uses a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to the weightings in the Index. However, the Adviser may utilize a representative sampling methodology under various circumstances, including when it may not be possible or practicable to purchase all of the securities in the Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable index. The Fund will not concentrate in any particular industry.

The FDLS Index Provider is not affiliated with the Fund or the Adviser. The FDLS Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Solactive AG, which is not affiliated with the Fund or the Adviser.

Inspire 500

The Fund generally invests at least 80% of its total assets in the component securities of the Inspire 500 Index. The Adviser, the Fund's index provider (and also the Fund's investment adviser) selects domestic large capitalization equity securities using the Adviser's Inspire Impact Score™, a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact that company has on its customers, communities, workplace and the world. The Adviser defines large capitalization companies to be those that are the largest 10% of the U.S. equity market.

Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to and exclude companies from the investment universe if they are found in violation of specified categories that do not align with biblical values, and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its ETFs.

All Funds

The Inspire Impact Score™ is a proprietary selection methodology that is designed to assign a score to a particular security based on the security's alignment with biblical values and the positive impact the issuing company has on the world. Utilizing specifically identified, publicly available and/or third-party sources, the Inspire Impact Score™ methodology endeavors to assign negative scores to, and exclude companies from, the investment universe if they are found in violation of specified categories that do not align with biblical values and seeks to assign positive scores to companies which the Adviser has not found to be in violation of the specified exclusionary categories. The selection methodology used in calculating the Inspire Impact Score™ is separate from the fundamental and technical company research that Inspire performs for inclusion in its ETFs.

It is not possible for the Adviser to be aware of every action a company takes, and there may be additional positive or problematic activities which a company engages in that are beyond what is included in the Inspire Impact Score™ calculation. The Inspire Impact Score™ is not meant to include all activities, whether public or private, of each company scored, but rather to assign a score to companies based on the data the Adviser has found from the specified publicly available sources and/or third-party data providers. The Inspire Impact Score™ represents the Adviser's viewpoint on the biblical alignment of scored investments, and other investors may have different opinions about what should or should not be considered a violation. The Adviser seeks to update Inspire Impact Scores™ in a timely fashion at regular intervals, but due to differences in research schedules, corporate engagement efforts and data publication timing, a company's Inspire Impact Score™ may not immediately reflect all known data as soon as it is researched.

The specific exclusionary categories deemed to not be in alignment with biblical values for which the Inspire Impact Score™ seeks to assign negative scores (to companies to be excluded from the investment universe) are as follows:

● **Abortifacients:** Companies that manufacture or distribute (1) abortifacient drugs (pharmaceuticals designed or used to

terminate a pregnancy at any stage, from conception onward), (2) medications whose primary active ingredient (e.g., mifepristone & misoprostol) is capable of causing an abortion regardless of stated use, and/or (3) contraceptive drugs, including "emergency contraceptive" drugs (e.g., Plan B, levonorgestrel, ella, or certain hormonal IUDs), that can prevent implantation of a fertilized egg, thereby acting as an abortifacient.

● **Abortion Activism:** Companies that promote abortion access through legislative support, corporate philanthropic activity, and/or employee travel benefits. Screening includes companies that have signed "Don't Ban Equality" and/or "Don't Ban Equality in Texas" Statement(s) from Planned Parenthood, a widely known abortion access advocate, to pledge support for legalizing abortion access and to oppose legislative bans on abortion access, companies that engage in corporate-guided philanthropy to Center for American Progress, Women and Their Bodies, and/or Pathfinder, which advocate for abortion access (seeks to exclude donations from employee matching programs, employee resource groups, donor-advised funds, and foundations), and companies that offer employee travel benefits which allow employee access to abortion services at any stage of pregnancy, according to Rhia Ventures and the 1792 Exchange. The Adviser is not able to screen for companies that donate to Planned Parenthood because its corporate donor list is no longer publicly available.

● **Abortion Services:** Companies that own and operate one or more medical facilities that provide abortion procedures at any stage of pregnancy.

● **Alcohol:** Companies that produce at least one alcoholic beverage or exclusively distribute alcoholic beverages.

● **Cannabis Cultivation/Processing:** Companies that cultivate or process cannabis for retail or wholesale distribution.

● **Cannabis (Retail THC):** Companies that produce or distribute retail cannabis products containing THC (which is the psychoactive component of cannabis).

● **Embryonic Stem Cells:** Companies that perform research on or produce products using embryonic stem cells, companies that provide embryonic stem cells to other entities and companies that utilize propagated stem cell lines which originally derived from embryonic stem cells.

● **Exploitation:** Companies that contribute towards the unlawful and immoral practices of exploiting individuals for labor or sexual purposes, according to the National Center on Sexual Exploitation (NCOSE).

● **Gambling:** Companies that generate revenue from gambling facilities, products, and/or services (not including third-party stores which offer Lottery services).

● **In Vitro Fertilization:** Companies that offer in vitro fertilization services or manufacture equipment specifically for the purpose of in vitro fertilization procedures.

● **LGBT Activism:** Companies that receive an above-average rating in an annual self-reported survey conducted by a national LGBT advocacy organization. The survey rates companies based on their corporate LGBT activism across several areas, including philanthropy, corporate policy, marketing efforts, and legislative support. The advocacy organization extrapolates the information obtained and publishes each company's score, and an average score for all companies.

● **Sexually Explicit:** Companies that derive revenue from the creation, sale, or distribution of sexually explicit content and/or services for recreation and/or entertainment purposes. This category seeks to cover media types, such as film, print, gaming, and online that contain pornographic content, including platforms that stream movies rated for nudity and/or sex, and other explicit depictions of sex, such as audio pornography or animated sex/nudity. Also included are companies that profit from sexually immoral services, such as strip clubs and LGBT dating services, that actively promote and profit from unbiblical sexual behavior.

● **State Owned Enterprise:** Companies that are verifiably labeled "state owned" or have greater than 50% ownership by a nation-state/government are excluded from investment due to significant human rights violations of the following nature (as provided by U.S. Department of State): freedom of religion, sexual exploitation of children, trafficking in persons (Tier 3 only), and/or predominantly governed by Sharia Law. The current list of countries excluded from investment due to significant human rights violations is available at https://inspireinsight.com/excludedcountries.

● **Tobacco:** Companies that derive revenue from producing or exclusively distributing tobacco products.

In addition to excluding companies involved in the preceding categories, the Adviser also excludes investment from companies engaged in the following categories, though they do not constitute a negative Inspire Impact Score™:

● **Contraceptives (Barrier):** Companies that produce barrier-type contraceptives, such as condoms and diaphragms, which prevent pregnancy by creating a physical barrier (*rather than hormonal or chemical means*).

● **Weapons (Civilian Firearms):** Companies that manufacture firearms for civilian use.

● **Weapons (Military):** Companies that manufacture and produce weapons and ammunition for military use (this category does not include maintenance, repair, and operation (MRO) companies or individual components for weaponry).

The specific biblical alignment categories, for which the Inspire Impact Score™ seeks to assign positive scores (to companies not found to be in violation of the previously mentioned exclusionary categories) are listed below. FactSet provides the data for each category.

● **Air Quality:** Companies that responsibly address and manage the impact of air quality resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions (*does not include GHG emissions*).

● **Business Ethics:** Companies that intentionally manage risks and opportunities surrounding ethical conduct of business, including fraud, corruption, bias, negligence, bribery, facilitation payments, fiduciary responsibilities, and other behavior that may have an ethical component.

● **Business Resilience:** Companies that display a capacity to manage risks and opportunities associated with incorporating social, environmental, and political transitions into long-term business model planning despite operating in industries where evolving environmental and social realities challenge their current business approach.

● **Critical Risk Management:** Companies that display responsible use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents, and emergencies with significant probable consequences, taking into consideration the potential human, environmental, and social implications, as well as the long-term ramifications for the company.

● **Customer Privacy:** Companies that responsibly address risks related to the use of personally identifiable information (PII) and other user/customer data for secondary purposes including but not limited to marketing through affiliates and non-affiliates, data collecting procedures, managing user/customer expectations, consent processes, and compliance with evolving regulation (*does not include cybersecurity risks*).

● **Customer Welfare:** Companies that responsibly address customer welfare concerns over issues including, but not limited to, health and nutrition of foods and beverages, antibiotic use in animal production, and management of controlled substances.

● **Data Security:** Companies that responsibly address management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data, as well as strategic policies for incidents such as data breaches.

● **Employee Wellbeing:** Companies that responsibly address their ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute) through the implementation of safety management plans, training requirements, regular audits of internal practices, and systematized monitoring and testing.

● **Energy Management:** Companies that conscientiously manage the environmental impacts linked to their energy consumption used in their business operations.

● **Environmental Risk Mitigation:** Companies that display the ability to manage risks and opportunities associated with direct exposure of their owned or controlled assets and operations as they pertain to the potential or actual physical impacts of environmental factors, including factors such as the increased frequency and severity of extreme weather, shifting climate, sea level change, and other expected physical impacts.

● **Ethical Labor Practices:** Companies that responsibly ensure adherence to widely accepted labor standards within the workplace. This encompasses compliance with labor laws and internationally recognized norms and standards, including fundamental human rights and the prohibition of child, forced, or bonded labor, as well as exploitative labor practices.

● **Ethical Sales Practices:** Companies that responsibly handle social issues arising from inadequately managing the transparency, accuracy, and comprehensibility of marketing statements, advertising, and product/service labeling.

● **Fair Competition:** Companies who conscientiously manage issues associated with the existence of monopolies, which may include, but are not limited to, excessive prices, poor quality of service, and inefficiencies.

● **GHG Emissions:** Companies who responsibly address direct (Scope 1) greenhouse gas (GHG) emissions they may generate through their operations, which includes GHG emissions from stationary (e.g., factories, power plants) or mobile sources (e.g., trucks, delivery vehicles, planes). The seven GHGs covered under the Kyoto Protocol are included within the category: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).

● **Hiring Ethics:** Companies who responsibly address their ability to ensure culture, hiring, and promotion practices do not discriminate based on race, gender, ethnicity, religion, and other factors.

● **Human Rights:** Companies who responsibly manage the relationship between their business and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights, the treatment of indigenous peoples, and the impact of local businesses.

● **Low Ecological Impact:** Companies demonstrating conscientious knowledge and management of their impact on ecosystems and biodiversity through activities including, but not limited to, land use for exploration, natural resource extraction, and cultivation, as well as project development, construction, and siting.

● **Materials Efficiency:** Companies who responsibly address issues related to the resilience of materials supply chains to impacts of climate change and other external environmental and social factors, including, but not limited to, product design, manufacturing, end-of-life management, reduction of key material usage, maximizing planning efficiency, and R&D material diversity.

● **Product Safety:** Companies who responsibly address issues involving unintended characteristics of products sold or services provided that may create health or safety risks to end-users, meet customer expectations, manage liability concerns, product testing, and intentionally acknowledge recalls or market withdraws.

● **Product Sustainability:** Companies who conscientiously acknowledge the characteristics of products and services provided or sold and address customer and societal demand for more sustainable products and services as well as meet evolving environmental and social regulations.

● **Regulatory Adherence:** Companies who responsibly engage with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts and display their level of reliance on regulatory policy or monetary incentives while acknowledging the necessity of regulatory compliance within a competitive business environment.

● **Systemic Risk Management:** Companies who responsibly manage systemic risks resulting from large-scale weakening or collapse of systems upon which the economy and society depend, such as financial systems, natural resource systems, and technological systems.

● **Waste Hazmat Management:** Companies who responsibly address environmental issues associated with the hazardous and non-hazardous waste they generate and the treatment, handling, storage, disposal, and regulatory compliance.

● **Water Conservation:** Companies who conscientiously manage their water use, water consumption, wastewater generation, water recycling, water treatment, and any other operations pertaining to water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources.

**PRINCIPAL INVESTMENT RISKS:**

The following table describes the risks borne by each Fund with respect to its investments:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risk** | &nbsp;&nbsp;**Inspire <br> Global <br> Hope** | &nbsp;&nbsp;**Inspire <br> Small <br> Mid <br> Cap** | &nbsp;&nbsp;**Inspire<br> Corporate <br> Bond** | &nbsp;&nbsp;**Inspire <br> 100** | &nbsp;&nbsp;**Inspire <br> International** | &nbsp;&nbsp;**Inspire Capital <br> Appreciation** | &nbsp;&nbsp;**Inspire Growth** | &nbsp;&nbsp;**Inspire <br> Fidelis** | &nbsp;&nbsp;**Inspire** **<br> 500** |
| &nbsp;&nbsp;Active Management Risk |  |  |  |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Asset Class Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Authorized Participant Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Biblically Responsible Investment Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Concentration Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Depositary Receipt Risk |  |  |  |  |  |  |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Early Close/Trading Halt Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Emerging Markets Risk | &nbsp;&nbsp;● |  |  |  | &nbsp;&nbsp;● |  |  |  |  |
| &nbsp;&nbsp;Equity Securities Risks | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;ETF Structure Risks | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Risk** | &nbsp;&nbsp;**Inspire <br> Global <br> Hope** | &nbsp;&nbsp;**Inspire <br> Small <br> Mid <br> Cap** | &nbsp;&nbsp;**Inspire<br> Corporate <br> Bond** | &nbsp;&nbsp;**Inspire <br> 100** | &nbsp;&nbsp;**Inspire <br> International** | &nbsp;&nbsp;**Inspire Capital <br> Appreciation** | &nbsp;&nbsp;**Inspire Growth** | &nbsp;&nbsp;**Inspire <br> Fidelis** | &nbsp;&nbsp;**Inspire** **<br> 500** |
| &nbsp;&nbsp;Exchange Traded Fund Risk |  |  |  |  |  | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Fixed Income Risk |  |  | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Foreign Securities Risk | &nbsp;&nbsp;● |  |  |  | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Gold Risk |  |  |  |  |  | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Issuer Risk |  |  |  |  |  | &nbsp;&nbsp;● |  |  |  |
| &nbsp;&nbsp;Large Capitalization Company Risk | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;**Limited History of Operations Risk** |  |  |  |  |  |  |  |  | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Market and Geopolitical Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Momentum Investing Risk |  |  |  |  |  |  | &nbsp;&nbsp;● |  |  |
| &nbsp;&nbsp;Passive Investment Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Portfolio Turnover Risk |  |  |  |  |  | &nbsp;&nbsp;● |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;REIT Risk. |  |  | &nbsp;&nbsp;● |  |  |  |  |  |  |
| &nbsp;&nbsp;Sampling Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Sector Exposure Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;Small and Medium Capitalization Risk |  | &nbsp;&nbsp;● |  |  |  |  |  | &nbsp;&nbsp;● |  |
| &nbsp;&nbsp;Tracking Error Risk | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● | &nbsp;&nbsp;● |  |  | &nbsp;&nbsp;● | &nbsp;&nbsp;● |
| &nbsp;&nbsp;U.S. Government Securities Risk |  |  |  |  |  | &nbsp;&nbsp;● |  |  |  |

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***Active Management Risk:*** The Adviser's judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal.

***Asset Class Risk:*** Securities in the index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.

***Authorized Participant Risk:*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

***Biblically Responsible Investment Risk:*** The Fund invests in securities that have an Inspire Impact Score™ and are screened with biblical values criteria. As a result of its strategy, an index's exclusion of securities of certain issuers for nonfinancial reasons may cause the Fund to forgo some market opportunities available to funds that do not use these criteria. This could be due to

biblically responsible companies falling out of favor with investors or failing to perform as well as companies that do not receive a favorable Inspire Impact Score™.

***Concentration Risk:*** Securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular industry, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that industry. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries. Additionally, some industries could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those industries may have a material effect on the value of securities issued by companies in those industries. The industries in which the Fund may invest, directly or indirectly, will vary based on the investments of the Index.

***Depositary Receipt Risk:*** Depositary Receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as, currency risk, political and economic risk, and market risk, because their values depend on the performance of a foreign security denominated in its home currency.

***Early Close/Trading Halt Risk:*** An exchange or market may close or impose a market trading halt or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

***Emerging Markets Risk:*** The Fund may invest in countries with newly organized or less developed securities markets. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. There may also be less reliable or publicly available information about emerging markets due to non-uniform regulatory, auditing or financial recordkeeping standards (including material limits on PCAOB inspection, investigation and enforcement), which could cause errors in the implementation of the Fund's investment strategy. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to meet cash obligations or take advantage of other investment opportunities. Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries. For example, emerging markets may experience significant declines in value due to political and currency volatility. Other characteristics of emerging markets that may affect investment include certain national policies that may restrict investment by foreigners in issuers or industries deemed sensitive to relevant national interests and the absence of developed structures governing private and foreign investments and private property. The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

***Equity Securities Risks:*** Fluctuations in the value of equity securities held by the Fund will cause the NAV of the Fund and the price of Shares to fluctuate.

● *Common Stock Risk.* Common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments. Common stock will be subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, common stocks have experienced significantly more volatility in returns than other asset classes.

● *Preferred Stock Risk.* Generally, preferred stockholders (such as the Fund) have no voting rights with respect to the issuing company unless certain events occur. In addition, preferred stock will be subject to greater credit risk than debt instruments of an issuer, and could be subject to interest rate risk like fixed income securities, as described below. An issuer's board of directors is generally not under any obligation to pay a dividend (even if dividends have accrued), and may suspend payment of dividends on preferred stock at any time. There is also a risk that the issuer of any of the Fund's holdings will default and fail to make scheduled dividend payments on the preferred stock held by the Fund.

● *REIT Risk:* The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears

not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***ETF Structure Risks:*** The Fund is structured as an ETF and as a result is subject to special risks, including:

● *Not Individually Redeemable.* Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. An Authorized Participant may include brokerage costs purchasing enough Shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the trading of Shares being suspended or Shares being delisted. An active trading market for Shares may not be developed or maintained. If Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for Shares.

● *Market Price Variance Risk.* Individual Shares that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by Exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund's investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund.

○ In times of market stress, market makers may step away from their role of market making in Shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund's NAV.

○ The market price for Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is reflected in the bid and ask price for Shares or in the closing price.

○ When all or a portion of a Fund's underlying securities trade in a market that is closed when the market for Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of Shares and the Fund's NAV.

○ In stressed market conditions, the market for Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of Shares may, in turn, lead to differences between the market value of Shares and the Fund's NAV.

***Exchange-Traded Fund Risk:*** The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. This may result in a loss. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.

***Fixed Income Risk:*** Fixed income risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early or later than expected, potentially reducing the amount of interest payments or extending time to principal repayment). These risks could affect the value of a particular investment possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. When the Fund invests in fixed income securities the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. If the U.S. Federal Reserve's Federal Open Market Committee ("FOMC") raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to the Fund and its shareholders. Additionally, default risk increases if issuers must borrow at higher rates. Generally, these changing market conditions may cause the Fund's share price to fluctuate or decline more than other types of equity investments.

***Foreign Securities Risk:*** When the Fund invests in foreign securities, the Fund could be subject to greater risks because the Fund's performance may depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign

economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar. There may also be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. As a result, the Fund may be exposed to greater risk and will be more dependent on the Adviser's ability to assess such risk than if the Fund invested solely in more developed countries.

***Gold Risk:*** The Fund will have exposure to gold and precious metals. Investments in gold and precious metals may be speculative and subject to greater price volatility than investments in other types of assets. The price of metals is related to, among other things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund's share price may be more volatile than other types of investments. In addition, metals may be significantly affected by changes in global demand for certain metals, economic developments, energy conservation, the success of exploration projects, changes in exchange rates, interest rates, economic conditions, tax treatment, trade treaties, and government regulation and intervention, and events in the regions which the Fund has exposure (e.g., expropriation, nationalization, confiscation of assets and property of mining companies, the imposition of restrictions on foreign investments or repatriation of capital, military coups, social or political unrest, violence and labor unrest). Metals may also be subject to the effects of competitive pressures in the metals and mining industry.

***Issuer Risk:*** The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

***Large Capitalization Companies Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

***Limited History of Operations Risk:*** The Fund has a limited history of operations for investors to evaluate.

***Market and Geopolitical Ris****k**:*** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, regulatory events, international conflicts, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. It is not known how the impacts of the events described above would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruption, you could lose your entire investment.

***Momentum Investing Risk:*** The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.

***Passive Investment Risk:*** The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index.

***Portfolio Turnover Risk:*** The Fund buys and sells investments frequently. Such a strategy often involves higher transaction costs, including brokerage commissions, and may increase the amount of capital gains (in particular, short-term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

***REIT Risk:*** The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

***Sampling Risk:*** If used, the Fund's representative sampling approach could result in it holding a smaller number of securities than are in the Index. As a result, an adverse development with an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. To the extent the assets in the Fund are smaller, these risks will be greater.

***Sector Exposure Risk:*** The Fund may have significant exposure to a limited number of issuers conducting business in the same sector or group of sectors. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector or a group of sectors, and the securities of companies in that sector or group of sectors could react similarly to these or other developments.

● *Consumer Discretionary Sector Risk (Inspire Capital Appreciation only).* The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

● *Financials Sector Risk (Inspire Small/Mid Cap, Inspire International* and Inspire Fidelis only). The Fund may, from time to time, invest a certain amount of its assets in the financials sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

● *Industrials Sector Risk (Inspire Global Hope, Inspire Small/Mid Cap, Inspire Corporate Bond, Inspire 100, Inspire International, Inspire Capital Appreciation, Inspire Growth, Inspire Fidelis and Inspire 500 only).* Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

● *Information Technology Sector Risk (Inspire 100, Inspire Capital Appreciation, Inspire Growth, Inspire Fidelis and Inspire 500 only).* Information technology companies face intense competition and potentially rapid product obsolescence.

● *Real Estate Sector Risk (Inspire Corporate Bond and Inspire 100 only).* Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, and the management skill and creditworthiness of the issuer.

***Small and Medium Capitalization Risk:*** The stocks of small and medium capitalization companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Stocks of these companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

***Tracking Error Risk:*** Tracking error is the divergence of the Fund's performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund's holdings of portfolio securities and those in the index, pricing differences, the Fund's holding of cash, differences on timing of the accrual of dividends, changes to the index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

***U.S. Government Securities Risk:*** Although U.S. government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. There is no guarantee that government agencies will receive support from the U.S. Treasury during financial difficulties.

**SECURITIES LENDING:** To generate additional income, each Fund may lend its portfolio securities to qualified banks, broker-dealers and other financial institutions (referred to as "borrowers"), provided that: (i) the loan is continuously secured by collateral in cash, cash equivalents, bank letters of credit or U.S. government securities equal to at least 100% of the value of the loaned securities, and such collateral is valued, or "marked to market," daily (borrowers are required to furnish additional collateral to a Fund as necessary to fully cover its obligations); (ii) the loan may be recalled at any time by the Fund and the loaned securities returned; (iii) a Fund will receive any interest, dividends or other distributions paid on the loaned securities; and (iv) the aggregate value of the

loaned securities will not exceed 33 1/3% of a Fund's total assets. A Fund generally retains part or all of the interest received on investment of the cash collateral or receives a fee from the borrower. While this practice will not impact any Fund's principal investment strategy, it does subject a Fund to the securities lending risk described in this Prospectus.

