MACROVIEW INVESTMENT MANAGEMENT LLC

4800 Hampden Lane, Suite 200 Bethesda, MD 20814 (301) 907-6794 http://www.macroviewim.com Date of Brochure: February 25, 2026 This brochure provides information about the qualifications and business practices of MacroView Investment Management LLC. If you have any questions about the contents of this brochure, please contact Daniel Cohen at (301) 907-6795 or at dcohen@macroviewim.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about MacroView Investment Management LLC is also available on the Internet at www.adviserinfo.sec.gov. Clients can search this site by using the adviser’s name or by an identification number known as a CRD number. The CRD number for MacroView Investment Management LLC is 149621. Registration as an investment adviser does not imply a certain level of skill or training.  ITEM 2 - SUMMARY OF MATERIAL CHANGES MacroView Investment Management LLC is required to disclose any material changes to this ADV Part 2A here in Item 2. There are no material changes to disclose at this time. ITEM 3 - TABLE OF CONTENTS ITEM 2 - SUMMARY OF MATERIAL CHANGES .................................................................................................2 ITEM 3 - TABLE OF CONTENTS .........................................................................................................................2 ITEM 4 - ADVISORY BUSINESS .........................................................................................................................3 ITEM 5 - FEES AND COMPENSATION ...............................................................................................................6 ITEM 6 - PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ..................................................9 ITEM 7 - TYPES OF CLIENTS .............................................................................................................................9 ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ..................................9 ITEM 9 - DISCIPLINARY INFORMATION ......................................................................................................... 12 ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ................................................. 12 ITEM 11 - CODE OF ETHICS, PARTICIPATION IN CLIENT TRANSACTIONS AND PERSONAL TRADING 12 ITEM 12 - BROKERAGE PRACTICES .............................................................................................................. 13 ITEM 13 - REVIEW OF ACCOUNTS ................................................................................................................. 16 ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION ................................................................... 17 ITEM 15 - CUSTODY ........................................................................................................................................ 18 ITEM 16 - INVESTMENT DISCRETION ............................................................................................................ 18 ITEM 17 - VOTING CLIENT SECURITIES ........................................................................................................ 19 ITEM 18 - FINANCIAL INFORMATION ............................................................................................................. 19 2 MacroView Investment Management LLC Disclosure Brochure  ITEM 4 - ADVISORY BUSINESS 1. Background MacroView Investment Management LLC (“we” or “MacroView”) is an investment adviser that has been registered with the U.S. Securities and Exchange Commission since June 2, 2010. The firm’s principal owner is Daniel J. Cohen. 2. Services Provided a. Personal Wealth Management We offer personalized, discretionary investment management services, meaning we provide clients with continuous and on-going supervision over their investment accounts and make trades in those accounts when appropriate. We start by fully evaluating a client’s desires, goals, risk tolerances, liquidity needs, and other essential characteristics. We then formulate an investment plan specific to that client. Clients are given the ability to impose reasonable restrictions on their separate accounts, including specific investment selections and sectors. However, we will not enter into an investment advisory relationship with anyone whose investment objectives may be considered incompatible with our investment philosophy or strategies or where the prospective client seeks to impose unduly restrictive investment guidelines. Furthermore, because MacroView cannot control the portfolio management practices of mutual funds and ETFs, clients may not restrict the portfolio holdings of such collective vehicles. Clients can, however, restrict the acquisition of specifically identified mutual funds or ETFs or all mutual funds or ETFs generally. b. Zoe Financial, Inc. Platform MacroView has an agreement with Zoe Financial, Inc., an investment adviser firm registered with the U.S. Securities and Exchange Commission, to utilize their administrative, back-office and operational services to assist us in the management and servicing of our client accounts. Zoe Financial, Inc. provides a wealth management platform that provides reporting, administrative, re- balancing and other support services relating to the administration of the client accounts that we decide to link and therefore administer through the Zoe Financial platform. The recommendation of the Zoe Financial, Inc. platform is made on a non-discretionary basis and is always based on each client’s individual needs. We will tell you, verbally and in writing, if we use the Zoe Financial, Inc. platform to help administer your account(s). We do not place all of our client accounts through the Zoe Financial, Inc. platform. We most commonly use the platform as a way to efficiently deliver services to client investment portfolios that are below our traditional minimum asset, or fee, levels for our core services. Although not exhaustive, the following is a list of “back-office” (i.e., administrative, and operational services) and management services provided by Zoe Financial, Inc.:  Maintenance and access to client dashboards.  Maintenance and access to advisor firm dashboards.  Training and assistance with new account forms and transaction paperwork. 3 MacroView Investment Management LLC Disclosure Brochure   Monitor and assist with timely processing of custodial paperwork.  Prepare daily downloads from custodians.  Place approved trades through Apex as broker/dealer and custodians, including the ability to perform manual and automated account rebalancing.  Prepare and review performance and positions reports.  Assist with paperwork archiving.  