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

08/19/2025

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,155,473.71

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

80,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 07/31/2025)

1.38%

12 Month Distribution Yield

-

Market Price

$26.93

NAV

$26.94

Premium/Discount

-0.06%

30-Day Median Bid-Ask Spread

0.15%

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 07/31/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	0.88%	0.41%
2	3 Month	0.00%	0.00%
3	Year To Date	0.00%	0.00%
4	Since Inception*	3.17%	3.06%
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 6/25/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	-	-
2	Year To Date	-	-
3	Since Inception*	-	-
4	Average Annual
5	1 Year	-	-
6	3 Year	-	-
7	5 Year	-	-
8	10 Year	-	-
9	Since Inception*	-	-

*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	Royal Caribbean Cruises Ltd	RCL	V7780T103	2.65%	173
1	GE AEROSPACE	GE	369604301	2.54%	205
2	Uber Technologies Inc	UBER	90353T100	2.43%	557
3	DoorDash Inc	DASH	25809K105	2.42%	214
4	Kinross Gold Corp	K CN	B03Z841	2.33%	2,624
5	Exxon Mobil Corp	XOM	30231G102	1.94%	384
6	ConocoPhillips	COP	20825C104	1.91%	432
7	Barrick Mining Corp	ABX CN	BNM23Q1	1.83%	1,584
8	Agnico Eagle Mines Ltd	AEM CN	2009823	1.82%	290
9	FedEx Corp	FDX	31428X106	1.70%	161
10	Repsol SA	REP SM	5669354	1.62%	2,192
11	Carnival Corp	CCL	143658300	1.60%	1,176
12	Santos Ltd	STO AU	6776703	1.56%	6,907
13	DSV A/S	DSV DC	B1WT5G2	1.52%	141
14	COEUR MINING INC.	CDE	192108504	1.46%	2,736
15	Northern Star Resources Ltd	NST AU	6717456	1.45%	2,672
16	United Parcel Service Inc	UPS	911312106	1.45%	360
17	United Airlines Holdings Inc	UAL	910047109	1.40%	301
18	XPO Inc	XPO	983793100	1.35%	230
19	Nippon Yusen KK	9101 JP	6643960	1.33%	800
20	Delta Air Lines Inc	DAL	247361702	1.30%	472
21	Novagold Resources Inc	NG	66987E206	1.29%	4,696
22	Baker Hughes Co	BKR	05722G100	1.27%	640
23	Halliburton Co	HAL	406216101	1.06%	1,080
24	Schlumberger NV	SLB	806857108	1.05%	680
25	Teck Resources Ltd	TECK	878742204	1.01%	696
26	Hecla Mining Co	HL	422704106	0.97%	2,752
27	Oracle Corp	ORCL	68389X105	0.94%	86
28	HCA Healthcare Inc	HCA	40412C101	0.90%	47
29	Northrop Grumman Corp	NOC	666807102	0.85%	31
30	Boeing Co/The	BA	097023105	0.84%	80
31	General Dynamics Corp	GD	369550108	0.83%	56
32	Microsoft Corp	MSFT	594918104	0.82%	35
33	Trane Technologies PLC	TT	G8994E103	0.79%	40
34	Air Canada	AC CN	BSDHYK1	0.77%	1,208
35	ANA Holdings Inc	9202 JP	6014908	0.76%	800
36	Alphabet Inc	GOOGL	02079K305	0.76%	82
37	SkyWest Inc	SKYW	830879102	0.76%	144
38	McKesson Corp	MCK	58155Q103	0.75%	23
39	O'Reilly Automotive Inc	ORLY	67103H107	0.74%	153
40	CVS Health Corp	CVS	126650100	0.71%	216
41	Emerson Electric Co	EMR	291011104	0.71%	117
42	Cisco Systems Inc	CSCO	17275R102	0.70%	224
43	Verizon Communications Inc	VZ	92343V104	0.70%	336
44	Amazon.com Inc	AMZN	023135106	0.69%	66
