Main International ETF

(INTL) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Main International ETF for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.mainmgtetfs.com/intl/. You can also request this information by contacting us at 1-866-383-9778. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Main International ETF	$35	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$221,520,699
Number of Portfolio Holdings	10
Advisory Fee	$504,925
Portfolio Turnover	12%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.0%
Money Market Funds	5.0%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-5.1%
Money Market Funds	0.2%
Collateral for Securities Loaned	5.0%
Equity	99.9%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
iShares Core MSCI International Developed Markets ETF	38.4%
iShares Core MSCI Emerging Markets ETF	18.3%
State Street SPDR Portfolio Europe ETF	12.2%
iShares Latin America 40 ETF	10.9%
Vanguard FTSE Pacific ETF	7.9%
SPDR Portfolio Emerging Markets ETF	7.1%
State Street Navigator Securities Lending Government Money Market Portfolio	5.0%
Franklin FTSE Canada ETF	2.6%
Franklin FTSE China ETF	2.5%
State Street Institutional Treasury Money Market Fund, Premier Class	0.2%

Material Fund Changes

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2027 at https://www.mainmgtetfs.com/intl/ or upon request at 1-866-383-9778. Effective April 1, 2026, the Fund’s adviser has contractually agreed to pay a portion of the Fund’s acquired fund fees and expenses necessary to limit the Fund’s current operating expenses plus acquired fund fees and expenses, until at least March 31, 2027, to no more than 0.84% of the Fund’s average daily net assets.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://www.mainmgtetfs.com/intl/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-INTL

Main Sector Rotation ETF

(SECT) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Main Sector Rotation ETF for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.mainmgtetfs.com/sect/. You can also request this information by contacting us at 1-866-383-9778. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Main Sector Rotation ETF	$28	0.56%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$2,566,883,600
Number of Portfolio Holdings	13
Advisory Fee	$6,044,013
Portfolio Turnover	29%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	96.2%
Money Market Funds	3.8%

What did the Fund invest in?

Asset Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-3.7%
Money Market Funds	0.2%
Collateral for Securities Loaned	3.7%
Equity	99.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
State Street Technology Select Sector SPDR ETF	33.1%
State Street Financial Select Sector SPDR ETF	14.7%
State Street Industrial Select Sector SPDR ETF	10.6%
State Street Communication Services Select Sector SPDR ETF	10.5%
State Street Consumer Discretionary Select Sector SPDR ETF	9.7%
Invesco Nasdaq 100 ETF	6.2%
State Street Energy Select Sector SPDR ETF	4.2%
State Street Materials Select Sector SPDR ETF	4.2%
State Street Navigator Securities Lending Government Money Market Portfolio	3.7%
iShares U.S. Home Construction ETF	2.4%

Material Fund Changes

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2027 at https://www.mainmgtetfs.com/sect/ or upon request at 1-866-383-9778. Effective April 1, 2026, the Fund’s adviser has contractually agreed to pay a portion of the Fund’s acquired fund fees and expenses necessary to limit the Fund’s current operating expenses plus acquired fund fees and expenses, until at least March 31, 2031, to no more than 0.69% of the Fund’s average daily net assets.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://www.mainmgtetfs.com/sect/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-SECT

Main Thematic Innovation ETF

(TMAT) Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - April 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Main Thematic Innovation ETF for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.mainmgtetfs.com/tmat/. You can also request this information by contacting us at 1-866-383-9778.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Main Thematic Innovation ETF	$37	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Table Summary
Net Assets	$210,764,169
Number of Portfolio Holdings	90
Advisory Fee	$644,900
Portfolio Turnover	88%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	98.6%
Money Market Funds	1.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	0.7%
Money Market Funds	0.7%
Utilities	2.5%
Health Care	5.6%
Materials	9.8%
Industrials	31.0%
Technology	50.3%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vicor Corporation	3.0%
Micron Technology, Inc.	2.8%
Lumentum Holdings, Inc.	2.7%
Ciena Corporation	2.6%
Palo Alto Networks, Inc.	2.5%
Clear Secure, Inc., Class A	2.5%
Keysight Technologies, Inc.	2.2%
Modine Manufacturing Company	1.9%
Advanced Energy Industries, Inc.	1.9%
AAON, Inc.	1.9%

Material Fund Changes

No material changes occurred during the period ended April 30, 2026.