Loans of securities involve a risk that the borrower may fail to return the securities or may fail to maintain the proper amount of collateral, which may result in a loss of money by a Fund or a delay in recovering the loaned securities. In addition, in the event of bankruptcy of the borrower, a Fund could experience delays in recovering the loaned securities or only recover cash or a security of equivalent value. Therefore, a Fund will only enter into portfolio loans after a review of all pertinent factors by the Adviser under the oversight of the Board of Trustees, including the creditworthiness of the borrower and then only if the consideration to be received from such loans would justify the risk. Creditworthiness will be monitored on an ongoing basis by the adviser. An attempt may be made to recall a loan in time to vote proxies if fund management has knowledge of a material vote respect to the loaned securities and the matter involved would have a material effect on a Fund's investment in the security. The costs of securities lending are not reflected in each Fund's "Annual Fund Operating Expenses" table or "Example" above.

*Securities Lending Risk.* A Fund may lend its portfolio securities to financial institutions under guidelines adopted by the Board of Trustees, including a requirement that the Fund receive cash collateral from the borrower equal to no less than 100% of the market value of the securities loaned. A Fund may invest this cash collateral in high quality short-term debt obligations, government obligations, bank guarantees or money market mutual funds. Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that a Fund will lose money from the investment of the cash collateral. Borrower default risk is the risk that a Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

**PORTFOLIO HOLDINGS DISCLOSURE:** The Funds' portfolio holdings are disclosed every day on their website at <u>www.inspireetf.com</u>. A description of the Funds' policies and procedures regarding the release of portfolio holdings information is available in the Funds' Statement of Additional Information ("SAI").

**OPERATIONS** **AND CYBERSECURITY RISK:** Fund operations, including business, financial, accounting, data processing systems or other operating systems and facilities may be disrupted, disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond the Funds' control. For example, there could be electrical or telecommunications outages; degradation or loss of internet or web services; natural disasters, such as earthquakes, tornados and hurricanes; climate-change and climate-related events; disease pandemics; or events arising from local or larger scale political or social events, as well as terrorist acts.

The Funds are also subject to the risk of cyber incidents, which may include, but are not limited to, the harming of or unauthorized access to digital systems (for example, through "hacking" or infection by computer viruses or other malicious software code), denial-of-service attacks on websites, and the inadvertent or intentional release of confidential or proprietary information. Cyber incidents may, among other things, harm Fund operations, result in financial losses to a Fund and its shareholders, cause the release of confidential or highly restricted information, and result in regulatory penalties, reputational damage, and/or increased compliance, reimbursement or other compensation costs. Fund operations that may be disrupted or halted due to a cyber incident include trading, the processing of shareholder transactions, and the calculation of a Fund's NAV.

Issues affecting operating systems and facilities through cyber incidents, any of the scenarios described above, or other factors, may harm the Funds by affecting the Adviser, or other service providers, or issuers of securities in which a Fund invests. Although the Funds have business continuity plans and other safeguards in place, including what the Funds believe to be robust information security procedures and controls, there is no guarantee that these measures will prevent cyber incidents or prevent or ameliorate the effects of significant and widespread disruption to our physical infrastructure or operating systems. Furthermore, the Funds cannot directly control the security or other measures taken by unaffiliated service providers or the issuers of securities in which the Funds invest. Such risks at issuers of securities in which the Funds invest could result in material adverse consequences for such issuers and may cause a Fund's investment in such securities to lose value.

**MANAGEMENT**

**INVESTMENT ADVISER AND INDEX PROVIDERS:** Inspire Investing, LLC, located at 3597 E Monarch Sky Lane, Suite 330, Meridian, Idaho, 83646, serves as each Fund's investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser manages accounts for individuals and institutions as well as the Funds. As of November 30, 2025, it had approximately $3.9 billion in assets under management. The Adviser is also the index provider to Inspire Global Hope, Inspire Small/Mid Cap, Inspire 100, Inspire Corporate Bond, Inspire International and Inspire 500. This dual role presents a potential conflict of interest, as the Adviser has a financial incentive to promote its proprietary products. The Adviser maintains policies and procedures to mitigate this conflict and ensures that investment decisions are made in the best interest of shareholders.

Wallick Investments, LLC, located at 2118 Lincoln St, Columbia, South Carolina, 29201, serves as the index provider to Inspire Fidelis. Wallick Investments, LLC is registered with the SEC as an investment advisor under the Investment Advisers Act of 1940, as amended.

Subject to the oversight of the Board of Trustees, the Adviser is responsible for managing each Fund's investments, placing trade orders and providing related administrative services and facilities under an advisory agreement between each Fund and the Adviser (each an "Investment Advisory Agreement" and collectively, the "Investment Advisory Agreements").

The management fee for each Fund pursuant to its Investment Advisory Agreement is set forth in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Annual Management Fee**<br> (as a percentage of daily net assets) |
| &nbsp;&nbsp;Inspire Global Hope | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Small/Mid Cap | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Corporate Bond | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire 100 | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire International | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire Capital Appreciation | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Inspire Growth | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Inspire Fidelis | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire 500 | &nbsp;&nbsp;0.09% |

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The annual fee is paid on a monthly basis. In addition to investment advisory fees, each Fund pays other expenses including costs incurred in connection with the maintenance of securities law registration, printing and mailing prospectuses and statements of additional information to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholders meetings. A discussion regarding the basis for the Board of Trustees' renewal of the Investment Advisory Agreements, on behalf of all Funds except Inspire 500, is available in the Funds' semi-annual Form N-CSR dated May 31, 2025. A discussion regarding the basis for the Board of Trustees' renewal of the Investment Advisory Agreement, on behalf of Inspire 500, is available in the Funds' annual Form N-CSR dated November 30, 2025.

The Adviser has agreed to pay all expenses incurred by Inspire 500 except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended.

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of Inspire 100 and Inspire Growth, until at least March 31, 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) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles 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, and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.35% of the average daily net assets for Inspire 100 and 0.80% of the average daily net assets for Inspire Growth, subject to possible recoupment from the relevant Fund in future years within three years after the fees have been waived or reimbursed if such recoupment can be achieved within the lesser of the expense limitations in place at the time of waiver and the expense limitation in place at the time of recapture. The expense limit arrangements may not be terminated during this time period without prior approval of the Board of Trustees only on 60 days' written notice to the Adviser.

During the fiscal year ended November 30, 2025, each Fund paid an aggregate of the percentage shown below of its average net assets to the Adviser (after fee waivers and recapture, as applicable):

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Net Management Fee Received <br> After Waivers/Recoupment** |
| &nbsp;&nbsp;Inspire Global Hope | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Small/Mid Cap | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Corporate Bond | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire 100 | &nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;Inspire International | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire Capital Appreciation | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Inspire Growth | &nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;Inspire Fidelis | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire 500 | &nbsp;&nbsp;0.09% |

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**PORTFOLIO MANAGERS**

Darrell Jayroe, CFA, CKA®, CFP® has been Portfolio Manager with the Adviser since 2016. Mr. Jayroe previously held the position of Senior Portfolio Manager at Bank of Oklahoma from 2004 to 2016. Prior to that, he held management positions at Southwest Securities (2003 to 2004) and at UBS Paine Webber (1994 to 2003).

Robert Netzly has been the founder and CEO of the Adviser since 2015. Mr. Netzly is a globally recognized thought leader in the faith-based investing industry. He served as founder and CEO of Christian Wealth Management from 2011 to 2019, and was a registered representative at Wells Fargo Investments, Private Client Service, serving the bank's high net worth clientele from 2008 to 2011.

Tim Schwarzenberger, CFA® has been Portfolio Manager with the Adviser since September 2021. Mr. Schwarzenberger previously held the positions of Managing Director (2018 to 2021), Sr. Director – Client Services (2014 to 2018), and Investment Advisor (2005 to 2014) at Christian Brothers Investment Services (CBIS), Prior to that, he was an investment analyst with Willis Towers Watson (2004 to 2005).

Keith Chandler *(Inspire Capital Appreciation only)*. Mr. K. Chandler has been an investment adviser representative with the Adviser since 2019. Mr. K. Chandler has been the Senior Financial Advisor and Founder of Chandler Wealth Management, a financial planning and investment advisory firm located in Southern California, from 1994 to present.

Jacob Chandler *(Inspire Capital Appreciation only)*. Mr. J. Chandler has been an investment adviser representative with the Adviser since 2019. Mr. J. Chandler has been a Financial Advisor and co-owner of Chandler Wealth Management, a financial planning and investment advisory firm located in Southern California, from 2007 to present.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed and ownership of Fund shares.

**HOW SHARES ARE PRICED**

Shares of each Fund are bought and sold at a price in two different ways depending upon the type of investor.

All investors including retail investors and Authorized Participants may buy and sell Shares in secondary market transactions through brokers at market prices and Shares will trade at market prices.

Only Authorized Participants may buy and redeem Shares from a Fund directly and those transactions are effected at the Fund's NAV.

The NAV of each Fund is determined at close of regular trading (normally 4:00 p.m. Eastern Time) on each day the Exchange is open for business. The NAV is computed by determining, the aggregate market value of all assets of the applicable Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The Exchange is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day ("Exchange Close"). The NAV takes into account, the expenses and fees of each Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for each Fund for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by each Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the Exchange on that day.

Generally, each Fund's securities, including securities issued by ETFs, are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded on any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board of Trustees. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board of Trustees has designated the Adviser as its Valuation Designee for execution of these procedures. The Valuation Designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board of Trustees reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Each Fund may use independent pricing services to assist in calculating the value of its' portfolio securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Funds. Because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Funds' portfolio securities may change on days when you may not be able to buy or sell Funds shares.

In computing the NAV, each Fund values its foreign securities at the latest closing price on the exchange in which they are traded immediately prior to closing of the Exchange. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in a Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before a Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the security using the Funds' fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of a Fund's NAV by short-term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, a Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**HOW TO BUY AND SELL SHARES**

Shares of the Funds are listed for trading on the Exchange under the symbols BLES (Inspire Global Hope), ISMD (Inspire Small/Mid Cap), IBD (Inspire Corporate Bond), BIBL (Inspire 100), WWJD (Inspire International), RISN (Inspire Capital Appreciation), GLRY (Inspire Growth), FDLS (Inspire Fidelis) and PTL (Inspire 500). Share prices are reported in dollars and cents per Share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares and Shares typically trade in blocks of less than a Creation Unit. There is no minimum investment required. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

Only Authorized Participants may buy and redeem Shares from a Fund directly and those transactions are effected at the Fund's NAV.

Prior to trading in the secondary market, shares of a Fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each Authorized Participant has entered into an agreement with the distributor. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with a Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the distributor and a Fund, generally takes place when an Authorized Participant deposits into the Funds a designated portfolio of securities, assets or other positions (a "creation basket"), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of the Funds in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other positions (a "redemption basket") held by a Fund and an amount of cash (including any portion of such securities for which cash may be substituted). A Fund may substitute cash for any Fund Security and Creation Units may be redeemed for a substantial portion of cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds will accept "custom baskets." Authorized Participants may create or redeem Creation Units for their own accounts or for customers, including, without limitation, affiliates of the Funds.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant agreement.

In the event of a system failure or other interruption, including disruptions at market makers or Authorized Participants, orders to purchase or redeem Creation Units either may not be executed according to a Fund's instructions or may not be executed at all, or a Fund may not be able to place or change orders.

To the extent a Fund engages in in-kind transactions, the Fund complies with the U.S. federal securities laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit and any securities used to satisfy redemption requests are sold in transactions that would be exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). Further, an Authorized Participant that is not a "qualified institutional buyer," as such term is defined in Rule 144A under the 1933 Act, is not able to receive restricted securities eligible for resale under Rule 144A.

Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement System of the National Securities Clearing Corporation or a Depository Trust Company ("DTC") participant that has executed an agreement with the distributor with respect to creations and redemptions of Creation Unit aggregations. Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is included in the Funds' SAI.

Because new shares may be created and issued on an ongoing basis, at any point during the life of a Fund a "distribution," as such term is used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into account all the relevant facts and circumstances of each particular case.

Broker-dealers should also note that dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary transactions), and thus dealing with shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to transactions on a national securities exchange.

Each Fund may liquidate and terminate at any time without shareholder approval.

**Premium/Discount Information**

Investors other than Authorized Participants may only buy and sell Shares in secondary market transactions through brokers at market prices and the Shares trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**Book Entry**

Shares are held in book entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding Shares and is recognized as the owner of all Shares for all purposes.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and

other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Board of Trustees has not adopted a policy of monitoring for other frequent trading activity because shares of the Funds are listed for trading on a national securities exchange.

**DISTRIBUTION AND SERVICE PLAN**

The Funds have adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of their average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and will not be paid by the Funds unless authorized by the Board of Trustees. There are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

**DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES**

Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on a Fund's portfolio that could arise from frequent cash redemption transactions. In a conventional mutual fund, redemptions can have an adverse tax impact on taxable shareholders if the mutual fund needs to sell portfolio securities to obtain cash to meet net fund redemptions. These sales may generate taxable gains for the ongoing shareholders of the mutual fund, whereas Shares' in-kind redemption mechanism generally will not lead to a tax event for the Funds or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid quarterly by Inspire Global Hope, Inspire Small/Cap, Inspire 100, Inspire International, Inspire Capital Appreciation, Inspire Growth, Inspire Fidelis and Inspire 500 and monthly by Inspire Corporate Bond. The Funds distribute their net realized capital gains, if any, to shareholders annually. The Funds may also pay a special distribution at the end of a calendar year to comply with federal tax requirements.

No dividend reinvestment service is provided by the Funds. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Funds for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Funds purchased in the secondary market.

Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

**Taxes**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

● a Fund makes distributions,

● you sell your Shares listed on the Exchange, and

● you purchase or redeem Creation Units.

**Taxes on Distributions**

Distributions from each Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that each Fund's dividends attributable to its "qualified dividend income" (i.e., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to their Shares at the rate for net capital gain. A part of each Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations — the eligible portion may not exceed the aggregate dividends each Fund receives from domestic corporations subject to federal income tax (excluding REITs) and excludes dividends from foreign corporations — subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to that deduction are subject indirectly to the federal alternative minimum tax.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Funds (if that option is available). Distributions reinvested in additional Shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional Shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held Shares.

Distributions in excess of a Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in Shares and as capital gain thereafter. A distribution will reduce a Fund's NAV per Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, a Fund is required to withhold 24% of your distributions and redemption proceeds if you have not provided the Fund with a correct Social Security number or other taxpayer identification number and in certain other situations.

**Taxes on Exchange-Listed Share Sales**

Any capital gain or loss realized upon a sale of Shares is generally treated as long-term capital gain or loss if Shares have been held for more than one year and as short-term capital gain or loss if Shares have been held for one year or less. The ability to deduct capital losses from sales of Shares may be limited.

**Taxes on Purchase and Redemption of Creation Units**

An Authorized Participants who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An Authorized Participants who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of Shares being redeemed and the value of the securities. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares have been held for more than one year and as short-term capital gain or loss if Shares have been held for one year or less.

If an Authorized Participant purchases or redeems Creation Units, the Authorized Participant will be sent a confirmation statement showing how many Shares the Authorized Participant purchased or sold and at what price. See "Tax Status" in the SAI for a description of the newly effective requirement regarding basis determination methods applicable to Share redemptions and each Fund's obligation to report basis information to the Service.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Funds. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. See "Tax Status" in the SAI for more information.

**FUND SERVICE PROVIDERS**

Ultimus Fund Solutions, LLC is the Funds' administrator and fund accountant. It has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, and is primarily in the business of providing administrative, fund accounting and transfer agent services

to retail and institutional mutual funds and ETFs.

Brown Brothers Harriman & Co., 50 Post Office Square, Boston, MA 02110, is the Funds' transfer agent and custodian.

Foreside Financial Services, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, ME 04101, is the distributor for Shares. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215, serves as legal counsel to the Trust.

Cohen & Company, Ltd., 1835 Market Street., Suite 310, Philadelphia, PA 19103, serves as the Funds' independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Funds.

**OTHER INFORMATION**

**CONTINUOUS OFFERING**

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the 1933 Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the 1933 Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the 1933 Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(c) of the 1933 Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the 1933 Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is only available with respect to transactions on a national exchange.

**Dealers effecting transactions in Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.**

**FINANCIAL HIGHLIGHTS**

The following tables are intended to help you better understand each Fund's financial performance since its inception. Certain information reflects financial results for a single Fund share. Total return represents the rate you would have earned (or lost) on an investment in the Funds, assuming reinvestment of all dividends and distributions. The information for the fiscal years ended November 30, 2025, November 30, 2024 and November 30, 2023 has been audited by Cohen & Company, Ltd., an independent registered public accounting firm, whose report, along with the Funds' financial statements, is included in the annual Form N-CSR, which is available upon request. The information for the previous fiscal years was audited by the Funds' previous independent registered public accounting firm.

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| |
|:---|
| ***Inspire Global Hope ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $39.18 | $33.36 | $32.21 | $38.68 | $32.12 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.67 | 0.61 | 0.61 | 0.57 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.88 | 5.96 | 1.11 | (3.62) | 6.46 |
| Total from investment operations | 4.55 | 6.57 | 1.72 | (3.05) | 7.24 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (0.75) | (0.57) | (0.52) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.90) |  |
| Total distributions | (0.70) | (0.75) | (0.57) | (3.42) | (0.68) |
| Net asset value, end of year | $43.03 | $39.18 | $33.36 | $32.21 | $38.68 |
| Total return (3) | 11.77% | 19.83% | 5.43% | (8.59)% | 22.63% |
| Net assets, at end of year (000s) | $126934 | $109704 | $166776 | $136910 | $137329 |
| Ratio of gross expenses to average net assets | 0.60% | 0.58% | 0.56% | 0.61% (5) | 0.49% |
| Ratio of net expenses to average net assets | 0.60% | 0.58% | 0.56% | 0.61% (4) | 0.49% |
| Ratio of net investment income to average net assets | 1.70% | 1.67% | 1.87% | 1.74% | 2.08% |
| Portfolio Turnover Rate (2) | 29% | 41% | 41% | 51% | 94% |

---

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

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

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

(4) Represents
 the ratio of net expenses to average net assets after adviser recapture of waived/reimbursed
 fees from prior years.

(5) Represents
 the ratio of gross expenses to average net assets before adviser recapture of waived/reimbursed
 fees from prior years.

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| |
|:---|
| ***Inspire Small/Mid Cap ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $40.55 | $31.01 | $31.67 | $36.13 | $27.74 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.47 | 0.45 | 0.40 | 0.38 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.18) | 9.57 | (0.72) | (1.46) | 8.32 |
| Total from investment operations | (1.71) | 10.02 | (0.32) | (1.08) | 8.70 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.48) | (0.34) | (0.32) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.06) |  |
| Total distributions | (0.44) | (0.48) | (0.34) | (3.38) | (0.31) |
| Net asset value, end of year | $38.40 | $40.55 | $31.01 | $31.67 | $36.13 |
| Total return (3) | (4.16)% | 32.53% | (0.98)% | (3.34)% | 31.44% |
| Net assets, at end of year (000s) | $226575 | $212863 | $169031 | $125113 | $124658 |
| Ratio of gross expenses to average net assets | 0.47% | 0.49% | 0.53% | 0.54% | 0.48% (5) |
| Ratio of net expenses to average net assets | 0.47% | 0.49% | 0.53% | 0.54% | 0.52% (4) |
| Ratio of net investment income to average net assets | 1.29% | 1.25% | 1.30% | 1.21% | 1.08% |
| Portfolio Turnover Rate (2) | 47% | 46% | 44% | 43% | 168% |

---

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

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

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

(4) Represents
 the ratio of net expenses to average net assets after adviser recapture of waived/reimbursed
 fees from prior years.

(5) Represents
 the ratio of gross expenses to average net assets before adviser recapture of waived/reimbursed
 fees from prior years.

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| |
|:---|
| ***Inspire Corporate Bond ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $23.75 | $23.04 | $22.99 | $25.89 | $26.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 1.03 | 0.98 | 0.79 | 0.37 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.40 | 0.71 | 0.03 | (2.85) | (0.57) |
| Total from investment operations | 1.43 | 1.69 | 0.82 | (2.48) | (0.30) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (1.01) | (0.98) | (0.77) | (0.35) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.07) |  |
| Total distributions | (1.01) | (0.98) | (0.77 | (0.42) | (0.29) |
| Net asset value, end of year | $24.17 | $23.75 | $23.04 | $22.99 | $25.89 |
| Total return (3) | 6.16% | 7.44% | 3.62 | (9.64)% | (1.15)% |
| Net assets, at end of year (000s) | $449530 | $332550 | $232661 | $223013 | $238225 |
| Ratio of gross expenses to average net assets | 0.41% | 0.43% | 0.44 | 0.45% | 0.44% |
| Ratio of net expenses to average net assets | 0.41% | 0.43% | 0.44 | 0.45% | 0.44% |
| Ratio of net investment income to average net assets | 4.29% | 4.17% | 3.43 | 1.56% | 1.04% |
| Portfolio Turnover Rate (2) | 28% | 26% | 45 | 47% | 126% |

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

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

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

(4) 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 year, and may not accord with
 the aggregate gains and losses in the Statements of Operations due to share transactions
 for the year.

---

| |
|:---|
| ***Inspire 100 ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $42.33 | $32.65 | $31.72 | $44.17 | $35.98 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.44 | 0.38 | 0.34 | 0.35 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.15 | 9.70 | 0.89 | (5.81) | 8.39 |
| Total from investment operations | 3.59 | 10.08 | 1.23 | (5.46) | 8.82 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.40) | (0.30) | (0.33) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (6.66) | (0.20) |
| Total distributions | (0.44) | (0.40) | (0.30) | (6.99) | (0.63) |
| Net asset value, end of year | $45.48 | $42.33 | $32.65 | $31.72 | $44.17 |
| Total return (3) | 8.59% | 31.02% | 3.91% | (14.69)% | 24.79% |
| Net assets, at end of year (000s) | $361579 | $353442 | $308537 | $277538 | $295962 |
| Ratio of gross expenses to average net assets (4) | 0.41% | 0.41% | 0.43% | 0.45% | 0.42% |
| Ratio of net expenses to average net assets | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Ratio of net investment income to average net assets | 1.08% | 0.99% | 1.06% | 1.05% | 1.04% |
| Portfolio Turnover Rate (2) | 19% | 26% | 33% | 28% | 100% |

---

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

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

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

(4) Represents
 the ratio of gross expenses to average net assets absent of fee waivers and/or expense reimbursements
 by the adviser.