Collect and process investment advisory fees. When Zoe Financial, Inc. is selected to help manage an account, Zoe Financial, Inc. will have access to and authority on your account to place trades and make changes to the account as directed by MacroView. Please refer to Item 16 – Investment Discretion for more information. To participate in the Zoe Financial, Inc. platform, you must open an account with Apex Clearing Corporation (“Apex”) to serve as broker/dealer and qualified custodian for your account. See Item 12 – Brokerage Practices for more information about Apex. A complete description of Zoe Financial, Inc.’s services, practices and fees are provided in its Form ADV Part 2A, a copy of which will be provided to you if Zoe Financial, Inc. is utilized to assist in the management of your account. c. Sub-Advisory Services MacroView also makes its investment management services available to unaffiliated registered investment advisers. In this regard, the unaffiliated adviser’s client establishes an investment advisory relationship with the unaffiliated adviser and authorizes that primary adviser to delegate the management of all or a portion of the client’s assets to MacroView as sub-adviser. If the adviser determines that utilizing MacroView’s investment management services is in its client’s best interest, the adviser assists the client in completing any paperwork necessary for MacroView to assume its responsibilities regarding the account and provides all necessary information to MacroView. Where MacroView agrees to accept a sub-advisory client, MacroView will manage only those assets as to which it has been appointed as sub-adviser and will not consider any other securities, cash or other investments owned by the client. MacroView currently manages sub-advised assets through both Charles Schwab and Co., Inc (“Schwab”). MacroView’s strategy consists of a mix of portfolios with varying levels of risk and specific asset allocations. The client’s primary investment adviser selects the allocation most suited to the client and instructs MacroView accordingly. The primary adviser also monitors the client’s resources, needs, and risk tolerance on an ongoing basis and directs MacroView to adjust the strategy allocation if doing so is in the client’s best interest. All sub-advised assets are held at the custodian selected by the primary adviser and all trades for sub-advised accounts are affected through or with the broker-dealer selected by the primary adviser. Please see Section I.5. below for more information. 4 MacroView Investment Management LLC Disclosure Brochure  d. Use of Independent Third Party Managers When determined appropriate and consistent with a client’s investment mandates, we will recommend that certain portions of a client's portfolio be managed by independent third-party managers or recommend direct investment with independent third-party managers, typically when those managers demonstrate knowledge and expertise in a particular investment strategy. Based on a client’s individual circumstances and needs, we will determine which selected money manager's portfolio management style is appropriate for that client. Factors considered in making this determination include account size, risk tolerance, and the investment philosophy of the selected money manager. We encourage clients to review each third-party manager’s disclosure document regarding the particular characteristics of any program and managers selected by us. We will regularly and continuously monitor the performance of the selected money managers. If we determine that a particular selected money manager is not providing sufficient management services to the client or are not managing the client's portfolio in a manner consistent with the client's investment objectives, we will remove the client's assets from that selected money manager. e. Retirement Plan Consulting MacroView offers fee based qualified retirement plan services that provide non-discretionary and discretionary Investment Fiduciary Services to Sponsors and Trustees of qualified retirement plans. MacroView will assist you in establishing a menu of mutual funds and / or models to offer to participating employees of the qualified retirement plan. Employees will self-direct the investments of their accounts within the plan. As an ERISA 3(21) Investment Advisor, services are designed to allow the Sponsor to retain full discretionary authority or control over assets of the Plan. We will solely be making recommendations to the Sponsor. MacroView will recommend investments to the plan sponsor, monitor the plan’s investments, suggest replacements as appropriate, develop and monitor risk- based models comprised solely from the plan’s investment menu, provide investment advice with respect to the selection of a Qualified Default Investment Alternative (“QDIA”), and provide participant education. MacroView will provide guidance to the plan sponsor in meeting its fiduciary responsibilities, including development of an investment policy statement. The Sponsor retains decision making authority and may accept or reject any recommendations. As an ERISA 3(38) Investment Manager, services are designed to allow the plan fiduciary to delegate responsibility for managing, acquiring, and disposing of Plan assets that meet the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). If appointed as an ERISA 3(38) Investment Manager, MacroView would have full discretionary authority to select, monitor, and remove the investment options offered in a qualified retirement plan. In either case, whether we are engaged as a 3(21) Investment Advisor or 3(38) Investment Manager, we will perform investment services through our investment advisor representatives (“IARs”), and will charge a fee for services rendered, as described in this Form ADV and the Agreement. MacroView may also provide Retirement Plan Consulting services that are designed to allow our IARs to assist the Sponsor in meeting their fiduciary duties to administer the plan in the best interests of plan participants and their beneficiaries. MacroView does not custody plan assets as non-affiliated firms provide custodial services to the accounts. 5 MacroView Investment Management LLC Disclosure Brochure  f. Financial Planning Services MacroView offers financial planning to all its Personal Wealth Management clients. MacroView also makes its financial planning services available à la carte to non-Personal Wealth Management clients. Financial planning is an evaluation of an individual’s current and future financial state using currently known variables to attempt to predict future cash flows, asset values, and withdrawal plans. Those who request this service receive advice designed to assist them in achieving their financial goals and objectives. We gather information from individuals through interviews and the review of various financial documents provided by the client, including a confidential questionnaire completed by the client. Information gathered includes current financial status, tax situation, future goals, and attitude towards risk. We carefully review the information gathered and deliver our advice and recommendations during meetings or telephone calls. 