The Frontier Economic Fund

Investment Objectives

The Frontier Economic Fund seeks to track the performance of The Alaska Last Frontier Index, a rules-based strategy index designed by Vident to capture the economic footprint of companies with meaningful exposure to the State of Alaska. The Index identifies and emphasizes firms doing business in Alaska including natural resource utilization, economic development, operational presence, and participation in state-sponsored initiatives. By tracking this Index, the Fund aims to provide investors with targeted exposure to companies that contribute to and benefit from Alaska’s unique economic landscape, emphasizing those with the greatest alignment to the state’s growth and opportunity.

Fund Details

01/02/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,641,904.76

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$29.34

NAV

$29.35

Premium/Discount

-0.05%

30-Day Median Bid-Ask Spread

0.24%

Factors

TRUE TO ALASKA

A rules-based gateway to companies driving the economic engine of the 49th State.

ACCESS

A powerful tool for retail & institutional investors seeking Alaska exposure.

GROWTH POTENTIAL

Targets companies participating in long-term value creation in the state.

ALIGNMENT 

Supports Alaska’s economic vision and the companies helping to fulfill it.

Performance

index	Month End Performance (As of 12/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	1.68%	1.71%
2	3 Month	4.60%	4.65%
3	Year To Date	0.00%	0.00%
4	Since Inception*	18.49%	18.56%
5	Average Annual
6	1 Year	0.00%	0.00%
7	3 Year	0.00%	0.00%
8	5 Year	0.00%	0.00%
9	10 Year	0.00%	0.00%
10	Since Inception*	0.00%	0.00%

index	Quarter End Performance (As of 12/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	4.60%	4.65%
2	Year To Date	0.00%	0.00%
3	Since Inception*	18.49%	18.56%
4	Average Annual
5	1 Year	0.00%	0.00%
6	3 Year	0.00%	0.00%
7	5 Year	0.00%	0.00%
8	10 Year	0.00%	0.00%
9	Since Inception*	0.00%	0.00%

*Fund Inception Date: 6/25/2025

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Short term performance is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