---

| |
|:---|
| ***Inspire International ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $30.06 | $27.77 | $26.32 | $33.64 | $29.40 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.75 | 0.72 | 0.70 | 0.61 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.83 | 2.38 | 1.38 | (3.36) | 4.22 |
| Total from investment operations | 6.58 | 3.10 | 2.08 | (2.75) | 5.03 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.81) | (0.63) | (0.60) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (3.97) |  |
| Total distributions | (0.86) | (0.81) | (0.63) | (4.57) | (0.79) |
| Net asset value, end of year | $35.78 | $30.06 | $27.77 | $26.32 | $33.64 |
| Total return (3) | 22.18% | 11.20% | 8.01% | (9.32)% | 17.11% |
| Net assets, at end of year (000s) | $414999 | $302085 | $227689 | $140829 | $111009 |
| Ratio of net expenses to average net assets | 0.61% | 0.66% | 0.73% | 0.80% | 0.69% |
| Ratio of net investment income to average net assets | 2.27% | 2.40% | 2.55% | 2.29% | 2.38% |
| Portfolio Turnover Rate (2) | 23% | 34% | 37% | 61% | 106% |

---

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

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

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

---

| |
|:---|
| ***Inspire Capital Appreciation ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $28.33 | $23.67 | $23.37 | $30.09 | $26.26 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.34 | 0.36 | 0.57 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.09 | 4.66 | 0.34 | (4.22) | 4.93 |
| Total from investment operations | 1.43 | 5.02 | 0.91 | (4.01) | 5.13 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.36) | (0.61) | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (2.60) | (1.05) |
| Total distributions | (0.34) | (0.36) | (0.61) | (2.71) | (1.30) |
| Net asset value, end of year | $29.42 | $28.33 | $23.67 | $23.37 | $30.09 |
| Total return (3) | 5.12% | 21.38% | 4.03% | (14.63)% | 20.49% |
| Net assets, at end of year (000s) | $89724 | $95601 | $83430 | $105734 | $109824 |
| Ratio of net expenses to average net assets | 0.71% | 0.71% | 0.71% | 0.69% | 0.69% |
| Ratio of net investment income to average net assets | 1.23% | 1.38% | 2.46% | 0.84% | 0.70% |
| Portfolio Turnover Rate (2) | 288% | 52% | 314% | 469% | 114% |

---

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

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

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

---

| |
|:---|
| ***Inspire Growth ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Period Ended**<br>**November 30, 2021 (1)** |
| Net asset value, beginning of period | $32.75 | $25.41 | $24.05 | $29.30 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.09 | 0.19 | 0.27 | 0.28 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.78 | 7.40 | 1.33 | (4.21) | 4.26 |
| Total from investment operations | 3.87 | 7.59 | 1.60 | (3.93) | 4.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.25) | (0.24) | (0.24) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (1.08) |  |
| Total distributions | (0.12) | (0.25) | (0.24) | (1.32) | (0.04) |
| Net asset value, end of period | $36.50 | $32.75 | $25.41 | $24.05 | $29.30 |
| Total return (4) | 11.90% | 30.00% | 6.72% | (13.89)% | 17.35% (6) |
| Net assets, at end of period (000s) | $119545 | $74504 | $45096 | $40282 | $43944 |
| Ratio of gross expenses to average net assets (5) | 0.87% | 0.96% | 1.03% | 1.28% | 1.02% |
| Ratio of net expenses to average net assets (5) | 0.80% | 0.80% | 0.80% | 0.95% | 1.02% |
| Ratio of net investment income to average net assets (5) | 0.28% | 0.64% | 1.11% | 1.18% | 0.27% |
| Portfolio Turnover Rate (3) | 26% | 82% | 11% | 95% | 270% (6) |

---

(1) The
 Inspire Growth ETF commenced operations on December 7, 2020.

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

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

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

(5) Annualized
 for periods less than one year.

(6) Not
 annualized.

---

| |
|:---|
| ***Inspire Fidelis Multi Factor ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Period Ended**<br>**November 30, 2022 (1)** |
| Net asset value, beginning of period | $34.11 | $27.15 | $26.06 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.26 | 0.28 | 0.30 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.71 | 7.03 | 1.01 | 1.05 |
| Total from investment operations | 3.97 | 7.31 | 1.31 | 1.08 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.35) | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.90) |  |  |  |
| Total distributions | (2.12) | (0.35) | (0.22) | (0.02) |
| Net asset value, end of period | $35.96 | $34.11 | $27.15 | $26.06 |
| Total return (4) | 12.65% | 27.12% | 5.09% | 4.33% (6) |
| Net assets, at end of period (000s) | $118675 | $94647 | $70579 | $46915 |
| Ratio of net expenses to average net assets (5) | 0.66% | 0.69% | 0.76% | 1.09% |
| Ratio of net investment income to average net assets (5) | 0.81% | 0.92% | 1.13% | 0.48% |
| Portfolio Turnover Rate (3) | 233% | 232% | 235% | 61% (6) |

---

(1) The
 Inspire Fidelis Multi Factor ETF commenced operations on August 23, 2022.

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

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

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

(5) Annualized
 for periods less than one year.

(6) Not
 annualized.

---

| |
|:---|
| ***Inspire 500 ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year or Period Presented |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Period Ended**<br>**November 30, 2024 (1)** |
| Net asset value, beginning of period | $225.68 | $200.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 3.23 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 28.40 | 24.95 |
| Total from investment operations | 31.63 | 26.91 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (3.06) | (1.23) |
| Total distributions | (3.06) | (1.23) |
| Net asset value, end of period | $254.25 | $225.68 |
| Total return (4) | 14.20% | 13.52% (6) |
| Net assets, at end of period (000s) | $565712 | $265177 |
| Ratio of net expenses to average net assets (5) | 0.09% | 0.09% |
| Ratio of net investment income to average net assets (5) | 1.40% | 1.38% |
| Portfolio Turnover Rate (3) | 30% | 9% (6) |

---

(1) The
 Inspire 500 ETF commenced operations on March 25, 2024.

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

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

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

(5) Annualized
 for periods less than one year.

(6) Not
 annualized.

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust IV**

**Rev. April 2021**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST IV DO WITH YOUR PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment experience and purchase history<br>When you are no longer our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust IV chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share<br> your personal information:** | &nbsp;&nbsp;**Does Northern Lights<br> Fund Trust IV<br> share information?** | &nbsp;&nbsp;**Can you limit this<br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-631-490-4300** |

---

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust IV**

&nbsp;&nbsp;**Page 2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust IV protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust IV collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;● open an account or deposit money<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; direct us to buy securities or direct us to sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; affiliates from using your information to market to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; *Northern Lights Fund Trust IV has no affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust IV does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust IV does not jointly market.* |

---

**Inspire Global Hope ETF Inspire Small/Mid Cap ETF Inspire Corporate Bond ETF Inspire 100 ETF Inspire International ETF Inspire Capital Appreciation ETF Inspire Growth ETF Inspire Fidelis Multi Factor ETF Inspire 500 ETF**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Inspire Investing, LLC**<br> 3597 E Monarch Sky Lane, Suite 330<br> Meridian, ID 83646 | &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Financial Services, LLC**<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |
| &nbsp;&nbsp;**Custodian &<br> Transfer Agent** | &nbsp;&nbsp;**Brown Brothers Harriman & Co.**<br> 50 Post Office Square<br> Boston, MA 02110 | &nbsp;&nbsp;**Legal<br> Counsel** | &nbsp;&nbsp;**Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| &nbsp;&nbsp;**Fund Accountant** **<br> & Administrator** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC**<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 | &nbsp;&nbsp;**Independent<br> Registered Public <br> Accounting Firm** | &nbsp;&nbsp;**Cohen & Company, Ltd.**<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 |

---

Additional information about the Funds is included in the Funds' SAI dated March 30, 2026. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds' policies and management. Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

To obtain a free copy of the SAI, the annual and semi-annual reports to shareholders, Form N-CSR or other information about the Funds, or to make shareholder inquiries about the Funds, please call toll free 877.658.9473. Information relating to the Funds can be found on the website at <u>www.inspireetf.com</u>. You may also write to:

**Inspire Global Hope ETF Inspire Small/Mid Cap ETF Inspire Corporate Bond ETF Inspire 100 ETF Inspire International ETF Inspire Capital Appreciation ETF Inspire Growth ETF Inspire Fidelis Multi-Factor ETF Inspire 500 ETF**

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>.

Investment Company Act File # 811-23066

**Inspire Global Hope ETF**

&nbsp;&nbsp;BLES

**Inspire Small/Mid Cap ETF**

&nbsp;&nbsp;ISMD

**Inspire Corporate Bond ETF**

&nbsp;&nbsp;IBD

**Inspire 100 ETF**

BIBL

**Inspire International ETF**

WWJD

**Inspire Capital Appreciation ETF**

*(formerly, "Inspire Tactical Balanced ETF")*

RISN

**Inspire Growth ETF**

*(formerly, "Inspire Momentum ETF")*

GLRY

**Inspire Fidelis Multi Factor ETF**

FDLS

**Inspire 500 ETF**

PTL

**each a series of Northern Lights Fund Trust IV**

**STATEMENT OF ADDITIONAL INFORMATION**

March 30, 2026

*Listed and traded on: the NYSE Arca, Inc.*

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the combined Prospectus of the Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF Inspire Fidelis Multi Factor ETF and Inspire 500 ETF (each a "Fund" and, together, the "Funds") dated March 30, 2026. The Funds' Prospectus is hereby incorporated by reference, which means it is legally part of this document. You can obtain copies of the Funds' Prospectus, annual or semi-annual reports and financial statements without charge by contacting the Funds' distributor, Foreside Financial Services, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, ME 04101 or by calling 866 453-5199 (Toll free) You may also obtain a Prospectus by visiting the website at <u>inspireetf.com</u>.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **THE FUNDS** | **1** |
| **TYPES OF INVESTMENTS** | **1** |
| **INVESTMENT RESTRICTIONS** | **13** |
| **POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** | **14** |
| **MANAGEMENT** | **15** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS** | **20** |
| **INVESTMENT ADVISER AND INDEX PROVIDERS** | **22** |
| **THE DISTRIBUTOR** | **25** |
| **PORTFOLIO MANAGERS** | **26** |
| **ALLOCATION OF PORTFOLIO BROKERAGE** | **28** |
| **PORTFOLIO TURNOVER** | **30** |
| **OTHER SERVICE PROVIDERS** | **30** |
| **DESCRIPTION OF SHARES** | **35** |
| **ANTI-MONEY LAUNDERING PROGRAM** | **35** |
| **PURCHASE, REDEMPTION AND PRICING OF SHARES** | **36** |
| **TAX STATUS** | **43** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **47** |
| **LEGAL COUNSEL** | **47** |
| **FINANCIAL STATEMENTS** | **47** |
| **APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES** | **A-1** |

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**THE FUNDS**

The Funds are each diversified series of Northern Lights Fund Trust IV, a Delaware statutory trust organized on June 2, 2015 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board").

The Funds may issue an unlimited number of shares of beneficial interest ("Shares"). All Shares have equal rights and privileges. Each Share is entitled to one vote on all matters as to which Shares are entitled to vote. In addition, each Share is entitled to participate equally with other Shares (i) in dividends and distributions declared by such Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights.

Each Fund's investment objective, restrictions and policies are more fully described here and in the Prospectus. Each Fund is managed by Inspire Investing, LLC (the "Adviser"). The investment objective of each of Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire 100 ETF, Inspire Corporate Bond ETF, Inspire International ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF is to seek investment results that generally correspond, before fees and expenses, to the performance of an applicable underlying index (the "Underlying Index"). Inspire Investing, LLC is also the index provider to Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire 100 ETF, Inspire Corporate Bond ETF, Inspire International ETF and Inspire 500 ETF. Wallick Investments LLC ("Wallick Investments") is the index provider for Inspire Fidelis Multi Factor ETF. The investment objective of Inspire Capital Appreciation ETF is to seek to provide capital appreciation with lower volatility than the U.S. large cap stock market over the long term. The investment objective of Inspire Growth ETF is to seek to outperform the results (before fees and expenses) of the broader U.S. stock market when momentum is in favor. The Board may start other series and offer shares of a new fund under the Trust at any time.

The Funds will create and redeem Shares at net asset value ("NAV") only in aggregations of shares set forth in the following table (each a "Creation Unit"):

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| | |
|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Number of Shares<br> in a Creation Unit |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;25000 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;25000 |
| &nbsp;&nbsp;Inspire Fidelis Multi-Factor ETF | &nbsp;&nbsp;25000 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;25000 |

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The Funds create and redeem Creation Units principally in exchange for a basket of securities included in the Underlying Index (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee (unless waived). Shares of each Fund are listed on the NYSE Arca, Inc. (the "Exchange"). Shares trade on the Exchange at market prices that may be below, at, or above a Fund's NAV. In the event of the liquidation of a Fund, a share split, reverse split or the like, the Trust may revise the number of Shares in a Creation Unit.

The Funds reserve the right to offer creations and redemptions of Shares for cash. In addition, Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 115% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees, may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. See PURCHASE, REDEMPTION AND PRICING OF SHARES below.

**TYPES OF INVESTMENTS**

A discussion of each Fund's investment policies and the risks associated with an investment in the Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, the Prospectus.

An investment in a Fund should be made with an understanding of the risks inherent in an investment in securities, including the risk that the general condition of the securities market may deteriorate. Securities are susceptible to general securities market fluctuations and to volatile increases and decreases in value as market confidence changes. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic,

monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic or banking crises.

The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of the Shares will be adversely affected if trading markets for a Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide. The performance of a Fund and, if applicable, its Underlying Index may vary due to asset valuation differences: a Fund may fair value certain of the securities it holds and to the extent it calculates its NAV based on fair value prices, the Fund's ability to track the Underlying Index may be adversely affected. There may also be differences between a Fund's portfolio and the Underlying Index as a result of legal restrictions, cost or liquidity constraints. Similarly, liquidity constraints also may delay a Fund's purchase or sale of securities included in the Underlying Index. Further, the investment activities of one or more of the Adviser's affiliates for their proprietary accounts and for client accounts may also adversely impact a Fund's ability to track the Underlying Index.

In addition, the use of a representative sampling approach by a Fund may cause the Fund to not be as well correlated with the return of the Underlying Index as would be the case if the Fund purchased all of the securities in the Underlying Index in the proportions represented in the Underlying Index. It is also possible that a Fund may not replicate the performance of the Underlying Index due to the temporary unavailability of certain Underlying Index securities in the secondary market or due to other extraordinary circumstances. A Fund may also have to vary its portfolio holdings from the composition of the Underlying Index in order to qualify, and continue to qualify, as a "regulated investment company" under the Internal Revenue Code of 1986, as amended (the "Tax Code"). See "Tax Status" below for additional information on the Fund's tax treatment.

Because Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF are not actively managed, each of those Funds would not necessarily sell a security, even if the security's issuer is in financial trouble, unless the security is removed from the Underlying Index.

Debt Obligations

*Bonds*

A bond is an interest-bearing security issued by a U.S. or non-U.S. company, or U.S. or non-U.S. governmental unit. The issuer of a bond has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond's face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors.

An issuer may have the right to redeem or "call" a bond before maturity, in which case a Fund may have to reinvest the proceeds at lower market rates. Similarly, a Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a "coupon" rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall and falls when market interest rates rise. Accordingly, a fixed-rate bond's yield (income as a percent of the bond's current value) may differ from its coupon rate as its value rises or falls. When an investor purchases a fixed-rate bond at a price that is greater than its face value, the investor is purchasing the bond at a premium. Conversely, when an investor purchases a fixed-rate bond at a price that is less than its face value, the investor is purchasing the bond at a discount. Fixed-rate bonds that are purchased at a discount pay less current income than securities with comparable yields that are purchased at face value, with the result that prices for such fixed-rate securities can be more volatile than prices for such securities that are purchased at face value. Other types of bonds bear interest at an interest rate that is adjusted periodically. Interest rates on "floating rate" or "variable rate" bonds may be higher or lower than current market rates for fixed-rate bonds of comparable quality with similar final maturities.

Because of their adjustable interest rates, the value of "floating rate" or "variable rate" bonds fluctuates much less in response to market interest rate movements than the value of fixed-rate bonds, but their value may decline if their interest rates do not rise as much, or as quickly, as interest rates in general. A Fund may treat some of these bonds as having a shorter maturity for purposes of calculating the weighted average maturity of its investment portfolio. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. Bonds may be senior or subordinated obligations. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated obligations. Bonds may be unsecured (backed only by the issuer's general creditworthiness) or secured (backed by specified collateral).

*Certificates of Deposit and Bankers' Acceptances*

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

*Commercial Paper*

Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

*Corporate Bonds* 

The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

Debt Issued by United States Government Agencies

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("Ginnie Mae"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Farm Credit Banks, the Federal National Mortgage Association ("Fannie Mae"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., Ginnie Mae mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., Fannie Mae Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Authority).

Government-related guarantors (i.e. not backed by the full faith and credit of the United States government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the United States government.

In 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that Fannie Mae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of Fannie Mae or Freddie Mac.

*Insured Bank Obligations*

The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $225,000. A Fund may elect to purchase bank obligations in small amounts so as to be fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $225,000 per bank; if the principal amount and accrued interest together exceed $225,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

*Time Deposits and Variable Rate Notes*

Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

The commercial paper obligations are typically unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit a Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund and the issuer. It permits daily changes in the amounts invested. Each Fund, typically, has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct investment arrangements between a Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to each Fund's investment restriction on illiquid investments unless such notes can be put back to the issuer (redeemed) on demand within seven days.

*United States Government Obligations*

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis.

Derivatives

*Certain Risks Regarding Options*

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction

not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by the Funds of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, a Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. In as much as a Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, each Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and a Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by a Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If a Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If a Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Dealer Options*

Each Fund may engage in transactions involving dealer options, as well as exchange-traded options. Certain additional risks are specific to dealer options. While a Fund might look to a clearing corporation to exercise exchange traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, each Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when a Fund writes a dealer option, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While the Funds will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Funds, there can be no assurance that a Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless a Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, a Fund may be unable to liquidate a dealer option. With respect to options written by the Funds, the inability to enter into a closing transaction may result in material losses to the Funds. For example, because a Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated under the option. This requirement may impair a Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the Securities and Exchange Commission (the "SEC") has taken the position that purchased dealer options are illiquid investments. Each Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. In

such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Funds will treat dealer options as subject to the Funds' limitation on illiquid investments. If the SEC changes its position on the liquidity of dealer options, the Funds will change their treatment of such instruments accordingly.

*Futures Contracts*

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when the Funds purchase or sell a security, no price would be paid or received by the Funds upon the purchase or sale of a futures contract. The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Funds.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Funds expect to earn interest income on margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

*Options on Futures Contracts* 

Each Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

*Securities Options*

Each Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or stock indices and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the

market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange and the NASDAQ PHLX.

Each Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event a Fund will have paid a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

*Spread Transactions*

Each Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange traded. The purchase of a spread option gives a Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to a Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect a Fund against adverse changes in prevailing credit quality spreads, *i.e.,* the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

*Warrants*

Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

Equity Securities

Equity securities include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

*Common Stock*

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

*Convertible Securities* 

Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

*Preferred Stock*

Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

A fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Foreign Securities

Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to a Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of a Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent currency exchange transactions do not fully protect a Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which a Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

*Depositary Receipts*

Sponsored and unsponsored American Depositary Receipts ("ADRs") are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described above regarding foreign securities apply to investments in ADRs.

*Emerging Markets Securities* 

Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Funds. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

Illiquid and Restricted Investments

Each Fund may invest up to 15% of its net assets in illiquid investments. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act")) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid investments may be subject to the potential for delays on resale and uncertainty in valuation. The Funds might be unable to dispose of illiquid investments promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Funds might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by the National Association of Securities Dealers Automated Quotation System (commonly known as "NASDAQ").

Under guidelines adopted by the Board, the Adviser may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities

Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the Adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two Nationally Recognized Statistical Rating Organizations ("NRSROs") or, if only one NRSRO rates the security, by that NRSRO, or, if the security Is unrated, the Adviser determines that it is of equivalent quality.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by the Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Funds' assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

Securities of Other Investment Companies

Each Fund may invest in securities issued by other investment companies. Each Fund intends to limit its investments in accordance with applicable law or as permitted by Rule 12d1-4 under the Investment Company Act of 1940, as amended (the "1940 Act"). Among other things, such law would limit these investments so that, as determined immediately after a securities purchase is made by a Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group; (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund; and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder of another investment company, each Fund would bear, along with other shareholders, its proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations. Investment companies in which a Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by a Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, each Fund intends to rely on Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act which in conjunction with one another allow registered investment companies (such as the Fund) to exceed the limitations described above, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established by Financial Industry Regulatory Authority ("FINRA") for funds of funds, and the registered investment company "mirror votes" any securities purchased pursuant to Section 12(d)(1)(F).

*Exchange Traded Funds* 

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

*Closed-End Investment Companies* 

Each Fund may invest its assets in "closed-end" investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the NYSE Arca, Inc, the NASDAQ or, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as each Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Funds generally will purchase shares of closed-end funds only in the secondary market. The Funds will incur normal brokerage costs on such purchases similar to the expenses the Funds would incur for the purchase of securities of any other type of issuer in the secondary market. The Funds may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Funds purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share, which is less than the NAV per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined NAV but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their NAV.

Each Fund may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Funds will ever decrease. In fact, it is possible that this market discount may increase and a Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the NAV of the Shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by a Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. A Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in shares of investment companies without a leveraged capital structure.

Lending Portfolio Securities

For the purpose of achieving income, a Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. government securities or cash or cash equivalents (cash, U.S. government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of a Fund.

Real Estate Investment Trusts

Each Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 90% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Funds can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Tax Code, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through the Funds, a shareholder bears not only a proportionate share of the expenses of the Funds, but also may indirectly bear similar expenses of some of the REITs in which it invests.

Regulation as a Commodity Pool Operator

The Adviser, on behalf of the Funds, filed, with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission promulgated thereunder, with respect to each Fund's operation. Accordingly, the Funds will not be subject to registration or regulation as a commodity pool operator.

Short Sales

Each Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which a Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. Each Fund is required to make a margin deposit in connection with such short sales; a Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time a Fund covers its short position, the Fund incurs a loss; conversely, if the price declines, the Fund realizes a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker. A short sale is "against the box" to the extent a Fund contemporaneously owns or has the right to obtain at no added cost, securities identical to those sold short.

Repurchase Agreements

Each Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as a Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to a Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to a Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by a Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid investments. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Funds could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while a Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

When-Issued, Forward Commitments and Delayed Settlements

Each Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. Each Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives.