3. Assets Managed As of December 31, 2025, MacroView had a total of $387,072,284 in assets under management. All these assets are managed on a discretionary basis. In addition, MacroView provides Retirement Plan consulting services totaling $78,598,477. ITEM 5 - FEES AND COMPENSATION 1. Personal Wealth Management We charge for investment management services based on a percentage of assets under management. Our investment management fee for Personal Wealth Management accounts generally does not exceed 1.5% annually and is negotiable depending on factors such as amount of assets the client has in separate accounts under management with us, the amount of assets in related separate accounts, our relationship with the client, and the complexity of the client’s situation. We believe our fees for advisory services are reasonable with respect to the services provided and the fees charged by other investment advisers offering similar services. However, lower fees for comparable services may be available from other sources. Fees are billed quarterly in arrears and calculated based on the net value of the account as determined by the account custodian on the last day of the billing period. MIM will adjust the management fee for capital inflows and outflows during the billed quarter. If an agreement for services is executed mid-period, the initial fee is prorated based on the number of days those services were provided. Likewise, if the advisory relationship is terminated during a billing period, we charge a prorated fee based on the number of days those services were provided prior to the date of the termination. The client can terminate our services immediately, at any time by providing us with written notice. MacroView can terminate its relationship with a client upon 30 days’ advance written notice. In most cases, with client consent, fees are automatically deducted from the Personal Wealth Management account by the account’s custodian, who then pays the fees directly to MacroView. (Not all custodians permit this arrangement.) The custodian sends each client an account statement at least quarterly showing all disbursements from the account, including MacroView’s advisory fees. MacroView will buy shares of load, no-load or load-waived open-end mutual funds, closed-end funds, 6 MacroView Investment Management LLC Disclosure Brochure  or exchange-traded funds for a client's account. In such cases, in addition to paying advisory fees to MacroView, the client must pay a proportionate amount of the mutual fund's operating expenses, including management fees paid to the fund's adviser. In addition, all Personal Wealth Management accounts incur brokerage and other transaction costs and will, depending on the circumstances, incur custody, account maintenance fees, mutual fund sales loads, or 12b-1 fees. Please refer to Item 12 below for a discussion of our brokerage practices. 2. Portion of Fees Paid to Zoe Financial, Inc. Zoe Financial Inc. charges MacroView an annual “minimum platform fee” of $24,000. In addition, Zoe Financial, Inc. charges MacroView a “service fee” of 15 basis points on all of MacroView client assets being administered and managed through the Zoe Financial, Inc. platform. Zoe Financial, Inc. will receive the greater of the “minimum platform fee” or the total “service fee”. The “service fee” is taken from the overall fee charged to clients by MacroView. In other words, Zoe Financial, Inc. will receive a percentage of the fees charged by MacroView detailed in fee descriptions above. However, it is our policy to not increase our advisory fee on accounts maintained through Zoe Financial, Inc. to offset the portion they receive. Therefore, clients are subject to the same MacroView fee schedule whether Zoe Financial, Inc. is used or not as client fees are not higher because of our decision to use Zoe Financial, Inc. When MacroView directs clients to utilize Apex Clearing, whether the client is on the Zoe Financial, Inc. platform or not, Zoe Financial Inc. will debit 15 basis points from the “minimum platform fee” which results in savings to MacroView. When we direct clients to Schwab or Fidelity, Zoe Financial, Inc. does not debit 15 basis points from the “minimum platform fee”. This creates an economic incentive for MacroView to direct clients to Apex instead of Schwab or Fidelity. This is a conflict of interest because our recommendation to use Apex is based, at least in part, on MacroView’s interest of saving money on the Zoe Financial, inc. “minimum platform fee” and not based solely on the client’s interest of receiving best execution. Moreover, because we receive client leads and prospects from Zoe Financial, Inc., we have an interest and incentive to recommend Zoe Financial and Apex over other companies providing similar services. This is a conflict of interest. MacroView has taken steps to manage its conflicts of interest arising from its agreements with Zoe Financial, Inc. and Apex, whereby MacroView and its investment adviser representatives will not exercise discretion with respect to selecting Zoe Financial, Inc. as a platform provider and using Apex as qualified custodian. We will explain to clients the positives and negatives of using each as they apply to the client’s unique, individual situation. We will make a recommendation to use Zoe Financial, Inc. and/or Apex only when in the best interest of the individual client and without regard to the financial interest of MacroView. Please refer to Item 12 – Brokerage Practices and Item 14 - Client Referrals and Other Compensation for more information. 3. Sub-Advisory Services Where MacroView acts as a sub-adviser, MacroView receives an annual fee of typically 0.30%, but may be higher or lower depending on the particular sub-advisory relationship. In addition, where properly authorized MacroView will take fees directly from the sub-advised accounts directly. 4. Use of Independent Third Party Managers Where MacroView recommends a third-party investment manager/sub-advisor to its advisory clients, and those clients use that sub-advisor’s services, MacroView’s advisory clients pays the sub- advisor’s management fee directly and these fees are in addition to MacroView’s management fees. 7 MacroView Investment Management LLC Disclosure Brochure  5. Retirement Plan Consulting Generally, MacroView fees for services to retirement plans are either a fixed fee ranging from $5,000 to $100,000 or 0.10% to 0.50% per annum based on a percentage of the gross market value of a Plan’s assets on which MacroView provides consulting services. Any fees charged outside of the above stated range must be approved by MacroView’s Chief Compliance Officer. Fees are negotiable and will be determined by the scope and nature of the services provided, the amount of assets in the Plan, the complexity of the Plan document and other factors. Depending upon the capabilities and requirements of the Plan’s recordkeeper or custodian, we may collect our Fees in arrears or in advance. Typically, Sponsors instruct the Plan’s recordkeeper or custodian to automatically deduct our Fees from the Plan account; however, in some cases a Sponsor may request that we send invoices directly to the Sponsor or recordkeeper/custodian. Sponsors receiving Retirement Plan Services may pay more than or less than a client might otherwise pay if purchasing the Retirement Plan Services separately or through another service provider. There are several factors that determine whether the costs would be more or less, including, but not limited to, the size of the Plan, the specific investments made by the Plan, the number of or locations of Plan participants, services offered by another service provider, and the actual costs of Retirement Plan Services purchased elsewhere. In light of the specific Retirement Plan Services offered by us, the Fees charged may be more or less than those of other similar service providers. In determining the value of the Account for purposes of calculating any asset- based Fees, MacroView will rely upon the