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

10/03/2025

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,572,401.27

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 09/30/2025)

1.36%

12 Month Distribution Yield

-

Market Price

$28.59

NAV

$28.58

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.25%

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 09/30/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	2.16%	2.20%
2	3 Month	10.76%	10.38%
3	Year To Date	0.00%	0.00%
4	Since Inception*	13.28%	13.29%
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 09/30/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	10.76%	10.38%
2	Year To Date	0.00%	0.00%
3	Since Inception*	13.28%	13.29%
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	DoorDash Inc	DASH	25809K105	2.29%	217
1	GE AEROSPACE	GE	369604301	2.25%	195
2	FedEx Corp	FDX	31428X106	2.19%	230
3	Uber Technologies Inc	UBER	90353T100	2.10%	558
4	Exxon Mobil Corp	XOM	30231G102	2.08%	472
5	United Parcel Service Inc	UPS	911312106	2.04%	604
6	ConocoPhillips	COP	20825C104	1.98%	542
7	Northern Star Resources Ltd	NST AU	6717456	1.81%	2,887
8	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.81%	148
9	Teck Resources Ltd	TECK	878742204	1.81%	1,076
10	Barrick Mining Corp	ABX CN	BNM23Q1	1.77%	1,344
11	Kinross Gold Corp	K CN	B03Z841	1.71%	1,758
12	Agnico Eagle Mines Ltd	AEM CN	2009823	1.67%	254
13	Repsol SA	REP SM	5669354	1.52%	2,210
14	Halliburton Co	HAL	406216101	1.50%	1,588
15	Baker Hughes Co	BKR	05722G100	1.49%	792
16	XPO Inc	XPO	983793100	1.34%	269
17	Nippon Yusen KK	9101 JP	6643960	1.33%	1,000
18	Schlumberger NV	SLB	806857108	1.31%	983
19	Delta Air Lines Inc	DAL	247361702	1.29%	578
20	DSV A/S	DSV DC	B1WT5G2	1.29%	158
21	United Airlines Holdings Inc	UAL	910047109	1.26%	340
22	Carnival Corp	CCL	143658300	1.22%	1,095
23	Santos Ltd	STO AU	6776703	1.16%	6,779
24	Novagold Resources Inc	NG	66987E206	1.04%	2,687
25	COEUR MINING INC.	CDE	192108504	1.03%	1,420
26	Hecla Mining Co	HL	422704106	1.02%	2,206
27	Northern Dynasty Minerals Ltd	NAK	66510M204	1.02%	19,948
28	Oracle Corp	ORCL	68389X105	0.85%	76
29	Alphabet Inc	GOOGL	02079K305	0.81%	85
30	International Business Machines Corp	IBM	459200101	0.81%	72
31	Nabors Industries Ltd	NBR	G6359F137	0.81%	489
32	Apple Inc	AAPL	037833100	0.76%	76
33	Lockheed Martin Corp	LMT	539830109	0.76%	39
34	APA Corp	APA	03743Q108	0.75%	785
35	Core Laboratories Inc	CLB	21867A105	0.75%	1,590
36	McKesson Corp	MCK	58155Q103	0.75%	26
37	CVS Health Corp	CVS	126650100	0.74%	247
38	General Dynamics Corp	GD	369550108	0.73%	55
39	HCA Healthcare Inc	HCA	40412C101	0.73%	44
40	Northrop Grumman Corp	NOC	666807102	0.73%	31
41	Walmart Inc	WMT	931142103	0.73%	184
42	Emerson Electric Co	EMR	291011104	0.70%	133
43	Microsoft Corp	MSFT	594918104	0.70%	35
44	O'Reilly Automotive Inc	ORLY	67103H107	0.70%	171
45	Motorola Solutions Inc	MSI	620076307	0.69%	39
46	Trane Technologies PLC	TT	G8994E103	0.69%	42
47	Expro Group Holdings NV	XPRO	N3144W105	0.69%	1,428
48	Costco Wholesale Corp	COST	22160K105	0.68%	19
49	Cisco Systems Inc	CSCO	17275R102	0.68%	259
50	Marriott International Inc/MD	MAR	571903202	0.68%	65
51	Starbucks Corp	SBUX	855244109	0.68%	202
52	Verizon Communications Inc	VZ	92343V104	0.68%	401
53	ANA Holdings Inc	9202 JP	6014908	0.67%	900
54	Amazon.com Inc	AMZN	023135106	0.67%	78
55	Coca-Cola Co/The	KO	191216100	0.67%	257
56	McDonald's Corp	MCD	580135101	0.67%	57
57	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.67%	712
58	South32 Ltd	S32 AU	BWSW5D9	0.67%	9,387
59	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.67%	190
60	Wells Fargo & Co	WFC	949746101	0.67%	215
61	Walt Disney Co/The	DIS	254687106	0.66%	151
62	Home Depot Inc/The	HD	437076102	0.66%	43
63	Honeywell International Inc	HON	438516106	0.66%	81
64	Lowe's Cos Inc	LOW	548661107	0.66%	69
65	Matson Inc	MATX	57686G105	0.66%	168
66	Marsh & McLennan Cos Inc	MMC	571748102	0.66%	85
67	PepsiCo Inc	PEP	713448108	0.66%	119
68	Sherwin-Williams Co/The	SHW	824348106	0.66%	49
69	Republic Services Inc	RSG	760759100	0.65%	75
70	Airbnb Inc	ABNB	009066101	0.64%	136
71	Air Canada	AC CN	BSDHYK1	0.64%	1,250
72	Boeing Co/The	BA	097023105	0.64%	76
73	Hilton Worldwide Holdings Inc	HLT	43300A203	0.64%	64
74	American Airlines Group Inc	AAL	02376R102	0.61%	1,348
