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Northern Lights Fund Trust IV
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FUND
SUMMARY – Monarch Blue Chips Elite Index ETF (formerly, “Monarch Blue Chips Core Index ETF”)
Investment
Objective:
<p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zzUPfZYHo3k3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Monarch Blue Chips Elite Index ETF (the “Fund”) seeks to replicate investment results that generally correspond,
before fees and expenses, to the performance of the Monarch Blue Chips Elite Index (the “Index”).</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Fees
and Expenses of the Fund:
<p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zqWNUmB9SGo" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
<b>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. </b></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
<div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zvr8HxQfJSM9"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zk5Gz4AZnCw2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0">
<td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Annual
Fund Operating Expenses<br/>
</b>(expenses that you pay each year<br/>
as a percentage of the value of your investment)</span></td>
<td id="xdx_497_20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zIjdmEJ6SdKl" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zbNtS6gxRQmd" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management
Fees</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.85%</span></td></tr>
<tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHRnJ4BzARYd" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution
and Service (12b-1) Fees </span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%</span></td></tr>
<tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zQEgqrPxvOL2" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
Expenses </span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></td></tr>
<tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zPUtESKS5uVe" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
Annual Fund Operating Expenses</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.06%</span></td></tr>
<tr id="xdx_402_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z18ep5R1bkqe" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expense
Recapture<sup id="xdx_F4C_zJEcTKAHVpNh">(1)</sup></span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.08%</span></td></tr>
<tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zv3H2pDKPcO6" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
Annual Fund Operating Expenses</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.14%</span></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 80%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F00_z5ybx2AEm2u3" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1E_zrHQZAomG7wd" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least <span id="xdx_902_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zgvhfLSt6SFh">June 30, 2027</span>, 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, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 1.25% of average daily net assets. The fee waiver and expense reimbursements
are subject to possible recoupment from the Fund in future years (within the three years after the fees have been waived or reimbursed), if such recoupment can be achieved within
the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated by the Trust’s Board of Trustees only on 60 days’
written notice to the Fund’s adviser.</span></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
0.0085
0.0000
0.0021
0.0106
0.0008
0.0114
June 30, 2027
Example:
<p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zy5ONKlTvu81" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
The
Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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:
<div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwaiPhR0Q46f"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zISdGA9bSc1k" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="display: none; width: 0%"> </td>
<td id="xdx_489_eoef--ExpenseExampleYear01_zJrqC2fCf63h" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">1
Year</span></b></span></td>
<td id="xdx_489_eoef--ExpenseExampleYear03_zp6T439Gxzx5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">3
Years</span></b></span></td>
<td id="xdx_484_eoef--ExpenseExampleYear05_zuG0xeXTNDq5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">5
Years</span></b></span></td>
<td id="xdx_488_eoef--ExpenseExampleYear10_zv6ntGxHtfyg" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><span style="text-decoration: underline">10
Years</span></b></span></td></tr>
<tr id="xdx_415_20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_z3ACz8O5Z7j6" style="font: 10pt Arial, Helvetica, Sans-Serif">
<td style="display: none"> </td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$116</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$345</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$592</span></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,301</span></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p>
116
345
592
1301
Portfolio
Turnover:
<p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zw2yO8YN8Zhg" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 February 28, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zJc7dMev7lF3">75%</span> of the average value of
its portfolio.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
0.75
Principal
Investment Strategies:
<p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zDPufmOGDYXe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Fund invests at least 80% of its total assets in financial instruments that, in total, have rate of return
characteristics similar to the Index. The Index consists of established, well-recognized companies listed on the S&P 500 from a broad
range of industries that demonstrate strength in the marketplace based on fundamental company data such as revenue, revenue growth, net
income, and net income growth. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary
rules-based methodology that scores this fundamental company data of the companies listed on the S&P 500 to determine approximately
12 of the highest-scoring companies. These companies are typically equally weighted in the Index. Based on these factors, the Fund at
any given time may have a significant percentage of its assets invested in one or more sectors relative to other sectors. The Fund may
invest in the components of the Index or use derivatives, such as equity basket swaps where the Fund agrees to exchange the returns of
a “basket” of assets with a counterparty, to replicate the returns of the Index.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Adviser utilizes a sub-adviser, Penserra Capital Management LLC (the “Sub-Adviser”), to manage the assets of the Fund. The
Sub-Adviser uses a replication indexing strategy to manage the Fund. “Replication indexing” is a strategy in which the fund
invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Index is sponsored by Solactive A.G. (“Solactive”), which is independent of the Fund, the Adviser and the Sub-Adviser. Solactive
calculates and publishes the market value of the Index based on the Index’s constituents. The Index is unmanaged and cannot be
invested in directly.</span></p>
<p id="xdx_A88_eoef--RiskTextBlock_gRBRTB-NKAMSUV_z2MWyPJnyhL2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors
affect the Fund’s net asset value (“NAV”) and performance.</i></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zRofU7cSomcj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><i>Authorized
