0001644419 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:CallRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:CommoditiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:ConvertibleBondRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member us-gaap:CreditRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:CurrencyRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:ExtensionRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:FixedIncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:ForeignRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:HighyieldRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:IncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member us-gaap:InterestRateRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:MortgagebackedSecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:PortfolioTurnoverRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member us-gaap:PrepaymentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:UnderlyingEtfRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:USTreasuryObligationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:DerivativesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:LargeCapitalizationCompanyRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:TechnologySectorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:DividendpayingStockRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:LimitedHistoryOfOperationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:TechnologySectorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:ValueRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:CallRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:CommoditiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member us-gaap:CreditRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:CurrencyRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:ExtensionRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:FixedIncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:ForeignRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:HighyieldRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:IncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member us-gaap:InterestRateRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:PortfolioTurnoverRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:UnderlyingEtfRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:LimitedHistoryOfOperationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:PortfolioTurnoverRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:HealthcareSectorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:UnderlyingEtfRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:CallRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member us-gaap:CreditRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:DividendpayingStockRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:FixedIncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member us-gaap:InterestRateRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:LargeCapitalizationCompanyRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:LimitedHistoryOfOperationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:PortfolioTurnoverRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:ConsumerDiscretionarySectorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:FinancialsSectorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:SmallAndMidcapitalizationCompaniesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:UnderlyingEtfRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:AuthorizedParticipantRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:CallRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member us-gaap:CreditRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:EarlyClosetradingHaltRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:EmergingMarketRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:EquitySecuritiesRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:EtfStructureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:NotIndividuallyRedeemableMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:TradingIssuesMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:MarketPriceVarianceRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:FixedIncomeRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:ForeignRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member us-gaap:InterestRateRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:IssuerRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:LimitedHistoryOfOperationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:MarketAndGeopoliticalRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:PassiveInvestmentRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:PortfolioTurnoverRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:SectorExposureRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:TrackingErrorRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:UnderlyingEtfRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:USTreasuryObligationsRiskMember 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member 2026-06-24 2026-06-24 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2022-01-01 2022-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2023-01-01 2023-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2024-01-01 2024-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2022-01-01 2022-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2023-01-01 2023-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2024-01-01 2024-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2022-01-01 2022-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2023-01-01 2023-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2024-01-01 2024-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member 2025-01-01 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member 2021-03-23 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member oef:AfterTaxesOnDistributionsMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:C000226137Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:MonarchAmbassadorIncomeIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:MonarchAmbassadorIncomeIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071242Member nlfiv:BloombergUSAggregateBondIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member 2021-03-23 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member oef:AfterTaxesOnDistributionsMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:C000226138Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:MonarchBlueChipsCoreIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:MonarchBlueChipsCoreIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:SAndP500IndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071243Member nlfiv:SAndP500IndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member 2024-03-06 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member oef:AfterTaxesOnDistributionsMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:C000246990Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:MonarchDividendPlusIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:MonarchDividendPlusIndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083387Member us-gaap:DowJonesIndustrialAverageMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member us-gaap:DowJonesIndustrialAverageMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:SAndP500Composite1500ValueIndexUSDTRMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083387Member nlfiv:SAndP500Composite1500ValueIndexUSDTRMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member 2021-03-23 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member oef:AfterTaxesOnDistributionsMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:C000226139Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:MonarchProCapIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:MonarchProCapIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:BloombergUSAggregateBondIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:SAndPTargetRiskModerateIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000071244Member nlfiv:SAndPTargetRiskModerateIndexMember 2021-03-23 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member 2024-03-06 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member oef:AfterTaxesOnDistributionsMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:C000246991Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:MonarchSelectSubsectorIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:MonarchSelectSubsectorIndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:SAndP500IndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083388Member nlfiv:SAndP500IndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member 2024-03-06 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member oef:AfterTaxesOnDistributionsMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:C000246992Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:MonarchVolumeFactorGlobalUnconstrainedIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:MonarchVolumeFactorGlobalUnconstrainedIndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:SAndPComposite1500IndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083389Member nlfiv:SAndPComposite1500IndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member 2024-03-06 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member oef:AfterTaxesOnDistributionsMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:C000246993Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:MonarchVolumeFactorGlobalUnconstrainedIndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:MonarchVolumeFactorGlobalUnconstrainedIndexMember 2024-03-06 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:SAndPGlobal1200IndexMember 2025-01-01 2025-12-31 0001644419 nlfiv:S000083390Member nlfiv:SAndPGlobal1200IndexMember 2024-03-06 2025-12-31 iso4217:USD pure false 485BPOS N-1A 2026-02-28 0001644419 2023-12-31 2022-09-30 2023-12-31 2022-06-30 2025-03-31 2025-06-30 2023-12-31 2022-06-30 2025-06-30 2025-03-31 2025-09-30 2025-03-31 2025-06-30 2025-03-31 2026-06-24 Northern Lights Fund Trust IV 2026-06-29 2026-06-29 FUND SUMMARY – Monarch Ambassador Income Index ETF Investment Objective: The Monarch Ambassador Income Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Ambassador Income Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zSc4ivD1Wg9a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zKuYWGR53Rz8" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member_zblADVEeVL7a" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"> </td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zhzl1h7dsVHb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.85%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqA6KxdS3A96" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_z3ThbQudMmNb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.16%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z38Ie1LjRDpd" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.14%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zY0taDiAekrg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.15%</td></tr> </table> <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">(1)</td><td style="text-align: justify">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.</td> </tr></table> 0.0085 0.0000 0.0016 0.0014 0.0115 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 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_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFqgghOAQ9Bi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z4EdEZrdrxD1" 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_480_eoef--ExpenseExampleYear01_zRtOJL2uimwc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zZDBbebGi208" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zhGBzalevMQ3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zg5FoxH80ke7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member_zZWGP9qs0jZj" 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">$117</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$365</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$633</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,398</td></tr> </table> 117 365 633 1398 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 February 28, 2026, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategies: The Fund invests at least 80% of its total assets in the constituents of the Index. The Index is designed to measure the performance of an investable universe of fixed income securities of varying credit quality and duration, including corporate bonds, lower-quality bonds, known as “high yield” or “junk” bonds, treasury bonds, municipal bonds, mortgage-backed securities and convertible bonds, that provide broad exposure to the U.S. and global bond market. The Index has approximately 12 ETF constituents which are weighted differently throughout the phases of the economic cycle (i.e., expansion, peak, contraction, trough) in an effort to maximize risk-adjusted returns. The Index may have up to 12.5% in an alternative sleeve of instruments that could range from currency ETFs to commodity ETFs. The Fund does not invest more than 15% of its net assets in illiquid investments. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that selects fixed income sectors based on the phase of the current economic cycle. The Index takes into account macroeconomic data about employment trends to determine the phase of the economic cycle and its relative strength to determine the Index constituents that are best suited for the particular phase of expansion or contraction. The Adviser may also consider certain corporate actions, such as initial public offerings, mergers, acquisitions, bankruptcies, suspensions, de-listings, tender offers and spin-offs when developing the constituents of the Index. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Commodities Risk. The Fund’s exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. Convertible Bond Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk. Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Currency Risk. The Fund’s investments in securities that trade in, and receive revenues in, foreign currencies, are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns. 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 Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIIXsJbuOga"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zqhCY7IhiEl"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z8TTyGyG2YEd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> Extension Risk. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments. 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. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the bond investments held by the Fund. As a result, for the present, interest rate risk may be heightened. Foreign Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. High-Yield Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Income Risk. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds. Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. 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. 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. Mortgage-Backed Securities Risk. The Fund invests in mortgage-backed securities (“MBS”) issued or guaranteed by the U.S. government or one of its agencies or sponsored entities, some of which may not be backed by the full faith and credit of the U.S. government. MBS represent interests in “pools” of mortgages and are subject to interest rate, prepayment, and extension risk. MBS react differently to changes in interest rates than other bonds, and the prices of MBS may reflect adverse economic and market conditions. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS. MBS are also subject to the risk of default on the underlying mortgage loans, particularly during periods of economic downturn. Default or bankruptcy of a counterparty to a to-be-announced transaction would expose the Fund to possible losses. Passive Investment Risk. 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. Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account.<div> </div>Prepayment Risk. During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the security’s maturity, which may cause the Fund to have to reinvest in securities with lower yields or higher risk of default, resulting in a decline in the Fund’s income or return potential. 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 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. Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C02_gRBRTB-COGT_zrmCfl6YrRRf"> </div> Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.<div id="xdx_C06_gRBRTB-COGT_zmE9TSwUFRq7"> </div> Commodities Risk. The Fund’s exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.<div id="xdx_C07_gRBRTB-COGT_zeKgyTN8G4C9"> </div> Convertible Bond Risk. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to fixed income security risks and conversion value-related equity risk. Convertible bonds are similar to other fixed-income securities because they usually pay a fixed interest rate and are obligated to repay principal on a given date in the future. The market value of fixed-income securities tends to decline as interest rates increase. Convertible bonds are particularly sensitive to changes in interest rates when their conversion to equity feature is small relative to the interest and principal value of the bond. Convertible issuers may not be able to make principal and interest payments on the bond as they become due. Convertible bonds may also be subject to prepayment or redemption risk.<div id="xdx_C0F_gRBRTB-COGT_zAYCkXldq2Uj"> </div> Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.<div id="xdx_C06_gRBRTB-COGT_zwGZKB6l99N9"> </div> Currency Risk. The Fund’s investments in securities that trade in, and receive revenues in, foreign currencies, are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.<div id="xdx_C0E_gRBRTB-COGT_zUDT6rxUrqgb"> </div> 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.<div id="xdx_C0A_gRBRTB-COGT_zUfH5cNzTM74"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C01_gRBRTB-COGT_zvo4iliiwzAa"> </div> <div id="xdx_C08_gRBRTB-COGT_zd6vEfNtVa4k"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIIXsJbuOga"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C03_gRBRTB-COGT_zK6o2bdVPa5f"> </div><div id="xdx_C0A_gRBRTB-COGT_zo4NasDyKBqh"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zqhCY7IhiEl"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div><div id="xdx_C09_gRBRTB-COGT_zv9niW4L71ib"> </div><div id="xdx_C04_gRBRTB-COGT_z5nRVQGQyhxi"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z8TTyGyG2YEd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div><div id="xdx_C08_gRBRTB-COGT_zAfRQJ0Q9mbe"> </div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zfIIXsJbuOga"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C06_gRBRTB-CNSM_zveeI8YZ13Pa"><div id="xdx_C03_gRBRTB-COGT_zK6o2bdVPa5f"> </div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zqhCY7IhiEl"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C02_gRBRTB-CNSM_zp5DZ0mdqGX1"><div id="xdx_C09_gRBRTB-COGT_zv9niW4L71ib"> </div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z8TTyGyG2YEd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> Extension Risk. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments.<div id="xdx_C0B_gRBRTB-COGT_zKZZUze54k2h"> </div> 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. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the bond investments held by the Fund. As a result, for the present, interest rate risk may be heightened.<div id="xdx_C0A_gRBRTB-COGT_ztMsdlVBynR"> </div> Foreign Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments.<div id="xdx_C03_gRBRTB-COGT_z0Ra9FaTL0Oa"> </div> High-Yield Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C03_gRBRTB-COGT_zZIHdk0ozZj7"> </div> Income Risk. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.<div id="xdx_C04_gRBRTB-COGT_zZyPlyoWcybb"> </div> Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund.<div id="xdx_C01_gRBRTB-COGT_zGZN61HBdUKa"> </div> 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.<div id="xdx_C09_gRBRTB-COGT_zJxTwcBMHfe3"> </div> 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.<div id="xdx_C0E_gRBRTB-COGT_zI4rnxJC1vr4"> </div> Mortgage-Backed Securities Risk. The Fund invests in mortgage-backed securities (“MBS”) issued or guaranteed by the U.S. government or one of its agencies or sponsored entities, some of which may not be backed by the full faith and credit of the U.S. government. MBS represent interests in “pools” of mortgages and are subject to interest rate, prepayment, and extension risk. MBS react differently to changes in interest rates than other bonds, and the prices of MBS may reflect adverse economic and market conditions. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS. MBS are also subject to the risk of default on the underlying mortgage loans, particularly during periods of economic downturn. Default or bankruptcy of a counterparty to a to-be-announced transaction would expose the Fund to possible losses. Passive Investment Risk. 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.<div id="xdx_C0D_gRBRTB-COGT_zEmDEmda9Xc3"> </div> Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account.<div id="xdx_C01_gRBRTB-COGT_zja0Q4nWGio3"><div> </div></div> Prepayment Risk. During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the security’s maturity, which may cause the Fund to have to reinvest in securities with lower yields or higher risk of default, resulting in a decline in the Fund’s income or return potential.<div id="xdx_C0E_gRBRTB-COGT_zJhnuuW0aWGk"> </div> 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 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.<div id="xdx_C09_gRBRTB-COGT_zkjuTfmzZtLl"> </div> Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk.<div id="xdx_C09_gRBRTB-COGT_ze1Zm6Y02fX1"> </div> U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. 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. 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 the Index and 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_A88_eoef--BarChartTableTextBlock_zGKxA3khaxs2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zbsm74n6wPrk" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 20%"> </td> <td id="xdx_492_20220101__20221231_zDEOEtlx1eC" style="width: 20%">2022</td> <td id="xdx_492_20230101__20231231_zUFaF2H9zTpj" style="width: 20%">2023</td> <td id="xdx_492_20240101__20241231_zsDGFFxz0VA5" style="width: 20%">2024</td> <td id="xdx_492_20250101__20251231_zVqbEyI6l0V7" style="width: 20%">2025</td></tr> <tr id="xdx_401_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member_zuBrMiPrvLQ2" style="vertical-align: top; text-align: left"> <td> </td> <td>-12.99%</td> <td>4.92%</td> <td>1.37%</td> <td>10.50%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo002_v1.jpg"/> -0.1299 0.0492 0.0137 0.1050 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zd7Xqk9yi2kl"></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_98A_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_zJzhJK5eWETk" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_zpoaz4tliJJ" 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">4th Quarter 2023</td> <td id="xdx_983_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_zdwP2zytVmwi" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">7.67%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_984_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_zZ1WxLJxoCF9" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_z5p9AGnlbTc4" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2022-09-30">3rd Quarter 2022</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071242Member_zvrWlQL2CVkd" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(6.60)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was 1.18%. Best Quarter: 0.0767 Worst Quarter: -0.0660 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 0.0118 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A81_eoef--PerformanceTableTextBlock_z2QmZu7D43N8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zMsZbkKlmI51" 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"> </td> <td id="xdx_494_20250101__20251231_zw6zxTeDkHW2" 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: 5.4pt; padding-left: 5.4pt; text-align: center">One Year</td> <td id="xdx_49F_20210323__20251231_zZGs13juvZU5" 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">Since Inception (3/23/21)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member_zQM8uB59IgR" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.74%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3VDA0viUJnb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.38%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.07%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--ClassAxis__custom--C000226137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zogoyVPPA04g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.27%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--PerformanceMeasureAxis__custom--MonarchAmbassadorIncomeIndexMember_z0f9z6E5ERs" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Monarch Ambassador Income Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.58%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.94%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071242Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zVRtVsWCTQC1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Bloomberg U.S. Aggregate Bond Index*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.28%</td></tr> </table> <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">*</td><td style="text-align: justify">The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses.</td> </tr></table> 2021-03-23 Return before taxes 0.1050 0.0074 0.0938 0.0007 0.0620 0.0027 0.1058 0.0094 0.0730 0.0028 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. 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. FUND SUMMARY – Monarch Blue Chips Elite Index ETF (formerly, “Monarch Blue Chips Core Index ETF”) Investment Objective: 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”). 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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zzaGNN2NIWc6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zh1r6gn84qtl" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zt2NrUM47qQ6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zA3dTR9Wqfg9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.85%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zS3RlZNkmwGi" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zaQRrMGsv4Re" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Other Expenses </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.16%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zZdGQdb9Zgq5" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.01%</td></tr> </table> 0.0085 0.0000 0.0016 0.0101 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 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_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z51OpwWXOwZc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zZr69S0W27sf" 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_48A_eoef--ExpenseExampleYear01_zDdmHeqx1qg6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_zBEKttjNN4Sd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zX4oCykdtELj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zixeehhnN531" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zPxQ5YSpNSX5" 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">$103</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$322</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$558</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,236</td></tr> </table> 103 322 558 1236 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 February 28, 2026, the Fund’s portfolio turnover rate was 73% of the average value of its portfolio. 