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://www.mainmgtetfs.com/tmat/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 043026-TMAT

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

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

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period

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

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

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

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 "Financial Services – Investment Companies".

Segment Reporting – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund’s CODM is comprised of its portfolio managers and the chief financial officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

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

the short-term investment currently held. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include the consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations, having 60 days or less remaining until maturity at time of purchase, may be valued at amortized cost.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

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

comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2026 for the Funds’ investments measured at fair value:

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

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

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

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

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

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2022 to October 31, 2025, or expected to be taken in the Funds’ October 31, 2026 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Funds make significant investments. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

Exchange-Traded Funds Risk – The Main Sector Rotation ETF and Main International ETF may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

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

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

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

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

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

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

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

For the six months ended April 30, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to the following:

For the six months ended April 30, 2026, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to the following:

Main Management ETF Advisors, LLC serves as the investment adviser (the “Adviser”) to the Funds. Pursuant to an investment advisory agreement with the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, oversees the daily operations of the Funds, manages the Funds’ portfolios, and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.50%, 0.65%, and 0.55% of the average daily net assets of the Main Sector Rotation ETF, Main Thematic Innovation ETF, and Main International ETF, respectively.

For the six months ended April 30, 2026, the advisory fees incurred by each of the Funds were as follows:

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of Main Thematic Innovation until at least February 28, 2031 to ensure that total annual fund operating expenses after fee waiver and/or reimbursement excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles not registered under the 1940 Act or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.99% of the average daily net assets for Thematic Innovation; subject to possible recoupment from the Thematic Innovation in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of the waiver and the expense limitation in place at the time of recapture. This agreement may be terminated only by the Board on 60 days' written notice to the Adviser. The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Main Sector Rotation ETF and Main International ETF, until at least March 31, 2031 and March 31, 2027, respectively, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) fees and expenses associated with investments in other collective investment vehicles not

registered under the 1940 Act or derivative instruments (including for example option and swap fees and expenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))) will not exceed 0.65% and 0.74% of the average daily net assets of the Main Sector Rotation ETF and Main International ETF, respectively. These fee waivers and expense reimbursements are subject to possible recoupment by the Adviser from the Funds in future years (within three years from the time the fees were waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Board on 60 days’ written notice to the Adviser. Further, the Adviser agrees to pay that portion of the Main Sector Rotation ETF’s and Main International ETF’s acquired fund fees and expenses necessary to limit the Fund’s current operating expenses plus acquired fund fees and expenses to no more than 0.69% of the Main Sector Rotation ETF’s average daily net assets and 0.84% of the Main International ETF’s average daily net assets until March 31, 2027. This agreement may be terminated by the Board only on 60 days’ written notice to the Adviser. The total amount of previously waived fees for the Main International ETF are $107,209 and $37,935, which are subject to recapture until October 31, 2026 and October 31, 2027, respectively. During the six months ended April 30, 2026, the no advisory fees were waived for the Funds. During the six months ended April 30, 2026, the Adviser did not waive any acquired fund fees and expenses for the Main Sector Rotation ETF or Main International ETF. As of April 30, 2026, there are no previously waived advisory fees subject to recapture for the Main Sector Rotation ETF and Main Thematic Innovation ETF.

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the “Distributor”). The Board has adopted, on behalf of the Funds, the Trust’s Master Distribution and Shareholder Servicing Plan as amended (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services related to Fund shares. Under the Plan, the Funds may pay 0.25% per year of the average daily net assets of each Fund’s shares for such distribution and shareholder service activities. As of April 30, 2026, the Plan has not been activated.

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

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

Ultimus Fund Solutions, LLC (“UFS”) – An affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds as shown in the Statements of Operations. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds which are included in the compliance officer fees in the Statements of Operations.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services, as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds, which are included in the printing and postage expenses in the Statements of Operations.

At April 30, 2026, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

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

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

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

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

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

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

Shares are not individually redeemable and may be redeemed by the Funds at net asset value only in large blocks known as “Creation Units.” Shares are created and redeemed by the Main Sector Rotation ETF only in Creation Unit size aggregations of 50,000 shares. Shares are created and redeemed by the Main Thematic Innovation ETF and Main International ETF only in Creation Unit size aggregations of 10,000 shares. Only authorized participants (“Authorized Participants”) are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (“DTC”) participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of the Funds’ shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”).

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

As of April 30, 2026, the below table shows the securities on loan and collateral for the loan, both of which are presented gross on the Statement of Assets and Liabilities.