45	Motorola Solutions Inc	MSI	620076307	0.69%	32
46	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.69%	624
47	Walmart Inc	WMT	931142103	0.69%	144
48	Hilton Worldwide Holdings Inc	HLT	43300A203	0.68%	54
49	Sherwin-Williams Co/The	SHW	824348106	0.68%	40
50	Walt Disney Co/The	DIS	254687106	0.67%	123
51	Honeywell International Inc	HON	438516106	0.67%	66
52	Lowe's Cos Inc	LOW	548661107	0.67%	56
53	McDonald's Corp	MCD	580135101	0.67%	46
54	Coca-Cola Co/The	KO	191216100	0.66%	200
55	Lockheed Martin Corp	LMT	539830109	0.66%	32
56	Wells Fargo & Co	WFC	949746101	0.66%	181
57	APA Corp	APA	03743Q108	0.65%	688
58	Costco Wholesale Corp	COST	22160K105	0.65%	14
59	Home Depot Inc/The	HD	437076102	0.65%	35
60	PepsiCo Inc	PEP	713448108	0.65%	93
61	Republic Services Inc	RSG	760759100	0.65%	59
62	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.65%	155
63	Viasat Inc	VSAT	92552V100	0.65%	536
64	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.64%	900
65	International Business Machines Corp	IBM	459200101	0.63%	56
66	United Rentals Inc	URI	911363109	0.63%	15
67	Expro Group Holdings NV	XPRO	N3144W105	0.62%	1,184
68	Apple Inc	AAPL	037833100	0.61%	58
69	Marriott International Inc/MD	MAR	571903202	0.61%	50
70	Leidos Holdings Inc	LDOS	525327102	0.60%	72
71	ULTA BEAUTY INC	ULTA	90384S303	0.60%	25
72	American Airlines Group Inc	AAL	02376R102	0.59%	984
73	Airbnb Inc	ABNB	009066101	0.59%	102
74	Knife River Corp	KNF	498894104	0.59%	147
75	L3Harris Technologies Inc	LHX	502431109	0.59%	46
76	Nabors Industries Ltd	NBR	G6359F137	0.59%	352
77	Ferguson Enterprises Inc	FERG	31488V107	0.58%	54
78	Marsh & McLennan Cos Inc	MMC	571748102	0.58%	59
79	Fastenal Co	FAST	311900104	0.57%	248
80	South32 Ltd	S32 AU	BWSW5D9	0.56%	6,504
81	AECOM	ACM	00766T100	0.53%	95
82	Ford Motor Co	F	345370860	0.53%	1,000
83	General Motors Co	GM	37045V100	0.51%	192
84	Starbucks Corp	SBUX	855244109	0.51%	122
85	Alaska Air Group Inc	ALK	011659109	0.50%	194
86	Jacobs Solutions Inc	J	46982L108	0.50%	74
87	WSP Global Inc	WSP CN	BHR3R21	0.50%	53
88	Labcorp Holdings Inc	LH	504922105	0.49%	38
89	Kroger Co/The	KR	501044101	0.48%	144
90	Core Laboratories Inc	CLB	21867A105	0.47%	968
91	KeyCorp	KEY	493267108	0.47%	552
92	Sysco Corp	SYY	871829107	0.47%	126
93	Darden Restaurants Inc	DRI	237194105	0.46%	48
94	Matson Inc	MATX	57686G105	0.46%	98
95	Booz Allen Hamilton Holding Corp	BAH	099502106	0.45%	88
96	Bombardier Inc	BBD/B CN	BN33PL2	0.44%	80
97	WW Grainger Inc	GWW	384802104	0.42%	9
98	Constellation Brands Inc	STZ	21036P108	0.42%	54
99	Waste Connections Inc	WCN CN	BYQFRK5	0.42%	49
100	Yum! Brands Inc	YUM	988498101	0.42%	61
101	Albertsons Cos Inc	ACI	013091103	0.41%	448
102	Builders FirstSource Inc	BLDR	12008R107	0.41%	67
103	Ameriprise Financial Inc	AMP	03076C106	0.40%	17
104	GameStop Corp	GME	36467W109	0.40%	376
105	AutoZone Inc	AZO	053332102	0.39%	2
106	Domino's Pizza Inc	DPZ	25754A201	0.39%	19
