In a world where fairy tales are fact and humans live in fear of werewolves, witches, and monsters, only the Hunters Guild can keep the monsters at bay. These red-hooded fighters are anything but little, and only those able to pay a king's ransom can afford their services, but it's a small price to stay alive.

The final exam aboard the Ironworks reaches its climax! Velou's goal of getting everyone to pass requires all of the trainees to work together, but some remain reluctant. Then, things take a sudden, weird turn after the exam, when Cinderella and the Guild start making uncharacteristic moves. Not only that, the mayor, who Velou thought dead, returns and exposes the shocking truth about their world!