valuation of assets provided by Sponsor or the Plan’s custodian or recordkeeper without independent verification. Unless we agree otherwise, no adjustments or refunds will be made in respect of any period for (i) appreciation or depreciation in the value of the Plan account during that period or (ii) any partial withdrawal of assets from the account during that period. If the Agreement is terminated by us or by Sponsor, we will refund certain Fees to Sponsor to the extent provided in Section 8 of the Agreement. Unless we agree otherwise, all Fees shall be based on the total value of the assets in the account without regard to any debit balance. All Fees paid to us for Retirement Plan Services are separate and distinct from the fees and expenses charged by the designated plan investment options (mutual funds, group annuities, separate accounts, collective investment trusts and exchange-traded funds) to their shareholders. These fees and expenses are described in each investment's prospectus. These fees will generally include a management fee, other expenses, and possible distribution fees. If the investment also imposes sales charges, a client may pay an initial or deferred sales charge. The Retirement Plan Services we provide may, among other things, assist the client in determining which investments are most appropriate to each client's financial condition and objectives and to provide other administrative assistance as selected by the client. Accordingly, the client should review both the fees charged by the funds, the fund manager, the Plan's other service providers, and the fees charged by us to fully understand the total amount of fees to be paid by the client and to evaluate the Retirement Plan Services being provided. In the event we receive any third-party payments or subsidies in connection with our Retirement Plan Services, we will disclose such fees to Sponsors in accordance with ERISA and Department of Labor regulations. No increase in the Fees will be effective without prior written notice. 8 MacroView Investment Management LLC Disclosure Brochure  6. Financial Planning Services Financial planning services are included in the fee MacroView charges its Personal Wealth Management clients. In the event MacroView is asked to provide financial planning services on an à la carte basis, MacroView will charge either an hourly rate or a fixed amount based on the scope of services provided. An hourly fee of no more than $500 per hour is charged by MacroView for financial planning services under this arrangement. The minimum fixed fee is generally $500, and the maximum fixed fee is generally no more than $10,000. ITEM 6 - PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT This item does not apply to our business. We do not receive performance-based fees. ITEM 7 - TYPES OF CLIENTS MacroView provides investment advice to individuals, including high net worth individuals, and to corporations or other business entities, non-profit organizations, and pension and profit-sharing plans. MacroView requires a $300,000 minimum to establish a Personal Wealth Management account, although we are available to discuss and grant exceptions to this minimum based on a client’s current and historical relationship with us or anticipated additional deposits to the account. Clients can aggregate or “bundle” multiple accounts per person and multiple family members to reach the required minimum. MacroView also offers sub-advisory or consulting services to unaffiliated investment advisors as set forth in Item 4, Section 2b and 2c above. ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS Our primary approach to investing is based on a long-term macroeconomic view of the economy. From that highest level of analysis, we then develop diversified strategies designed to protect and or grow, given our outlook. This is commonly referred to as a “top down” approach. In implementing this approach, we employ several methods of analysis that include fundamental, technical, cyclical, and charting analysis. 1. Strategies and Methods of Analysis MacroView manages client assets using a predominantly top-down approach. MacroView pulls from a large universe of investments and drills down into securities for use in client portfolios utilizing performance related factors for actively and passively managed portfolios. Each client’s portfolio will be invested according to that client’s investment objectives, which are ascertained by fully evaluating a client’s desires, goals, risk tolerances, liquidity needs, and other essential characteristics. Once MacroView ascertains the client’s objectives for the client’s portfolio, MacroView develops a set of asset allocation guidelines that will aide in executing the proper allocation strategy between accounts. Utilizing a performance-based analysis, MacroView will base conclusions on predominantly publicly available research, such as regulatory filings, press releases, competitor analyses, and in some cases research we receive from our custodian or other market analyses. The investment strategies that MacroView recommends are based on the needs of the client and 9 MacroView Investment Management LLC Disclosure Brochure  are unique to each client. As a result, the asset allocation guidelines for one client may be similar to or different from another client. MacroView may periodically recommend changes to the investment strategies and client portfolios to meet the guidelines of the asset allocation for an individual client’s objectives. It is important to remember that because market conditions can vary greatly, asset allocation guidelines are not necessarily strict rules. Rather, MacroView reviews accounts individually, and may deviate from the guidelines as MacroView believes necessary. When MacroView makes changes to an investment strategy, these changes may not be made simultaneously. Rather, some accounts may be modified before others. This may result in accounts being traded earlier inadvertently having an advantage over accounts traded later. Additionally, as assets are transitioned from a client’s prior advisors to MacroView, clients may hold legacy securities and may place restrictions on individual security types. Legacy securities are those that a client owned prior to or separate from its MacroView portfolio. If a client transitions mutual fund shares to MacroView that are not the lowest-cost share class, and MacroView is not recommending disposing of the security altogether, MacroView will attempt to convert such mutual fund share classes into the lowest-cost share classes the client is eligible for, taking into account any adverse tax consequences associated with such conversion. 2. Third Party Managers In some instances, MacroView can utilize other managers to assist in the management of client assets. These managers are selected by MacroView after a process whereby MacroView evaluates each manager’s investment performance, operations, and offerings to determine if the manager would be a fit for MacroView clients. This process continues on an ongoing basis, throughout the time the client works with the third-party manager. Prior to referring any client to another manager, MacroView will confirm that such manager is registered, or exempt from registration, as an investment adviser. 