The contractual maturity of securities purchased with the cash collateral is on an overnight and continuous basis. At April 30, 2026, the Main Sector Rotation ETF and Main Thematic Innovation ETF received non-cash collateral of $293,333,114 and $4,600,966, respectively. The non-cash collateral consists of U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Inflation Indexed Bonds, with coupon rates ranging from 0.01% to 5.25% and maturity dates from 5/15/2026 to 2/15/2056 and is held at the Funds’ securities lending agent. The Funds cannot pledge or resell the collateral.

The remaining contractual maturity of the collateral as of April 30, 2026 is as follows:

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

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. As of April 30, 2026 the Funds did not have any investments in affiliated investment companies. Transactions during the six months ended April 30, 2026 with the companies that are affiliated or were affiliates at the beginning of the six months are as follows:

The Main Sector Rotation ETF and Main International ETF, the (“Funds”), currently invest a portion of their assets in the underlying investment companies mentioned in the table below. The Funds may redeem their investments in these underlying investment companies at any time if the Adviser determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Funds will be directly affected by the performance of the underlying investment companies. The financial statements of the below mentioned investment companies, including their portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Funds’ financial statements. As of April 30, 2026, the percentage of the net assets invested in each underlying investment company were as follows.

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

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements.

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

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, as well as description of the policies and procedures that the Funds use to determine how to vote is available without charge, upon request, by (i) calling 1-866-383-9778; (ii) visiting the Funds' website at www.mainmgtetfs.com/; or (iii) referring to the Securities and Exchange Commission's website at https://www.sec.gov.

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

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

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

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

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

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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

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

225 Pictoria Dr, Ste 450 Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

Date of fiscal year end:	10/31

Date of reporting period:	4/30/26

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.8%
		EQUITY - 99.8%
	578,692	Invesco Nasdaq 100 ETF	$	159,082,431
	592,116	iShares Expanded Tech-Software Sector ETF^(a),(b)		49,684,454
	649,370	iShares U.S. Home Construction ETF^(b)		62,573,293
	2,315,512	State Street Communication Services Select Sector SPDR ETF^(b)		269,780,303
	2,098,159	State Street Consumer Discretionary Select Sector SPDR ETF^(b)		248,317,118
	1,816,314	State Street Energy Select Sector SPDR ETF		108,343,130
	7,222,286	State Street Financial Select Sector SPDR ETF		376,497,769
	411,719	State Street Health Care Select Sector SPDR ETF		60,106,857
	1,555,860	State Street Industrial Select Sector SPDR ETF^(b)		271,622,039
	2,091,935	State Street Materials Select Sector SPDR ETF^(b)		107,671,894
	5,319,568	State Street Technology Select Sector SPDR ETF^(b)		848,471,096
		TOTAL EXCHANGE-TRADED FUNDS (Cost $2,205,216,837)		2,562,150,384

		SHORT-TERM INVESTMENTS — 3.9%
		COLLATERAL FOR SECURITIES LOANED - 3.7%
	95,330,743	State Street Navigator Securities Lending Government Money Market Portfolio, 3.67% (Cost $95,330,743)^(c),(d)		95,330,743

		MONEY MARKET FUNDS - 0.2%
	5,894,949	State Street Institutional Treasury Money Market Fund, Premier Class, 3.59% (Cost $5,894,949)^(d)		5,894,949

		TOTAL SHORT-TERM INVESTMENTS (Cost $101,225,692)		101,225,692

		TOTAL INVESTMENTS - 103.7% (Cost $2,306,442,529)	$	2,663,376,076
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.7)%		(96,492,476	)
		NET ASSETS - 100.0%	$	2,566,883,600