Participant Risk. </i>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>i.e., </i>on behalf of other market
participants). To the extent that </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized participants
<span style="color: windowtext">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 (as defined below), Fund shares (“Shares”)
may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </span>Authorized participant
<span style="color: windowtext">concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities
or instruments that have lower trading volumes.</span></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zRUkZF1Ffj37" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives
Risk. </i>The Fund’s use of basket swaps involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction
may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the
value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and
may fluctuate substantially during a short period of time.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zkYWzltipGuf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Early
Close/Trading Halt Risk. </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAwyK0fSvsvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity
Securities Risk. </i>Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in
value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.
This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular
company.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_gRBRTB-IWZ_z5kDnBrqfPmd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF
Structure Risk. </i>The Fund is structured as an ETF and as a result is subject to the special risks, including:</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zo2XCx0QFFUl">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable. </i>Shares are not individually redeemable to retail investors and
may be redeemed only by the Fund and only to 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.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zI4vNmNRN5l">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues. </i>An active trading market for Shares may not be developed or maintained. Trading
in Shares on the Cboe BZX Exchange, 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.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zh4UGlj7SWr6">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk. </i>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 the exchange specialists, market makers or other participants that trade the particular
security.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zsEzqRLwfIM4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Issuer
Risk. </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zFBOFkHj8FGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large
Capitalization Company Risk. </i>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.</span></p><p id="xdx_A9F_z8Iqyq3fM3qb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p><p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zp5fuoOgY3ib" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
and Geopolitical Risk. </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that
events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.
Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global
demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism,
regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to
those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zZoyabEldpX2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Passive
Investment Risk. </i>The Fund is not actively managed and the Adviser will not sell a holding due to current or projected underperformance
of a holding, industry or sector unless that holding is removed from the Index or selling the holding is otherwise required upon rebalancing
of the Index as addressed in the Index methodology.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorExposureRiskMember_gRBRTB-MPQKEOLK_zzSW20qH0Uq3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector
Exposure Risk. </i>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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zmVVri57VG05">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Technology
Sector Risk. </i>The Fund may have significant exposure to the technology sector, and therefore
the performance of the Fund could be negatively impacted by events affecting this sector.
The value of stocks of technology companies and companies that rely heavily on technology
are particularly vulnerable to rapid changes in technology product cycles, rapid product
obsolescence, government regulation and competition, both domestically and internationally,
including competition from foreign competitors with lower production costs. Stocks of technology
companies and companies that rely heavily on technology, especially those of smaller, less-seasoned
companies, tend to be more volatile than the overall market. Technology companies are heavily
dependent on patent and intellectual property rights, the loss or impairment of which may
adversely affect profitability. Additionally, technology companies may face dramatic and
often unpredictable changes in growth rates and competition. Market or economic factors impacting
technology companies and companies that rely heavily on technological advances could have
a significant effect on the value of the Fund’s investments<b>. </b></span></td></tr></table></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p><p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zik31KGBIM0g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tracking
Error Risk. </i>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 difference, the
Fund’s holding of cash, difference in 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.</span></p>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantRiskMember_zRofU7cSomcj" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><i>Authorized
Participant Risk. </i>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>i.e., </i>on behalf of other market
participants). To the extent that </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized participants
<span style="color: windowtext">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 (as defined below), Fund shares (“Shares”)
may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </span>Authorized participant
<span style="color: windowtext">concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities
or instruments that have lower trading volumes.</span></span></p><div id="xdx_C0B_gRBRTB-NKAMSUV_zfewxJwHO5Dk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zRUkZF1Ffj37" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Derivatives
Risk. </i>The Fund’s use of basket swaps involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction
may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the
value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and
may fluctuate substantially during a short period of time.</span></p><div id="xdx_C0C_gRBRTB-NKAMSUV_z2agzmP6UPXe"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zkYWzltipGuf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Early
Close/Trading Halt Risk. </i>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.</span></p><div id="xdx_C0F_gRBRTB-NKAMSUV_zjSvWs8n6NYj"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAwyK0fSvsvf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Equity
Securities Risk. </i>Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in
value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.