0.73 Principal Investment Strategies: 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 index swaps and 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. 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. 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. 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. 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. 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 (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. 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. Derivatives Risk. The Fund’s use of basket swaps and index 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. 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 Risk. 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_C0C_gRBRTB-VRR_z6CByV4Fj0yc"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zd8ZQ42EVGM2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C0A_gRBRTB-VRR_zvGpv4iDeTGb"> </div><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zz7Xngbfqqtj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zgVb3KcjsIVg"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> 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 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, 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. Passive Investment Risk. 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. 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. <div id="xdx_C0E_gRBRTB-LP_zCGqhlrhsSRe"><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zT7Rv0mbDtM3"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div></div> 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 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. 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 (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. 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.<div id="xdx_C0C_gRBRTB-EVZ_zHFPoKKmjVeg"> </div> Derivatives Risk. The Fund’s use of basket swaps and index 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.<div id="xdx_C05_gRBRTB-EVZ_zUn2XR0wonHh"> </div> 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.<div id="xdx_C04_gRBRTB-EVZ_za0NKYUDZEm4"> </div> Equity Securities Risk. 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.<div id="xdx_C07_gRBRTB-EVZ_zVihDEXwYOfb"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C02_gRBRTB-EVZ_za06Zo6NdiIc"> </div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zd8ZQ42EVGM2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_C00_gRBRTB-EVZ_zWqSLBSS2Pxi"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zz7Xngbfqqtj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div><div id="xdx_C0E_gRBRTB-EVZ_zzFfb4fiAFDf"> </div><div id="xdx_C09_gRBRTB-EVZ_zRiKO0GDDjNi"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zgVb3KcjsIVg"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zd8ZQ42EVGM2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C05_gRBRTB-EVZ_zjPwESmjo151"><div id="xdx_C0A_gRBRTB-VRR_zvGpv4iDeTGb"> </div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zz7Xngbfqqtj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C03_gRBRTB-VRR_zh1y869BfMMl"><div id="xdx_C0E_gRBRTB-EVZ_zzFfb4fiAFDf"> </div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zgVb3KcjsIVg"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C0C_gRBRTB-EVZ_zQs3yRxkICqe"> </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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> <div id="xdx_C00_gRBRTB-EVZ_z3oiPdOOhqbk"> </div> 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.<div id="xdx_C09_gRBRTB-EVZ_z0lztps78ETb"> </div> 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.<div id="xdx_C0C_gRBRTB-EVZ_zzQRhDTYHrkl"> </div> 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, 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. Passive Investment Risk. 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.<div id="xdx_C04_gRBRTB-EVZ_zHqLdomDKZob"> </div> 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.<div id="xdx_C0A_gRBRTB-EVZ_zIZDv1T3h4j"> </div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zT7Rv0mbDtM3"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zT7Rv0mbDtM3"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div><div id="xdx_C02_gRBRTB-EVZ_z4Xbaf5N8Qg2"> </div> 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 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. 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. 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 the Index and 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. 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_zdFFR6SN9f8k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zzbe1PQSkD85" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 20%"> </td> <td id="xdx_49F_20220101__20221231_zj3QlKW5Hlyl" style="width: 20%">2022</td> <td id="xdx_49F_20230101__20231231_zJeQuNVThhph" style="width: 20%">2023</td> <td id="xdx_49F_20240101__20241231_zPMG2FpGPTEl" style="width: 20%">2024</td> <td id="xdx_49F_20250101__20251231_z0HtUOfwKcNb" style="width: 20%">2025</td></tr> <tr id="xdx_408_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_z6LjUhhG46ui" style="vertical-align: top; text-align: left"> <td> </td> <td>-20.31%</td> <td>22.43%</td> <td>18.91%</td> <td>7.49%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo003_v1.jpg"/> -0.2031 0.2243 0.1891 0.0749 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_z2zoJSBq6Vnb"></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_988_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_zUKw4c458IOf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_980_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_z7c5jGq6jTC6" 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">4th Quarter 2023</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_zaPxB6HHIvjb" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">12.70%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_zZ9AT9gChqDb" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_zDfWyIEwWK64" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2022-06-30">2nd Quarter 2022</td> <td id="xdx_98E_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071243Member_zLOK2mojFpoh" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(15.02)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was (6.57)%. Best Quarter: 0.1270 Worst Quarter: -0.1502 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 -0.0657 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A80_eoef--PerformanceTableTextBlock_zhFHnjxQvCm7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zTpJwvNBspt1" 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"> </td> <td id="xdx_49A_20250101__20251231_zKW013AQvM9j" 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: 5.4pt; padding-left: 5.4pt; text-align: center">One Year</td> <td id="xdx_492_20210323__20251231_z62OerWfWl57" 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">Since Inception (3/23/21)</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member_zzsT4MoipMnk" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.49%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.76%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOCgsyPS1j3g" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.72%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--ClassAxis__custom--C000226138Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zr17K9YnJoc6" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.43%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.89%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--PerformanceMeasureAxis__custom--MonarchBlueChipsCoreIndexMember_zbK8HwCc2X03" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Monarch Blue Chips Core Index*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.56%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.00%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071243Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zy6VNb4CMPnf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">S&P 500® Index**</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.10%</td></tr> </table> <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">*</td><td style="text-align: justify">Effective June 3, 2026, the benchmark changed from the Monarch Blue Chips Core Index to the Monarch Blue Chips Elite Index.</td> </tr></table> <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">**</td><td style="text-align: justify">The S&P 500® 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, the Index does not reflect any fees or expenses.</td> </tr></table> 2021-03-23 Return before taxes 0.0749 0.0876 0.0737 0.0872 0.0443 0.0689 0.0756 0.0900 0.1788 0.1410 Effective June 3, 2026, the benchmark changed from the Monarch Blue Chips Core Index to the Monarch Blue Chips Elite Index. 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. 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. FUND SUMMARY – Monarch Dividend Plus Index ETF Investment Objective: The Monarch Dividend Plus Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Dividend Plus Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zpq3WOhriu9g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zONzEGljcLT" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member_zidqrPmW2cK7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zx3hmnsFkwM3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.85%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTxWZYuclatg" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zhDXw3pfppRc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.34%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zHuM7z0D6d47" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.19%</td></tr> </table> 0.0085 0.0000 0.0034 0.0119 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 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_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2o9Uhr7RGX1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zATluJw4uQh8" 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_48E_eoef--ExpenseExampleYear01_zTJVwodVykZa" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_ztFj0CXNOr0i" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zeYszgRMINlc" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zm0ebKfK7Xr5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_416_20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member_z7VFOUdOKf4h" 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">$121</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$378</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$654</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,443</td></tr> </table> 121 378 654 1443 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 February 28, 2026, the Fund’s portfolio turnover rate was 89% of the average value of its portfolio. 0.89 Principal Investment Strategies: The Fund invests at least 80% of its total assets in the constituents of the Index. The Index consists of 30 equally weighted U.S. stocks from the Russell 1000 Index that represent all economic sectors within the S&P 500 Index and that represent dividend paying value stocks that deliver dividend cash flows across all market cycles. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that initially screens the companies listed on the Russell 1000, an index that represents the top 1000 companies by market capitalization, for both absolute and relative dividend growth and free cash flow generation metrics to determine its composition. The Index methodology assigns a composite score for each company based on its rankings for its potential to generate positive cash flow (as measured by its free cash flow to enterprise value ratio), debt-to-equity ratio, payout ratio, dividend growth and earnings stability. The 30 highest scoring companies are selected for the Index. These companies are expected to provide dividend income “plus” strong capital appreciation. The Index is reconstituted weekly. Any constituent that exceeds its target valuation (as calculated by its price-to-earnings ratio, return on equity, dividend payout ratio, and sales growth) is removed from the Index and new constituents are added in rank order to restore the Index to 30 constituents. Constituents that are removed from the Index are eligible for inclusion in the Index after 365 days. 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. As of February 28, 2026, the Index was not allocated more than 25% to any one sector. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. Dividend-Paying Stock Risk. While the Fund intends to invest in stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced stocks in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield stocks, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. 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 Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zg0qSaCJCmc7"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_C0D_gRBRTB-AWMT_zMklhk4K3ut2"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIl12YO5mdul"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zPvDgZ0EGv4a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> 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. 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, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. Passive Investment Risk. 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. 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. <div id="xdx_C0A_gRBRTB-OB_zk54gggy0XXe"><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zXfCzF226lch"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div></div> 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 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. Value Risk. A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors. Securities purchased by the Fund that do not realize their full economic value may reduce the Fund’s return. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C0B_gRBRTB-IIKPB_zY9OWIHsNAn9"> </div> Dividend-Paying Stock Risk. While the Fund intends to invest in stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced stocks in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield stocks, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.<div id="xdx_C0F_gRBRTB-IIKPB_zxVVMSUaOVv6"> </div> 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.<div id="xdx_C02_gRBRTB-IIKPB_zTfpC80msNwe"> </div> Equity Securities Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a 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.<div id="xdx_C0C_gRBRTB-IIKPB_zLj9ozFsKE0j"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C08_gRBRTB-IIKPB_zzHBQH9oNhp7"> </div> <div id="xdx_C07_gRBRTB-IIKPB_zWcepU8XJ5Bb"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zg0qSaCJCmc7"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C0A_gRBRTB-IIKPB_zp8ekXyZOE58"> </div><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIl12YO5mdul"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C09_gRBRTB-IIKPB_zAxkN7SQGtm2"> </div><div id="xdx_C0C_gRBRTB-IIKPB_zOR4u1FnA7U7"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zPvDgZ0EGv4a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zg0qSaCJCmc7"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C0E_gRBRTB-AWMT_z1DYgp3Vzwd1"><div id="xdx_C0A_gRBRTB-IIKPB_zp8ekXyZOE58"> </div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zIl12YO5mdul"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C0A_gRBRTB-AWMT_zNvXoQRdtLT4"><div id="xdx_C09_gRBRTB-IIKPB_zAxkN7SQGtm2"> </div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zPvDgZ0EGv4a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C02_gRBRTB-IIKPB_zwxqLhRM5nWg"> </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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> <div id="xdx_C08_gRBRTB-IIKPB_zIjjivNqaLp2"> </div> 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.<div id="xdx_C03_gRBRTB-IIKPB_z8X7E4kugpa4"> </div> Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate.<div id="xdx_C02_gRBRTB-IIKPB_zQnlpqBxWi5h"> </div> 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, 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. Passive Investment Risk. 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.<div id="xdx_C09_gRBRTB-IIKPB_zD81KOhKR4z6"> </div> 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.<div id="xdx_C0B_gRBRTB-IIKPB_zmsB6NdHT06"> </div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zXfCzF226lch"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologySectorRiskMember_zXfCzF226lch"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Technology Sector Risk. 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. </td></tr></table></div><div id="xdx_C02_gRBRTB-IIKPB_zvvHZv0Jhenj"> </div> 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 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.<div id="xdx_C07_gRBRTB-IIKPB_zhC0LJi66I3h"> </div> Value Risk. A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors. Securities purchased by the Fund that do not realize their full economic value may reduce the Fund’s return. 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. 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 the Index, 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_zjYD23D5zOG7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zvuEH4adwSI7" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: left"> <td style="width: 50%"> </td> <td id="xdx_496_20250101__20251231_zgCFy1qUx70j" style="width: 50%">2025</td></tr> <tr id="xdx_40B_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member_zxkzaEpPzbtf" style="vertical-align: top; text-align: left"> <td> </td> <td>7.36%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo004_v1.jpg"/> 0.0736 <div id="xdx_A81_eoef--BarChartClosingTextBlock_zLqZeOXxZVwb"></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_98F_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zF6vA1J4TCH7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_989_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zXc4IsS6zNf5" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-03-31">1st Quarter 2025</td> <td id="xdx_982_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zCSUEl05C2U3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">4.14%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_987_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zBq1TNpOCYpe" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_982_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zTYe7Hn1Orje" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-06-30">2nd Quarter 2025</td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083387Member_zbjoAAnLsaSi" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(0.86)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was (3.89)%. Best Quarter: 0.0414 Worst Quarter: -0.0086 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 -0.0389 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A83_eoef--PerformanceTableTextBlock_zPeGu0dksw6e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_ztBKJVpZCPU1" 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: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td id="xdx_49D_20250101__20251231_zPMLr8zniaDg" 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: 5.4pt; padding-left: 5.4pt; text-align: center">One Year</td> <td id="xdx_49C_20240306__20251231_zSI1RAIfpdx3" 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: 5.4pt; padding-left: 5.4pt; text-align: center">Since Inception (3/06/24)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member_zwxqE7jPoqla" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.94%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zsorcgxugPj1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.74%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.47%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--ClassAxis__custom--C000246990Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSeSpR5odl0c" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.35%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.63%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--PerformanceMeasureAxis__custom--MonarchDividendPlusIndexMember_zQScijQuEihb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Monarch Dividend Plus Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.69%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.18%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--PerformanceMeasureAxis__us-gaap--DowJonesIndustrialAverageMember_zs3jmrlpltj" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Dow Jones Industrial Average®*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.92%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.66%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083387Member__oef--PerformanceMeasureAxis__custom--SAndP500Composite1500ValueIndexUSDTRMember_zYM1uOj4mbE2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Composite 1500 Value Index USD TR**</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.72%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.41%</td></tr> </table> <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">*</td><td style="text-align: justify">The Dow Jones Industrial Average® is a price-weighted stock market index tracking 30 large, well-established U.S. companies across various industries, serving as a key benchmark for overall market performance. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td> </tr></table> <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">**</td><td style="text-align: justify">The S&P Composite 1500® Value measures constituents from the S&P Composite 1500 that are classified as value stocks based on three factors: the ratios of book value, earnings and sales to price. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td> </tr></table> 2024-03-06 Return before taxes 0.0736 0.0494 0.0674 0.0447 0.0435 0.0363 0.0769 0.0518 0.1492 0.1466 0.1272 0.1141 Index does not reflect any fees or expenses. 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. 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. FUND SUMMARY – Monarch ProCap Index ETF Investment Objective: The Monarch ProCap Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch ProCap Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z8ndeHgvXB46"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zC475qNGFNb" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member_zP7o9NQerXxf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zogQ0Wu4u2F1" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.85%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zS1xfpFF5Xig" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zc8gUSn2M8f7" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Other Expenses </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.12%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zk0SySzpnucj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.06%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zJ0qYPPVAVs4" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.03%</td></tr> </table> <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">(1)</td><td style="text-align: justify">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.</td> </tr></table> 0.0085 0.0000 0.0012 0.0006 0.0103 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 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_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKxQsdnhIhAe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zg0KJb2rZmE5" 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_486_eoef--ExpenseExampleYear01_zAvmVkGHzgc7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zKcZmDHx22Bh" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zhcjZZVe92Ka" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zlF8NK70HpI3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years </td></tr> <tr id="xdx_414_20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member_zgNfWf7zN1Mc" 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">$105</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$328</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$569</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,259</td></tr> </table> 105 328 569 1259 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 February 28, 2026, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio. 0.75 Principal Investment Strategies: The Fund invests at least 80% of its total assets in the component securities of the Index. The Index consists of fixed income and equity ETFs that provide broad exposure to the U.S. and global bond market and to the S&P Global Industry Classification Standard (“GICS”) sectors. The Index is comprised of 6-9 constituents, with fixed income ETFs and equity ETFs collectively comprising at least 90% of the Index, with each being no less than 15% and no more than 75% of the Index. The equity allocation of the Index is further divided into sector allocations that represent the GICS sectors. The Index may have up to 10% in an alternative sleeve of instruments that could range from currency ETFs to commodity ETFs, such as gold. The Index factors in macroeconomic data about employment trends to determine the phase of the economic cycle and its relative strength, and to determine the portfolio allocations that are best suited for the particular phase. The equity portion of the Index is typically equally weighted among five of the eleven GICS sectors that have historically had the best performance during the identified phase of the economic cycle. The phases of the economic cycle are expansion, peak, contraction and trough. During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that reviews the current phase of the economic cycle to select both the fixed income ETFs of varying credit quality for the fixed income portion of the Fund as well as the individual sector ETFs for the equity portion of the Fund. The Adviser may also consider certain corporate actions, such as initial public offerings, mergers, acquisitions, bankruptcies, suspensions, de-listing, tender offers and spin-offs when developing the constituents of the Index. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Commodities Risk. The Fund’s exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Currency Risk. The Fund’s investments in securities that trade in, and receive revenues in, foreign currencies, are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns. 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 Risk. 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z18GEqg4a7t2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zbEC6KccKKR8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNZz32bQvNu8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> Extension Risk. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments. 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. An increase in interest rates may result in a decline in the value of the bond investments held by the Fund. Foreign Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. High-Yield Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price. Income Risk. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds. Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. 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. 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, 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. Passive Investment Risk. 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. Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account. 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. 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 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. Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C01_gRBRTB-PLSNEL_z5CgAyNC3kn8"> </div> Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.<div id="xdx_C0C_gRBRTB-PLSNEL_zbYkoQlxURcj"> </div> Commodities Risk. The Fund’s exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.<div id="xdx_C02_gRBRTB-PLSNEL_zNJkTOe4Vkm5"> </div> Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.