3. Risk of Loss It is important for you to know and remember that all investments carry risks. Investing in securities involves risk of loss that clients should be prepared to bear. This includes loss of original principal. Investors also must understand that the past performance of any security is not indicative of future results. Do not assume that the future performance of any specific investment or investment strategy will be profitable. MacroView does not represent or guarantee that a client’s goals will be achieved. Among the risks involved with our top-down approach to investing are misdiagnosing the economic outlook and wrongly selecting investments that lose money and or perform poorly. Further, depending on the different types of investments selected, there may be varying degrees of the following risks:  Market Risk. Either the market as a whole, or the value of an individual company, goes down, resulting in a decrease in the value of client investments. This is referred to as systemic risk. 10 MacroView Investment Management LLC Disclosure Brochure   Equity (Stock) Market Risk. Common stocks are susceptible to fluctuations and to volatile increases/decreases in value as their issuers’ confidence in or perceptions of the market change. Investors holding common stock (or common stock equivalents) of any issuer are generally exposed to greater risk than if they hold preferred stock or debt obligations of the issuer.  Company Risk. There is always a certain level of company or industry specific risk when investing in stock positions. This is referred to as an unsystematic risk and can be reduced through appropriate diversification. There is the risk that a company may perform poorly or that its value may be reduced based on factors specific to it or its industry (e.g., employee strike, unfavorable media attention).  Fixed Income Risk. Investing in bonds involves the risk that the issuer will default on the bond and be unable to make payments. In addition, individuals depending on set amounts of periodically paid income face the risk that inflation will erode their spending power. Fixed- income investors receive set, regular payments that face the same inflation risk.  ETF and Mutual Fund Risk. ETF and mutual fund investments bear additional expenses based on a pro-rata share of operating expenses, including potential duplication of management fees. The risk of owning an ETF or mutual fund generally reflects the risks of owning the underlying securities held by the ETF or mutual fund. Clients also incur brokerage costs when purchasing ETFs.  Management Risk. Investments also vary with the success and failure of the investment strategies, research, analysis, and determination of portfolio securities. If the strategies do not produce the expected returns, the value of the investments will decrease.  Regulatory Risk. Changes in laws and regulations from any government can change the value of a given company and its accompanying securities. Certain industries are more susceptible to government regulation. Changes in zoning, tax structure or laws impact the return on these investments.   Risks specific to private placements, sub-advisors, and other managers. If we invest some of your assets with another advisor, including a private placement, there are additional risks. These include risks that the other manager is not as qualified as we believe them to be, that the investments they use are not as liquid as we would normally use in your portfolio, or that their risk management guidelines are more liberal than we would normally employ. Information Risk. All investment professionals rely on research in order to make conclusions about investment options. This research is always a mix of both internal (proprietary) and external (provided by third parties) data and analyses. Even an adviser who says they rely solely on proprietary research must still collect data from third parties. This data, or outside research is chosen for its perceived reliability, but there is no guarantee that the data or research will be completely accurate. Failure in data accuracy or research will translate to a compromised ability by the adviser to reach satisfactory investment conclusions.  Concentration Risk. While MacroView selects individual securities, including mutual funds, for client portfolios based on an individualized assessment of each security, this evaluation comes without an overlay of general economic or sector specific issue analysis. This means that a client’s equity portfolio may be concentrated in a specific sector, geography, or sub- sector (among other types of potential concentrations), so that if an unexpected event occurs that affects that specific sector or geography, for example, the client’s equity portfolio may be affected negatively, including significant losses.  Transition risk. As assets are transitioned from a client’s prior advisers to MacroView there may be securities and other investments that do not fit within the asset allocation strategy selected for the client. Accordingly, these investments will need to be sold in order to reposition the portfolio into the asset allocation strategy selected by MacroView. However, this transition process may take some time to accomplish. Some investments may not be unwound for a lengthy period of time for a variety of reasons that may include unwarranted low share prices, restrictions on trading, contractual restrictions on liquidity, or market- 11 MacroView Investment Management LLC Disclosure Brochure  related liquidity concerns. In some cases, there may be securities or investments that are never able to be sold. The inability to transition a client's holdings into recommendations of the client's account values, as MacroView’s MacroView may adversely affect recommendations may not be able to be fully implemented.  Restriction Risk. Clients may at all times place reasonable restrictions on the management of their accounts. However, placing these restrictions may make managing the accounts more difficult, thus lowering the potential for returns.  Risks Related to Investment Term & Liquidity. Securities do not follow a straight line up in value. All securities will have periods of time when the current price of the security is not an accurate measure of its value. If you require us to liquidate your portfolio during one of these periods, you will not realize as much value as you would have had the investment had the opportunity to regain its value. Further, some investments are made with the intention of the investment appreciating over an extended period of time. Liquidating these investments prior to their intended time horizon may result in losses.  Excess Cash Balance Risk. Client accounts may have cash balances in excess of $250,000, which is the insurance limit of the Federal Deposit Insurance Corporation. For cash balances in excess of that amount, there is an enhanced risk that operation related counterparty risk related to the account custodian could cause losses in the account. We mitigate this risk by carrying cash balances in amounts either subject to protection or as limited as you, the client, directs. You may elect to participate in a “cash sweep” program through your account custodian which automatically moves excess cash from your investment account into a cash account and then invests that cash into cash-based investments, such as money market funds. We do not receive compensation of any kinds for facilitating your participation in such cash sweep accounts.  