Each Fund purchases securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, a Fund may dispose of or renegotiate a commitment after it is entered into and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases, a Fund may realize a taxable capital gain or loss. When a Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous. The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of a Fund starting on the day the Fund agrees to purchase the securities. A Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

**INVESTMENT RESTRICTIONS**

Each Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund, which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Issue
 senior securities. This limitation is not applicable to activities that may be deemed to
 involve the issuance or sale of a senior security by the Fund, provided that the Fund's
 engagement in such activities is consistent with or permitted by the 1940 Act, the rules
 and regulations promulgated thereunder or interpretations of the SEC or its staff;

&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow
 money, except (a) from a bank, provided that immediately after such borrowing there is an
 asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons
 for temporary purposes only, provided that such temporary borrowings are in an amount not
 exceeding 5% of the Fund's total assets at the time when the borrowing is made. This
 limitation does not preclude the Fund from entering into reverse repurchase transactions,
 provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments
 of the Fund pursuant to reverse repurchase transactions;

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase
 securities on margin, participate on a joint or joint and several basis in any securities
 trading account, or underwrite securities. This limitation does not preclude the Fund from
 obtaining such short-term credit as may be necessary for the clearance of purchases and sales
 of its portfolio securities, and except to the extent that the Fund may be deemed an underwriter
 under the Securities Act, by virtue of disposing of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase
 or sell real estate or interests in real estate. This limitation is not applicable to investments
 in marketable securities that are secured by or represent interests in real estate. This
 limitation does not preclude the Fund from investing in mortgage-related securities or investing
 in companies engaged in the real estate business or that have a significant portion of their
 assets in real estate (including REITs);

&nbsp;&nbsp;&nbsp;&nbsp;5. Invest
 more than 25% of the market value of its assets in the securities of companies engaged in
 any one industry or group of industries, except that the Fund will concentrate to approximately
 the same extent that its Underlying Index (if applicable) concentrates in the stocks of such
 particular industry or industries. This limitation does not apply to investment in the securities
 of the U.S. government, its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase
 or sell commodities (unless acquired as a result of ownership of securities or other investments)
 or commodity futures contracts, except that the Fund may purchase and sell futures contracts
 and options to the full extent permitted under the 1940 Act, sell foreign currency contracts
 in accordance with any rules of the Commodity Futures Trading Commission, invest in securities
 or other instruments backed by commodities, and invest in companies that are engaged in a
 commodities business or have a significant portion of their assets in commodities; or

&nbsp;&nbsp;&nbsp;&nbsp;7. Make
 loans to others, except that the Fund may, in accordance with its investment objective and
 policies, (i) lend portfolio securities, (ii) purchase and hold debt securities or other
 debt instruments, including but not limited to loan participations and sub-participations,
 assignments, and structured securities, (iii) make loans secured by mortgages on real property,
 (iv) enter into repurchase agreements, (v) enter into transactions where each loan is represented
 by a note executed by the borrower, and (vi) make time deposits with financial institutions
 and invest in instruments issued by financial institutions. For purposes of this limitation,
 the term "loans" shall not include the purchase of a portion of an issue of publicly
 distributed bonds, debentures or other securities.

If a restriction on a Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments of the Fund's investment portfolio, resulting from changes in

the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to fundamental investment restriction #2, if a Fund's asset coverage falls below 300%, the Fund will reduce borrowing within 3 days in order to ensure that the Fund has 300% asset coverage.

Although fundamental investment restriction #7 reserves for the Funds the ability to make loans, there is no present intent to loan money or portfolio securities and additional disclosure will be provided if such a strategy is implemented in the future.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a shareholder may bring a derivative action on behalf of the Trust only if the shareholder first makes a pre-suit demand upon the Board to bring the subject action unless such pre-suit demand is excused. A demand on the Board shall only be excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the action at issue. A Trustee shall not be deemed to have a personal financial interest in an action or otherwise be disqualified from ruling on a shareholder demand by virtue of the fact that such Trustee receives remuneration from his service on the Board.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Trust has adopted a policy regarding the disclosure of information about each Fund's portfolio holdings. The Funds and their service providers may not receive compensation or any other consideration (which includes any agreement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or any affiliated person of the Adviser) in connection with the disclosure of portfolio holdings information of the Funds. The Trust's policy is implemented and overseen by the chief compliance officer of the Trust (the "Chief Compliance Officer"), subject to the oversight of the Board. Periodic reports regarding these procedures will be provided to the Board. The Trust, the Adviser and the Distributor (as defined below) will not disseminate non-public information concerning the Trust. The Board must approve all material amendments to this policy.

Each business day, the Funds' portfolio holdings information will generally be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants (as defined below), and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Funds in the secondary market. This information typically reflects the Funds' anticipated holdings as of the next Business Day (as defined below).

Access to information concerning each Fund's portfolio holdings may be permitted to personnel of third-party service providers, including the Funds' custodian, transfer agent, auditors and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers' agreements with the Trust on behalf of the Funds.

Portfolio holdings information made available in connection with the creation/redemption process may be provided to other entities that provide services to a Fund in the ordinary course of business after it has been disseminated to the NSCC. From time to time, information concerning portfolio holdings other than portfolio holdings information made available in connection with the creation/redemption process, as discussed above, may be provided to other entities that provide services to the Fund, including rating or ranking organizations, in the ordinary course of business, no earlier than one business day following the date of the information.

Each Fund discloses on the Funds' website at inspireetf.com at the start of each Business Day the identities and quantities of the securities and other assets held by the Fund that form the basis of the Fund's calculation of its NAV on that Business Day. The portfolio holdings so disclosed are based on information as of the close of business on the prior Business Day and/or trades that have been completed prior to the opening of business on that Business Day and that are expected to settle on that Business Day. Each Fund may also concurrently disclose this portfolio holdings information directly to ratings agencies on a daily basis.

*Quarterly Portfolio Schedule*. The Trust is required to disclose the complete schedule of each Fund's portfolio holdings with the SEC on Form N-PORT. The Trust discloses a complete schedule of each Fund's portfolio holdings with the SEC on Form N-CSR after its second and fourth quarters.

Form N-PORT and Form N-CSR for the Funds are available on the SEC's website at www.sec.gov. Each Fund's Form N-PORT and Form N-CSR are also available without charge, upon request, by visiting inspireetf.com or by writing to: Inspire Funds, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

**The Adviser and Index Provider.** Personnel of the Adviser, including personnel responsible for managing each Fund's portfolio, may have full daily access to Fund portfolio holdings since that information is necessary in order for the Adviser to

provide its management, administrative, and investment services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, and demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities, Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers. Personnel of the Index Provider (if applicable) will have access to information about the applicable Index prior to its publication, which index is tracked by the relevant Fund.

**Ultimus Fund Solutions, LLC.** Ultimus Fund Solutions, LLC is the fund accountant, administrator and custody administrator for the Funds; therefore, its personnel have full daily access to each Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Brown Brothers Harriman & Co.** Brown Brothers Harriman & Co. is custodian and transfer agent for the Funds; therefore, its personnel have full daily access to each Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**Cohen & Company, Ltd**. Cohen & Company, Ltd. is each Fund's independent registered public accounting firm; therefore, its personnel have access to each Fund's portfolio holdings in connection with auditing each Fund's annual financial statements and providing assistance and consultation in connection with SEC filings.

**Thompson Hine LLP.** Thompson Hine LLP is counsel to the Funds; therefore, its personnel have access to each Fund's portfolio holdings in connection with review of each Fund's annual and semi-annual shareholder reports and SEC filings.

**Additions to List of Approved Recipients** 

The Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Funds' portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential and not trade on any material non-public information. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Funds, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Funds' portfolio holdings.

**Compliance with Portfolio Holdings Disclosure Procedures** 

The Chief Compliance Officer reports periodically to the Board with respect to compliance with the Funds' portfolio holdings disclosure procedures, and from time to time provides the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Funds from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of three (3) individuals, none of whom are "interested persons" (as defined under the 1940 Act) of the Trust or any investment adviser to any series of the Trust ("Independent Trustees"). Pursuant to the Governing Documents, the Board shall elect officers including a President, a Secretary, a Chief Compliance Officer, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Board, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his duties.

**Board Leadership Structure** 

The Trust is led by Joseph Breslin, who has served as the Chairman of the Board since July 2015. The Board is comprised of three Independent Trustees. Under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Pursuant to the Governing Documents, the Chairman of the Board is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, (c) executing and administering Trust policies including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. The Trust believes that the Chairman of the Board, the independent chair of the Audit Committee, and, as an entity, the full Board, provide effective leadership that is in the best interests of the Trust, its funds and each shareholder.

**Board Risk Oversight** 

The Board has a standing independent Audit Committee, Nominating and Governance Committee and Contract Review Committee, each with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from the Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial reporting and risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information. The primary purposes of the Nominating and Governance Committee are to consider and evaluate the structure, composition and operation of the Board, to evaluate and recommend individuals to serve on the Board, and to consider and make recommendations relating to the compensation of the Independent Trustees. The Nominating and Governance Committee may consider recommendations for candidates to serve on the Board from any source it deems appropriate. The primary purpose of the Contract Review Committee is to oversee and guide the process by which the Independent Trustees annually consider whether to approve or renew the Trust's investment advisory, sub-advisory and distribution agreements, Rule 12b-1 plans, and such other agreements or plans involving the Trust as specified in the Contract Review Committee's charter or as the Board determines from time to time.

**Trustee Qualifications** 

Generally, the Trust believes that each Trustee is competent to serve because of his individual overall merits including his: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills. Mr. Breslin has over 20 years of business experience in the investment management and brokerage business and possesses a strong understanding of the regulatory framework under which investment companies must operate based, in part, upon his years of service as an officer and/or Trustee to other registered investment companies. Thomas Sarkany is qualified to serve as a Trustee based on his experience in various business and consulting positions, and through his experience from service as a board member of the Trust and other investment companies. Since 2010, he has been the President of a financial services firm and from 1994 through 2010, he held various roles at a publicly held company providing financial research, publications and money management services to retail and institutional investors, including Director of Marketing and Asset Management, Director of Index Licensing, and member of the Board of Directors. In addition to his service as a Trustee of the Trust, Mr. Sarkany serves as a trustee of the Northern Lights Fund Trust II and has previously served as a director of certain public companies. Charles R. Ranson has more than 20 years' experience in strategic analysis and planning, risk assessment, and capital formation in the operation of complex organizations and entrepreneurial ventures. In addition to his service to the Trust, Mr. Ranson serves as an independent trustee to another mutual fund complex. Each Trustee's ability to perform his duties effectively also has been enhanced by his educational background and professional training. The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes him highly qualified.

The following is a list of the Trustees and executive officers of the Trust and each person's principal occupation over the last five years.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address\* <br> and Year of <br> Birth** | &nbsp;&nbsp;**Position/Term <br> of Office<sup>\*\*</sup>** | &nbsp;&nbsp;**Principal Occupation During the <br> Past Five Years** | &nbsp;&nbsp;**Number of <br> Funds in <br> Fund <br> Complex<sup>\*\*\*</sup> <br> Overseen by <br> Trustee** | &nbsp;&nbsp;**Other Directorships held <br> by Trustee During the <br> Past Five Years** |
| &nbsp;&nbsp;Joseph Breslin <br> Year of Birth: 1953<br>| &nbsp;&nbsp;Independent Trustee and Chairman of the Board since 2015 | &nbsp;&nbsp;Senior Counsel, White Oak Global Advisors, LLC (since 2016); and President and Consultant, Adviser Counsel, Inc. (formerly J.E. Breslin & Co.) (management consulting firm to investment advisers), (since 2009-2024).<br>| &nbsp;&nbsp;9 | &nbsp;&nbsp;Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Director, Kinetics Mutual Funds, Inc. (since 2002); Trustee, Kinetics Portfolios Trust (since 2000); Trustee, Forethought Variable Insurance Trust (since 2015). |
| &nbsp;&nbsp;Thomas Sarkany <br> Year of Birth: 1946<br>| &nbsp;&nbsp;Independent Trustee since 2015 | &nbsp;&nbsp;Founder and President, TTS Associates, Inc. (since December 2022); and Founder and President, TTS Consultants, LLC (financial services) (since 2010). | &nbsp;&nbsp;9 | &nbsp;&nbsp;Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Arrow Investments Trust (since 2014), Arrow ETF Trust (since 2012), Trustee, Northern Lights Fund Trust II (since 2011); Director, Aquila Distributors (1981-2025) |
| &nbsp;&nbsp;Charles Ranson <br> Year of Birth: 1947<br>| &nbsp;&nbsp;Independent Trustee since 2015 | &nbsp;&nbsp;Principal, Ranson & Associates (strategic analysis and planning, including risk assessment and capital formation for entrepreneurial ventures) (since 2003). | &nbsp;&nbsp;9 | &nbsp;&nbsp;Northern Lights Fund Trust IV (for series not affiliated with the Fund since 2015); Advisors Preferred Trust (since 2012);North Country Funds (since 2025) |

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***Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address\* <br> and Year of<br> Birth** | &nbsp;&nbsp;**Position/Term <br> of Office<sup>\*\*</sup>** | &nbsp;&nbsp;**Principal Occupation During the Past <br> Five Years** | &nbsp;&nbsp;**Number of <br> Funds in <br> Fund <br> Complex<sup>\*\*\*</sup> <br> Overseen by <br> Trustee** | &nbsp;&nbsp;**Other Directorships held <br> by Trustee During the <br> Past Five Years** |
| &nbsp;&nbsp;Wendy Wang <br> Year of Birth: 1970<br>| &nbsp;&nbsp;President since 2015 | &nbsp;&nbsp;Senior Vice President, Director of Tax and Compliance Administration, Ultimus Fund Solutions, LLC (since 2012). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Timothy Burdick <br> Year of Birth: 1986  | &nbsp;&nbsp;Vice President since 2024 | &nbsp;&nbsp;Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2023); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022-2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019-2022). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Sam Singh <br> Year of Birth: 1976 | &nbsp;&nbsp;Treasurer since 2015 | &nbsp;&nbsp;Vice President, Ultimus Fund Solutions, LLC (since 2015). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jennifer Farrell<br> Year of Birth: 1969 | &nbsp;&nbsp;Secretary since 2017 | &nbsp;&nbsp;Director (since 2024); Associate Director (2022-2024) and Manager (2018-2022), Legal Administration, Ultimus Fund Solutions, LLC. | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Ash <br> Year of Birth: 1976 | &nbsp;&nbsp;Chief Compliance Officer since 2019 | &nbsp;&nbsp;Senior Vice President, Head of Compliance (since 2023); Vice President and Senior Compliance Officer, Northern Lights Compliance, LLC (2019 - 2022). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246

\*\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed

\*\*\* As of March 2, 2026, the Trust was comprised of 29 other active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

***<u>Board Committees</u>***

Audit Committee

The Board has an Audit Committee that consists of the Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. Mr. Breslin serves as the Chairman of the Audit Committee. The Audit Committee operates pursuant to an Audit Committee Charter. During the fiscal year ended November 30, 2025, the Audit Committee met ten times.

Nominating and Governance Committee

The Board has a Nominating and Governance Committee that consists of the Independent Trustees. The Nominating and Governance Committee's responsibilities (which may also be conducted by the Board) include: (i) recommending persons to be nominated or re-nominated as Trustees in accordance with the Independent Trustee's Statement of Policy on Criteria for Selecting Independent Trustees; (ii) reviewing the Trust's officers, and conducting chief compliance officer searches, as needed, and providing consultation regarding other chief compliance officer matters, as requested; (iii) reviewing trustee qualifications, performance, and compensation; (iv) reviewing periodically with the Board the size and composition of the Board as a whole; (v) annually evaluating the operations of the Board and its Committees and assisting the Board in conducting its annual self-evaluation; (vi) making recommendations on the requirements for, and means of, Board orientation and training; (vii) periodically reviewing the Board's corporate governance policies and practices and recommending, as it deems appropriate, any changes to the Board; (ix) considering any corporate governance issues that arise from time to time, and developing appropriate recommendations for the Board; and (x) supervising counsel for the Independent Trustees. Mr. Ranson serves as the Chairman of the Nominating and Governance Committee. The Nominating and Governance Committee operates pursuant to a Nominating and Governance Committee Charter. During the fiscal year ended November 30, 2025, the Nominating and Governance Committee met once.

Contract Review Committee

The Board has a Contract Review Committee that consists of the Independent Trustees. The Contract Review Committee's responsibilities include: (i) identifying the scope and format of information to be requested from service providers in connection with the evaluation of each contract or plan and meet and evaluate such information at least annually in advance of the automatic expiration of such contracts by operation of law or by their terms; (ii) providing guidance to independent legal counsel regarding specific information requests to be made by such counsel on behalf of the Board; (iii) evaluating regulatory and other developments coming to its attention that might reasonably be expected to have an impact on the Board's consideration of how to evaluate and whether or not to renew a contract or plan; (iv) assisting in circumscribing the range of factors considered by the Board relating to the approval or renewal of advisory or sub-advisory agreements; (v) recommending to other committees and/or to the Board specific steps to be taken by them regarding the renewal process, including, for example, proposed schedules of meetings by the Board; (vi) investigating and reporting on any other matter brought to its attention within the scope of its duties; and (vii) performing such other duties as are consistent with the Contract Review Committee's purpose or that are assigned to it by the Board. Mr. Sarkany serves as the Chairman of the Contract Review Committee. The Contract Review Committee operates pursuant to a Contract Review Committee Charter. During the fiscal year ended November 30, 2025, the Contract Review Committee met four times.

***<u>Compensation</u>***

Each Independent Trustee receives a quarterly fee of $41,250 to be paid by the Trust within 10 days of the commencement of each calendar quarter for his service as a Trustee of the Board as well as reimbursement for any reasonable expenses incurred for attending regularly scheduled Board and committee meetings. In addition to this quarterly fee and expense reimbursements, the Chair of each of the Audit Committee, Nominating and Governance Committee and Contract Review Committee receives a quarterly fee of $3, 7500 for his service as a committee chair. In the event that an in-person meeting of the Board other than its regularly scheduled meetings (a "Special Meeting") is required, each Independent Trustee may receive a fee of $5,000 per Special Meeting, as well as reimbursement for any reasonable expenses incurred, to be paid by the Trust or the relevant series of the Trust or its investment adviser depending on the circumstances necessitating the Special Meeting. The Board at its sole discretion shall determine when a particular meeting constitutes a Special Meeting for purpose of the $5,000 fee.

No officers receive compensation from the Trust.

The table below details the amount of compensation the Independent Trustees received from the Funds during the fiscal year ended November 30, 2025. Each Independent Trustee is expected to attend all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Inspire <br> Global <br> Hope ETF** | &nbsp;&nbsp;**Inspire <br> Small/Mid <br> Cap ETF** | &nbsp;&nbsp;**Inspire <br> Corporate <br> Bond ETF** | &nbsp;&nbsp;**Inspire<br> 100 ETF** | &nbsp;&nbsp;**Inspire <br> International <br> ETF** | &nbsp;&nbsp;**Inspire <br> Capital <br> Appreciation <br> ETF** | &nbsp;&nbsp;**Inspire <br> Growth <br> ETF** |
| &nbsp;&nbsp;Joseph Breslin, <br> Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 |
| &nbsp;&nbsp;Thomas Sarkany, Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 |
| &nbsp;&nbsp;Charles Ranson, <br> Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Inspire <br> Fidelis Multi <br> Factor ETF** | &nbsp;&nbsp;**Inspire 500 <br> ETF** | &nbsp;&nbsp;**Total Compensation <br> From Fund Complex <br> \*Paid to Trustees** | &nbsp;&nbsp;**Pension or <br> Retirement Benefits <br> Accrued as Part of <br> Funds Expenses** | &nbsp;&nbsp;**Annual Benefits <br> Upon Retirement** |
| &nbsp;&nbsp;Joseph Breslin, Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$31702 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Thomas Sarkany, Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$31702 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Charles Ranson, Trustee | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$3522 | &nbsp;&nbsp;$31702 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

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\* There are currently numerous series comprising the Trust. The term "Fund Complex" refers only to the Funds and not to any other series of the Trust.

***<u>Management and Trustee Ownership</u>***

As of December 31, 2025, the Trustees and officers, as a group, owned no shares of the Funds or any of the Fund Complex's outstanding shares.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control.

The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes. Investors owning shares are beneficial owners as shown on the records of DTC or its participants. The following persons or "groups" (as that term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act")) are DTC members reflecting ownership of 5% or more of a Fund's outstanding shares as of M**ar**ch 2, 2026:

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire International ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;58.52% |
| &nbsp;&nbsp;National Financial Services LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07810  | &nbsp;&nbsp;17.22% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;65.41% |
| &nbsp;&nbsp;LPL Financial <br> 4707 Executive Drive <br> San Diego, CA 92121  | &nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;National Financial Services LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07810  | &nbsp;&nbsp;8.26% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Corporate Bond ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;64.74% |
| &nbsp;&nbsp;National Financial Services LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07810  | &nbsp;&nbsp;13.17% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Global Hope ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;43.92% |
| &nbsp;&nbsp;LPL Financial <br> 4707 Executive Drive <br> San Diego, CA 92121  | &nbsp;&nbsp;8.64% |
| &nbsp;&nbsp;National Financial Services LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07810  | &nbsp;&nbsp;20.30% |
| &nbsp;&nbsp;UBS Financial <br> 1000 Harbor Blvd. <br> Weehawken, NJ 07086  | &nbsp;&nbsp;5.06% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire 100 ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;42.34% |
| &nbsp;&nbsp;LPL Financial <br> 4707 Executive Drive <br> San Diego, CA 92121  | &nbsp;&nbsp;8.76% |
| &nbsp;&nbsp;National Financial Services LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07810  | &nbsp;&nbsp;19.22% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Capital Appreciation ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Altruist <br> 3030 S La Cienega Blvd. <br> Culver City, CA 90232  | &nbsp;&nbsp;22.98% |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;10.43% |
| &nbsp;&nbsp;Folio Investing <br> 8180 Greensboro Drive <br> 8<sup>th</sup> Floor <br> McLean, VA 22102  | &nbsp;&nbsp;56.64% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Growth ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;47.89% |
| &nbsp;&nbsp;Edward Jones <br> 401 Broadway, Suite 204<br> New York, NY 10013 | &nbsp;&nbsp;11.14% |
| &nbsp;&nbsp;LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121  | &nbsp;&nbsp;10.13% |
| &nbsp;&nbsp;National Financial Services LLC<br> 499 Washington Blvd. <br> Jersey City, NK 07810  | &nbsp;&nbsp;20.10% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab & Co. <br> 2423 E Lincoln Drive <br> Phoenix, AZ 85016-1215  | &nbsp;&nbsp;40.27% |
| &nbsp;&nbsp;Folio Investing <br> 8180 Greensboro Drive <br> 8<sup>th</sup> Floor <br> McLean, VA 22102  | &nbsp;&nbsp;28.76% |
| &nbsp;&nbsp;NFS LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | &nbsp;&nbsp;12.06% |

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| | |
|:---|:---|
| &nbsp;&nbsp;Inspire 500 |  |
| &nbsp;&nbsp;Name and Address: | &nbsp;&nbsp;Percentage of Shares Owned |
| &nbsp;&nbsp;Charles Schwab <br> 2423 East Lincoln Drive <br> Phoenix, Arizona 85016-1215  | &nbsp;&nbsp;54.95% |
| &nbsp;&nbsp;LPL Financial <br> 4707 Executive Drive <br> San Diego, CA 92121  | &nbsp;&nbsp;7.78% |
| &nbsp;&nbsp;NFS LLC <br> 499 Washington Blvd <br> Jersey City, NJ 07310  | &nbsp;&nbsp;12.60% |

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**INVESTMENT ADVISER AND INDEX PROVIDERS**

***<u>Investment Adviser and Advisory Agreements</u>***

Inspire Investing, LLC, 3597 E Monarch Sky Lane, Suite 330, Meridian, ID 83646, serves as the Funds' investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Subject to the oversight of the Board, the Adviser is responsible for the overall management of each Fund's investment-related business affairs. Pursuant to investment advisory agreements (the "Advisory Agreements") with the Trust, on behalf of the Funds, the Adviser, subject to the oversight of the Board, and in conformity with the stated policies of the Funds, manages the portfolio investment operations of the Funds. The Adviser has overall supervisory responsibilities for the general management and investment of each Fund's portfolio, as detailed below, which are subject to review and approval by the Board. In general, the Adviser's duties include setting each Fund's overall investment strategies and asset allocation.