ETF Holdings

As of DATE

index	Name	Ticker	CUSIP or Other Identifier	Weight	Shares
0	FedEx Corp	FDX	31428X106	2.49%	224
1	GE AEROSPACE	GE	369604301	2.32%	191
2	United Parcel Service Inc	UPS	911312106	2.26%	592
3	Barrick Mining Corp	ABX CN	BNM23Q1	2.20%	1,316
4	Exxon Mobil Corp	XOM	30231G102	2.14%	462
5	ConocoPhillips	COP	20825C104	1.95%	532
6	Teck Resources Ltd	TECK	878742204	1.91%	1,053
7	Kinross Gold Corp	K CN	B03Z841	1.84%	1,720
8	DoorDash Inc	DASH	25809K105	1.76%	212
9	Northern Star Resources Ltd	NST AU	6717456	1.75%	2,823
10	Halliburton Co	HAL	406216101	1.74%	1,555
11	Uber Technologies Inc	UBER	90353T100	1.71%	546
12	Agnico Eagle Mines Ltd	AEM CN	2009823	1.61%	250
13	Repsol SA	REP SM	5669354	1.58%	2,163
14	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.55%	145
15	Hecla Mining Co	HL	422704106	1.54%	2,159
16	Delta Air Lines Inc	DAL	247361702	1.48%	566
17	DSV A/S	DSV DC	B1WT5G2	1.48%	155
18	SLB Ltd	SLB	806857108	1.47%	964
19	Northern Dynasty Minerals Ltd	NAK	66510M204	1.44%	19,514
20	United Airlines Holdings Inc	UAL	910047109	1.42%	333
21	Baker Hughes Co	BKR	05722G100	1.38%	774
22	XPO Inc	XPO	983793100	1.38%	263
23	Carnival Corp	CCL	143658300	1.25%	1,072
24	Nippon Yusen KK	9101 JP	6643960	1.23%	1,000
25	Santos Ltd	STO AU	6776703	1.03%	6,630
26	Alphabet Inc	GOOGL	02079K305	1.01%	85
27	Core Laboratories Inc	CLB	21867A105	1.00%	1,556
28	Nabors Industries Ltd	NBR	G6359F137	1.00%	479
29	COEUR MINING INC.	CDE	192108504	0.92%	1,390
30	Novagold Resources Inc	NG	66987E206	0.92%	2,630
31	South32 Ltd	S32 AU	BWSW5D9	0.83%	9,182
32	McKesson Corp	MCK	58155Q103	0.81%	26
33	International Business Machines Corp	IBM	459200101	0.79%	72
34	Apple Inc	AAPL	037833100	0.78%	76
35	HCA Healthcare Inc	HCA	40412C101	0.78%	44
36	American Airlines Group Inc	AAL	02376R102	0.77%	1,321
37	Marriott International Inc/MD	MAR	571903202	0.77%	65
38	Matson Inc	MATX	57686G105	0.77%	165
39	Walmart Inc	WMT	931142103	0.77%	181
40	Wells Fargo & Co	WFC	949746101	0.76%	211
41	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.75%	185
42	APA Corp	APA	03743Q108	0.74%	768
43	Cisco Systems Inc	CSCO	17275R102	0.73%	254
44	CVS Health Corp	CVS	126650100	0.73%	241
45	Lockheed Martin Corp	LMT	539830109	0.73%	39
46	Expro Group Holdings NV	XPRO	N3144W105	0.72%	1,397
47	Hilton Worldwide Holdings Inc	HLT	43300A203	0.71%	64
48	General Dynamics Corp	GD	369550108	0.70%	54
49	Airbnb Inc	ABNB	009066101	0.67%	134
50	Air Canada	AC CN	BSDHYK1	0.67%	1,223
51	Emerson Electric Co	EMR	291011104	0.67%	130
52	Northrop Grumman Corp	NOC	666807102	0.67%	30
53	Coca-Cola Co/The	KO	191216100	0.66%	252
54	ANA Holdings Inc	9202 JP	6014908	0.65%	900
55	Amazon.com Inc	AMZN	023135106	0.65%	76
56	McDonald's Corp	MCD	580135101	0.65%	57
57	Boeing Co/The	BA	097023105	0.64%	74
58	PepsiCo Inc	PEP	713448108	0.64%	118
59	Lowe's Cos Inc	LOW	548661107	0.63%	67
60	Microsoft Corp	MSFT	594918104	0.63%	35
61	Starbucks Corp	SBUX	855244109	0.63%	198
62	Trane Technologies PLC	TT	G8994E103	0.63%	42
63	Walt Disney Co/The	DIS	254687106	0.62%	147
64	Costco Wholesale Corp	COST	22160K105	0.61%	19
65	General Motors Co	GM	37045V100	0.60%	197
66	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.60%	697
67	Republic Services Inc	RSG	760759100	0.60%	75
68	Sherwin-Williams Co/The	SHW	824348106	0.60%	48
69	Verizon Communications Inc	VZ	92343V104	0.60%	392
70	Honeywell International Inc	HON	438516106	0.59%	79
71	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.58%	1,100
72	Knife River Corp	KNF	498894104	0.58%	210
73	Marsh & McLennan Cos Inc	MMC	571748102	0.58%	84
74	O'Reilly Automotive Inc	ORLY	67103H107	0.57%	167
75	Home Depot Inc/The	HD	437076102	0.56%	43
76	Alaska Air Group Inc	ALK	011659109	0.55%	281
77	Motorola Solutions Inc	MSI	620076307	0.55%	38
78	Oracle Corp	ORCL	68389X105	0.55%	74
79	SkyWest Inc	SKYW	830879102	0.54%	142
80	ULTA BEAUTY INC	ULTA	90384S303	0.52%	22
81	Globalstar Inc	GSAT	378973507	0.50%	205
82	L3Harris Technologies Inc	LHX	502431109	0.50%	43
83	Ford Motor Co	F	345370860	0.49%	971