<div id="xdx_C00_gRBRTB-PLSNEL_zU0wyBPFr5z6"> </div> Currency Risk. The Fund’s investments in securities that trade in, and receive revenues in, foreign currencies, are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.<div id="xdx_C09_gRBRTB-PLSNEL_z3jfV3d3gC33"> </div> 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.<div id="xdx_C0D_gRBRTB-PLSNEL_z3Oumz5tmhW2"> </div> Equity Securities Risk. 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C00_gRBRTB-PLSNEL_z4cpFlh5ME5"> </div> <div id="xdx_C08_gRBRTB-PLSNEL_zjpgE5aPnp1e"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z18GEqg4a7t2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C05_gRBRTB-PLSNEL_zjfcI5UOFqk7"> </div><div id="xdx_C03_gRBRTB-PLSNEL_zSaPjOY5TZ1h"><div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zbEC6KccKKR8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div><div id="xdx_C0D_gRBRTB-PLSNEL_zDm1NQHqjEgg"> </div><div id="xdx_C01_gRBRTB-PLSNEL_z86JaehNmgU7"><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNZz32bQvNu8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div><div id="xdx_C09_gRBRTB-PLSNEL_zag5Ge4xliL4"> </div><div id="xdx_C09_gRBRTB-PLSNEL_zz6Mx3iptij7"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z18GEqg4a7t2"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C04_gRBRTB-NDRS_zj86p1ZfLpj3"><div id="xdx_C05_gRBRTB-PLSNEL_zjfcI5UOFqk7"> </div></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zbEC6KccKKR8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C06_gRBRTB-NDRS_z13u2vY9Iqbe"><div id="xdx_C0D_gRBRTB-PLSNEL_zDm1NQHqjEgg"> </div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNZz32bQvNu8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C00_gRBRTB-NDRS_z1FDooLuYB73"><div id="xdx_C09_gRBRTB-PLSNEL_zag5Ge4xliL4"> </div></div> <div id="xdx_C0E_gRBRTB-NDRS_zEyMwq4OZgGd"><div id="xdx_C09_gRBRTB-PLSNEL_zz6Mx3iptij7"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_C0C_gRBRTB-PLSNEL_zqBP103cqKbb"> </div> Extension Risk. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments.<div id="xdx_C07_gRBRTB-PLSNEL_zO8IWXrXApU6"> </div> 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. An increase in interest rates may result in a decline in the value of the bond investments held by the Fund.<div id="xdx_C0E_gRBRTB-PLSNEL_zB9e7m5Tcf0g"> </div> Foreign Risk. Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments.<div id="xdx_C0C_gRBRTB-PLSNEL_zexDUmLUau3f"> </div> High-Yield Risk. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.<div id="xdx_C0F_gRBRTB-PLSNEL_zydlYkDF9dc"> </div> Income Risk. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.<div id="xdx_C0E_gRBRTB-PLSNEL_zAQvEKpEmvqc"> </div> Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund.<div id="xdx_C05_gRBRTB-PLSNEL_zsLBJn4fa3q8"> </div> 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.<div id="xdx_C04_gRBRTB-PLSNEL_zKOUXyRLgFGl"> </div> 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, 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. Passive Investment Risk. 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.<div id="xdx_C09_gRBRTB-PLSNEL_zYV91wQSzIM3"> </div> Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account.<div id="xdx_C00_gRBRTB-PLSNEL_zUVpEphzaOB4"> </div> 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.<div id="xdx_C09_gRBRTB-PLSNEL_zBjtJiBYG8Jf"> </div> 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 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.<div id="xdx_C0E_gRBRTB-PLSNEL_zoMi9lvJAPVb"> </div> Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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. 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 the Index, 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 www.monarchfunds.com or by calling toll-free at (541) 291-4405. 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 Years Ended December 31 <div id="xdx_A8E_eoef--BarChartTableTextBlock_zI6GdupyV4Xk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zapqQJmPzpr1" 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: 20%"> </td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 20%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 20%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 20%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 20%">2025</td></tr> <tr id="xdx_407_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member_zBYBVRJ2qDR9" style="vertical-align: top; text-align: center"> <td> </td> <td>-9.31%</td> <td>10.53%</td> <td>8.27%</td> <td>9.33%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo005_v1.jpg"/> -0.0931 0.1053 0.0827 0.0933 <div id="xdx_A81_eoef--BarChartClosingTextBlock_zvq3m7qE5m"></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_981_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_zlu80pGXKhL3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_zLbS2gYxWBh8" 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">4th Quarter 2023</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_z6S7SPeZyV6a" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">9.94%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98D_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_zc7OqoWY7U5c" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_zXSRlHrv8UE3" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2022-06-30">2nd Quarter 2022</td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000071244Member_zOZFgFRn8Pag" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(7.22)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was 2.30%. Best Quarter: 0.0994 Worst Quarter: -0.0722 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 0.0230 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zam9fuQrQSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zEdq7pbPeQd5" 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; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap; vertical-align: top; width: 60%; text-align: center"> </td> <td id="xdx_491_20250101__20251231_zSvW5wACANQ3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_499_20210323__20251231_zmV7J0vfFiEb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">Since Inception (3/23/21)</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member_zDLHBlNTQPce" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">9.33%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center"> 6.11%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zT50W76yup3l" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">8.46%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">5.53%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--ClassAxis__custom--C000226139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2jFl5I8Uhn1" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">5.51%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">4.53%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--PerformanceMeasureAxis__custom--MonarchProCapIndexMember_znUeTmvvgFAg" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Monarch ProCap Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center"> 9.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center"> 6.23%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z383KPzj0ZN" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Bloomberg U.S. Aggregate Bond Index*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">0.28%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000071244Member__oef--PerformanceMeasureAxis__custom--SAndPTargetRiskModerateIndexMember_zxzWH7qxMY5f" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">S&P Target Risk Moderate Index**</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">13.38%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0pt; white-space: nowrap; text-align: center">4.91%</td></tr> </table> <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">*</td><td style="text-align: justify">The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td> </tr></table> <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">**</td><td style="text-align: justify">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. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td> </tr></table> 2021-03-23 Return before taxes 0.0933 0.0611 0.0846 0.0553 0.0551 0.0453 0.0934 0.0623 0.0730 0.0028 0.1338 0.0491 the Index does not reflect any fees or expenses the Index does not reflect any fees or expenses <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zgUKZUfX6sUf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">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. 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. FUND SUMMARY – Monarch Select Subsector Index ETF Investment Objective: The Monarch Select Subsector Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Select Subsector Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zlG2uKpoHju"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zf7G52F04Kgg" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member__oef--ClassAxis__custom--C000246991Member_zYlW1Whs4kt1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z8bigYVwZBf3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.85%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUqhPfFvtOH8" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zINHBvq2RB7d" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.23%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVl7Ibm128N" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center; layout-grid-mode: char">0.34%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zRaBjK5VTJ11" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: left; layout-grid-mode: char">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.42%</td></tr> </table> <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">(1)</td><td style="text-align: justify">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.</td> </tr></table> 0.0085 0.0000 0.0023 0.0034 0.0142 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 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_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlVdQ1YkDnof"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z21xfipwuXJb" 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_481_eoef--ExpenseExampleYear01_zDvUhLAMQh6l" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zR77xnTjYR31" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_zOZCJFaYV0j6" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_zDQWaSUZVvHj" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zymzE4j0cSUf" 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">$145</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$449</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$776</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,702</td></tr> </table> 145 449 776 1702 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 February 28, 2026, the Fund’s portfolio turnover rate was 127% of the average value of its portfolio. 1.27 Principal Investment Strategies: The Fund is a fund of funds that invests at least 80% of its total assets in the constituents of the Index. The Index consists of 10 equally-weighted U.S. listed ETFs of any market capitalization that represent economically advantageous U.S. sectors and subsectors. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that selects which equity sectors and subsectors to invest in based on the phase of the economic cycle. The methodology uses employment trends to determine the phase of the economic cycle and identifies the sectors and subsectors that have historically performed well during such cycle. The Index methodology selects the ETFs that are expected to deliver the best risk adjusted return for the identified phase. Because the Fund may hold subsector ETFs from the same sector, the Fund at any given time may have a significant percentage of its assets invested in one or more sectors relative to other sectors. As of February 28, 2026, the Index had over 25% exposure to the healthcare sector. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. 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 Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zJD35wYX2Dbd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zzV7YW2O6Ze6"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNs32Z3txPm"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> 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. 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, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. Passive Investment Risk. 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. Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account. Sector Exposure Risk. The Fund may have significant exposure to a limited number of issuers conducting business in the same sector, subsector or group thereof. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector, subsector, or a group thereof, and the securities of companies in that sector, subsector or group of thereof could react similarly to these or other developments. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zPTWmRPhGX2g"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Healthcare Sector Risk. The health care sector is subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.</td></tr></table></div> 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 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. Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C08_gRBRTB-KC_z7iANehXphcl"> </div> 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.<div id="xdx_C07_gRBRTB-KC_zlllnJbcBthh"> </div> Equity Securities Risk. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a 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.