Shares			Fair Value
		COMMON STOCKS — 99.2%
		AEROSPACE & DEFENSE - 7.3%
	6,337	AeroVironment, Inc.^(a),(b)	$	1,235,842
	4,783	Axon Enterprise, Inc.^(a)		1,921,618
	30,284	CAE, Inc.^(a)		790,715
	2,389	Curtiss-Wright Corporation		1,720,558
	1,596	Elbit Systems Ltd.		1,339,587
	2,389	General Dynamics Corporation		822,533
	2,389	Huntington Ingalls Industries, Inc.		870,289
	22,314	Karman Holdings, Inc.^(a),(b)		1,516,906
	19,925	Kratos Defense & Security Solutions, Inc.^(a),(b)		1,256,271
	3,187	Moog, Inc., Class A		960,275
	7,970	Woodward, Inc.		2,893,029
				15,327,623
		CHEMICALS - 2.5%
	54,332	Element Solutions, Inc.		2,314,000
	32,759	Sociedad Quimica y Minera de Chile S.A. - ADR		3,019,397
				5,333,397
		DIVERSIFIED INDUSTRIALS - 1.7%
	13,583	ITT, Inc.		2,911,380
	787	Parker-Hannifin Corporation		715,714
				3,627,094
		ELECTRIC UTILITIES - 2.5%
	7,603	Constellation Energy Corporation		2,379,739
	18,329	Vistra Corporation		2,893,049
				5,272,788
		ELECTRICAL EQUIPMENT - 17.0%
	42,259	AAON, Inc.^(b)		3,943,187
	10,387	Advanced Energy Industries, Inc.		3,987,673
	2,380	Argan, Inc.^(b)		1,594,552
	12,753	BWX Technologies, Inc.		2,759,622
	3,186	GE Vernova, Inc.		3,451,904
	13,583	Generac Holdings, Inc.^(a)		3,521,121
	13,487	Keysight Technologies, Inc.^(a)		4,719,237
	15,959	Modine Manufacturing Company^(a)		4,063,640
	5,574	Rockwell Automation, Inc.		2,279,264

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		ELECTRICAL EQUIPMENT - 17.0% (Continued)
	27,755	Trimble, Inc.^(a)	$	1,868,467
	11,956	Vertiv Holdings Company, Class A		3,927,426
				36,116,093
		ENGINEERING & CONSTRUCTION - 1.4%
	7,191	MYR Group, Inc.^(a)		2,910,989

		INDUSTRIAL INTERMEDIATE PROD - 1.4%
	4,794	RBC Bearings, Inc.^(a)		2,872,037

		MACHINERY - 2.2%
	8,723	Crane Company		1,550,339
	3,985	CSW Industrials, Inc.		1,160,432
	6,368	Kadant, Inc.		1,866,652
				4,577,423
		MEDICAL EQUIPMENT & DEVICES - 5.6%
	8,723	Agilent Technologies, Inc.		1,007,943
	17,446	Dexcom, Inc.^(a)		1,038,909
	28,548	Haemonetics Corporation^(a)		1,715,449
	14,323	Insulet Corporation^(a)		2,465,562
	1,586	Intuitive Surgical, Inc.^(a)		725,769
	798	Mettler-Toledo International, Inc.^(a)		1,018,735
	62,159	Veracyte, Inc.^(a)		2,046,274
	5,551	Waters Corporation^(a)		1,716,536
				11,735,177
		METALS & MINING - 6.5%
	32,759	Alcoa Corporation		2,089,697
	49,538	Almonty Industries, Inc.^(a)		1,073,984
	23,970	Century Aluminum Company^(a)		1,424,777
	78,302	Energy Fuels, Inc.^(a),(b)		1,694,455
	85,493	ERO Copper Corporation^(a)		2,209,994
	11,186	Freeport-McMoRan, Inc.		646,327
	64,719	Hudbay Minerals, Inc.		1,495,656
	12,784	Southern Copper Corporation		2,194,885

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

	Fair Value
TOTAL INVESTMENTS - 100.6% (Cost $190,076,775)	$	212,090,638
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%		(1,326,469	)
NET ASSETS - 100.0%	$	210,764,169

ADR	- American Depositary Receipt

Ltd.	- Limited Company

PLC	- Public Limited Company

S.A.	- Société Anonyme

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.9%
		EQUITY - 99.9%
	109,146	Franklin FTSE Canada ETF	$	5,711,610
	244,584	Franklin FTSE China ETF^(a)		5,632,770
	517,042	iShares Core MSCI Emerging Markets ETF		40,582,627
	961,786	iShares Core MSCI International Developed Markets ETF^(a)		84,964,174
	661,572	iShares Latin America 40 ETF		24,107,684
	307,510	SPDR Portfolio Emerging Markets ETF		15,756,812
	498,531	State Street SPDR Portfolio Europe ETF		27,075,219
	161,772	Vanguard FTSE Pacific ETF		17,356,518
		TOTAL EXCHANGE-TRADED FUNDS (Cost $185,985,754)		221,187,414