This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular
company.</span></p><div id="xdx_C08_gRBRTB-NKAMSUV_zc36wJDpUEU3"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_gRBRTB-IWZ_z5kDnBrqfPmd" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ETF
Structure Risk. </i>The Fund is structured as an ETF and as a result is subject to the special risks, including:</span></p><div id="xdx_C0E_gRBRTB-NKAMSUV_zRKEDAa0rCi"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<div id="xdx_C0C_gRBRTB-NKAMSUV_zFIczR4R5if6"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zo2XCx0QFFUl">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable. </i>Shares are not individually redeemable to retail investors and
may be redeemed only by the Fund and only to 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.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-NKAMSUV_z6Xjr2pxaPr9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C01_gRBRTB-NKAMSUV_zYY9LJf8m86a"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zI4vNmNRN5l">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues. </i>An active trading market for Shares may not be developed or maintained. Trading
in Shares on the Cboe BZX Exchange, 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.</span></td></tr></table></div></div><div id="xdx_C00_gRBRTB-NKAMSUV_zskP1fHm6GEc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C09_gRBRTB-NKAMSUV_zIAdG4ANhrN"><div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zh4UGlj7SWr6">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk. </i>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 the exchange specialists, market makers or other participants that trade the particular
security.</span></td></tr></table></div></div><div id="xdx_C03_gRBRTB-NKAMSUV_zdnQiP20IfH9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0F_gRBRTB-NKAMSUV_zU1Zmf83zaje"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></td></tr></table></div></div>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zo2XCx0QFFUl">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Not
Individually Redeemable. </i>Shares are not individually redeemable to retail investors and
may be redeemed only by the Fund and only to 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.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-IWZ_z5FdzLjnwsxj"><div id="xdx_C05_gRBRTB-NKAMSUV_z6Xjr2pxaPr9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zI4vNmNRN5l">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Trading
Issues. </i>An active trading market for Shares may not be developed or maintained. Trading
in Shares on the Cboe BZX Exchange, 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.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-IWZ_zsSzf01fIye2"><div id="xdx_C00_gRBRTB-NKAMSUV_zskP1fHm6GEc"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zh4UGlj7SWr6">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
Price Variance Risk. </i>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 the exchange specialists, market makers or other participants that trade the particular
security.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-IWZ_zpECvb8AEhD5"><div id="xdx_C03_gRBRTB-NKAMSUV_zdnQiP20IfH9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div></div>
<div id="xdx_C02_gRBRTB-IWZ_z4AXWrF2KLWj"><div id="xdx_C0F_gRBRTB-NKAMSUV_zU1Zmf83zaje"><div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.75in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">○</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></td></tr></table></div></div></div>
<div id="xdx_C0A_gRBRTB-NKAMSUV_zfIQxN10bIm9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zsEzqRLwfIM4" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Issuer
Risk. </i>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.</span></p><div id="xdx_C05_gRBRTB-NKAMSUV_zB198MKk6YXk"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p></div>
<p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zFBOFkHj8FGi" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Large
Capitalization Company Risk. </i>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.</span></p>
<p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zp5fuoOgY3ib" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Market
and Geopolitical Risk. </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that
events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.
Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global
demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism,
regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to
those in recent years may result in market volatility and may have long term effects on the U.S. financial market.</span></p><div id="xdx_C00_gRBRTB-NKAMSUV_zIWinIEaugl5"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zZoyabEldpX2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Passive
Investment Risk. </i>The Fund is not actively managed and the Adviser will not sell a holding due to current or projected underperformance
of a holding, industry or sector unless that holding is removed from the Index or selling the holding is otherwise required upon rebalancing
of the Index as addressed in the Index methodology.</span></p><div id="xdx_C06_gRBRTB-NKAMSUV_zUm0GDDSziQh"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorExposureRiskMember_gRBRTB-MPQKEOLK_zzSW20qH0Uq3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sector
Exposure Risk. </i>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.</span></p><div id="xdx_C0F_gRBRTB-NKAMSUV_zswYvq6TISf4"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<div id="xdx_C0A_gRBRTB-NKAMSUV_zp9e01RXWNr5"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zmVVri57VG05">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Technology
Sector Risk. </i>The Fund may have significant exposure to the technology sector, and therefore
the performance of the Fund could be negatively impacted by events affecting this sector.
The value of stocks of technology companies and companies that rely heavily on technology
are particularly vulnerable to rapid changes in technology product cycles, rapid product
obsolescence, government regulation and competition, both domestically and internationally,
including competition from foreign competitors with lower production costs. Stocks of technology
companies and companies that rely heavily on technology, especially those of smaller, less-seasoned
companies, tend to be more volatile than the overall market. Technology companies are heavily
dependent on patent and intellectual property rights, the loss or impairment of which may
adversely affect profitability. Additionally, technology companies may face dramatic and
often unpredictable changes in growth rates and competition. Market or economic factors impacting
technology companies and companies that rely heavily on technological advances could have
a significant effect on the value of the Fund’s investments<b>. </b></span></td></tr></table></div></div>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zmVVri57VG05">
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">●</span></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Technology
Sector Risk. </i>The Fund may have significant exposure to the technology sector, and therefore
the performance of the Fund could be negatively impacted by events affecting this sector.
The value of stocks of technology companies and companies that rely heavily on technology
are particularly vulnerable to rapid changes in technology product cycles, rapid product
obsolescence, government regulation and competition, both domestically and internationally,
including competition from foreign competitors with lower production costs. Stocks of technology
companies and companies that rely heavily on technology, especially those of smaller, less-seasoned
companies, tend to be more volatile than the overall market. Technology companies are heavily
dependent on patent and intellectual property rights, the loss or impairment of which may
adversely affect profitability. Additionally, technology companies may face dramatic and
often unpredictable changes in growth rates and competition. Market or economic factors impacting
technology companies and companies that rely heavily on technological advances could have
a significant effect on the value of the Fund’s investments<b>. </b></span></td></tr></table></div><div id="xdx_C0D_gRBRTB-NKAMSUV_zq7Scc1p9GSf"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p></div>
<p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zik31KGBIM0g" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Tracking
Error Risk. </i>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 difference, the
Fund’s holding of cash, difference in 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.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
Performance:
<p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_z1QsZQSux7Af" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zUiUsc35j4h7">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. The bar chart shows performance of the Fund’s shares for each calendar year since the Fund’s inception.</span> The performance
table compares the performance of the Fund over time to the performance of the Index and a broad-based securities market index. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zR1rXuBVnjl8">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.</span> The Fund changed its principal investment strategies on June 3, 2026. Performance prior to that date reflects the Fund’s
prior principal investment strategies Updated performance information is available at no cost by visiting <span style="text-decoration: underline"><span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zxZPpQAYWxC5">www.monarchfunds.com</span></span>
or by calling toll free at <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zLqTOmWo9CVc">(541) 291-4405</span>.</span></p>
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. The bar chart shows performance of the Fund’s shares for each calendar year since the Fund’s inception.