75	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.60%	1,100
76	Knife River Corp	KNF	498894104	0.60%	214
77	SkyWest Inc	SKYW	830879102	0.56%	145
78	Alaska Air Group Inc	ALK	011659109	0.55%	286
79	Pantheon Resources PLC	PANR LN	B125SX8	0.54%	42,251
80	GameStop Corp	GME	36467W109	0.52%	524
81	L3Harris Technologies Inc	LHX	502431109	0.50%	43
82	ULTA BEAUTY INC	ULTA	90384S303	0.50%	23
83	United Rentals Inc	URI	911363109	0.50%	13
84	AutoZone Inc	AZO	053332102	0.49%	3
85	Ford Motor Co	F	345370860	0.49%	992
86	Leidos Holdings Inc	LDOS	525327102	0.49%	65
87	Jacobs Solutions Inc	J	46982L108	0.48%	80
88	AECOM	ACM	00766T100	0.47%	94
89	Best Buy Co Inc	BBY	086516101	0.47%	156
90	General Motors Co	GM	37045V100	0.47%	202
91	Sysco Corp	SYY	871829107	0.47%	148
92	Yum! Brands Inc	YUM	988498101	0.47%	81
93	Ferguson Enterprises Inc	FERG	31488V107	0.46%	51
94	Labcorp Holdings Inc	LH	504922105	0.46%	43
95	WSP Global Inc	WSP CN	BHR3R21	0.46%	59
96	WW Grainger Inc	GWW	384802104	0.45%	12
97	Kroger Co/The	KR	501044101	0.45%	174
98	U-Haul Holding Co	UHAL	023586100	0.45%	205
99	Darden Restaurants Inc	DRI	237194105	0.44%	58
100	Fastenal Co	FAST	311900104	0.44%	236
101	KeyCorp	KEY	493267108	0.44%	610
102	Booz Allen Hamilton Holding Corp	BAH	099502106	0.43%	107
103	Domino's Pizza Inc	DPZ	25754A201	0.43%	26
104	Waste Connections Inc	WCN CN	BYQFRK5	0.43%	64
105	Ameriprise Financial Inc	AMP	03076C106	0.42%	22
106	Target Corp	TGT	87612E106	0.42%	120
107	Albertsons Cos Inc	ACI	013091103	0.41%	604
108	Builders FirstSource Inc	BLDR	12008R107	0.41%	83
109	Constellation Brands Inc	STZ	21036P108	0.40%	73
110	Lululemon Athletica Inc	LULU	550021109	0.39%	57
111	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.35%	9,096
112	Globalstar Inc	GSAT	378973507	0.34%	210
113	Bombardier Inc	BBD/B CN	BN33PL2	0.29%	51
114	Denny's Corp	DENN	24869P104	0.27%	1,319
115	Universal Health Services Inc	UHS	913903100	0.26%	32
116	Hertz Global Holdings Inc	HTZ	42806J700	0.25%	1,011
117	MDU Resources Group Inc	MDU	552690109	0.25%	358
118	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.24%	420
119	Stantec Inc	STN CN	2854238	0.24%	55
120	Yamaha Motor Co Ltd	7272 JP	6985264	0.23%	800
121	Buckle Inc/The	BKE	118440106	0.23%	104
122	GCI Liberty Inc	GLIBK	36164V800	0.23%	156
123	H&R Block Inc	HRB	093671105	0.23%	116
124	Viasat Inc	VSAT	92552V100	0.23%	181
125	Harley-Davidson Inc	HOG	412822108	0.22%	203
126	Lithia Motors Inc	LAD	536797103	0.22%	18
127	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.22%	159
128	Major Drilling Group International Inc	MDI CN	2557515	0.21%	639
129	Northrim BanCorp Inc	NRIM	666762109	0.21%	248
130	North West Co Inc/The	NWC CN	BZ3FZR8	0.21%	162
131	Tetra Tech Inc	TTEK	88162G103	0.21%	160
132	Choice Hotels International Inc	CHH	169905106	0.19%	48
133	Iridium Communications Inc	IRDM	46269C102	0.17%	236
134	Trilogy Metals Inc	TMQ	89621C105	0.16%	2,027
135	Cash & Other	Cash&Other	Cash&Other	0.12%	3,046
136	GoldMining Inc	GLDG	38149E101	0.11%	2,352
137	Freegold Ventures Ltd	FVL CN	2981631	0.06%	1,546
138	CANADIAN DOLLAR	CAD	CASHCAD	0.01%	251
139	DANISH KRONE	DKK	CASHDKK	0.01%	1,976
140	GameStop Corp	GME/WS	36467W117	0.01%	52
141	BRITISH POUNDS	GBP	CASHGBP	0.00%	40
142	AUSTRALIAN DOLLAR	AUD	CASHAUD	-0.04%	-1,376

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

index		Second Quarter 2025	Third Quarter 2025	Forth Quarter 2025
0	Days traded at premium	3	44	3
1	Days traded at NAV	0	6	0
2	Days traded at discount	1	14	0

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	34.1%
1	Consumer Discretionary	19.48%
2	Energy	15.15%
3	Materials	12.8%
4	Consumer Staples	5.42%
5	Information Technology	4.51%
6	Communication Services	2.87%
7	Health Care	2.87%
8	Financials	2.57%
9	Utilities	0.23%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,572,401.27

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 09/30/2025)

1.36%

12 Month Distribution Yield

-

Market Price

$28.59

NAV

$28.58

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.25%

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

$2,572,401.27

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 09/30/2025)

1.36%

12 Month Distribution Yield

-

Market Price

$28.59

NAV

$28.58

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.25%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History