<div id="xdx_C0A_gRBRTB-KC_zdBrbk5vIMK7"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C04_gRBRTB-KC_zXhboacaulN8"> </div> <div id="xdx_C0A_gRBRTB-KC_zynRPSHSnlx4"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zJD35wYX2Dbd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C04_gRBRTB-KC_zKeBdnmyXZQ4"> </div><div id="xdx_C0D_gRBRTB-KC_zHfzwlfAaM3c"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zzV7YW2O6Ze6"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div><div id="xdx_C02_gRBRTB-KC_zMsu2RGGbmeh"> </div><div id="xdx_C06_gRBRTB-KC_zUYzn7ngdVDj"><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNs32Z3txPm"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div><div id="xdx_C0C_gRBRTB-KC_z8nDsApnq2oi"> </div><div id="xdx_C07_gRBRTB-KC_zWymIvBKWo6l"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zJD35wYX2Dbd"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C0D_gRBRTB-ESRJ_z05qrTNxAqii"><div id="xdx_C04_gRBRTB-KC_zKeBdnmyXZQ4"> </div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zzV7YW2O6Ze6"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C0E_gRBRTB-ESRJ_zsfFNLJRtRFi"><div id="xdx_C02_gRBRTB-KC_zMsu2RGGbmeh"> </div></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zNs32Z3txPm"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C0E_gRBRTB-ESRJ_zY3qIyfvk7Re"><div id="xdx_C0C_gRBRTB-KC_z8nDsApnq2oi"> </div></div> <div id="xdx_C0C_gRBRTB-ESRJ_zjm2f1ZeWyOi"><div id="xdx_C07_gRBRTB-KC_zWymIvBKWo6l"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_C0F_gRBRTB-KC_zBf3M8Jqgonh"> </div> 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.<div id="xdx_C04_gRBRTB-KC_z26sFGqGcpE1"> </div> Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate.<div id="xdx_C02_gRBRTB-KC_zk5z7B7Qd7bb"> </div> 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, 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.<div id="xdx_C08_gRBRTB-KC_zAnk6UNYoz98"> </div> Passive Investment Risk. 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.<div id="xdx_C0A_gRBRTB-KC_z4RKyyELynxl"> </div> Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Shares are held in a taxable account. Sector Exposure Risk. The Fund may have significant exposure to a limited number of issuers conducting business in the same sector, subsector or group thereof. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector, subsector, or a group thereof, and the securities of companies in that sector, subsector or group of thereof could react similarly to these or other developments.<div id="xdx_C07_gRBRTB-KC_zYGGPkz5Zsmf"> </div> <div id="xdx_C09_gRBRTB-KC_zFXImvxbHoJl"><div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zPTWmRPhGX2g"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Healthcare Sector Risk. The health care sector is subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.</td></tr></table></div></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zPTWmRPhGX2g"> <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: 0.5in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Healthcare Sector Risk. The health care sector is subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by product liability claims, rapid obsolescence, and patent expirations.</td></tr></table></div><div id="xdx_C0F_gRBRTB-KC_zqiANxWDYPHi"> </div> 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 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.<div id="xdx_C02_gRBRTB-KC_zzl2lCHUmt83"> </div> Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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. 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 the Index and 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_A89_eoef--BarChartTableTextBlock_zlMp8QdPhzQl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zqBnUQPClVb9" 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: left"> <td style="text-align: center; width: 50%"> </td> <td id="xdx_496_20250101__20251231_zc9UnSL4ENmh" style="text-align: center; width: 50%">2025</td></tr> <tr id="xdx_401_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--ClassAxis__custom--C000246991Member_zWe5KhAj9NFe" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">9.85%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo006_v1.jpg"/> 0.0985 <div id="xdx_A85_eoef--BarChartClosingTextBlock_zYjWCFIxcpdg"></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_98E_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_z8RuUbaTxp62" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_986_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zi6TXOagSB9j" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-06-30">2nd Quarter 2025</td> <td id="xdx_98D_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zOfL6llx7AS2" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">8.99%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zKnWa5thR52d" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_987_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zwU2YlRuZ72f" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-03-31">1st Quarter 2025</td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083388Member_zg0qrcCQQkkf" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(1.63)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was (0.75)%. Best Quarter: 0.0899 Worst Quarter: -0.0163 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 -0.0075 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A85_eoef--PerformanceTableTextBlock_zMhFKfxnfVh2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zeZY9JUX4XG5" 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"> </td> <td id="xdx_496_20250101__20251231_zDj9gKcPQ2ce" 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: 5.4pt; padding-left: 5.4pt; text-align: center">One Year</td> <td id="xdx_49A_20240306__20251231_zYXupog762P" 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">Since Inception (3/06/24)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--ClassAxis__custom--C000246991Member_z6CtsEF4CDYa" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.85%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.28%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--ClassAxis__custom--C000246991Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zoIoKAstHP2j" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.76%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.16%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--ClassAxis__custom--C000246991Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zt5kP1bD7ufe" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.83%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.65%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--PerformanceMeasureAxis__custom--MonarchSelectSubsectorIndexMember_zHK1OOv6exD8" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">Monarch Select Subsector Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 9.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.33%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083388Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z53qYHToOwT4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 0.5in; padding-left: 5.4pt">S&P 500 Index®*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19.02%</td></tr> </table> <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">*</td><td style="text-align: justify">The S&P 500® 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, the Index does not reflect any fees or expenses.</td> </tr></table> 2024-03-06 Return before taxes 0.0985 0.1128 0.0976 0.1116 0.0583 0.0865 0.0988 0.1133 0.1788 0.1902 the Index does not reflect any fees or expenses <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_z99iG2v28pWf" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">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. 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. FUND SUMMARY – Monarch Volume Factor Dividend Tree Index ETF Investment Objective: The Monarch Volume Factor Dividend Tree Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Volume Factor Dividend Tree Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zAhDHx1a3Rh6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zNmZ5PEi7Iog" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member_zJ0mRphLUagd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zkS4P66yLG4f" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.85%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zV7UMWkKfhRa" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zEtykfTySugj" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.25%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_ziUvXpdT1Ngc" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.10%</td></tr> </table> 0.0085 0.0000 0.0025 0.0110 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 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_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zB5yxjFuQQGh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zuqcog6nrrz5" 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_485_eoef--ExpenseExampleYear01_zWSkrPtFusd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zBILAiOk5Rgg" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zj5fgZ0UVkz1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_z6dkXcZl0Vkf" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_411_20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member_zQgB65pI1Vik" 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">$112</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$350</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$606</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,340</td></tr> </table> 112 350 606 1340 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 February 28, 2026, the Fund’s portfolio turnover rate was 321% of the average value of its portfolio. 3.21 Principal Investment Strategies: The Fund invests at least 80% of its total assets in the constituents of the Index. The Index uses proprietary “Volume Factor” methodology to identify specific areas of the market with positive cash flow. The Index consists of 40 typically equally-weighted individual stocks that demonstrate positive cash flow and an ability to pay dividends and up to 5 fixed income ETFs if the cash flow trend is negative. Only ETFs that provide exposure to short-term U.S. treasury securities are eligible for the Index. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that screens 3,000 equities from the Russell 3000 of U.S. origin or exposure to identify stocks with potential for positive cash flow and dividend growth. The Adviser then applies its proprietary “Volume Factor” ranking methodology to generate a composite score for each stock based on its capital-weighted volume, price, and the relationship between trading volume and price as measured by the proprietary “Volume Price Confirmation Indicator.” The 40 highest scoring stocks are selected for the Index when capital flow trends are positive. The Index is reconstituted quarterly. 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. As of February 28, 2026, the Index had over 25% exposure to the consumer discretionary and financials sectors. When capital flow trends are negative, the Index reduces its exposure to equities and increases its exposure to fixed income ETFs up to 50% of the Index. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. Dividend-Paying Stock Risk. While the Fund may hold stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced stocks in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield stocks, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend. 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 Risk. 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zPJ8UTJduMaj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zot9ueblTRHa"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zUKJdaX7s6e8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> 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). Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. 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 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. 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, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. Passive Investment Risk. 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. Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs associated with the turnover, which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Frequent trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder. The Fund is expected to have a high portfolio turnover rate. 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. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zWJ5o4YG3jJ5"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zcKNQom4bgie"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> Small and Mid-Capitalization Companies Risk. Investing in securities of small and mid-capitalization companies involves greater risk than is customarily associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and may have returns that vary, sometimes significantly, from the overall securities market. Small and mid-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources. Small and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 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 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. Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C0A_gRBRTB-YRFRA_zPhSJeNtlGtc"> </div> Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.<div id="xdx_C04_gRBRTB-YRFRA_zoxNQBGvMvHi"> </div> Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.<div id="xdx_C02_gRBRTB-YRFRA_zADyalp2ypWd"> </div> Dividend-Paying Stock Risk. While the Fund may hold stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced stocks in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield stocks, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.<div id="xdx_C0D_gRBRTB-YRFRA_zm1xjFxBg1Z5"> </div> 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.<div id="xdx_C0E_gRBRTB-YRFRA_zkWqpsIdDvle"> </div> Equity Securities Risk. 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.