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.
www.monarchfunds.com
(541) 291-4405
Performance
Bar Chart For Calendar Year Ended December 31
<div id="xdx_A8E_eoef--BarChartTableTextBlock_zdGisqyqJHk2"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZZILnSxSOz5" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns">
<tr style="vertical-align: top; text-align: center">
<td style="text-align: center; width: 25%"> </td>
<td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 25%">2022</td>
<td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 25%">2023</td>
<td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 25%">2024</td>
</tr>
<tr id="xdx_404_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zcKGG3laG3If" style="vertical-align: top; text-align: center">
<td> </td>
<td>-20.31%</td>
<td>22.43%</td>
<td>18.91%</td>
</tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="mo002_v1.jpg"/></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p>
-0.2031
0.2243
0.1891
<div id="xdx_A80_eoef--BarChartClosingTextBlock_z1n9JpLXL3Ne"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
<td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zGpthGsLUxJf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Best
Quarter:</span></td>
<td id="xdx_98F_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zMuESa3Ze6zj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2023-12-31"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4<sup>th</sup>
Quarter 2023</span></td>
<td id="xdx_98C_eoef--BarChartHighestQuarterlyReturn_dp_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zTzYJOdMgd5c" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">12.70%</span></td></tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
<td id="xdx_98D_eoef--LowestQuarterlyReturnLabel_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zDDpzSvSTzJ" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Worst
Quarter:</span></td>
<td id="xdx_989_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zP7kysnaAG1e" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2022-06-30"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2<sup>nd</sup>
Quarter 2022</span></td>
<td id="xdx_98A_eoef--BarChartLowestQuarterlyReturn_dp_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zYqzyMroC5q2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(15.02)%</span></td></tr>
</table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </p>
Best
Quarter:
0.1270
Worst
Quarter:
-0.1502
Performance
Table
Average
Annual Total Returns
(For
periods ended December 31, 2024)
<div id="xdx_A8C_eoef--PerformanceTableTextBlock_zMkLfQnQJis2"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zvfd8aDG3XLh" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: auto; width: 90%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: #E0E0E0">
<td style="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; width: 60%; padding-right: 0.5in; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></td>
<td id="xdx_491_20240101__20241231_zbNGlJxzKA7b" style="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One
Year</b></span></td>
<td id="xdx_493_20210323__20241231_z0XbKczsjjjb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 15%; padding-right: 0.75pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Since<br/>
Inception<br/>
(<span id="xdx_903_eoef--PerfInceptionDate_c20240101__20241231__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zkW11bs6iGfd">3/23/21</span>)</b></span></td></tr>
<tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zrtmwlXJJzUg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20240101__20241231__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zRdyyRM7qCe8">Return
before taxes </span></span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.91%</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.09%</span></td></tr>
<tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlRWRIyVxyJd" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return
after taxes on distributions </span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.91%</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.09%</span></td></tr>
<tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zln4FyJ24BDa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return
after taxes on distributions and sale of Fund shares</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.20%</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.12%</span></td></tr>
<tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--PerformanceMeasureAxis__custom--MonarchBlueChipsEliteIndexMember_zdWNRe53LCT7" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Index
– Monarch Blue Chips Elite Index </span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.23%</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.39%</span></td></tr>
<tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zoGalLQuooU" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5in; padding-left: 5.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&P
500<sup>®</sup> Index<span id="xdx_F4C_zlzz6iZN3gR8">*</span></span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.02%</span></td>
<td style="border-right: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.12%</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; width: 90%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F07_zlBf4jfw6p58" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</span></td><td style="text-align: justify"><span id="xdx_F1B_zfh1Mgkaivj2" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
S&P 500<sup>®</sup> Index is an unmanaged free-float capitalization-weighted index
which measures the performance of 500 large-cap common stocks actively traded in the United
States. Index returns assume reinvestment of dividends. Investors may not invest in the index
directly; unlike the Fund’s returns, <span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260602__20260602__dei--LegalEntityAxis__custom--S000071243Member_zWHSZWj6MMrk">the index does not reflect any fees or expenses</span>.</span></td>
</tr></table>
2021-03-23
Return
before taxes
0.1891
0.0909
0.1891
0.0909
0.1120
0.0712
0.1923
0.0939
0.2502
0.1312
the index does not reflect any fees or expenses