		SHORT-TERM INVESTMENTS — 5.2%
		COLLATERAL FOR SECURITIES LOANED - 5.0%
	11,083,725	State Street Navigator Securities Lending Government Money Market Portfolio, 3.67% (Cost $11,083,725)^(b),(c)		11,083,725

		MONEY MARKET FUNDS - 0.2%
	466,110	State Street Institutional Treasury Money Market Fund, Premier Class, 3.59% (Cost $466,110)^(c)		466,110

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,549,835)		11,549,835

		TOTAL INVESTMENTS - 105.1% (Cost $197,535,589)	$	232,737,249
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.1)%		(11,216,550	)
		NET ASSETS - 100.0%	$	221,520,699

ETF	- Exchange-Traded Fund

FTSE	- Financial Times Stock Exchange

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

	Main Sector			Main Thematic			Main International
	Rotation ETF			Innovation ETF			ETF
ASSETS
Total Investments, at cost	$	2,306,442,529		$	190,076,775		$	197,535,589
Total Investments, at value	$	2,663,376,076	*	$	212,090,638	*	$	232,737,249	*
Cash held for collateral at broker for options		39,949			—			—
Receivable for securities sold		—			1,967,529			—
Receivable for fund shares sold		3,337,950			264,116			—
Receivable for securities lending		62,679			794			8,723
Dividends and interest receivable		12,810			20,166			1,437
Prepaid expenses and other assets		3,615			623			551
TOTAL ASSETS		2,666,833,079			214,343,866			232,747,960

LIABILITIES
Securities lending collateral payable		95,330,743			1,404,140			11,083,725
Payable for securities purchased		3,331,806			2,015,548			—
Investment advisory fees payable		1,009,240			106,324			96,804
Payable to related parties		135,115			8,919			13,003
Other accrued expenses and other liabilities		142,575			44,766			33,729
TOTAL LIABILITIES		99,949,479			3,579,697			11,227,261
NET ASSETS	$	2,566,883,600		$	210,764,169		$	221,520,699

NET ASSETS CONSIST OF:
Paid in capital	$	2,401,751,826		$	246,609,414		$	200,084,617
Accumulated earnings (deficit)		165,131,774			(35,845,245	)		21,436,082
NET ASSETS	$	2,566,883,600		$	210,764,169		$	221,520,699

NET ASSET VALUE PER SHARE:
Net Assets	$	2,566,883,600		$	210,764,169		$	221,520,699
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		38,450,000			7,980,000			7,320,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	66.76		$	26.41		$	30.26

	For the
	Six Months Ended			For the
	April 30, 2026			Year Ended
	(Unaudited)			October 31, 2025
FROM OPERATIONS:
Net investment income	$	7,375,321		$	7,711,350
Net realized gain from investments, options written and in-kind redemptions		256,771,089			338,825,400
Net change in unrealized appreciation (depreciation) on investments and options written		(166,111,456	)		71,027,609
Net increase in net assets resulting from operations		98,034,954			417,564,359

DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions paid		(12,409,840	)		(10,640,660	)
Decrease in net assets resulting from distributions to shareholders		(12,409,840	)		(10,640,660	)

FROM SHARES OF BENEFICIAL INTEREST:
Proceeds from shares sold		719,209,810			1,112,604,931
Payments for shares redeemed		(650,677,294	)		(966,737,489	)
Net increase in net assets resulting from shares of beneficial interest		68,532,516			145,867,442

TOTAL INCREASE IN NET ASSETS		154,157,630			552,791,141

NET ASSETS
Beginning of Period		2,412,725,970			1,859,934,829
End of Period	$	2,566,883,600		$	2,412,725,970

SHARE ACTIVITY
Shares sold		11,200,000			19,300,000
Shares redeemed		(10,200,000	)		(16,800,000	)
Net increase in shares of beneficial interest outstanding		1,000,000			2,500,000

Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	2,562,150,384	$	—	$	—	$	2,562,150,384
Collateral For Securities Loaned		95,330,743		—		—		95,330,743
Money Market Funds		5,894,949		—		—		5,894,949
Total	$	2,663,376,076	$	—	$	—	$	2,663,376,076

	Purchases		Sales
Main Sector Rotation ETF	$	1,270,804,659	$	714,465,888
Main Thematic Innovation ETF		231,538,240		177,953,992
Main International ETF		37,270,414		22,508,992

	Advisory Fee
Main Sector Rotation ETF	$	6,044,013
Main Thematic Innovation ETF		644,900
Main International ETF		504,925