ITEM 9 - DISCIPLINARY INFORMATION This item does not apply to us. There are no legal or disciplinary events that are material to a client’s evaluation of our business or the integrity of our management. ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Certain of MacroView’s professionals in their individual capacities, are licensed insurance agents with various insurance companies, and in such capacity, may recommend, on a fully disclosed basis, the purchase of certain insurance products. A conflict of interest exists to the extent that MacroView or its representatives recommend the purchase of insurance products where MacroView or its representatives receive insurance commissions or other additional compensation, rather than on a client’s needs. The receipt of additional fees or commissions for insurance is therefore a conflict of interest, and clients should be aware of this conflict when considering whether to engage MacroView to implement any insurance recommendations. MacroView attempts to mitigate this conflict of interest by disclosing the conflict to clients and informing the clients that they are always free to purchase insurance products or estate planning through other agents that are not affiliated with MacroView, or to determine not to purchase the insurance product at all. MacroView also attempts to mitigate the conflict of interest by requiring employees to acknowledge in the firm’s Code of Ethics, their individual fiduciary duty to the clients of MacroView, which requires that employees put the interests of clients ahead of their own. Commissions from the sale of insurance products will not be used as a credit against or to offset advisory fees. ITEM 11 - CODE OF ETHICS, PARTICIPATION IN CLIENT TRANSACTIONS AND PERSONAL TRADING 12 MacroView Investment Management LLC Disclosure Brochure  1. Code of Ethics We have adopted a Code of Ethics as required by Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”). This Code, which applies to all our officers, members, and employees (our “supervised persons”), addresses the fiduciary duties of care and loyalty that we, as an investment adviser, owe to our clients. In this regard, the Code of Ethics requires all supervised persons to conduct business with the highest level of ethical standards, to avoid all circumstances that might negatively affect or appear to negatively affect our clients’ best interests, and to comply with all federal securities laws. The Code also covers our insider trading and personal securities transactions policies and procedures and addresses the importance of safeguarding our clients’ personal and financial information. Once employed by or affiliated with MacroView, and at least annually thereafter, all supervised persons sign an acknowledgement that they have read, understand, and agree to comply with MacroView’s Code of Ethics. If a client wishes to review MacroView’s Code of Ethics in its entirety, MacroView will send a copy promptly upon written request. 2. Personal Trading Our supervised persons are permitted to buy or sell securities or have an interest or position in a security for their personal accounts that we also recommend to clients. As these situations represent a conflict of interest, we have developed written supervisory procedures that include personal investment and trading policies for all our supervised persons. These policies and procedures include the following:  Associated persons cannot prefer their own interests to those of our clients  Associated persons cannot purchase or sell any security for their personal accounts prior to implementing transactions for client accounts  Associated persons cannot buy or sell securities for their personal accounts when those decisions are based on information obtained as a result of their employment, unless that information is also available to the investing public upon reasonable inquiry  We maintain records of all securities holdings of our supervised persons. These records are reviewed on a regular basis by our Chief Compliance Officer. Any supervised person who fails to observe our policies, or who violates any applicable law or rule is subject to sanctions up to and including termination. ITEM 12 - BROKERAGE PRACTICES 1. Directed Brokerage and Best Execution We recommend, but do not require, clients to establish accounts at Schwab, Fidelity Investments, and/or National Financial Services LLC (“Fidelity”) and to direct us to affect their portfolio trades through such accounts. (Not all advisers make such recommendations to their clients.). In addition to Schwab and Fidelity, clients may establish accounts with Apex Clearing Corporation (“Apex”) as part of the Zoe Wealth Platform discussed above in Item 5. Schwab, Fidelity, and Apex’s brokerage commissions may not be the lowest in the industry, but they are reasonable in view of execution quality, the level of service provided to clients and the brokerage and research services we receive. To ensure that our recommendation of Schwab, Fidelity and Apex continues to be in our clients’ best interest, we will periodically monitor their execution performance, services, prices, and commissions. 13 MacroView Investment Management LLC Disclosure Brochure  Part of our agreement with Zoe Financial, Inc. is a financial incentive for us to recommend Apex over other qualified custodians including Schwab and Fidelity. Zoe Financial, Inc. will lower/offset the fees they charge for their platform and lead-generation services when we direct clients to use Apex. Please see Item 5 – Fees and Compensation and Item 14 - Client Referrals and Other Compensation for information. This is a conflict of interest. MacroView has taken steps to manage its conflicts of interest arising from its agreements with Zoe Financial, Inc. and Apex, whereby MacroView and its investment adviser representatives will not exercise discretion with respect to selecting Zoe Financial, Inc. as a platform provider and using Apex as qualified custodian. We will explain to clients that positives and negatives of using each as they apply to the client’s unique, individual situation. We will make a recommendation to use Zoe Financial, Inc. and/or Apex only when in the best interest of the individual client and without regard to the financial interest of MacroView. When performing sub-advisory services, we use, but are not limited to Schwab, Fidelity, and Apex as the custodian. However, it is up to the unaffiliated investment adviser to determine the custodian that we sub-advise through. Clients may open accounts and direct us to affect their portfolio trades through a different broker- dealer or bank, subject to our approval. Under these circumstances, we generally will not negotiate or monitor commissions or execution costs for clients. 