Pursuant to the Advisory Agreements, the Adviser, under the oversight of the Board, agrees to invest the assets of each Fund in accordance with applicable law and the investment objective, policies and restrictions set forth in each Fund's current Prospectus and this SAI, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser acts as the investment adviser to the Funds and shall, (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of each Fund in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Funds, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser or its designee, directly, will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. The Adviser also provides the Funds with all necessary office facilities and personnel for servicing each Fund's investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Funds or the Adviser performing services relating to research, statistical and investment activities. The Advisory Agreements were most recently renewed by the Board at a meeting held on January 29, 2026.

The Adviser, subject to the oversight of the Board, provides the management and supplemental administrative services necessary for the operation of the Funds. These services include providing assistance in supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with the Funds; assisting in preparing all general shareholder communications and conducting shareholder relations; assisting in maintaining the Funds' records and the registration of each Fund's shares under federal securities laws and making necessary filings under state securities laws; assisting in developing management and shareholder services for the Funds; and furnishing reports, evaluations and analyses on a variety of subjects to the Board.

The management fee for each Fund pursuant to the Advisory Agreements is set forth in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Annual Management Fee<br> (as a percentage of daily net<br> assets) |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;0.09% |

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The Adviser has contractually agreed to reduce its fees and/or absorb expenses of Inspire 100 ETF and Inspire Growth ETF, until at least March 31, 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) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles 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, and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.35% of the average daily net assets for Inspire 100 ETF and 0.80% of the average daily net assets for Inspire Growth ETF subject to possible recoupment from the relevant Fund in future years within three years after the fees have been waived or reimbursed if such recoupment can be achieved within the lesser of the expense limitations in place at the time of waiver and the expense limitation in place at the time of recapture. Fee waiver and reimbursement arrangements can decrease a Fund's expenses and boost its performance. The expense limit arrangements may not be terminated during this time period without prior approval of the Board only on 60 days' written notice to the Adviser.

The following table displays the advisory fees that were incurred by the Funds during the fiscal year ended November 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Advisory Fees <br> Earned by the <br> Adviser | &nbsp;&nbsp;Advisory Fees <br> Waived or <br> (Recaptured) | &nbsp;&nbsp;Net Fees Earned by <br> the Adviser | &nbsp;&nbsp;Fund Expenses <br> Reimbursed by <br> the Adviser | &nbsp;&nbsp;Amount Subject <br> to Recoupment |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$356988 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$356988 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$593852 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$593852 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$1165525 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1165525 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$969749 | &nbsp;&nbsp;$182987 | &nbsp;&nbsp;$786762 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$182987 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$1548244 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1548244 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$427187 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$427187 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$529372 | &nbsp;&nbsp;$54103 | &nbsp;&nbsp;$475269 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$54103 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$403832 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$403832 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$329043 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$329043 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

The following table displays the advisory fees that were incurred by the Funds during the fiscal year ended November 30, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Advisory Fees <br> Earned by the <br> Adviser | &nbsp;&nbsp;Advisory Fees <br> Waived or <br> (Recaptured) | &nbsp;&nbsp;Net Fees Earned by <br> the Adviser | &nbsp;&nbsp;Fund Expenses <br> Reimbursed by <br> the Adviser | &nbsp;&nbsp;Amount Subject <br> to Recoupment |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$396167 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$396167 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$554759 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$554759 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$881466 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$881466 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$1006857 | &nbsp;&nbsp;$186741 | &nbsp;&nbsp;$820116 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$186741 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$1256578 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$1256578 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$448098 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$448098 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$399637 | &nbsp;&nbsp;$101431 | &nbsp;&nbsp;$298206 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$101431 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$373831 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$373831 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 500 ETF\* | &nbsp;&nbsp;$98588 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$98588 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

\* The advisory fees that were incurred by Inspire 500 ETF were during the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

The following table displays the advisory fees that were incurred by the Funds during the fiscal year ended November 30, 2023:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Advisory Fees <br> Earned by the <br> Adviser | &nbsp;&nbsp;Advisory Fees <br> Waived or <br> (Recaptured) | &nbsp;&nbsp;Net Fees Earned <br> by the Adviser | &nbsp;&nbsp;Fund Expenses <br> Reimbursed by <br> the Adviser | &nbsp;&nbsp;Amount Subject <br> to Recoupment |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$449225 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$449225 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$437472 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$437472 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$718512 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$718512 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$862759 | &nbsp;&nbsp;$235431 | &nbsp;&nbsp;$627328 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$235431 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$823771 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$823771 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$466650 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$466650 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$301267 | &nbsp;&nbsp;$104327 | &nbsp;&nbsp;$196940 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$104327 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$253716 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$253716 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

Pursuant to the Advisory Agreement with the Trust on behalf of Inspire 500 ETF, the Adviser has agreed to pay all expenses incurred by Inspire 500 ETF except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. Expenses not expressly assumed by the Adviser under the Advisory Agreements are paid by the Funds. Under the terms of the Advisory Agreements, each Fund is responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled "The Distributor"), (c) the fees and certain expenses of the Custodian and Transfer and Dividend Disbursing Agent, including the cost of maintaining certain required records of the Funds and of pricing the Funds' shares, (d) the charges and expenses of legal counsel and independent accountants for the Funds, (e) brokerage commissions and any issue or transfer taxes chargeable to the Funds in connection with its securities transactions, (f) all taxes and corporate fees payable by the Funds to governmental agencies, (g) the fees of any trade association of which the Funds may be a member, (h) the cost of fidelity and liability insurance, (i) the fees and expenses involved in registering and maintaining registration of the Funds and of shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Funds' registration statements and prospectuses for such purposes, (j) all expenses of shareholders and Board meetings (including travel expenses of trustees and officers of the Trust who are not directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders and (k) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

The Advisory Agreements continued in effect for two (2) years initially and continue thereafter from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Board cast in person at a meeting specifically called for the purpose of voting on such approval or (b) the vote of a majority of the outstanding shares of a Fund (with respect to that Fund). The Advisory Agreements may be terminated without penalty on 60 days written notice by a vote of a majority of the Board or by the Adviser, or by holders of a majority of each Fund's outstanding shares (with respect to that Fund). The Advisory Agreements shall terminate automatically in the event of their assignment.

A discussion of the matters considered by the Board in connection with the renewal of the Advisory Agreement is available in the Funds' semi-annual Form N-CSR for the period ended May 31, 2025. A discussion of the matters considered by the Board in connection with the renewal of the Inspire 500 Advisory Agreement is available in the Funds' annual Form N-CSR for the period ended November 30, 2025.

***<u>Codes of Ethics</u>***

The Trust and the Adviser have each adopted a codes of ethics (each a "Code") under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. The Distributor relies on the principal underwriter's exception under Rule 17j-1(c)(3) of the 1940 Act, specifically where the Distributor is not affiliated with the Trust and the Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust or the Adviser. Under the Codes, the Trustees are permitted to invest in securities that may also be purchased by the Funds.

In addition, the Trust has adopted a code of ethics (the "Trust Code"), which applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and

understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Funds; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of the Trust Code to an appropriate person or persons identified in the Trust Code; and (v) accountability for adherence to the Trust Code.

***<u>Proxy Voting Policies</u>***

The Board has adopted proxy voting policies and procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Funds and their shareholders. The Adviser votes proxies to advocate for ESG issues that would, if passed, result in a higher Inspire Impact Score™ for a company. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's proxy policies, or the proxy policies of the Adviser's designee, and a record of each proxy voted by the Adviser or its designee on behalf of the Funds, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

Where a proxy proposal raises a material conflict between the Adviser's interests and a Fund's interests, the Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's proxy voting policies is attached hereto as Appendix A.

*More information*. Information regarding how the Funds voted proxies relating to portfolio securities held by the Funds during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Funds toll free at 877.658.9473; (2) visiting the Funds' website at inspireetf.com; and (3) accessing the SEC's website at <u>http://www.sec.gov</u>. In addition, a copy of the Funds' proxy voting policies and procedures are also available by calling toll free 877.658.9473 and will be sent within three business days of receipt of a request.

**THE DISTRIBUTOR**

Foreside Financial Services, LLC, located at 190 Middle Street, Suite 301, Portland, ME 04101 serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an ETF Distribution Agreement with the Trust (the "Distribution Agreement"). The Distributor is registered as a broker-dealer under the 1934 Act and each state's securities laws and is a member of FINRA. The offerings of Shares are continuous and the Distributor acts as an agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor has no role in determining the investments or investment policies of the Fund.

The Distribution Agreement continued in effect for two years initially and continues thereafter from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not parties to the Distribution Agreement or the Trust's distribution plan or interested persons of the Trust or of the Distributor ("Qualified Trustees") by vote cast in person at a meeting called for the purpose of voting on such approval.

The Distribution Agreement may at any time be terminated, without penalty by the Trust, by vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding shares of the Trust on 60 days' written notice to the other party. The Distribution Agreement will automatically terminate in the event of its assignment.

The Funds do not pay the Distributor any fees under the Distribution Agreement. However, the Adviser pays an annual fee to the Distributor plus reasonable out-of-pocket expenses incurred by Distributor in connection with activities performed for the Funds, including, without limitation, printing and distribution of prospectuses and shareholder reports, out of its own resources.

***<u>Rule 12b-1 Plans</u>***

The Trust, with respect to each Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act (the "Plan") for Shares pursuant to which the Funds are authorized to pay the Distributor, as compensation for Distributor's account maintenance services under the Plans. The Board has approved a distribution and shareholder servicing fee at the rate of up to 0.25% of each Fund's average daily net assets. Such fees are to be paid by the Funds monthly, or at such other intervals as the Board shall determine. Such fees shall be based upon each Fund's average daily net assets during the preceding month, and shall be calculated and accrued daily. The Funds may pay fees

to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plan authorizes payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services. The Funds will bear their own costs of distribution with respect to its shares. The Plan was adopted in order to permit the implementation of a Fund's method of distribution. No fees are currently paid by the Funds under the Plan, and there are no current plans to impose such fees. In the event such fees were to be charged, over time they would increase the cost of an investment in the Funds.

The services to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of Shares and in other aspects of the marketing of the shares to clients or prospective clients of the respective recipients; answering routine inquiries concerning the Funds; assisting in the establishment and maintenance of accounts or sub-accounts in the Funds and in processing purchase and redemption transactions; making the Funds' investment plan and shareholder services available; and providing such other information and services to investors in shares of the Funds as the Distributor or the Trust, on behalf of the Funds, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or arranged by the Distributor with respect to the Funds.

The Distributor is required to provide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to the Plan and the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be paid by the Distributor to Recipients.

The Plan may not be amended to increase materially the amount of the Distributor's compensation to be paid by each Fund, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board by votes cast in person at a meeting called for the purpose of voting on the Plan. During the term of the Plan, the selection and nomination of Independent Trustees of the Trust will be committed to the discretion of the Nominating and Governance Committee. The Distributor will preserve copies of the Plan, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to a Plan will be in writing and provide that: (a) it may be terminated by the Trust or the Funds at any time upon 60 days' written notice, without the payment of any penalty, by vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Trust or the Funds; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board by votes cast in person at a meeting called for the purpose of voting on such agreement.

**PORTFOLIO MANAGERS**

Darrell Jayroe, Robert Netzly and Tim Schwarzenberger serve as the portfolio managers of the Funds.

Jacob Chandler and Keith Chandler serve as portfolio managers of Inspire Capital Appreciation ETF.

As of November 30, 2025, the portfolio managers are responsible for the portfolio management of the following types of accounts in addition to the Funds:

Darrell Jayroe

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts<br> By Type**  | **Total Number <br> of Accounts by <br> Account Type** | **Total Assets By<br> Account Type <br> (in millions)**  | **Number of <br> Accounts by Type <br> Subject to a <br> Performance Fee** | **Total Assets By <br> Account Type <br> Subject to a <br> Performance Fee** |
| Registered Investment Companies | 1 | $565.7 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 8159 | $1275 | 0 | $0 |

---

Robert Netzly

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts <br> By Type**  | **Total Number <br> of Accounts by Account Type** | **Total Assets By<br> Account Type <br> (in millions)**  | **Number of <br> Accounts by Type Subject to a <br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee <br> (in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 8159 | $1275 | 0 | $0 |

---

Tim Schwarzenberger

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts <br> By Type**  | **Total Number <br> of Accounts by <br> Account Type** | **Total Assets By<br> Account Type <br> (in millions)**  | **Number of <br> Accounts by Type Subject to a <br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee <br> (in millions)**  |
| Registered Investment Companies | 1 | $565.7 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 8159 | $1275 | 0 | $0 |

---

Jacob Chandler

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts <br> By Type**  | **Total Number <br> of Accounts by <br> Account Type** | **Total Assets By<br> Account Type <br> (in millions)**  | **Number of <br> Accounts by Type Subject to a <br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee <br> (in millions)**  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1007 | $149 | 0 | $0 |

---

Keith Chandler

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Other Accounts <br> By Type** | **Total Number <br> of Accounts by<br> Account Type** | **Total Assets By<br> Account Type <br> (in millions)**  | **Number of <br> Accounts by Type Subject to a <br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee <br> (in millions)** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 1007 | $149 | 0 | $0 |

---

 ****

***<u>Conflicts of Interest</u>***

As a general matter, certain conflicts of interest may arise in connection with a portfolio manager's management of a Fund's investments, on the one hand, and the investments of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of a Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to

***<u>Compensation</u>***

Mr. Netzly and Mr. Jayroe are compensated through a salary and equity participation in the Adviser. Mr. J. Chandler, Mr. K. Chandler and Mr. Schwarzenberger are compensated through a salary and discretionary bonus.

***<u>Ownership of Securities</u>***

The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in each Fund as of November 30, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** |
| **Name of Portfolio Manager** | **Inspire<br> Global<br> Hope<br> ETF**<br>| **Inspire<br> Small/Mid <br> Cap ETF**  | **Inspire<br> Corporate<br> Bond ETF**<br>| **Inspire<br> 100 ETF**<br>| **Inspire International ETF** | **Inspire Capital Appreciation ETF**<br>| **Inspire Growth<br> ETF**<br>|
| Darrell Jayroe | $1-$10000 | $10001-$50000 | $1-$10000 | $10001-$50000 | $10001-$50000 | $1-$10000 | $1-$10000 |
| Robert Netzly | $1-$10000 | $1-$10000 | $0 | $0 | $0 | $0 | $0 |
| Tim Schwarzenberger | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Jacob Chandler | N/A | N/A | N/A | N/A | N/A | $1-$10000 | N/A |
| Keith Chandler | N/A | N/A | N/A | N/A | N/A | $100,001+ | N/A |

---

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| | | |
|:---|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in** | **Dollar Range of Equity Securities in** |
| **Name of Portfolio Manager** | **Inspire Fidelis <br> Multi Factor ETF** | **Inspire 500 ETF** |
| &nbsp;&nbsp;Darrell Jayroe | $10001-$50000 | $10001-$50000 |
| &nbsp;&nbsp;Robert Netzly | N/A | N/A |
| &nbsp;&nbsp;Tim Schwarzenberger | $0 | $0 |
| &nbsp;&nbsp;Jacob Chandler | N/A | N/A |
| &nbsp;&nbsp;Keith Chandler | N/A | N/A |

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**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Funds are made by the portfolio managers who are employees of the Adviser. The Adviser is authorized by the Board to allocate the orders placed by them on behalf of the Funds to brokers or dealers who may, but need not, provide research or statistical material or other services to the Funds or the Adviser for the Funds' use. Such allocation is to be in such amounts and proportions as the Adviser may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser will take the following into consideration:

● the best net price available;

● the reliability, integrity and financial condition of the broker or dealer;

● the size of and difficulty in executing the order; and

● the value of the expected contribution of the broker or dealer to the investment performance of the Funds on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of the Funds may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Funds. In allocating portfolio brokerage, the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Funds, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Funds.

For the fiscal year ended November 30, 2025, the Funds paid the following brokerage commissions:

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Brokerage Commissions*** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$30782 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$161531 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$13280 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$136824 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$86781 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$5102 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$163493 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$28896 |

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For the fiscal year ended November 30, 2024, the Funds paid the following brokerage commissions:

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Brokerage Commissions*** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$47907 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$11339 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$16659 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$141688 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$13812 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$12318 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$158815 |
| &nbsp;&nbsp;Inspire 500 ETF\* | &nbsp;&nbsp;$4955 |

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\* The brokerage commissions paid by Inspire 500 ETF were during the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

For the fiscal year ended November 30, 2023, the Funds paid the following brokerage commissions:

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| | |
|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Brokerage Commissions*** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$52460 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$83840 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$21020 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$106343 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$111054 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$1364 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$100309 |

---

**PORTFOLIO TURNOVER**

Each Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Funds. A 100% turnover rate would occur if all of a Fund's portfolio securities were replaced once within a one-year period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;***Portfolio Turnover Rates*** | &nbsp;&nbsp;***Portfolio Turnover Rates*** |
| &nbsp;&nbsp;***Fund*** | &nbsp;&nbsp;*For the Fiscal <br> Year Ended <br> November 30, <br> 2025* | &nbsp;&nbsp;*For the Fiscal <br> Year Ended <br> November 30, <br> 2024* |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;29% | &nbsp;&nbsp;41% |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;47% | &nbsp;&nbsp;46% |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;28% | &nbsp;&nbsp;26% |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;19% | &nbsp;&nbsp;26% |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;23% | &nbsp;&nbsp;34% |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;288%\* | &nbsp;&nbsp;52% |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;26% | &nbsp;&nbsp;82% |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;233% | &nbsp;&nbsp;232% |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;30% | &nbsp;&nbsp;9%\*\* |

---

\* The change in portfolio turnover for Inspire Capital Appreciation ETF was to align the Fund's holdings with the portfolio manager's qualitative and growth metrics for the Fund, and to replace stocks that had negative Inspire Impact Scores.

\*\* The portfolio turnover rate for Inspire 500 ETF was for the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

**OTHER SERVICE PROVIDERS**

*Fund Administration*

Ultimus Fund Solutions, LLC, (the "Administrator"), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.

Pursuant to a Fund Services Agreement with the Fund, the Administrator provides administrative services to the Funds, subject to the supervision of the Board. The Administrator may provide persons to serve as officers of the Funds. Such officers may be directors, officers or employees of the Administrator or its affiliates.

The Fund Services Agreement became effective on October 20, 2021. The agreement initially continued in effect for two years from the effective date of the agreement and continues in effect for successive twelve-month periods provided that such continuance is specially approved annually by a majority if the Board. The agreement is terminable by the Board or the Administrator on ninety days' written notice and may be assigned provided the non-assigning party provides prior written

consent. This agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Administrator or reckless disregard of its obligations thereunder, the Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the Fund Services Agreement, the Administrator provides facilitating administrative services, including: (i) providing services of persons competent to perform such administrative and clerical functions as are necessary to provide effective administration of the Funds; (ii) facilitating the performance of administrative and professional services to the Funds by others, including the Custodian; (iii) preparing, but not paying for, the periodic updating of the Funds' Registration Statement, Prospectuses and Statements of Additional Information in conjunction with Fund counsel, including the printing of such documents for the purpose of filings with the SEC and state securities administrators, and preparing reports to the Funds' shareholders and the SEC; (iv) preparing in conjunction with Fund counsel, but not paying for, all filings under the securities or "Blue Sky" laws of such states or countries as are designated by the Distributor, which may be required to register or qualify, or continue the registration or qualification, of the Funds and/or their shares under such laws; (v) preparing notices and agendas for meetings of the Board and minutes of such meetings in all matters required by the 1940 Act to be acted upon by the Board; and (vi) monitoring daily and periodic compliance with respect to all requirements and restrictions of the 1940 Act, the Tax Code and the Prospectus.

The Administrator also provides the Funds with accounting services, including: (i) daily computation of NAV; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Funds' listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Funds; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Funds.

For administrative services rendered to the Funds under the Fund Services Agreement, each Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets. For the fund accounting services rendered to the Funds under the Fund Services Agreement, each Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets. The Funds also pay the Administrator for any out-of-pocket expenses.

