Using Index Match for Multiple Value Dropdowns

Hello,
I'm trying to utilize index matching for some metadata sheets and using the formula I am currently utilizing, the data appears blank.
The formula currently being used is:
=IFERROR(INDEX({Portfolio Summary Data}, MATCH($[Project ID]@row, {Project ID}, 0), MATCH([Impact/Benefits]$1, {Portfolio Summary Header Row}, 0)), "")
This works for all fields except the multiselect dropdowns.
Source Sheet:
Metadata Sheet:
I'm receiving blank outputs.
Help please!
Answers
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Hi Paul, thanks for responding! I receive #NO MATCH despite the formula working on the other columns.
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Hi there, despite the formula working elsewhere without the IFERROR, I receive #NO MATCH.
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That means it is not finding either the project id or the Audience$1 value in the reference sheet.
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