2. Research and Other Soft-Dollar Benefits We receive research and ancillary brokerage and administrative products and services from Schwab and Fidelity in consideration of the amount of our clients’ Personal Wealth Management assets custodied at that firm. We do not commit to generate any level of commissions in order to obtain these products and services, which include software and other technology that:  Provide access to client account data (such as trade confirmation and account statements)  Facilitate trade execution (and allocation of aggregated trade orders for multiple client accounts)  Provide research, pricing information, and other market data  Facilitate payment of our fees from client accounts  Assist with back-office functions, recordkeeping, and client reporting MacroView also receives unsolicited investment research from other broker-dealers, whether or not we trade client accounts through those firms. MacroView uses at least some of the ancillary products and services it receives through these various soft-dollar arrangements in the management of all our accounts, not just those whose commissions pay for the services. In other words, soft-dollar benefits are not allocated to accounts in proportion to the commission credits the accounts generate. While MacroView’s receipt of these services in connection with client portfolio transactions benefits clients by enabling us to make more informed investment decisions and to do so more efficiently, this arrangement also confers a benefit on MacroView, because we do not have to produce or pay for the services, we receive this way. Thus, we have an incentive to recommend broker-dealers based on our interest in receiving research and other products rather than on our clients’ interests in receiving most favorable execution. To protect our clients’ interests, MacroView has adopted policies and procedures designed to 14 MacroView Investment Management LLC Disclosure Brochure  ensure that our soft-dollar practices either qualify for the safe harbor established under Section 28(e) of the Securities Exchange Act of 1934 or have been authorized by our clients. We periodically monitor our receipt and use of ancillary services to ensure that our portfolio trading practices remain in our clients’ interests. 3. Brokerage for Client Referrals MacroView does not recommend particular broker-dealers in exchange for referrals of advisory clients. 4. Trade Aggregation and Order of Executions a. ETFs/Mutual Funds/Individual Equities MacroView is committed to treating all clients fairly. Because we generally buy highly liquid securities for our clients, we believe it is unlikely that clients would be disadvantaged by the order in which their trades are executed. Nevertheless, to mitigate the risk of individual accounts’ receiving disparate treatment, we effect discretionary trades for Personal Wealth Management accounts in one of two ways:  Simultaneous Trades – Building Out Portfolios When we invest for clients beyond regular maintenance or rebalancing (i.e., new clients or significant deposits), we first trade those accounts custodied at Schwab or Fidelity. In the event we are trading at both custodians, we alternate between the two as to which trades are executed first. After completing trades through Schwab and Fidelity we execute for accounts at other custodians.  Block Trades for Existing Portfolios When we purchase or sell the same securities at the same time for all clients for whom such transactions are suitable, we often aggregate orders into a “block” or “bundled” trade, because it is the most efficient way to execute and allocate these trades. Under this procedure, transactions for each security are averaged as to price and are allocated among our clients in proportion to the purchase and sale orders placed for each client account on any given day. Orders for the accounts of MacroView’s supervised persons will be aggregated with those of the firm’s clients. If a block order is only partially filled, and a pro rata allocation would result in the purchase or sale of too few shares to justify the trade commission, the firm’s supervised persons will not receive an allocation until all client orders have been filled. In the event we are block trading at both Schwab and Fidelity we alternate between the two custodians as to which trades are executed first. Please note that clients who have directed us to use a custodian other than Schwab or Fidelity are not able to participate in block trades, and we typically place their directed trades after placing the block trades. b. Trading Individual Bonds  Buying Bonds To ensure best execution when purchasing bonds, MacroView attempts to consult multiple price sources before completing the transaction. For example, if a third-party broker shows us a bond that we want at a particular price, we refer to the pricing at the custodian for comparison. If we purchase through a third-party (not the custodian), the client may be subject to additional trade-away fees charged by the custodian. 15 MacroView Investment Management LLC Disclosure Brochure   Allocating Bonds Depending on the size of a particular bond purchase, not all clients in need of a bond may be part of the trade allocation. There are times when a new client will receive bonds at a faster rate than other clients who already have a larger percentage of their account already invested in bonds. The goal here is to make reasonable and fair efforts to invest a new client’s potentially relatively large cash balance.  Selling Bonds To ensure best execution when selling a bond, MacroView sends the bond out to the “street” where we will seek multiple bids before completing the transaction. If we choose to execute the trade through a third party (instead of the client’s custodian), the client may be subject to additional trade- away fees charged by the custodian. 5. Sub-Advisory Services a. Trading Equities When trading equity positions, we follow generally the same methodology as we do for our Separately Managed Accounts. MacroView will exercise full discretion in applying those trades. b. Trading Fixed Income When trading fixed income in accounts containing sub-advised assets, we will follow the same methodology as we do for our Separately Managed Accounts in I.4.b. There are times when a new client will receive bonds at a faster rate than other clients who already have a larger percentage of their account already invested in bonds. The goal here is to make reasonable and fair efforts to invest a new client’s potentially relatively large cash balance. 6. Agency Cross Transactions When MacroView needs to raise cash for an advisory client, we may sell a bond from that client’s portfolio and buy the bond into another client’s portfolio. When conducting this cross-transaction, the recipient will receive the bond at the current market price. Most of MacroView’s cross transactions are trade-aways executed through a third party (not the custodian). When MacroView crosses a bond, the custodian will charge the seller and buyer each a trade-away fee. Note: all trade aways (even if not a cross transaction) are subject to the custodian’s additional fee. ITEM 13 - REVIEW OF ACCOUNTS 1. Account Reviews Accounts (for any service we provide) are reviewed regularly and the underlying securities are continuously monitored. Changes in the market or in individual securities can also trigger more frequent reviews. During the review process, we check performance and risk measures in relation to the clients’ goals, objectives, and risk tolerances. 