For the fiscal year ended November 30, 2025, the Funds paid/incurred the following amounts for administrative services:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Administrative Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$119999 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$128971 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$241744 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$179337 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$215458 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$75701 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$67793 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$76259 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$121648 |

---

For the fiscal year ended November 30, 2024, the Funds paid/incurred the following amounts for administrative services:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Administrative Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$122987 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$127497 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$227106 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$191182 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$184935 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$71914 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$75874 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$75842 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$66,778\* |

---

\* The amount incurred by Inspire 500 ETF was for the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

For the fiscal year ended November 30, 2023, the Funds paid the following amounts for administrative services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Administrative Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$125879 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$103640 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$179449 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$160583 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$138206 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$66311 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$58750 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$51308 |

---

**<u>Transfer Agent</u>**

Brown Brothers Harriman & Co. ("BBH"), located at 50 Post Office Square, Boston, MA 02110, acts as transfer, dividend disbursing, and shareholder servicing agent for the Funds pursuant to written agreement with Funds (the "Transfer Agent"). Under the agreement, the Transfer Agent is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

For the fiscal year ended November 30, 2025, the Funds paid or incurred the following amounts for transfer agent services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Transfer Agent Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$14971 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$15711 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$15244 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$11185 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$14859 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$13311 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$10465 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$10608 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$10600 |

---

For the fiscal year ended November 30, 2024, the Funds paid or incurred the following amounts for transfer agent services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Transfer Agent Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$14873 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$14141 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$15175 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$7480 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$21618 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$11200 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$10752 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$11832 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$6,962\* |

---

\* The amount paid by Inspire 500 ETF was for the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

For the fiscal year ended November 30, 2023, the Funds paid the following amounts for transfer agent services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Transfer Agent Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$14591 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$12213 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$12049 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$14528 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$16458 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$10560 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$11211 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$10070 |

---

**<u>Custodian</u>**

BBH, located at 50 Post Office Square, Boston, MA 02110 (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a Custodian and Transfer Agent Agreement by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Funds' investments. Pursuant to the Custodian and Transfer Agent Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Funds may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**<u>Securities Lending Activities</u>**

BBH serves as the Funds' securities lending agent pursuant to a Securities Lending Agency Agreement between BBH and the Trust on behalf of the Funds. For the fiscal year ended November 30, 2025, the following amounts of income and fees and compensation were paid to the Funds and BBH related to the Funds' securities lending activities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Inspire <br> Global <br> Hope ETF | &nbsp;&nbsp;Inspire <br> Small/Mid <br> Cap ETF | &nbsp;&nbsp;Inspire <br> Corporate <br> Bond ETF | &nbsp;&nbsp;Inspire <br> 100 ETF | &nbsp;&nbsp;Inspire <br> International <br> ETF | &nbsp;&nbsp;Inspire <br> Tactical <br> Balanced <br> ETF | &nbsp;&nbsp;Inspire <br> Momentum <br> ETF | &nbsp;&nbsp;Inspire <br> Fidelis <br> Multi <br> Factor <br> ETF |
| &nbsp;&nbsp;**Gross income from securities lending activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**(including income from cash collateral reinvestment** | &nbsp;&nbsp;$9592.27 | &nbsp;&nbsp;$86648.70 | &nbsp;&nbsp;$2514.19 | &nbsp;&nbsp;$1108.63 | &nbsp;&nbsp;$74849.23 | &nbsp;&nbsp;$289.00 | &nbsp;&nbsp;$190.00 | &nbsp;&nbsp;$3404.83 |
| &nbsp;&nbsp;**Fees and/or compensation for securities lending activities and related services** | &nbsp;&nbsp;$1931.27 | &nbsp;&nbsp;$17364.70 | &nbsp;&nbsp;$515.19 | &nbsp;&nbsp;$215.63 | &nbsp;&nbsp;$15149.23 | &nbsp;&nbsp;$59.00 | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$680.83 |
| &nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;collateral reinvestment vehicle) that are not included in the revenue split | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Administrative fees not included in revenue split | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Indemnification fees not included in revenue split | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Rebates paid to borrowers | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Other fees not included in revenue split | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;**Aggregate fees/compensation for securities lending activities and related services** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;**Net income from securities lending activities** | &nbsp;&nbsp;$7661.00 | &nbsp;&nbsp;$69284.00 | &nbsp;&nbsp; $1999.00 | &nbsp;&nbsp; $893.00 | &nbsp;&nbsp; $59700.00 | &nbsp;&nbsp; $230.00 | &nbsp;&nbsp; $159.00 | &nbsp;&nbsp;$2724.00 |

---

For the fiscal year ended November 30, 2025, no income, fees or compensation were paid to Inspire 500 ETF and BBH related to Inspire 500 ETF's securities lending activities.

The services provided by the custodian as securities lending agent are as follows: selection of securities to be loaned; locating borrowers previously approved by the Board; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the Funds' instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the Funds' instructions; and arranging for return of loaned securities to the Funds at loan termination.

**<u>Compliance Services</u>**

Northern Lights Compliance Services, LLC ("NLCS"), 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022, an affiliate of the Administrator, provides a chief compliance officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. NLCS's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to the Funds, the Funds pay NLCS a one-time fee plus an annual asset based fee, which scales downward based upon net assets. The Funds also pay NLCS for any out-of-pocket expenses.

For the fiscal year ended November 30, 2025, the Funds paid or incurred the following amounts for compliance services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Compliance Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$10826 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$16674 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$23799 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$20330 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$22094 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$10855 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$8706 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$11405 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$19648 |

---

For the fiscal year ended November 30, 2024, the Funds paid or incurred the following amounts for compliance services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Compliance Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$16695 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$16039 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$20776 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$23810 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$20330 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$12390 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$9082 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$11708 |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$15,933 \* |

---

\* The amount paid by Inspire 500 ETF was for the fiscal period from March 25, 2024 (commencement of operations) to November 30, 2024.

For the fiscal year ended November 30, 2023, the Funds paid the following amounts for compliance services.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Compliance Services Fees** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$17378 |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$16195 |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$22736 |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$25070 |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$17802 |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$14285 |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$8810 |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$10551 |

---

**<u>Index Providers</u>**

Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF and Inspire 500 ETF

Each Underlying Index for Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF and Inspire 500 ETF is an index sponsored, created, compiled, and maintained by the Adviser.

In order to minimize any potential for conflicts caused by the fact that the Adviser acts as both the Underlying Index provider and investment adviser to the Funds, the Funds will post on their website on each day that the NYSE, the relevant Exchange and the Trust are open for business (a "Business Day"), before commencement of trading of shares on the Exchange, the identities and quantities of the portfolio securities, assets and other positions held by a Fund that will form the basis for the Fund's calculation of NAV at the end of the Business Day.

The Adviser does not charge a licensing fee for the Funds to use the Underlying Indexes. If the Adviser were to no longer serve as the adviser to the Funds, it may determine to no longer allow the Funds to use the Underlying Indexes as part of each Fund's strategy or to charge a fee for the Funds to do so. Such an event could result in the Funds having to change their investment strategies, liquidation, or an increase to each Fund's expense ratio.

Inspire Fidelis Multi Factor ETF

The WI Multi-Factor, Multi-Cap Index (the "Index") is an index sponsored, created, and maintained by Wallick for Inspire Fidelis Multi Factor ETF. The Adviser pays a licensing fee to Wallick Investments for the Fund to use the Index. Should the licensing agreement end, the Inspire Fidelis Multi Factor ETF may change its investment strategies as an alternative to liquidating its assets. Such an event could result in an increase to the Fund's expense ratio.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the current series of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal, dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Funds. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and providing a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

As indicated in the Prospectus under the heading "How Shares are Priced," investors may buy and sell Shares in secondary market transactions through brokers at market prices and the Shares will trade at market prices. Only Authorized Participants may buy and redeem Shares from a Fund directly and those transactions are effected at the Fund's NAV. The NAV of the Shares is determined by dividing the total value of a Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of a Fund.

Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded on the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. With respect to any portion of a Fund's assets that are invested in ETFs, the Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. If market quotations are not readily available, securities will be valued at their fair market value as determined 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 Valuation Designee 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, at least quarterly, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term debt securities with a remaining maturity of 60 days or less may be amortized to maturity, provided such valuations represent par value.

Exchange traded options are 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 exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange, or if no settlement price is available, at the last sale price as of the close of business prior to when the Funds calculate NAV. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the

value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Funds can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Valuation Designee in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Funds' NAV by short-term traders. In addition, because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures approved by the Board. As a result, the NAV of Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

Shares are valued at the close of regular trading on the Exchange (normally 4:00 p.m., Eastern time) (the "Exchange Close") on each day that the Exchange is open. For purposes of calculating the NAV, the Funds normally use pricing data for domestic equity securities received shortly after the Exchange Close and does not normally take into account trading, clearances or settlements that take place after the Exchange Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Funds or their agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are insufficient or not readily available, the Funds may value securities at fair value or estimate their value as determined in good faith by the Board or its designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board if extraordinary events occur after the close of the relevant market but prior to the Exchange Close.

**<u>Creation Units</u>**

Each Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. A "Business Day" is any day on which the Exchange is open for business. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A Creation Unit is an aggregation of 50,000 Shares for Inspire Global Hope ETF, Inspire Small/Cap ETF, Inspire 100 ETF and Inspire International ETF; 100,000 Shares for Inspire Corporate Bond ETF; and 25,000 Shares for Inspire Capital Appreciation ETF, Inspire Growth ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF. The Board may declare a split or a consolidation in the number of Shares outstanding of a Fund or Trust, and make a corresponding change in the number of Shares in a Creation Unit.

**<u>Authorized Participants</u>**

Only Authorized Participants that have entered into agreements with the Trust or the Distributor may purchase or redeem Creation Units. In order to be an Authorized Participant, a firm must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the NSCC or a participant in DTC with access to the DTC system ("DTC Participant"), and such firm must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in each Fund's Creation Units.

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors transacting through a broker that is not itself an Authorized Participant and therefore must still transact through an Authorized Participant may incur additional charges. There are expected to be a limited number of Authorized Participants that have entered into Participant Agreements with the Funds at any one time.

Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Market disruptions and telephone or other communication failures may impede the transmission of orders.

**<u>Transaction Fees</u>**

A fixed fee payable to the Custodian is 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 (as defined below) 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"). With the approval of the Board, the Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Funds for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by a Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of a Fund.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Funds are listed in the table below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fee for In-Kind and Cash <br> Purchases** | &nbsp;&nbsp;**Maximum Additional <br> Variable Charge for Cash <br> Purchases\*** |
| &nbsp;&nbsp;Inspire Global Hope ETF | &nbsp;&nbsp;$500 | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Inspire Small/Mid Cap ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire Corporate Bond ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire 100 ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire International ETF | &nbsp;&nbsp;$500 | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Inspire Capital Appreciation ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire Growth ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire Fidelis Multi Factor ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Inspire 500 ETF | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.00% |

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\* As a percentage of the amount invested

**<u>The Clearing Process</u>**

Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

**<u>Foreign Securities</u>**

Because the portfolio securities of the Funds may trade on days that the Exchange is closed or are otherwise not Business Days for the Funds, shareholders may not be able to redeem their shares of the Funds, or to purchase or sell shares of the Funds on the Exchange, on days when the NAV of the Funds could be significantly affected by events in the relevant foreign markets.

**<u>Purchasing Creation Units</u>**

Portfolio Deposit

The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the NAV per Creation Unit of the Funds and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to a Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from a Fund.

On each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for a Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

The Deposit Securities may change and as rebalancing adjustments and corporate action events of the Underlying Index are reflected from time to time by the Adviser in a Fund's portfolio. The Deposit Securities may also change in response to the rebalancing and/or constitution of the Underlying Index. These adjustments will reflect changes known to the Adviser on the date of announcement to be in effect by the time of delivery of the Portfolio Deposit.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

Custom Orders and Cash-in-Lieu

Each Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. A Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, a Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. Each Fund complies with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. All orders involving cash-in-lieu, as well as certain other types of orders, are considered to be "Custom Orders."

Purchase Orders

To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor.

Timing of Submission of Purchase Orders

An Authorized Participant must submit an irrevocable purchase order no later than the earlier of (i) 4:00 p.m. Eastern Time or (ii) the closing time of the bond markets and/or the trading session on the Exchange, on any Business Day in order to receive that Business Day's NAV ("Cut-off Time"). The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1").

Orders Using the Clearing Process

If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to a Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

Orders Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to a Fund account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to a Fund for any losses incurred by a Fund in connection therewith.

Orders involving foreign Deposit Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of a Fund to maintain an account into which an Authorized Participant may deliver Deposit Securities (or cash-in-lieu), with adjustments determined by the Fund, will then provide information of the order to such local sub-custodian(s). The ordering Authorized Participant will then deliver the Deposit Securities (and any cash-in-lieu) to a Fund's account at the applicable local sub-custodian. The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to a Fund, immediately available or same day funds in U.S. dollars estimated by the Fund to be sufficient to pay the Cash Component and Transaction Fee. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern Time, on the contractual settlement date.

Acceptance of Purchase Order

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by a Fund. A Fund's determination shall be final and binding.

Each Fund reserves the absolute right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) acceptance of the Deposit Securities would have certain adverse tax consequences to the Fund; € the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; (f) the acceptance of the Portfolio Deposit would otherwise, in the discretion of the Trust, Fund or the Adviser, have an adverse effect on the Trust, Funds or the rights of beneficial owners; or (g) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Funds, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

Issuance of a Creation Unit

Once a Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until a Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Deposit Securities, when the applicable local sub-custodian(s) have confirmed to the Custodian that the Deposit Securities (or cash-in-lieu) have been delivered to the relevant Fund's account at the

applicable local sub-custodian(s), the Distributor and the Adviser shall be notified of such delivery, and the Fund will issue and cause the delivery of the Creation Unit. While, as stated above, Creation Units are generally delivered on T+1, the Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

A Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities, under the following circumstances. Pursuant to the applicable Participant Agreement, the Fund may issue a Creation Unit notwithstanding that (certain) Deposit Securities have not been delivered, in reliance on an undertaking by the relevant Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking is secured by such Authorized Participant's delivery to and maintenance with the Custodian of collateral having a value equal to at least 115% of the value of the missing Deposit Securities ("Collateral"), as adjusted by time to time by the Adviser. Such Collateral will have a value greater than the NAV of the Creation Unit on the date the order is placed. Such Collateral must be delivered no later than 2:00 p.m., Eastern Time, on T+1. The only Collateral that is acceptable to a Fund is cash in U.S. Dollars.

While (certain) Deposit Securities remain undelivered, the Collateral shall at all times have a value equal to at least 115% (as adjusted by the Adviser) of the daily marked-to-market value of the missing Deposit Securities. At any time, a Fund may use the Collateral to purchase the missing securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Collateral, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused Collateral once all of the missing securities have been received by a Fund. More information regarding the Funds' current procedures for collateralization is available from the Distributor.

Cash Purchase Method

When cash purchases of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

**<u>Redeeming a Creation Unit</u>**

Redemption Basket

The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the NAV per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from a Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to a Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for a Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

The Redemption Securities may change as rebalancing adjustments and corporate action events of the Underlying Index are reflected from time to time by the Adviser in a Fund's portfolio. The Redemption Securities may also change in response to the rebalancing and/or reconstitution of the Underlying Index. These adjustments will reflect changes known to the Adviser on the date of announcement to be in effect by the time of delivery of the Redemption Basket.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is

suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the ETF's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

Custom Redemptions and Cash-in-Lieu

Each Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. Each Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, each Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. Each Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

Redemption Requests

To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

An Authorized Participant submitting a redemption request is deemed to represent to a Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares that are in the Creation Unit to be redeemed have not been borrowed, loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Shares to the Fund. Each Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in a Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by a Fund.

Timing of Submission of Redemption Requests

An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

Requests Using the Clearing Process

If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to a Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

Requests Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on received T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on

whose behalf is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local sub-custodian(s).

Acceptance of Redemption Requests

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

Delivery of Redemption Basket

Once a Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+1. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign Redemption Securities, a Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period.

Cash Redemption Method

When cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax advisor regarding their investment in a Fund.

Each Fund has qualified and intends to continue to qualify and has elected to be treated as a regulated investment company under Subchapter M of the Tax Code, and intends to continue to so qualify, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, a Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of a Fund will be computed in accordance with Section 852 of the Tax Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of a Fund. Capital losses incurred may be carried forward indefinitely and retain the character of the original loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** | **Undistributed** | **Post October Loss** | **Capital Loss** | **Other** | **Unrealized** | **Total** |
|  | **Ordinary** | **Long-Term** | **and** | **Carry** | **Book/Tax** | **Appreciation/** | **Accumulated** |
| **Ticker** | **Income** | **Capital Gains** | **Late Year Loss** | **Forwards** | **Differences** | **(Depreciation)** | **Earnings/(Deficits)** |
| BLES | $456323 | $— | $— | $(1295479) | $— | $15232270 | $14393114 |
| ISMD | 248090 |  |  | (7372858) |  | 7696242 | 571474 |
| IBD | 567228 |  |  | (19634003) |  | 7407547 | (11659228) |
| BIBL | 300419 |  |  | (52247444) |  | 51151531 | (795494) |
| WWJD | 1615122 |  |  | (7729768) |  | 52889302 | 46774656 |
| RISN | 75419 |  |  | (7481258) |  | 2151584 | (5254255) |
| GLRY |  |  |  | (10572774) |  | 23414210 | 12841436 |
| FDLS | 269795 |  |  | (6596919) |  | 10421264 | 4094140 |
| PTL | 857383 |  |  | (4584055) |  | 63992697 | 60266025 |

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Each Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Tax Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income will be made quarterly for Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF, Inspire Fidelis Multi Factor ETF and Inspire 500 ETF, and distributions of net investment income will be made monthly for the Inspire Corporate Bond ETF. Distributions of net capital gain, if any, will be made annually no later than December 31 of each year. Both types of distributions will be in Shares unless a shareholder elects to receive cash.

To be treated as a regulated investment company under Subchapter M of the Tax Code, a Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of a Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of a Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers that a Fund controls and that are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from a Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of a Fund.

Each Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Tax Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of a Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to a Fund during the preceding calendar year. Under ordinary circumstances, each Fund expects to time its distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Tax Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain; regardless of the length of time the Shares have been held by such shareholders.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of Shares. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

Redemption of Shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Shares. Such gain or loss is treated as a capital gain or loss if the Shares are held as capital assets. However, any loss realized upon the redemption of Shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts

treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of Shares may be disallowed to the extent shares are purchased (including Shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or Shares. Shareholders electing to receive distributions in the form of additional Shares will have a cost basis for federal income tax purposes in each share so received equal to the NAV of a Share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in Shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of Shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Tax Code, a Fund will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Tax Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if a Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

**<u>Other Reporting and Withholding Requirements</u>**

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**<u>Options, Futures, Forward Contracts and Swap Agreements</u>**

To the extent such investments are permissible for a Fund, the Fund's transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of a Fund's hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If a Fund's book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of a Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If a Fund's book income is less than taxable income, a Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment.

**<u>Passive Foreign Investment Companies</u>**

Investment by a Fund in certain passive foreign investment companies ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may elect to treat a PFIC as a qualified electing fund ("QEF"), in which case the Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company.

A Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of a Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for a Fund to avoid taxation. Making either of these elections, therefore, may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect a Fund's total return.

**<u>Foreign Currency Transactions</u>**

A Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

**<u>Foreign Taxation</u>**

Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by a Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of a Fund's income will flow through to shareholders of the Fund. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by a Fund. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

**<u>Original Issue Discount and Pay-In-Kind Securities</u>**

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income, which is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by a Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by a Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market

discount generally accrues in equal daily installments. The Funds may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by a Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Funds will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Funds may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

A Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest a Fund actually received. Such distributions may be made from the cash assets of a Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). A Fund may realize gains or losses from such liquidations. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders of a Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Shares.

A brief explanation of the form and character of the distribution accompany each distribution. In January of each year, the Funds issue to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the Funds' independent registered public accounting firm for the current fiscal year. The firm provides services including (i) audit of annual financial statements, and (ii) assistance and consultation in connection with SEC filings.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, OH 43215, serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The audited financial statements and report of the independent registered public accounting firm required to be included in this SAI are hereby incorporated by reference to the <u>Annual Form N-CSR</u> for the Funds for the fiscal period and fiscal year ended November 30, 2025. You can obtain a copy of the Funds' annual Form N-CSR, including the Funds' financial statements without charge on the SEC's website at www.sec.gov or by calling the Funds at 877.658.9473.

**INSPIRE INVESTING, LLC PROXY VOTING POLICY**

It is the policy of Inspire to identify any potential conflicts of interest prior to the voting of any proxies. When reviewing proxy proposals, the CCO will monitor for conflicts of interest. If the proposal falls within our predetermined voting guidelines, we will vote according to the guidelines. If a conflict is identified, Inspire may disclose the conflict to the applicable clients or contact a third party to advise Inspire to determine the vote and/or provide voting recommendations.

It is feasible that from time to time a potential conflict of interest may arise in the voting of proxies. Such conflicts may occur if an adviser manages a pension plan, administers employee benefit plans, or provides brokerage, underwriting, insurance, or banking services to a company whose management is soliciting proxies. Failure to vote in favor of management may harm the adviser's relationship with the company. The adviser may also have relationships with participants in proxy contests, corporate directors or candidates for directorships. For example, an executive of the adviser may have a spouse or other close relative who serves as a director or executive of a company. Another potential conflict of interest would be voting for an increase in 12b-1 fees when this is a source of compensation for advisers.

**Proxy and Mirror Voting**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies. Section 12(d)(1)(A) states that a registered investment company may not invest in the securities of another investment company if the acquiring company owns more than 3% of the total outstanding voting securities of the acquired company; the acquiring company owns securities issued by the acquired company with an aggregate value greater than 5% of its total assets; or the acquiring company owns securities issued by the acquired company and all other investment companies having an aggregate value greater than 10% of the value of its total assets.

**Mirror Voting**

Funds advised by Inspire may invest in other investment companies in excess of the limitations in section 12(d)(1) of the 1940 Act. In order to benefit from the safe harbor of section 12(d)(1)(F), these Funds must mirror vote proposals on proxies issued by underlying investment companies.

Mirror voting means that the Fund votes its shares in the same proportion that all shares of the underlying investment companies are voted, or in accordance with instructions received from fund shareholders, pursuant to Section 12(d)(1)(F) of the 1940 Act.

In addition, the Funds may invest in underlying investment companies in excess of the limitations prescribed within the 12(d)(1) safe harbor. Such Funds may participate in exemptive orders of underlying investment companies to the extent the Trustees of the Funds have signed the requisite participation agreements.

Inspire provides quarterly certifications with respect to its adherence to its proxy voting and exemptive order policies and procedures.

PART C

OTHER INFORMATION

Item 28. Financial Statements and Exhibits

Each of the Exhibits incorporated by reference below are found in File Nos. 811-23066, 333-204808.