<div id="xdx_C03_gRBRTB-YRFRA_zkNsq43VgTt1"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C06_gRBRTB-YRFRA_zT1qqgG93lC1"> </div> <div id="xdx_C09_gRBRTB-YRFRA_zodome5K3Xmh"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zPJ8UTJduMaj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C0E_gRBRTB-YRFRA_zFbXdy2jEfL4"> </div><div id="xdx_C02_gRBRTB-YRFRA_z0BEOb5jk2X6"><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zot9ueblTRHa"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div></div><div id="xdx_C0B_gRBRTB-YRFRA_zX4bY5ENVCLi"> </div><div id="xdx_C0D_gRBRTB-YRFRA_zGxTOvr4AxH5"><div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zUKJdaX7s6e8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div><div id="xdx_C09_gRBRTB-YRFRA_zok3K04FgBlf"> </div><div id="xdx_C03_gRBRTB-YRFRA_zAgHb0DWW3c8"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zPJ8UTJduMaj"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C06_gRBRTB-ELTETWH_zpR7CC7jpHF1"><div id="xdx_C0E_gRBRTB-YRFRA_zFbXdy2jEfL4"> </div></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zot9ueblTRHa"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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.</td></tr></table></div><div id="xdx_C06_gRBRTB-ELTETWH_zP0qhePKd3x6"><div id="xdx_C0B_gRBRTB-YRFRA_zX4bY5ENVCLi"> </div></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zUKJdaX7s6e8"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C05_gRBRTB-ELTETWH_zCYAD0Y6REBj"><div id="xdx_C09_gRBRTB-YRFRA_zok3K04FgBlf"> </div></div> <div id="xdx_C09_gRBRTB-ELTETWH_zNImlrTZbg75"><div id="xdx_C03_gRBRTB-YRFRA_zAgHb0DWW3c8"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_C09_gRBRTB-YRFRA_zj9njhcSqp67"> </div> 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). Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund.<div id="xdx_C03_gRBRTB-YRFRA_zPoFVnWeetM1"> </div> 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.<div id="xdx_C04_gRBRTB-YRFRA_zqdi42g7ViXd"> </div> 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.<div id="xdx_C0E_gRBRTB-YRFRA_zCpQkJrDPJlk"> </div> Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate.<div id="xdx_C0B_gRBRTB-YRFRA_zGi1CqyN2Z5b"> </div> 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, 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.<div id="xdx_C02_gRBRTB-YRFRA_zz9HqVxfJ2V6"> </div> Passive Investment Risk. 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.<div id="xdx_C0E_gRBRTB-YRFRA_zGxJnh78mx2a"> </div> Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs associated with the turnover, which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Frequent trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder. The Fund is expected to have a high portfolio turnover rate.<div id="xdx_C0B_gRBRTB-YRFRA_zjpoXOMUWWMi"> </div> 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.<div id="xdx_C06_gRBRTB-YRFRA_zzpvLqqZL4Bk"> </div> <div id="xdx_C0D_gRBRTB-YRFRA_zdDp067MHmZh"><div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zWJ5o4YG3jJ5"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div><div id="xdx_C0B_gRBRTB-YRFRA_zjTXHOs1yPE1"> </div><div id="xdx_C0C_gRBRTB-YRFRA_zJX8T0S5otZ7"><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zcKNQom4bgie"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zWJ5o4YG3jJ5"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C07_gRBRTB-UT_zHA402hQiiGk"><div id="xdx_C0B_gRBRTB-YRFRA_zjTXHOs1yPE1"> </div></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zcKNQom4bgie"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div><div id="xdx_C06_gRBRTB-YRFRA_zOXteQLGipi3"> </div> Small and Mid-Capitalization Companies Risk. Investing in securities of small and mid-capitalization companies involves greater risk than is customarily associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies, and may have returns that vary, sometimes significantly, from the overall securities market. Small and mid-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources. Small and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions. 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 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.<div id="xdx_C0F_gRBRTB-YRFRA_ze2xS6qvWx1b"> </div> Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. 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. 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 the Index and 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_A8B_eoef--BarChartTableTextBlock_zdAuG74eJdF1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zEX58aNO2nE" 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: left"> <td style="text-align: center; width: 50%"> </td> <td id="xdx_494_20250101__20251231__dei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member_zfJN4P9v70Z9" style="text-align: center; width: 50%">2025</td></tr> <tr id="xdx_403_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member_zKTgI3a0lXL1" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">10.12%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo007_v1.jpg"/> 0.1012 <div id="xdx_A83_eoef--BarChartClosingTextBlock_zs3KKXLSUDe8"></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_98D_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_z8tVtDqqDn8" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_98E_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_zRUdngetiHP3" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-09-30">3rd Quarter 2025</td> <td id="xdx_982_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_zNG4GsLjja63" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">4.97%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98D_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_zjIStOnZTE59" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_982_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_zBdSMQx4N5G2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-03-31">1st Quarter 2025</td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083389Member_zJ5SAlwKBOcd" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(0.86)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was 4.33%. Best Quarter: 0.0497 Worst Quarter: -0.0086 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 0.0433 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zZoCI4wSVHIk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zslIWu9HJKhi" 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; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap; vertical-align: top; width: 60%; text-align: center"> </td> <td id="xdx_494_20250101__20251231_zuzRJhjMsfY8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_490_20240306__20251231_zAmwJuaWjZ34" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.75pt 1pt 5.4pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">Since Inception (3/06/24)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member_z9BxpOx2O9H2" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">10.12%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">8.37%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zco42q57oea5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">9.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">7.83%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--ClassAxis__custom--C000246992Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zShjcbckKQdl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">5.97%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">6.26%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--PerformanceMeasureAxis__custom--MonarchVolumeFactorGlobalUnconstrainedIndexMember_zoZnHGVZRlG5" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Monarch Volume Factor Dividend Tree Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">10.28%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">8.55%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083389Member__oef--PerformanceMeasureAxis__custom--SAndPComposite1500IndexMember_z4R1H3vNNQE4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap; text-align: left">S&P Composite 1500 Index*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">17.02%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">18.16%</td></tr> </table> <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">*</td><td style="text-align: justify">The S&P Composite 1500 Index® is a broad U.S. stock market index combining large, mid, and small-cap stocks, covering approximately 90% of U.S. market capitalization. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses.</td> </tr></table> 2024-03-06 Return before taxes 0.1012 0.0837 0.0950 0.0783 0.0597 0.0626 0.1028 0.0855 0.1702 0.1816 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. 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. FUND SUMMARY – Monarch Volume Factor Global Unconstrained Index ETF Investment Objective: The Monarch Volume Factor Global Unconstrained Index ETF (the “Fund”) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the Monarch Volume Factor Global Unconstrained Index (the “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 (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zv588RWl3bch"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzMi4K6TGOLl" 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">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member_ztry4gxAh3Q7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_ziFBMunIrWgk" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.85%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_z04KmUtBvCd5" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Distribution and Service (12b-1) Fees </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z1hY3FizfJn9" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.18%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z6R4INnr0mKb" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">0.38%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zCaA8DfOErU3" style="font: 10pt Arial, Helvetica, Sans-Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">1.41%</td></tr> </table> <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">(1)</td><td style="text-align: justify">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.</td> </tr></table> 0.0085 0.0000 0.0018 0.0038 0.0141 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 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_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zh8PBwo9hYPa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zBjzgkzSwKxa" 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_zPLT58syNeEd" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zjZfvLOLlmNe" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_z8q4iErP3tR1" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zBT9WsKrwuw7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member_zMaRfzxMlh4h" 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">$144</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$446</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$771</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1,691</td></tr> </table> 144 446 771 1691 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 February 28, 2026, the Fund’s portfolio turnover rate was 419% of the average value of its portfolio. 4.19 Principal Investment Strategies: The Fund is a fund of funds that invests at least 80% of its total assets in the constituents of the Index. The Index uses a proprietary “Volume Factor” methodology to identify specific areas of the market with positive cash flow. The Index consists of up to 25 typically equally-weighted equity ETFs that demonstrate positive cash flow. When the cash flow trends are negative, a portion or all of the Index consists of one or more treasury ETFs. Kingsview Wealth Management LLC (the “Adviser”) is the Index provider. The Index follows a proprietary rules-based methodology that screens the universe of U.S. listed equity ETFs with global exposure (including emerging markets) to select those funds that (i) use no leverage, (ii) are not inverse funds, (iii) have assets under management of at least $50 million and (iv) have over two years of trading history. The Adviser then applies its proprietary “Volume Factor” ranking methodology to identify the areas of the market with positive cash flow. When cash flow trends are positive, the Index consists of ETFs that provide exposure to the areas and sectors of the market that are drawing the strongest cash flows. 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. As of February 28, 2026, the Index was not allocated more than 25% to any one individual sector. When cash flow trends are negative, as measured by trends in large-capitalization stocks and how many stocks are participating in a market decline, the Index consists of treasury ETFs. 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 a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. 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. 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. 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. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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. Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the underlying ETFs may “call” or repay the security before its stated maturity, and the underlying ETF may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the underlying ETF’s income, or in securities with greater risks or with other less favorable features. Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the underlying ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. 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 Market Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Equity Securities Risk. 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. ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including: <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z3ZluvDLlg6j"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zlGX89N5oT63"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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. </td></tr></table></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ571qF2Uy7a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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. </td></tr></table></div> <div id="xdx_C04_gRBRTB-GCMPSQ_zaKgj3MHb07h"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div> 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). Foreign Risk. The underlying ETFs’ investment in foreign (non-U.S.) securities may result in the underlying ETF Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. 