16 MacroView Investment Management LLC Disclosure Brochure  2. Account Reports Personal Wealth Management clients receive confirmations and statements from the account custodians at least quarterly. In addition, MacroView provides those clients with a periodic position and performance report on all accounts. Clients are urged to compare the statements received from the account custodian with the reports received from MacroView and contact either the custodian or MacroView with any questions. ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION 1. Client Referrals In addition to the Zoe Financial platform services described in Items 4 & 5 of this brochure, MacroView has also entered into an agreement with Zoe Financial, Inc. to receive referrals generated from Zoe Financial, Inc.’s online marketing efforts (https://zoefin.com/). Zoe Financial, Inc. is registered as an investment adviser firm with the U.S. Securities and Exchange Commission and provides a lead generation service by directing potential investors to their website where investors can view financial professionals that have signed up for the Zoe Financial, Inc. service, including our firm and our affiliated persons. This is a paid arrangement whereby we have agreed to compensate Zoe Financial, Inc. a fee for each individual referred to us that becomes a client of MacroView. Individuals that contact Zoe Financial, Inc. either directly or online will be connected with investment professionals and will then decide which investment professional provider to consider. Zoe Financial, Inc. does not proactively call or speak to individuals about MacroView but if an individual contacts Zoe Financial, Inc. for a recommended financial provider, the individual could be connected to MacroView if Zoe Financial. Inc. determines it could be a proper match based on their criteria and methodology. At that time, Zoe Financial, Inc. will provide the individual with disclosures (detailing among other things, the fee we pay to Zoe Financial, Inc.) along with a copy of our Form ADV brochure. Prospective clients have the option to contact us directly or ask Zoe Financial, Inc. to have us initiate contact. MacroView pays Zoe Financial, Inc. for its services based on the total fees paid to MacroView pursuant to the services provided by MacroView to the client.  We pay Zoe Financial, Inc. a fee of up to 35 basis points (0.35%) of gross fees received on an annual basis for the first $2 million of assets under management.  The fee is 10 basis points (0.10%) annually between $2 million to $10 million of assets under management; and  Five basis points (0.05%) for assets under management in excess of $10 million of assets under management. If we charge the referred client an hourly or fixed fee for financial planning, we have agreed to pay Zoe Financial, Inc., 30% of any revenue derived from such payments for services for a five-year period. When client assets are transferred to Apex Clearing (“Apex”) the 35-basis point per annum fee, on the first $2 million of assets under management, will be reduced by 15-basis points. In those situations, while the fee that MacroView pays to Zoe Financial is reduced by 15-basis points, 17 MacroView Investment Management LLC Disclosure Brochure  MacroView will still pay the 15-basis point Zoe Wealth platform fee. In other words, MacroView is always incurring a cost of 35-basis points (on the first $2 million of assets under management) for clients referred by Zoe. When client assets are transferred to Schwab or Fidelity the entire 35-basis points is attributable to a fee. When client assets are transferred to the Zoe Wealth Platform utilizing Apex as the custodian only 20 basis is billed to MacroView as a fee and 15-basis points is billed to MacroView as a platform fee. Please refer to the prior disclosures in Item 4 – Business Activities and Item 12 – Brokerage Practices regarding Apex Clearing and the benefit we get from Zoe Financial for recommending clients open accounts through Apex Clearing. Individuals referred to MacroView by Zoe Financial, Inc. are not required or obligated in any way to work with MacroView. The selection of an investment adviser is important and should not be based solely on marketing or referrals, including referrals from Zoe Financial, Inc. Individuals that find us through Zoe Financial, Inc. are free to work with any investment adviser or financial professional of their own choosing. 2. Other Compensation MacroView does not receive an economic benefit from anyone who is not a client for rendering our services to clients, other than the soft-dollar arrangements described in Section 1 above. ITEM 15 - CUSTODY “Custody,” as it applies to investment advisers, is not limited to physically holding client funds and securities. If an investment adviser can access or control client funds or securities, the investment adviser is deemed to have custody for purposes of the Advisers Act. However, “custody” does not include the ability to execute transactions in client accounts. MacroView is deemed to have custody over a client’s account(s) when the client authorizes their custodian(s) to pay our advisory fees directly via fee debit from the account(s). However, we do not maintain the physical possession of client assets or have custody in any other way. All funds and securities in client accounts are held at Schwab or Fidelity or another qualified custodian (i.e., bank or broker-dealer). Clients or an independent representative of the client will direct, in writing, the creation of all accounts and therefore, clients are aware of the qualified custodian’s name, address and the way the funds or securities are maintained. The qualified custodian delivers account statements to each client, or the client’s independent representative, at least quarterly. Clients should carefully review those statements and are urged to compare the statements with reports received from MacroView. When clients have questions about their account statements, they should contact MacroView or the qualified custodian preparing the statement. ITEM 16 - INVESTMENT DISCRETION MacroView’s investment management services are rendered on a discretionary basis. This means we make all decisions to buy, sell, or hold securities, cash, or other investments in the Personal Wealth Management account in our sole discretion without consulting with the client before implementing any transactions. Clients must provide written authorization for us to exercise this discretionary authority. This written authorization is provided in the Asset Management Agreement and custodial account paperwork. Clients can impose reasonable restrictions on managing their accounts as described above. 18 MacroView Investment Management LLC Disclosure Brochure  Notwithstanding the above, in rare circumstances, and for specific personal reasons, a client can direct the purchase or sale of a specified security in his or her account. Such trades will be deemed to be non-discretionary. ITEM 17 - VOTING CLIENT SECURITIES We do not vote proxies on behalf of our Personal Wealth Management accounts; nor do we act on behalf of client accounts with regard to legal matters, including securities class actions involving clients’ investments or the issuers thereof. We understand that clients receive proxies and other solicitations directly from their custodian or transfer agent. ITEM 18 - FINANCIAL INFORMATION This item is not applicable to us. 19 MacroView Investment Management LLC Disclosure Brochure