84	KeyCorp	KEY	493267108	0.47%	596
85	WW Grainger Inc	GWW	384802104	0.46%	12
86	Yum! Brands Inc	YUM	988498101	0.46%	81
87	Lululemon Athletica Inc	LULU	550021109	0.45%	57
88	Target Corp	TGT	87612E106	0.45%	118
89	Leidos Holdings Inc	LDOS	525327102	0.44%	63
90	Ferguson Enterprises Inc	FERG	31488V107	0.43%	50
91	Domino's Pizza Inc	DPZ	25754A201	0.42%	26
92	United Rentals Inc	URI	911363109	0.42%	13
93	Waste Connections Inc	WCN CN	BYQFRK5	0.42%	64
94	Ameriprise Financial Inc	AMP	03076C106	0.41%	22
95	Kroger Co/The	KR	501044101	0.41%	170
96	Best Buy Co Inc	BBY	086516101	0.40%	154
97	Darden Restaurants Inc	DRI	237194105	0.40%	57
98	GameStop Corp	GME	36467W109	0.40%	514
99	Jacobs Solutions Inc	J	46982L108	0.40%	78
100	Labcorp Holdings Inc	LH	504922105	0.40%	42
101	Sysco Corp	SYY	871829107	0.40%	144
102	Albertsons Cos Inc	ACI	013091103	0.39%	592
103	U-Haul Holding Co	UHAL	023586100	0.39%	202
104	WSP Global Inc	WSP CN	BHR3R21	0.39%	57
105	AutoZone Inc	AZO	053332102	0.38%	3
106	Constellation Brands Inc	STZ	21036P108	0.38%	72
107	Fastenal Co	FAST	311900104	0.35%	231
108	AECOM	ACM	00766T100	0.34%	92
109	Booz Allen Hamilton Holding Corp	BAH	099502106	0.34%	105
110	Trilogy Metals Inc	TMQ	89621C105	0.34%	1,984
111	Bombardier Inc	BBD/B CN	BN33PL2	0.33%	50
112	Builders FirstSource Inc	BLDR	12008R107	0.33%	83
113	Denny's Corp	DENN	24869P104	0.30%	1,290
114	GCI Liberty Inc	GLIBK	36164V800	0.29%	212
115	Universal Health Services Inc	UHS	913903100	0.27%	32
116	MDU Resources Group Inc	MDU	552690109	0.26%	352
117	Northrim BanCorp Inc	NRIM	666762109	0.25%	244
118	Viasat Inc	VSAT	92552V100	0.25%	178
119	Lithia Motors Inc	LAD	536797103	0.23%	18
120	Major Drilling Group International Inc	MDI CN	2557515	0.23%	626
121	Yamaha Motor Co Ltd	7272 JP	6985264	0.22%	800
122	North West Co Inc/The	NWC CN	BZ3FZR8	0.22%	159
123	Buckle Inc/The	BKE	118440106	0.21%	102
124	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.21%	411
125	Hertz Global Holdings Inc	HTZ	42806J700	0.20%	988
126	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.20%	156
127	Tetra Tech Inc	TTEK	88162G103	0.20%	157
128	Pantheon Resources PLC	PANR LN	B125SX8	0.19%	41,331
129	Stantec Inc	STN CN	2854238	0.19%	53
130	Choice Hotels International Inc	CHH	169905106	0.18%	49
131	H&R Block Inc	HRB	093671105	0.18%	114
132	Harley-Davidson Inc	HOG	412822108	0.16%	199
133	Iridium Communications Inc	IRDM	46269C102	0.16%	231
134	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.15%	3,948
135	GoldMining Inc	GLDG	38149E101	0.11%	2,301
136	Freegold Ventures Ltd	FVL CN	2981631	0.06%	1,499
137	Cash & Other	Cash&Other	Cash&Other	0.06%	1,561
138	Solstice Advanced Materials Inc	SOLS	83443Q103	0.04%	20
139	CANADIAN DOLLAR	CAD	CASHCAD	0.00%	-74

ETF holdings and allocations are subject to change and should not be considered a recommendation to buy or sell any security.

index		Calendar Year 2025	First Quarter 2026
0	Days traded at premium	104	0
1	Days traded at NAV	8	0
2	Days traded at discount	20	1

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	31.89%
1	Consumer Discretionary	17.27%
2	Materials	17.17%
3	Energy	15%
4	Consumer Staples	5.16%
5	Information Technology	4.45%
6	Health Care	3.22%
7	Communication Services	3.11%
8	Financials	2.35%
9	Utilities	0.29%
10	Money Market Fund	0.09%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,641,904.76

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$29.34

NAV

$29.35

Premium/Discount

-0.05%

30-Day Median Bid-Ask Spread

0.24%

Factors

Performance

ETF Holdings

Premium Discount Chart - {{ fundTicker }}

Sector Breakdown

Fund Literature

Fund Literature

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,641,904.76

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

90,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 12/31/2025)

1.37%

12 Month Distribution Yield

-

Market Price

$29.34

NAV

$29.35

Premium/Discount

-0.05%

30-Day Median Bid-Ask Spread

0.24%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History