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation
	Cost		Appreciation		Depreciation			(Depreciation)
Main Sector Rotation ETF	$	2,306,442,529	$	357,500,385	$	(566,838	)	$	356,933,547
Main Thematic Innovation ETF	$	190,622,134	$	38,085,024	$	(16,616,520	)	$	21,468,504
Main International ETF	$	197,535,589	$	35,628,889	$	(427,229	)	$	35,201,660

For the period ended October 31, 2025:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		of Capital		Total
Main Sector Rotation ETF	$	10,640,660	$	—	$	—	$	10,640,660
Main Thematic Innovation ETF		—		—		—		—
Main International ETF		2,646,525		—		—		2,646,525

For the period ended October 31, 2024:

	Ordinary		Long-Term		Return
Portfolio	Income		Capital Gains		of Capital		Total
Main Sector Rotation ETF	$	6,116,485	$	—	$	—	$	6,116,485
Main Thematic Innovation ETF		—		—		—		—
Main International ETF		2,034,833		—		—		2,034,833

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
Portfolio	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Main Sector Rotation ETF	$	3,764,638	$	—	$	—	$	(77,538,373	)	$	—		523,045,003	$	449,271,268
Main Thematic Innovation ETF		41,721		—		—		(34,863,419	)		—		50,085,019		15,263,321
Main International ETF		1,343,514		—		—		(2,268,923	)		—		21,780,561		20,855,152

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
Main Sector Rotation ETF	$	77,538,373	$	—	$	77,538,373	$	—
Main Thematic Innovation ETF		12,119,668		22,743,751		34,863,419		—
Main International ETF		2,268,923		—		2,268,923		165,253

	Paid
	In		Accumulated
Portfolio	Capital		Earnings (Losses)
Main Sector Rotation ETF	$	369,764,608	$	(369,764,608	)
Main Thematic Innovation ETF		34,325,447		(34,325,447	)
Main International ETF		13,390,426		(13,390,426	)

For period ended
10/31/2025	Foreign Taxes Paid		Foreign Source Income
Main International ETF	$	0.0455	$	0.4678

For period ended
10/31/2024	Foreign Taxes Paid		Foreign Source Income
Main International ETF	$	0.0554	$	0.5146

	Fair Value of		Collateral for
	Securities Loaned		Securities Loaned
Main Sector Rotation ETF	$	387,681,044	$	95,330,743
Main Thematic Innovation ETF		6,083,067		1,404,140
Main International ETF		11,058,355		11,083,725

		Overnight and		Up to				Greater than
	Collateral	Continuous		30 Days		30-90 days		90 days		Total
Main Sector Rotation ETF	Cash Collateral	$	95,330,743	$	—	$	—	$	—	$	95,330,743
	Non-Cash Collateral	$	—	$	286,935	$	1,019,525	$	292,026,654	$	293,333,114
		$	95,330,743	$	286,935	$	1,019,525	$	292,026,654	$	388,663,857

Main Thematic Innovation ETF	Cash Collateral	$	1,404,140	$	—	$	—	$	—	$	1,404,140
	Non-Cash Collateral	$	—	$	—	$	—	$	4,600,966	$	4,600,966
		$	1,404,140	$	—	$	—	$	4,600,966	$	6,005,106

Main International ETF	Cash Collateral	$	11,083,725	$	—	$	—	$	—	$	11,083,725
	Non-Cash Collateral	$	—	$	—	$	—	$	—	$	—
		$	11,083,725	$	—	$	—	$	—	$	11,083,725

Main International ETF

	Fair Value									Net Change in					Dividend
	Beginning of							Realized Gain		Unrealized			Fair Value End of		Credited to		Shares End
	Period		Purchases		Sales Proceeds			(Loss)		Depreciation			Period		Income		of Period
Franklin FTSE Mexico ETF	$	8,499,936	$	—	$	(8,408,297	)	$	1,452,758	$	(1,544,397	)	$	—	$	—		—
								$	1,452,758	$	(1,544,397	)	$	—	$	—		—

Fund	Underlying Investment	% of Net Assets
Main Sector Rotation ETF	State Street Technology Select Sector SPDR ETF	33.10%
Main International ETF	iShares Core MSCI International Developed Markets ETF	38.40%

By /s/ Wendy Wang
Wendy Wang
Principal Executive Officer
Date: 7/2/2026