107	U-Haul Holding Co	UHAL	023586100	0.36%	136
108	Best Buy Co Inc	BBY	086516101	0.35%	104
109	Target Corp	TGT	87612E106	0.35%	77
110	Liberty Broadband Corp	LBRDK	530307305	0.32%	112
111	Buckle Inc/The	BKE	118440106	0.31%	120
112	Hertz Global Holdings Inc	HTZ	42806J700	0.29%	1,128
113	Stantec Inc	STN CN	2854238	0.28%	56
114	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.27%	5,820
115	Tetra Tech Inc	TTEK	88162G103	0.27%	160
116	Globalstar Inc	GSAT	378973507	0.25%	216
117	North West Co Inc/The	NWC CN	BZ3FZR8	0.25%	144
118	Walgreens Boots Alliance Inc	WBA	931427108	0.25%	440
119	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.23%	448
120	Harley-Davidson Inc	HOG	412822108	0.23%	184
121	Lululemon Athletica Inc	LULU	550021109	0.23%	25
122	Northrim BanCorp Inc	NRIM	666762109	0.23%	56
123	Universal Health Services Inc	UHS	913903100	0.22%	26
124	Yamaha Motor Co Ltd	7272 JP	6985264	0.21%	600
125	H&R Block Inc	HRB	093671105	0.21%	88
126	MDU Resources Group Inc	MDU	552690109	0.21%	272
127	Lithia Motors Inc	LAD	536797103	0.20%	14
128	Northern Dynasty Minerals Ltd	NAK	66510M204	0.20%	5,000
129	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.20%	120
130	Denny's Corp	DENN	24869P104	0.19%	944
131	Choice Hotels International Inc	CHH	169905106	0.18%	32
132	Pantheon Resources PLC	PANR LN	B125SX8	0.18%	9,424
133	Iridium Communications Inc	IRDM	46269C102	0.17%	152
134	Major Drilling Group International Inc	MDI CN	2557515	0.11%	384
135	Cash & Other	Cash&Other	Cash&Other	0.11%	2,269
136	GoldMining Inc	GLDG	38149E101	0.10%	2,560
137	Freegold Ventures Ltd	FVL CN	2981631	0.06%	1,480
138	GCI Liberty Inc	GLIBK	36164V800	0.04%	22
139	Trilogy Metals Inc	TMQ	89621C105	0.04%	520

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
0	Days traded at premium	3	25
1	Days traded at NAV	0	2
2	Days traded at discount	1	8

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	34.45%
1	Consumer Discretionary	19.85%
2	Energy	13.52%
3	Materials	13.17%
4	Consumer Staples	5.42%
5	Information Technology	4.99%
6	Health Care	2.97%
7	Communication Services	2.92%
8	Financials	2.36%
9	Utilities	0.23%
10	Money Market Fund	0.12%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,155,473.71

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

80,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 07/31/2025)

1.38%

12 Month Distribution Yield

-

Market Price

$26.93

NAV

$26.94

Premium/Discount

-0.06%

30-Day Median Bid-Ask Spread

0.15%

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

$2,155,473.71

Total Fund Annual Operating Expenses

0.20%

Inception Date

6/25/2025

Shares Outstanding

80,000.00

Distribution Frequency

Quarterly

30-Day SEC Yield (as of 07/31/2025)

1.38%

12 Month Distribution Yield

-

Market Price

$26.93

NAV

$26.94

Premium/Discount

-0.06%

30-Day Median Bid-Ask Spread

0.15%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History