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. 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, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market. Passive Investment Risk. 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. Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs associated with the turnover, which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Frequent trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder. The Fund is expected to have a high portfolio turnover rate. 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. 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 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. Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk. U.S. Treasury Obligations Risk. U.S. Treasury obligations held by the underlying ETFs may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. 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 (as defined below), Fund shares (“Shares”) may be more likely to trade at a premium or discount to net asset value 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.<div id="xdx_C07_gRBRTB-WPASNW_zzfxe1IWhnB4"> </div> Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the underlying ETFs may “call” or repay the security before its stated maturity, and the underlying ETF may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the underlying ETF’s income, or in securities with greater risks or with other less favorable features.<div id="xdx_C08_gRBRTB-WPASNW_zA4a5A5Wgpak"> </div> Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the underlying ETF’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.<div id="xdx_C09_gRBRTB-WPASNW_zURZ8WrTgAV7"> </div> 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.<div id="xdx_C09_gRBRTB-WPASNW_zOGMZHa3rkag"> </div> Emerging Market Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.<div id="xdx_C0A_gRBRTB-WPASNW_zfqtGTLCJ7Ad"> </div> Equity Securities Risk. 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.<div id="xdx_C01_gRBRTB-WPASNW_zEunlXnpTQWc"> </div> ETF Structure Risk. The Fund is structured as an ETF and as a result is subject to special risks, including:<div id="xdx_C0D_gRBRTB-WPASNW_zuXWitN7whxg"> </div> <div id="xdx_C00_gRBRTB-WPASNW_zKe2EiO3dFFj"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z3ZluvDLlg6j"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div></div><div id="xdx_C0D_gRBRTB-WPASNW_zDkdxdwCX3qj"> </div><div id="xdx_C0D_gRBRTB-WPASNW_zrsfxdgYGkzf"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zlGX89N5oT63"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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. </td></tr></table></div></div><div id="xdx_C04_gRBRTB-WPASNW_zQ4HeafjYSN1"> </div><div id="xdx_C07_gRBRTB-WPASNW_zAk4optKJYo9"><div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ571qF2Uy7a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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. </td></tr></table></div></div><div id="xdx_C04_gRBRTB-WPASNW_zCCVMPdof5Be"> </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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_z3ZluvDLlg6j"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Not Individually Redeemable. 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.</td></tr></table></div><div id="xdx_C0E_gRBRTB-GCMPSQ_zGaUH93wpqMe"><div id="xdx_C0D_gRBRTB-WPASNW_zDkdxdwCX3qj"> </div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zlGX89N5oT63"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Trading Issues. 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. </td></tr></table></div><div id="xdx_C00_gRBRTB-GCMPSQ_zuvU4gvZWPgf"><div id="xdx_C04_gRBRTB-WPASNW_zQ4HeafjYSN1"> </div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_zQ571qF2Uy7a"> <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">●</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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. </td></tr></table></div><div id="xdx_C06_gRBRTB-GCMPSQ_zKGBKThBNaU5"><div id="xdx_C04_gRBRTB-WPASNW_zCCVMPdof5Be"> </div></div> <div id="xdx_C06_gRBRTB-WPASNW_ztotDcEvhfk4"><div id="xdx_C04_gRBRTB-GCMPSQ_zaKgj3MHb07h"><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">○</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">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.</td></tr></table></div></div> 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).<div id="xdx_C0A_gRBRTB-WPASNW_zBywANMAR6V9"> </div> Foreign Risk. The underlying ETFs’ investment in foreign (non-U.S.) securities may result in the underlying ETF Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, and nationalization expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments.<div id="xdx_C05_gRBRTB-WPASNW_zt4Aaft8yhbh"> </div> Interest Rate Risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund.<div id="xdx_C0A_gRBRTB-WPASNW_zQm703KXLNl2"> </div> 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.<div id="xdx_C0A_gRBRTB-WPASNW_zQeNdx7ipVo9"> </div> Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate.<div id="xdx_C0F_gRBRTB-WPASNW_zHS8nWCLzz55"> </div> 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, 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.<div id="xdx_C06_gRBRTB-WPASNW_zp1jkzmjkY28"> </div> Passive Investment Risk. 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.<div id="xdx_C02_gRBRTB-WPASNW_zF8SqUN3y532"> </div> Portfolio Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs associated with the turnover, which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Frequent trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder. The Fund is expected to have a high portfolio turnover rate.<div id="xdx_C05_gRBRTB-WPASNW_zxoEnTUDlqEk"> </div> 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.<div id="xdx_C03_gRBRTB-WPASNW_z9dt9Gk6LJUc"> </div> 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 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.<div id="xdx_C0E_gRBRTB-WPASNW_z18YGlDFLMh9"> </div> Underlying ETF Risk. While the Underlying ETFs seek to provide certain investment outcomes, there is no guarantee that they will successfully do so. Because the Fund’s value is based on the value of the Underlying ETFs, the Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETFs. The Underlying ETFs are subject to many of the same structural risks as the Fund that are described in more detail herein, such as ETF Structure Risk, Passive Investment Risk and Tracking Error Risk.<div id="xdx_C04_gRBRTB-WPASNW_zqR7PQ5d1Bwa"> </div> U.S. Treasury Obligations Risk. U.S. Treasury obligations held by the underlying ETFs may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. 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. 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 the Index and 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 www.monarchfunds.com or by calling toll free at (541) 291-4405. 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_A8F_eoef--BarChartTableTextBlock_z8LH5dtKM8zd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z01cMOIrL8X5" 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: left"> <td style="text-align: center; width: 50%"> </td> <td id="xdx_494_20250101__20251231_zv9azQYV9xDh" style="text-align: center; width: 50%">2025</td></tr> <tr id="xdx_405_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member_zcbjpH6ZFaj6" style="vertical-align: top; text-align: left"> <td style="text-align: center"> </td> <td style="text-align: center">20.92%</td></tr> </table> <img alt="(BAR GRAPH)" src="mo008_v1.jpg"/> 0.2092 <div id="xdx_A80_eoef--BarChartClosingTextBlock_zEeJO9xDiee2"></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_98F_eoef--HighestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_zXkGm41OJMm7" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Best Quarter:</td> <td id="xdx_989_eoef--BarChartHighestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_zumWPnvOl1Qh" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-06-30">2nd Quarter 2025</td> <td id="xdx_98F_eoef--BarChartHighestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_zjbmpFcbAQN9" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">12.64%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif"> <td id="xdx_98F_eoef--LowestQuarterlyReturnLabel_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_zyZ1mRlLEp0e" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Worst Quarter:</td> <td id="xdx_98B_eoef--BarChartLowestQuarterlyReturnDate_dxH_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_z0l3kZ3DXN4a" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center" title="::XDX::2025-03-31">1st Quarter 2025</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260624__20260624__dei--LegalEntityAxis__custom--S000083390Member_zhdIKpgWz25l" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">(3.78)%</td></tr> </table> The Fund’s year-to-date return as of the most recent calendar quarter, which ended March 31, 2026 was 4.16%. Best Quarter: 0.1264 Worst Quarter: -0.0378 The Fund’s year-to-date return as of the most recent calendar quarter 2026-03-31 0.0416 Performance Table Average Annual Total Returns (For periods ended December 31, 2025) <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zitQ5ksV4eh3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zXA7asgMW24d" 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; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap; vertical-align: top; width: 60%; text-align: center"> </td> <td id="xdx_494_20250101__20251231_zPE2GXyak313" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">One Year</td> <td id="xdx_499_20240306__20251231_zOT1ewMm7nN4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.75pt 1pt 5.4pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">Since Inception (3/06/24)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member_zh5SKerXB2Sl" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return before taxes </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">20.92%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">14,78%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZV98OXF5WXf" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">19.93%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">13.96%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--ClassAxis__custom--C000246993Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zT8zI5U3FD6e" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Return after taxes on distributions and sale of Fund shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">12.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">11.08%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--PerformanceMeasureAxis__custom--MonarchVolumeFactorGlobalUnconstrainedIndexMember_zPZx5JGh4ijb" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap">Monarch Volume Factor Global Unconstrained Index</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">21.14%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">15.06%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000083390Member__oef--PerformanceMeasureAxis__custom--SAndPGlobal1200IndexMember_zgUwVz76aDK4" style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 0.5in 1pt 5.4pt; white-space: nowrap; text-align: justify">S&P Global 1200 Index*</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">23.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1pt 5.4pt; white-space: nowrap; text-align: center">19.25%</td></tr> </table> <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">*</td><td style="text-align: justify">The S&P Global 1200 Index is a free-float weighted stock market index composed of seven regional indices: S&P 500 Index, S&P Asia 50 Index, S&P/ASX 50 Index, S&P Europe 350 Index, S&P Latin America 40 Index, S&P/TOPIX 150 Index and S&P/TSX 60 Index.</td> </tr></table> 2024-03-06 Return before taxes 0.2092 0.1478 0.1993 0.1396 0.1234 0.1108 0.2114 0.1506 0.2303 0.1925 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. 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. 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. The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors cannot invest directly in an index. Unlike the Fund’s returns, the index does not reflect any fees or expenses. Effective June 3, 2026, the benchmark changed from the Monarch Blue Chips Core Index to the Monarch Blue Chips Elite Index. The S&P 500® 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, the Index does not reflect any fees or expenses. The Dow Jones Industrial Average® is a price-weighted stock market index tracking 30 large, well-established U.S. companies across various industries, serving as a key benchmark for overall market performance. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses. The S&P Composite 1500® Value measures constituents from the S&P Composite 1500 that are classified as value stocks based on three factors: the ratios of book value, earnings and sales to price. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses. 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. The Bloomberg U.S. Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses. 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. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses. 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. The S&P 500® 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, the Index does not reflect any fees or expenses. The S&P Composite 1500 Index® is a broad U.S. stock market index combining large, mid, and small-cap stocks, covering approximately 90% of U.S. market capitalization. Index returns assume reinvestment of dividends. Investors may not invest in the Index directly; unlike the Fund’s returns, the Index does not reflect any fees or expenses. 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. The S&P Global 1200 Index is a free-float weighted stock market index composed of seven regional indices: S&P 500 Index, S&P Asia 50 Index, S&P/ASX 50 Index, S&P Europe 350 Index, S&P Latin America 40 Index, S&P/TOPIX 150 Index and S&P/TSX 60 Index.