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| | |
|:---|:---|
| &nbsp;&nbsp;(a) | Articles of Incorporation |
| (a)(1) | [Amended Agreement and Declaration of Trust was previously filed as an exhibit to the Registrant's Registration Statement on March 24, 2020 with Post-Effective Amendment No. 163 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064220001298/ex99c.htm) |
| (a)(2) | [Certificate of Trust was previously filed as an exhibit to the Registrant's Registration Statement on June 8, 2015 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064215002614/ex99aii.htm) |
| (b) | [Revised By-Laws were previously filed as an exhibit to the Registrant's Registration Statement on December 7, 2021 with Post-Effective Amendment No. 236 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928abi.htm). |
| (c) | Instruments Defining Rights of Security Holder. None other than in the [Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1644419/000158064220001298/ex99c.htm) and [By-Laws of the Registrant.](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928abi.htm) |
| (d) | Investment Advisory Contracts |
| (d)(1) | [Management Agreement between Main Management Fund Advisors, LLC and the Registrant, with respect to the Main BuyWrite ETF was previously filed as an exhibit to the Registrant's Registration Statement on August 15, 2022 in Post-Effective Amendment No. 272 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222004119/ex99d20.htm) |
| (d)(1)(a) | [Amended Appendix A to the Management Agreement between Main Management Fund Advisors, LLC and the Registrant, with respect to the Main BuyWrite ETF was previously filed as an exhibit to the Registrant's Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225001102/ex99d1a.htm) |
| (d)(2) | [Management Agreement between Moerus Capital Management LLC and the Registrant, with respect to the Moerus Worldwide Fund was previously filed as an exhibit to the Registrant's Registration Statement on May 20, 2016 with Post-Effective Amendment No. 10 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064216008823/ex99d.htm) |
| (d)(3) | [Management Agreement between LGM Capital Management, LLC and the Registrant, with respect to the LGM Risk Managed Total Return Fund was previously filed as an exhibit to the Registrant's Registration Statement on October 9, 2020 with Post-Effective Amendment No. 195 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220003714/ex99div.htm) |
| (d)(4) | [Management Agreement between Anchor Capital Management Group, Inc. and the Registrant, with respect to the Anchor Risk Managed Equity Strategies Fund was previously filed as an exhibit to the Registrant's Registration Statement on August 31, 2016 with Post-Effective Amendment No. 16 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064216010736/ex99d.htm) |
| (d)(5) | [Management Agreement between FormulaFolio Investments, LLC and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on May 13, 2021 with Post-Effective Amendment No. 220 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221002361/ex99d_vi.htm) |
| (d)(5)(a) | [Amended Appendix A to Management Agreement between Brookstone Asset Management LLC (f/k/a FormulaFolio Investments, LLC) and the Registrant with Respect to the Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF was previously filed as an exhibit to the Registrant's Registration Statement on September 19, 2023 with Post-Effective Amendment No. 330 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005021/ex99d6a.htm) |

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| | |
|:---|:---|
| (d)(6) | [Management Agreement between Inspire Investing, LLC and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on February 10, 2017 with Post-Effective Amendment No. 44 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064217000820/ex99dxiv.htm) |
| (d)(6)(a) | [Amended Appendix A to Management Agreement between Inspire Investing, LLC and the Registrant with respect to the Inspire Fidelis Multi Factor ETF was previously filed as an exhibit to the Registrant's Registration Statements on August 18, 2022 with Post-Effective Amendment No. 273 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222004182/ex99d7c.htm) |
| (d)(6)(b) | [Management Agreement between Inspire Investing, LLC and the Registrant with respect to the Inspire Short Term Bond ETF and Inspire 500 ETF was previously filed as an exhibit to the Registrant's Registration Statement on March 12, 2024 with Post-Effective Amendment No. 351 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224001667/ex99d6b.htm) |
| (d)(7) | [Management Agreement between Main Management ETF Advisors, LLC and the Registrant, with respect to the Main Sector Rotation ETF was previously filed as an exhibit to the Registrant's Registration Statement on July 7, 2017 with Post-Effective Amendment No. 66 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064217003809/ex99d_advisory-agreement.htm) |
| (d)(7)(a) | [Amended Appendix A to Management Agreement between Main Management ETF Advisors, LLC and the Registrant with respect to Main International ETF was previously filed as an exhibit to the Registrant's Registration Statement on November 28, 2022 with Post-Effective Amendment No. 283 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222005909/ex99d_8b.htm) |
| (d)(8) | [Investment Advisory Agreement between USA Mutuals Advisors, Inc. and the Registrant, with respect to the USA Mutuals Vice Fund and USA Mutuals All Seasons Fund was previously filed as an exhibit to the Registrant's Registration Statement on July 23, 2025 with Post-Effective Amendment No. 373 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225004419/ex99d9.htm) |
| (d)(9) | [Management Agreement between Kingsview Wealth Management LLC and the Registrant, with respect to the Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF and Monarch ProCap Index ETF was previously filed as an exhibit to the Registrant's Registraton Statement on March 12, 2021 with Post-Effective Amendment No. 212 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001200/ex99_dxiii.htm). |
| (d)(9)(a) | [Amended Appendix A to the Management Agreement between Kingsview Wealth Management LLC and the Registrant, with respect to the Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF was previously filed as an exhibit to the Registrant's Registration Statement on February 9, 2024 with Post-Effective Amendment No. 348 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224000907/ex99d12a.htm) |
| (d)(10) | [Sub-Advisory Agreement between Kingsview Wealth Management LLC and Penserra Capital Management LLC with respect to the Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF and Monarch ProCap Index ETF was previously filed as an exhibit to the Registrant's Registraton Statement on March 12, 2021 with Post-Effective Amendment No. 212 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001200/ex99_dxiv.htm). |
| (d)(10)(a) | [Amended Schedule A and Schedule B to the Sub-Advisory Agreement between Kingsview Wealth Management LLC and Penserra Capital Management LLC with respect to Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF was previously filed as an exhibit to the Registrant's Registration Statement on February 9, 2024 with Post-Effective Amendment No. 348 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224000907/ex99d13a.htm) |
| (d)(11) | [Management Agreement between First Manhattan Co. and the Registrant with respect to FM Focus Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on April 25, 2022 with Post-Effective Amendment No. 257 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222002231/ex99_d17.htm) |

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| | |
|:---|:---|
| (d)(11)(a) | [Amended Schedule A to the Management Agreement between First Manhattan Co. and the Registrant with respect to FM Compounders Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on October 22, 2024 with Post-Effective Amendment No. 364 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224006275/ex99d12a.htm) |
| (d)(12) | [Sub-Advisory Agreement between First Manhattan Co. and Vident Advisory, LLC dba Vident Asset Management with respect to FM Focus Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on September 26, 2023 with Post-Effective Amendment No. 331 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005138/ex_d18.htm) |
| (d)(12)(a) | [Amended Schedule A to the Sub-Advisory Agreement between First Manhattan Co. and Vident Advisory, LLC dba Vident Asset Management with respect to FM Compounders Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on October 22, 2024 with Post-Effective Amendment No. 364 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224006275/ex99d13a.htm) |
| (d)(13) | [Management Agreement between Tuttle Capital Management, LLC and the Registrant with respect to the National Security Emerging Markets Index ETF was previously filed as an exhibit to the Registration Statement on September 18, 2023 with Post-Effective No. 329 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005010/ex_d20a.htm). |
| (d)(14) | [Management Agreement between Fulcrum Asset Management LLP and the Registrant with respect to the Fulcrum Diversified Absolute Return Fund was filed previously as an exhibit to the Registration Statement on March 10, 2023 with Post-Effective No. 299 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223001424/ex99d21.htm) |
| (e) | Underwriting Contracts |
| (e)(1) | [Underwriting Agreement with Northern Lights Distributors, LLC, was previously filed as an exhibit to the Registrant's Registration Statement on July 23, 2025 with Post-Effective Amendment No. 373 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064225004419/ex99e1.htm). |
| (e)(2) | [Underwriting Agreement with Foreside Fund Services, LLC was previously filed as an exhibit to the Registrant's Registration Statement on May 20, 2016 with Post-Effective Amendment No. 10 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064216008823/ex99e.htm) |
| (e)(2)(a) | [Underwriting Agreement with Foreside Fund Services, LLC was previously filed as an exhibit to the Registrant's Registration Statement on March 26, 2018 with Post-Effective Amendment No. 95 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064218001701/ex99e.htm) |
| (e)(2)(b) | [Underwriting Agreement with Foreside Fund Services, LLC was previously filed as an exhibit to the Registrant's Registration Statement on December 21, 2021 with Post-Effective Amendment No. 239 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221005979/exh-e_iib.htm) |
| (e)(3) | [ETF Underwriting Agreement with Northern Lights Distributors, LLC, was previously filed as an exhibit to the Registrant's Registration Statement on July 23, 2025 with Post-Effective Amendment No. 373 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225004419/ex99e3.htm) |
| (e)(4) | [First Amendment to the ETF Distribution/Underwriting Agreement with Foreside Financial Services, LLC with respect to Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF Inspire Capital Appreciation ETF and Inspire Growth ETF was previously filed as an exhibit to the Registrant's Registration Statement on November 24, 2020 with Post-Effective Amendment No. 196 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220004273/ex99eiv.htm) |
| (e)(5) | [ETF Distribution/Underwriting Agreement with Foreside Financial Services, LLC was previously filed as an exhibit to the Registrant's Registration Statement on December 21, 2021 with Post-Effective Amendment No. 239 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221005979/exh-e_iva.htm) |
| (e)(5)(a) | [Amendment to the ETF Distribution/Underwriting Agreement with Foreside Financial Services, LLC was previously filed as an exhibit to the Registrant's Registration Statement on March 12, 2024 with Post-Effective Amendment No. 351 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224001667/ex99e7.htm) |

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| | |
|:---|:---|
| (f) | Bonus or Profit Sharing Contracts – None |
| (g) | Custodial Agreement |
| (g)(1) | [Custody Agreement with MUFG Union Bank, N.A. was previously filed as an exhibit to the Registrant's Registration Statement on August 14, 2015 with Post-Effective Amendment No. 1 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064215003504/ex99g.htm) |
| (g)(1)(a) | [Assignment of Custody Agreement Novation to Custody Agreement among the Trust, MUFG Union Bank, N.A. and U.S. Bank, N.A. was previously filed as an exhibit to the Registrant's Registration Statement on December 7, 2021 with Post-Effective Amendment No. 236 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928gia.htm) |
| (g)(2) | [Custody Agreement with The Huntington National Bank was previously filed as an exhibit to the Registrant's Registration Statement on December 21, 2015 with Post-Effective Amendment No. 4 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064215005941/ex99g_custody.htm) |
| (g)(2)(a) | [The Huntington National Bank's Consent to Assignment to Successor Custodian, Argent Institutional Trust Company was previously filed as an exhibit to the Registrant's Registration Statement on February 24, 2026 with Post-Effective Amendment No. 380 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1644419/000158064226001204/main-etfs_485b.htm) |
| (g)(3) | [Custody Agreement with The Bank of New York Mellon was previously filed as an exhibit to the Registrant's Registration Statement on October 9, 2020 with Post-Effective Amendment No. 195 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220003714/ex99giii.htm) |
| (g)(4) | [Custody Agreement with Fifth Third Bank was previously filed as an exhibit to the Registrant's Registration Statement on October 11, 2017 with Post-Effective Amendment No. 73 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064217005458/ex99g.htm) |
| (g)(5) | [Custody Agreement with U.S. Bank National Association was previously filed as an exhibit to the Registrant's Registration Statement on February 1, 2021 with Post-Effective Amendment No. 209 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064221000241/ex99gvi.htm) |
| (g)(6) | [Custodian Agreement with Brown Brothers Harriman & Co., was previously filed as an exhibit to the Registrant's Registration Statement on December 7, 2021 with Post-Effective Amendment No. 236 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928gvii.htm) |
| (g)(7) | [Custody Agreement between State Street Bank and Trust Company and the Registrant was previously filed as am exhibit to the Registrant's Registration Statement on June 24, 2024 with Post-Effective Amendment No. 356 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224003267/ex99h17.htm) |
| (g)(8) | [Amended Appendix A to the Custody Agreement between State Street Bank and Trust Company and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225001102/ex99g8.htm) |
| (h) | Other Material Contracts |
| (h)(1) | [Fund Services Agreement between Ultimus Fund Solutions LLC, was previously filed as an exhibit to the Registrant's Registration Statement on December 7, 2021 with Post-Effective Amendment No. 236 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928hia.htm). |
| (h)(2) | [Amended and Restated Operating Expenses Limitation and Security Agreement between Main Management Fund Advisors, LLC and the Registrant, with respect to the Main BuyWrite ETF, was previously filed as an exhibit to the Registrant's Registration Statement on February 24, 2026 with Post-Effective Amendment No. 380 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1644419/000158064226001204/main-etfs_485b.htm) |
| (h)(3) | [Operating Expenses Limitation and Security Agreement between LGM Capital Management, LLC and the Registrant, with respect to the LGM Risk Managed Total Return Fund, was previously filed as an exhibit to the Registrant's Registration Statement on September 26, 2025 with Post-Effective Amendment No. 376 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225006247/ex99h3.htm) |

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| | |
|:---|:---|
| (h)(4) | [ETF Fund Services Agreement between Ultimus Fund Solutions LLC, was previously filed as an exhibit to the Registrant's Registration Statement on December 7, 2021 with Post-Effective Amendment No. 236 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000139834421023474/fp0070231_ex9928hviia.htm) |
| (h)(5) | [Expense Limitation Agreement between Brookstone Asset Management LLC (f/k/a FormulaFolio Investments, LLC) and the Registrant with respect to the Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF was previously filed as an exhibit to the Registrant's Registration Statement on September 19, 2023 with Post-Effective Amendment No. 330 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005021/ex99h9.htm) |
| (h)(6) | [Expense Limitation Agreement between Anchor Capital Management Group, Inc. and the Registrant, with respect to the Anchor Risk Managed Income Strategies Fund and Anchor Risk Managed Equity Strategies Fund was previously filed as an exhibit to the Registrant's Registration Statement on September 4, 2020 with Post-Effective Amendment No. 184 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220003350/ex99hxviii.htm) |
| (h)(7) | [Expense Limitation Agreement between USA Mutuals Advisors, Inc. and the Registrant, with respect to the USA Mutuals Vice Fund and USA Mutuals All Seasons Fund was previously filed as an exhibit to the Registrant's Registration Statement on July 23, 2025 with Post-Effective Amendment No. 373 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225004419/ex99h7.htm) |
| (h)(8) | [Amended and Restated Expense Limitation Agreement between Moerus Capital Management LLC and the Registrant, with respect to the Moerus Worldwide Fund was previously file as an exhibit too the Registrant's Registration Statement on March 22, 2024 with Post-Effective Amendment No. 352 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224001791/ex99h8.htm) |
| (h)(9) | [Amended and Restated Expense Limitation Agreement between Inspire Investing, LLC and the Registrant, with respect to Inspire 100 ETF and Inspire Growth ETF was previously filed as an exhibit to the Registrant's Registration Statement on August 18, 2022 with Post-Effective Amendment No. 273 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222004182/ex99h21.htm) |
| (h)(10) | [Amended and Restated Operating Expenses Limitation and Security Agreement between Main Management ETF Advisors, LLC and the Registrant, with respect to Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF, was previously filed as an exhibit to the Registrant's Registration Statement on February 24, 2026 with Post-Effective Amendment No. 380 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1644419/000158064226001204/main-etfs_485b.htm) |
| (h)(11) | [Operating Expenses Limitation and Security Agreement between Fulcrum Asset Management LLP and the Registrant, with respect to the Fulcrum Diversified Absolute Return Fund, was previously filed as an exhibit to the Registrant's Registration Statement on October 23, 2025 with Post-Effective Amendment No. 377 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225006697/ex99h_11.htm) |
| (h)(12) | [Operating Expenses Limitation and Security Agreement between Kingsview Wealth Management, LLC and the Registrant, with respect to Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF was previously filed as an exhibit to the Registrant's Registration Statement on June 25, 2025 with Post Effective Amendment No. 371 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225003834/ex99_h12.htm) |
| (h)(13) | [Fund of Funds Investment Agreements between Krane Shares Trust and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on June 27, 2022 with Post-Effective Amendment No. 262 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222003241/ex-h23.htm) |

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| | |
|:---|:---|
| (h)(14) | [Fund of Funds Investment Agreement, as amended, between Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on June 27, 2022 with Post-Effective No. 262 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222003241/ex99h24.htm) |
| (h)(14)(a) | [Amendment to Fund of Funds Investment Agreement, as amended, between Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225001102/ex99h14a.htm) |
| (h)(15) | [Index Licensing Agreement between Inspire Investing, LLC and Wallick Investments, LLC with respect to Inspire Fidelis Multi Factor ETF was previously filed as an exhibit to the Registrant's Registration Statement on August 18, 2022 with Post-Effective Amendment No. 273 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222004182/ex99h26.htm) |
| (h)(16) | [Index Sub-Licensing Agreement between Inspire Investing LLC and the Trust with respect to Inspire Fidelis Multi-Factor ETF was previously filed as an exhibit to the Registrant's Registration Statement on September 22, 2022 with Post-Effective No. 275 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222004803/ex99h26.htm) |
| (h)(17) | [Transfer Agency Agreement between State Street Bank and Trust Company and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on June 24, 2024 with Post-Effective No. 356 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224003267/ex99g7.htm) |
| (h)(18) | [Amended Schedule A to the Transfer Agency Agreement between State Street Bank and Trust Company and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225001102/ex99h18.htm) |
| (h)(19) | [Shareholder Servicing Plan for Advisor Class shares and Institutional Class shares between Fulcrum Asset Management LLP and the Trust with respect to the Fulcrum Diversified Absolute Return Fund was previously filed as an exhibit to the Registrant's Registration Statement on October 27, 2023 with Post-Effective No. 336 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005781/ex99h31.htm) |
| (h)(20) | [AP Representative Confidentiality & Undertakings Agreement between Cantor Fitzgerald & Co. and the Registrant with respect to FM Compounders Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on October 22, 2024 with Post-Effective Amendment No. 364 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224006275/ex99h20.htm) |
| (h)(20)(a) | [Amendment to the AP Representative Confidentiality & Undertakings Agreement between Cantor Fitzgerald & Co. and the Registrant with respect to FM Compounders Equity ETF was previously filed as an exhibit to the Registrant's Registration Statement on December 19, 2024 with Post-Effective Amendment No. 366 and is incorporated by reference](https://www.sec.gov/Archives/edgar/data/1644419/000158064224007696/ex99h20a.htm). |
| (h)(21) | [Fund of Funds Investment Agreement between VanEck ETF Trust and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on February 25, 2025 in Post-Effective Amendment No. 367 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225001102/ex99h21.htm) |
| (h)(22) | [Assignment and Assumption Agreement between Brown Brothers Harriman & Co., Mitsubishi UFJ Trust and Banking Corporation, and the Registrant was previously filed as an exhibit to the Registrant's Registration Statement on September 25, 2025 in Post-Effective Amendment No. 375 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000139834425018513/fp0095495-1_ex9928h22.htm) |

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| | |
|:---|:---|
| (i) | [Legal Opinion of Thompson Hine LLP was previously filed as an exhibit to the Registrant's Registration Statement on October 22, 2024 with Post-Effective Amendment No. 364 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224006275/ex99i.htm) |
| (i)(1) | [Legal Consent of Thompson Hine LLP is filed herewith](ex99i.htm). |
| (j) | Other Opinions |
| (j)(1) | [Consent of Cohen & Company, Ltd. is filed herewith](ex99j.htm). |
| (k) | Omitted Financial Statements - None |
| (l) | Initial Capital Agreements - None |
| (m) | Rule 12b-1 Plans |
| (m)(1) | [Plan of Distribution Pursuant to Rule 12b-1 for Class A shares was previously filed as an exhibit to the Registrant's Registraton Statement on March 24, 2021 with Post-Effective Amendment No. 213 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001360/ex99_mia.htm) |
| (m)(2) | [Plan of Distribution Pursuant to Rule 12b-1 for Class C Shares was previously filed as an exhibit to the Registrant's Registraton Statement on March 24, 2021 with Post-Effective Amendment No. 213 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001360/ex99_miia.htm) |
| (m)(3) | [Plan of Distribution Pursuant to Rule 12b-1 for Institutional Class Shares was previously filed as an exhibit to the Registrant's Registration Statement on January 2, 2019 with Post-Effective Amendment No. 124 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064219000014/exmiii.htm) |
| (m)(4) | [Plan of Distribution Pursuant to Rule 12b-1 for Class N Shares was previously filed as an exhibit to the Registrant's Registration Statement on May 20, 2016 with Post-Effective Amendment No. 10 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064216008823/ex99mvi.htm) |
| (m)(5) | [Plan of Distribution Pursuant to Rule 12b-1 for Investor Class Shares was previously filed as an exhibit to the Registrant's Registraton Statement on March 24, 2021 with Post-Effective Amendment No. 213 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001360/ex99_mvia.htm) |
| (m)(6) | [Plan of Distribution Pursuant to Rule 12b-1 for Non-Designated Shares was previously filed as an exhibit to the Registrant's Registration Statement on August 31, 2016 with Post-Effective Amendment No. 16 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064216010736/ex99mvi.htm) |
| (m)(7) | [Plan of Distribution Pursuant to Rule 12b-1 for Advisor Class Shares was previously filed as an exhibit to the Registrant's Registration Statement on March 10, 2023 with Post-Effective Amendment No. 299 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223001424/ex99m8.htm) |
| (m)(8) | [ETF Distribution Plan Pursuant to Rule 12b-1 was previously filed as an exhibit to the Registrant's Registration Statement on March 12, 2024 with Post-Effective Amendment No. 351 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224001667/ex99m9.htm) |
| (m)(9) | [Amended Schedule A to the ETF Distribution Plan Pursuant to 12b-1 was filed as an exhibit to the Registrant's Registration Statement on October 22, 2024 with Post-Effective Amendment No. 364 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064224006275/ex99m9.htm) |
| (n) | Rule 18f-3 Plan |
| (n)(1) | [Rule 18f-3 Plan was previously filed as an exhibit to the Registrant's Registration Statement on December 21, 2015 with Post-Effective Amendment No. 3 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064215005940/ex99n.htm) |
| (n)(1)(a) | [Amended Appendix A to Rule 18f-3 Plan to include Institutional Class Shares, Investor Class Shares, Class A Shares, and Class C Shares for USA Mutuals Vice Fund and to include Institutional Class Shares and Class Z Shares for USA Mutuals All Seasons Fund was previously filed as an exhibit to the Registrant's Registration Statement on January 21, 2021 with Post-Effective Amendment No. 208 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221000205/ex99n_ie.htm) |
| (n)(1)(b) | [Amended Appendix A to Rule 18f-3 Plan to include Advisor Class Shares, Institutional Class Shares and Super Institutional Class Shares for Fulcrum Diversified Absolute Return Fund was previously filed as an exhibit to the Registrant's Registration Statement on March 10, 2023 with Post-Effective Amendment No. 299 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223001424/ex99m8.htm) |

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|:---|:---|
| (o) | Reserved |
| (p) | Code of Ethics |
| (p)(1) | [Code of Ethics for the Trust was previously filed as an exhibit to the Registrant's Registration Statement on August 14, 2015 with Post-Effective Amendment No. 1 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064215003504/ex99p1.htm) |
| (p)(2) | [Code of Ethics for Anchor Capital Management Group, Inc. was previously filed as an exhibit to the Registrant's Registration Statement on April 29, 2020 with Post-Effective Amendment No. 171 and is incorporated by reference](http://www.sec.gov/Archives/edgar/data/1644419/000158064215003504/ex99p2.htm). |
| (p)(3) | [Code of Ethics for Ultimus Group, LLC was previously filed as an exhibit to the Registrant's Registration Statement on November 29, 2019 with Post-Effective Amendment No. 158 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064219005340/ex99p.htm) |
| (p)(4) | [Code of Ethics for Main Management Fund Advisors, LLC and Main Management ETF Advisors, LLC was previously filed as an exhibit to the Registrant's Registration Statement on September 23, 2020 with Post-Effective Amendment No. 189 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220003533/ex99piv.htm) |
| (p)(5) | [Code of Ethics for LGM Capital Management, LLC was previously filed as an exhibit to the Registrant's Registration Statement on April 21, 2020 with Post-Effective Amendment No. 169 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064220001693/ex99pvi.htm) |
| (p)(6) | [Code of Ethics for Brookstone Asset Management LLC (f/k/a FormulaFolio Investments, LLC) was previously filed as an exhibit to the Registrant's Registration Statement on September 24, 2020 with Post-Effective Amendment No. 190 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064220003548/ex99pvii.htm) |
| (p)(7) | [Code of Ethics for Inspire Investing, LLC was previously filed as an exhibit to the Registrant's Registration Statement on April 21, 2020 with Post-Effective Amendment No. 169 and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1644419/000158064220001693/ex99pviii.htm) |
| (p)(8) | [Code of Ethics for USA Mutuals Advisors, Inc. was previously filed as an exhibit to the Registrant's Registration Statement on January 21, 2021 with Post-Effective Amendment No. 208 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221000205/ex99p_xi.htm) |
| (p)(9) | [Code of Ethics for Kingsview Wealth Management LLC was previously filed as an exhibit to the Registrant's Registration Statement on June 25, 2025 with Post Effective Amendment No. 371 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225003834/ex-p10.htm) |
| (p)(10) | [Code of Ethics of Penserra Capital Management LLC was previously filed as an exhibit to the Registrant's Registraton Statement on March 12, 2021 with Post-Effective Amendment No. 212 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064221001200/monarch485b.htm) |
| (p)(11) | [Code of Ethics of First Manhattan Co. was previously filed as an exhibit to the Registrant's Registration Statement on April 25, 2022 with Post-Effective Amendment No. 257 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064222002231/ex99_p17.htm) |
| (p)(12) | [Code of Ethics of Vident Advisory, LLC dba Vident Asset Management was previously filed as an exhibit to the Registrant's Registration Statement on September 26, 2025 with Post-Effective Amendment No. 376 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225006247/ex99p13.htm) |
| (p)(13) | [Code of Ethics of Moerus Capital Management LLC was previously filed as an exhibit to the Registrant's Registration Statement on June 25, 2025 with Post Effective Amendment No. 371 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225003834/ex-p14.htm) |
| (p)(14) | [Code of Ethics of Tuttle Capital Management, LLC was previously filed as an exhibit to the Registrant's Registration Statement on September 26, 2025 with Post-Effective Amendment No. 376 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064225006247/ex99p15.htm) |
| (p)(15) | [Code of Ethics of Fulcrum Asset Management LLP was previously filed as an exhibit to the Registrants Registration Statement on March 10, 2023 with Post-Effective Amendment No. 299 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223001424/ex99p21.htm) |

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(q) [Power of Attorney for the Trust, and a certificate with respect thereto, and each trustee and executive officer was previously filed as an exhibit to the Registrant's Registration Statement on October 27, 2023 with Post-Effective Amendment No. 335 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1644419/000158064223005776/ex_q.htm)

Item 29. Control Persons – None

Item 30. Indemnification

Generally, certain of the agreements with the Trust, or related to the Trust, provide indemnification of the Trust's Trustees, officers, the underwriter, and certain Trust affiliates. Insurance carried by the Trust provides indemnification of the Trustees and officers. The details of these sources of indemnification and insurance follow.

Article VIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of Trustees and officers are permitted by the Delaware Statutory Trust Act of 2002, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves as a Trustee or officer of the Trust whether or not such person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies, holds harmless or protects any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Article VIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of Section 2 of Article VIII.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Pursuant to the Underwriting Agreement between the Trust and Northern Lights Distributors, LLC ("NLD"), the Trust agrees to indemnify, defend and hold NLD, its several officers and managers, and any

person who controls NLD within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which NLD, its officers and managers, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Trust's failure to maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, (iv) the Trust's failure to provide NLD with advertising or sales materials to be filed with the FINRA on a timely basis, (v) the Trust's failure to properly register Fund Shares under applicable state laws, or (vi) actions taken by NLD resulting from NLD's reliance on instructions received from an officer, agent or legal counsel of the Trust.

Pursuant to the Underwriting Agreement, NLD agrees to indemnify, defend and hold the Trust, its several officers and Board members, and any person who controls the Trust within the meaning of Section 15 of the Securities Act, free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which the Trust, its officers or Board members, or any such controlling person, may incur under the Securities Act, the 1940 Act, or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust , its officers or Board members, or such controlling person results from such claims or demands: (i) arising out of or based upon any sales literature, advertisements, information, statements or representations made by NLD and unauthorized by the Trust or any Disqualifying Conduct in connection with the offering and sale of any Shares, or (ii) arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained in information furnished in writing by NLD to the Fund specifically for use in the Trust's Registration Statement and used in the answers to any of the items of the Registration Statement or in the corresponding statements made in the Prospectus, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished in writing by NLD to the Trust and required to be stated in such answers or necessary to make such information not misleading.

Pursuant to the Fund Services Agreement and the ETF Fund Services Agreement (the "Fund Services Agreements"), each between the Trust and Ultimus Fund Solutions, LLC ("UFS"), the Trust agrees to indemnify and hold UFS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising out of or attributable to the Trust's refusal or failure to comply with the terms of each Fund Services Agreement, or which arise out of the Trust's lack of good faith, gross negligence or willful misconduct with respect to the Trust's performance under or in connection with each Fund Services Agreement.

Pursuant to the Fund Services agreements, UFS shall indemnify and hold the Trust and each applicable Fund harmless from and against any and all losses, damages, costs, charges, reasonable attorney or consultant fees, payments, expenses and liability arising out of or attributable to UFS's refusal or failure to comply with the terms of each Fund Services Agreement, breach of any representation or warranty made by UFS contained in each Fund Services Agreement or which arise out of UFS's lack of good faith, gross negligence, willful misconduct or reckless disregard of its duties with respect to UFS's performance under or in connection with each Fund Services Agreement.

Pursuant to the Consulting Services Agreement ("Consulting Agreement") with Northern Lights Compliance Services, LLC ("NLCS"), the Trust agrees to indemnify and hold NLCS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and

liability arising out of or attributable to (i) the Trust's refusal or failure to comply with the terms of the Consulting Agreement, (ii) the Trust's lack of good faith, gross negligence or willful misconduct with respect to the Trust's performance under or in connection with this Agreement, or (iii) all reasonable actions taken by NLCS hereunder in good faith.

Pursuant to the Consulting Agreement, NLCS shall indemnify and hold the Trust and each Fund harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liabilities arising out of or attributable to NLCS's refusal or failure to comply with the terms of the Consulting Agreement, or which arise out of NLCS's lack of good faith, gross negligence or willful misconduct with respect to NLCS' performance under or in connection with the Consulting Agreement.

The Registrant maintains a mutual fund directors and officers liability policy. The policy, under certain circumstances, such as the inability of the Trust to indemnify Trustees and officers provides coverage to Trustees and officers. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or certain breaches of duty.

Generally, each management agreement or investment advisory agreement provides that neither the adviser nor any director, manager, officer or employee of the adviser performing services for the Trust at the direction or request of the adviser in connection with the adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with any matter to which this Agreement relates, and the adviser shall not be responsible for any action of the Trustees of the Trust in following or declining to follow any advice or recommendation of the adviser or any sub-adviser retained by the adviser; PROVIDED, that nothing herein contained shall be construed (i) to protect the adviser against any liability to the Trust or its shareholders to which the adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the adviser's duties, or by reason of the adviser's reckless disregard of its obligations and duties under the agreement, or (ii) to protect any director, manager, officer or employee of the adviser who is or was a Trustee or officer of the Trust against any liability of the Trust or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with the Trust. Additionally, generally, each sub-advisory agreement provides that the sub-adviser shall indemnify the adviser, the Trust and each Fund, and their respective affiliates and controlling persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the adviser, the Trust and/or the Fund and their respective affiliates and controlling persons may sustain as a result of the sub-adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws. Generally, each sub-advisory agreement provides that adviser shall indemnify the sub-adviser, its affiliates and its controlling persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws.

Pursuant to the Distribution Agreement ("Agreement"), the Foreside Fund Services, LLC has agreed to indemnify, defend, and hold the Registrant, its affiliates, and each of their respective trustees, officers, employees, representatives, and any person who controls or previously controlled the Registrant within the meaning of Section 15 of the 1933 Act, (collectively, the "Registrant Indemnitees") free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Registrant Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise arising out of or based

upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in the Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Registrant (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon and in conformity with information furnished to the Registrant by the Underwriter in writing. In no event shall anything contained in the Agreement be so construed as to protect the Registrant against any liability to the Distributor to which the Registrant would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under the Agreement or by reason of its reckless disregard of its obligations under the Agreement.

Item 31. Activities of Investment Advisor and Sub-Adviser.

Certain information pertaining to the business and other connections of each Advisor of each series of the Trust is incorporated herein by reference to the section of the respective Prospectus captioned "Investment Advisor" and to the section of the respective Statement of Additional Information captioned "Investment Advisory and Other Services." The information required by this Item 31 with respect to each director, officer or partner of each Advisor is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration (Form ADV) on file with the Securities and Exchange Commission ("SEC"). Each Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov, and may be requested by File No. as follows:

Anchor Capital Management Group, Inc., adviser to the Anchor Risk Managed Income Strategies Fund and Anchor Risk Managed Equity Strategies Fund – File No. 801-19624.

Brookstone Asset Management LLC, adviser to Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF – File No. 801-72780.

First Manhattan Co., adviser to FM Focus Equity ETF and FM Compounders Equity ETF – File No. 801-12411.

Fulcrum Asset Management LLP, adviser to Fulcrum Diversified Absolute Return Fund – File No 801-72206

Inspire Investing LLC adviser to Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF, Inspire Fidelis Multi-Factor ETF, Inspire Short Term Bond ETF and Inspire 500 ETF – File No. 801-108947.

Kingsview Wealth Management LLC, adviser to Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF – File No. 801-79198.

LGM Capital Management, LLC adviser to LGM Risk Managed Total Return Fund – File No. 801-108408.

Main Management Fund Advisors, LLC, adviser to Main BuyWrite ETF – File No. 801-106755.

Main Management ETF Advisors, LLC, adviser to Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF – File No. 801-110799.

Moerus Capital Management LLC, adviser to Moerus Worldwide Fund – File No. 801-107225.

Penserra Capital Management LLC, sub-adviser to Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF- File No. 801-80466

Tuttle Capital Management, LLC, adviser to National Security Emerging Markets Index ETF – File No. 801-76982.

USA Mutuals Advisors, Inc., adviser to USA Mutuals Vice Fund and USA Mutuals All Seasons Fund – File No. 801-63216.

Vident Advisory, LLC dba Vident Asset Management, sub-adviser to FM Focus Equity ETF and FM Compounders Equity ETF – File No. 801-114538.

Item 32. Principal Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Northern Lights Distributors, LLC ("NLD"), serves the principal
 underwriter for the following series of Northern Lights Fund Trust IV registered under the Investment Company Act of 1940, as amended:
 Anchor Risk Managed Income Strategies Fund, Anchor Risk Managed Equity Strategies Fund, Brookstone Dividend Stock ETF, Brookstone Growth
 Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone
 Opportunities ETF, Brookstone Yield ETF, FM Compounders Equity ETF, FM Focus Equity ETF, Fulcrum Diversified Absolute Return Fund, LGM
 Risk Managed Total Return Fund, Main BuyWrite ETF, Main Sector Rotation ETF, Main Thematic Innovation ETF, Main International ETF, Monarch
 Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select
 Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF, Monarch Volume Factor Global Unconstrained Index ETF, National Security
 Emerging Markets Index ETF, USA Mutuals Vice Fund and USA Mutuals All Seasons Fund.

NLD also acts as principal underwriter for the following:

Atlas U.S. Tactical Income Fund, Inc., Atlas US. Government Money Market Fund, Inc., Boyar Value Fund Inc., Capitol Series Trust, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Variable Trust, OCM Mutual Fund, Rayliant Trust, Segal Bryant & Hamill Trust, The North Country Funds, Texas Capital Funds Trust, The Saratoga Advantage Trust, Tributary Funds, Inc., Two Roads Shared Trust, Ultimus Managers Trust, Unified Series Trust, THOR Financial Technologies Trust, Valued Advisers Trust, and Zacks Trust.

Foreside Financial Services, LLC, serves as principal underwriter for the following series of Northern Lights Fund Trust IV registered under the Investment Company Act of 1940, as amended: Inspire Small/Mid Cap ETF, Inspire Global Hope ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF, Inspire Fidelis Multi-Factor ETF, Inspire Short Term Bond ETF and Inspire 500 ETF.

Foreside Fund Services, LLC serves as principal underwriter for the following series of Northern Lights Fund Trust IV registered under the Investment Company Act of 1940, as amended: Moerus Worldwide Fund. Foreside Fund Services, LLC, also serves as principal underwriter for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AB Active ETFs, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ABS Long/Short Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional
 Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Clifford Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Coatue Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Cohen & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Curasset Capital Management Limited Term Income Fund, Series of World Funds
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dividend Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. IDX Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional
 Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. Milliman Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Moerus Worldwide Fund, Series of Northern
 Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway
 Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. North Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. Opal Dividend Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Preferred-Plus ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative
 Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. RiverNorth Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares Active Yield ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds
 Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World
 Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218. WisdomTree Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220. XAI Octagon Floating Rate & Alternative Income Term Trust

&nbsp;&nbsp;&nbsp;&nbsp;(b) Northern Lights Distributors, LLC ("NLD") is registered with Securities
 and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. NLD is an affiliate of
 Ultimus Fund Services, LLC. The principal business address of Northern Lights Distributors, LLC is 4221 North 203<sup>rd</sup> Street,
 Suite 100 Elkhorn, Nebraska 68022-3474.

To the best of Registrant's knowledge, the following are the managers and officers of NLD:

---

| | | |
|:---|:---|:---|
| Name | Positions and Offices<br> with Underwriter | Positions and Offices<br> with the Trust |
| Kevin Guerette | President | None |
| Stephen Preston | Chief Compliance Officer, Financial Operations Principal and AML Compliance Officer | None |
| William J. Strait | Manager, Secretary and General Counsel | None |
| Melvin Van Cleave | Chief Information Securities Officer | None |
| Board of Managers |  |  |
| Bill Strait | Board of Managers | None |
| David James | Board of Managers | None |

---

Foreside Fund Services, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The following are the Officers of the distributor:

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | <u>Position with the Trust</u><br>|
| Richard J. Berthy | 190 Middle Street, Suite 301, Portland, ME 04101 | President, Treasurer and Manager |  |
| Mark A. Fairbanks<br>| 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President<br>|  |
| Jennifer K. DiValerio | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan K. Moscaritolo | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Jennifer E. Hoopes | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary<br>|  |

---

Foreside Financial Services, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The following are the Officers of the distributor:

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with the Trust |
| Richard J. Berthy | 190 Middle Street, Suite 301, Portland, ME 04101 | President, Treasurer and Manager |  |
| Mark A. Fairbanks | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Jennifer K. DiValerio | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan K. Moscaritolo | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Jennifer E. Hoopes | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |

---

(c). Not Applicable. No underwriting commissions are paid in connection with the sale of Registrant's Shares.

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant, Adviser, Sub-Adviser, Principal Underwriter, Transfer Agent, Fund Accountant, Administrator and Custodian at the addresses stated in the SAI.

MUFG Union Bank, National Association, located at 350 California Street, Suite 1700, San Francisco, California 94104 ("Union"), provides custodian services to the Anchor Risk Managed Income Strategies Fund and Anchor Risk Managed Equity Strategies Fund.

Argent Institutional Trust Company, located at 1715 N Westshore Blvd, Suite 750, Tampa, Florida 33607, provides custodian services to the LGM Risk Managed Total Return Fund.

The Bank of New York Mellon ("BONY"), located at 240 Greenwich Street, New York, New York 10286, provides custodian services to the Moerus Worldwide Fund.

State Street Bank and Trust Co. ("State Street"), located at 1 Lincoln Street, Boston, MA 02111, provides custodian services to the FM Focus Equity ETF, FM Compounders Equity ETF, Main Sector Rotation ETF, Main Thematic Innovation ETF, Main BuyWrite ETF and Main International ETF.

Brown Brothers Harriman & Co. ("BBH"), located at 50 Post Office Square, Boston, MA 02110 provides custodian services to the Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF, Brookstone Yield ETF, Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF, Inspire Fidelis Multi-Factor ETF, Inspire Short Term Bond ETF, Inspire 500 ETF, Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF, and National Security Emerging Markets Index ETF.

NLD, located at 4221 North 203<sup>rd</sup> Street, Suite 100 Elkhorn, Nebraska 68022-3474, serves as principal underwriter for Anchor Risk Managed Equity Strategies Fund, Anchor Risk Managed Income Strategies Fund, Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF, Brookstone Yield ETF, LGM Risk Managed Total Return Fund, Main BuyWrite ETF, Main Sector Rotation ETF, Main Thematic Innovation ETF, Main International ETF, Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF, Monarch Volume Factor Global Unconstrained Index ETF, National Security Emerging Markets Index ETF, USA Mutuals Vice Fund and USA Mutuals All Seasons Fund. NLD maintains all records required to be maintained pursuant to each Fund's Distribution Plan and Agreement adopted pursuant to Rule 12b-1 under the 1940 Act.

Foreside Fund Services, LLC, located at 190 Middle Street, Suite 301, Portland, ME 04101, serves as principal underwriter for the Moerus Worldwide Fund and maintains all records required to be maintained pursuant to the Fund's Master Distribution and Shareholder Servicing Plan and Agreements adopted pursuant to Rule 12b-1 under the 1940 Act.

Foreside Financial Services, LLC, located at 190 Middle Street, Suite 301, Portland, ME 04101, serves as principal underwriter for the Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF Inspire Fidelis Multi-Factor ETF, Inspire Short Term Bond ETF and Inspire 500 ETF and maintains all records required to be maintained pursuant to the Fund's Master Distribution and Shareholder Servicing Plan and Agreements adopted pursuant to Rule 12b-1 under the 1940 Act.

Anchor Capital Management Group, Inc., located at 15 Enterprise, Suite 450, Aliso Viejo, CA 92656, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Anchor Risk Managed Income Strategies Fund and Anchor Risk Managed Equity Strategies Fund.

Brookstone Asset Management, LLC, located at 1745 S. Naperville Road, Suite 200 Wheaton, IL 60189, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Brookstone Dividend Stock ETF, Brookstone Growth Stock ETF, Brookstone Value Stock ETF, Brookstone Intermediate Bond ETF, Brookstone Ultra-Short Bond ETF, Brookstone Active ETF, Brookstone Opportunities ETF and Brookstone Yield ETF.

First Manhattan Co. LLC, located at 399 Park Avenue, 27<sup>th</sup> Floor New York, NY 10022, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to FM Focus Equity ETF and FM Compounders Equity ETF.

Fulcrum Asset Management LLP, located at Marble Arch House, 66 Seymour Street, London W1H 5BT, United Kingdom, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Fulcrum Diversified Absolute Return Fund.

Inspire Investing, LLC, located at 3597 E. Monarch Sky Lane, Suite 330 Meridian, ID 83646, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF, Inspire Growth ETF Inspire Fidelis Multi Factor ETF, Inspire Short Term Bond ETF and Inspire 500 ETF.

LGM Capital Management, LLC, located at 11811 N. Tatum Blvd., Suite 3031 Phoenix, AZ 85028, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to LGM Risk Managed Total Return Fund.

Main Management ETF Advisors, LLC, located at 601 California Street, Suite 200, San Francisco, CA 94108, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Main Sector Rotation ETF, Main Thematic Innovation ETF and Main International ETF.

Main Management Fund Advisors, LLC, located at 601 California Street, Suite 200, San Francisco, CA 94108, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Main BuyWrite ETF.

Moerus Capital Management LLC, located at 307 West 38th Street, Suite 2003, New York, NY 10018, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Moerus Worldwide Fund.

Kingsview Wealth Management LLC, located at 509 SE 7th Street, 2nd Floor, Grants Pass, OR 97526, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to

such agreement with respect to Monarch Ambassador Income Index ETF, Monarch Blue Chips Core Index ETF, Monarch ProCap Index ETF, Monarch Dividend Plus Index ETF, Monarch Select Subsector Index ETF, Monarch Volume Factor Dividend Tree Index ETF and Monarch Volume Factor Global Unconstrained Index ETF.

Tuttle Capital Management, LLC, located at 155 Lockwood Rd. Riverside, CT 06878, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to National Security Emerging Markets Index ETF.

USA Mutuals Advisors, Inc., located at Plaza of the Americas 700 North Pearl Street, Suite 900, Dallas, TX 75201, pursuant to the Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to USA Mutuals Vice Fund and USA Mutuals All Seasons Fund.

Item 34. Management Services. Not Applicable.

Item 35. Undertakings. Not Applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 ("Securities Act") and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hauppauge, State of New York, on the 26<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| Northern Lights Fund Trust IV | Northern Lights Fund Trust IV |
| By: | /s/ Wendy Wang |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy Wang, President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wendy Wang, President |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following person in the capacities indicated on March 26, 2026.

---

| | |
|:---|:---|
| **Name** | **Title** |
| Joseph Breslin\* | Trustee |
| Thomas Sarkany\* | Trustee |
| Charles Ranson\* | Trustee |
| Wendy Wang\* | President and Principal Executive Officer |
| Sam Singh\* | Treasurer, Principal Financial Officer and Chief Accounting Officer |

---

---

| | |
|:---|:---|
| \*By: | /s/ Jennifer Farrell |
|  | Jennifer Farrell |
|  | Attorney-in-Fact—Pursuant to Powers of Attorney filed on October 27, 2023. |

---

---

| | |
|:---|:---|
| EXHIBIT INDEX | EXHIBIT INDEX |
| Exhibit: | Exhibit No. |
| [Legal Consent of Thompson Hine LLP](ex99i.htm) | [(i)(1)](ex99i.htm) |
| [Consent of Cohen & Company, Ltd.](ex99j.htm) | [(j)(1)](ex99j.htm) |

---

## Ex-99.I

![](image_011.jpg)

March 26, 2026

Northern Lights Fund Trust IV

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Dear Board Members:

A legal opinion (the "Legal Opinion") that we prepared was filed with Post-Effective Amendment No. 364 to the Northern Lights Fund Trust IV Registration Statement. We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 383 under the Securities Act of 1933 (the "Amendment") and consent to all references to us in the Amendment.

Very truly yours,

/s/ Thompson Hine LLP

THOMPSON HINE LLP

![](image_011.gif)

## Ex-99.J

![](image_016.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated January 28, 2026, relating to the financial statements and financial highlights of Inspire Global Hope ETF, Inspire Small/Mid Cap ETF, Inspire Corporate Bond ETF, Inspire 100 ETF, Inspire International ETF, Inspire Capital Appreciation ETF (formerly known as Inspire Tactical Balanced ETF), Inspire Growth ETF (formerly known as Inspire Momentum ETF), Inspire Fidelis Multi Factor ETF, and Inspire 500 ETF, each a series of Northern Lights Fund Trust IV, which are included in Form N-CSR for the year ended November 30, 2025, and to the references to our firm under the headings "Fund Service Providers" and "Financial Highlights" in the Prospectus and "Policies and Procedures for Disclosure of Portfolio Holdings" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

March 25, 2026

![](image_016.gif)