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

04/14/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,904,421.89

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 03/31/2026)

1.31%

12 Month Distribution Yield

-

Market Price

$32.28

NAV

$32.27

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.23%

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 03/31/2026)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	-6.78%	-6.45%
2	3 Month	6.01%	6.18%
3	Year To Date	6.01%	6.18%
4	Since Inception*	25.61%	25.90%
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 03/31/2026)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	6.01%	6.18%
2	Year To Date	6.01%	6.18%
3	Since Inception*	25.61%	25.90%
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	2.26%	365
1	Uber Technologies Inc	UBER	90353T100	2.24%	842
2	ConocoPhillips	COP	20825C104	2.23%	544
3	SLB Ltd	SLB	806857108	2.10%	1,160
4	Exxon Mobil Corp	XOM	30231G102	2.07%	404
5	FedEx Corp	FDX	31428X106	1.96%	156
6	United Parcel Service Inc	UPS	911312106	1.86%	522
7	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.85%	190
8	Santos Ltd	STO AU	6776703	1.59%	8,348
9	Nippon Yusen KK	9101 JP	6643960	1.57%	1,200
10	Repsol SA	REP SM	5669354	1.52%	1,825
11	Halliburton Co	HAL	406216101	1.45%	1,121
12	Delta Air Lines Inc	DAL	247361702	1.44%	580
13	South32 Ltd	S32 AU	BWSW5D9	1.44%	12,605
14	DSV A/S	DSV DC	B1WT5G2	1.43%	159
15	XPO Inc	XPO	983793100	1.43%	197
16	Teck Resources Ltd	TECK	878742204	1.35%	671
17	Baker Hughes Co	BKR	05722G100	1.28%	620
18	Kinross Gold Corp	K CN	B03Z841	1.28%	1,112
19	Carnival Corp	CCL	143658300	1.26%	1,269
20	Northern Star Resources Ltd	NST AU	6717456	1.16%	1,911
21	United Airlines Holdings Inc	UAL	910047109	1.16%	357
22	Hecla Mining Co	HL	422704106	1.12%	1,698
23	COEUR MINING INC.	CDE	192108504	1.10%	1,619
24	Pantheon Resources PLC	PANR LN	B125SX8	0.90%	178,401
25	APA Corp	APA	03743Q108	0.88%	701
26	Northern Dynasty Minerals Ltd	NAK	66510M204	0.87%	13,190
27	Amazon.com Inc	AMZN	023135106	0.82%	96
28	Oracle Corp	ORCL	68389X105	0.80%	137
29	Alphabet Inc	GOOGL	02079K305	0.76%	65
30	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.75%	1,300
31	ArcBest Corp	ARCB	03937C105	0.75%	200
32	Kirby Corp	KEX	497266106	0.75%	153
33	Hilton Worldwide Holdings Inc	HLT	43300A203	0.74%	65
34	International Business Machines Corp	IBM	459200101	0.74%	88
35	Marriott International Inc/MD	MAR	571903202	0.74%	59
36	Cisco Systems Inc	CSCO	17275R102	0.73%	257
37	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.73%	173
38	Microsoft Corp	MSFT	594918104	0.72%	51
39	Nabors Industries Ltd	NBR	G6359F137	0.72%	259
40	Costco Wholesale Corp	COST	22160K105	0.71%	21
41	Matson Inc	MATX	57686G105	0.71%	121
42	Quanta Services Inc	PWR	74762E102	0.71%	35
43	CVS Health Corp	CVS	126650100	0.70%	271
44	Starbucks Corp	SBUX	855244109	0.70%	208
45	Trane Technologies PLC	TT	G8994E103	0.70%	44
46	Apple Inc	AAPL	037833100	0.68%	74
47	General Dynamics Corp	GD	369550108	0.68%	58
48	O'Reilly Automotive Inc	ORLY	67103H107	0.68%	212
49	Trilogy Metals Inc	TMQ	89621C105	0.68%	4,577
50	Walmart Inc	WMT	931142103	0.68%	159
51	Walt Disney Co/The	DIS	254687106	0.67%	189
52	Marsh & McLennan Cos Inc	MRSH	571748102	0.67%	112
53	Air Canada	AC CN	BSDHYK1	0.66%	1,362
54	Boeing Co/The	BA	097023105	0.66%	86
55	General Motors Co	GM	37045V100	0.66%	246
56	HCA Healthcare Inc	HCA	40412C101	0.66%	39
57	Honeywell International Inc	HON	438516106	0.66%	83
58	Wells Fargo & Co	WFC	949746101	0.66%	238
59	Core Laboratories Inc	CLB	21867A105	0.65%	1,142
60	Coca-Cola Co/The	KO	191216100	0.65%	249
61	Lockheed Martin Corp	LMT	539830109	0.65%	31
62	Northrop Grumman Corp	NOC	666807102	0.65%	28
63	Ryder System Inc	R	783549108	0.65%	89
64	American Airlines Group Inc	AAL	02376R102	0.64%	1,525
65	Emerson Electric Co	EMR	291011104	0.64%	133
66	GE AEROSPACE	GE	369604301	0.64%	59
67	McDonald's Corp	MCD	580135101	0.64%	61
68	Weatherford International PLC	WFRD	G48833118	0.64%	187
69	PepsiCo Inc	PEP	713448108	0.63%	119
70	Verizon Communications Inc	VZ	92343V104	0.63%	403
71	Expro Group Holdings NV	XPRO	N3144W105	0.63%	1,131
72	ANA Holdings Inc	9202 JP	6014908	0.62%	1,000
73	Home Depot Inc/The	HD	437076102	0.62%	53
74	McKesson Corp	MCK	58155Q103	0.62%	21
75	Sherwin-Williams Co/The	SHW	824348106	0.62%	55
76	SkyWest Inc	SKYW	830879102	0.62%	187
77	Lowe's Cos Inc	LOW	548661107	0.61%	72
78	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.61%	837
79	Contango Silver & Gold Inc	CTGO	21077F100	0.59%	691
80	Novagold Resources Inc	NG	66987E206	0.59%	1,718
81	MasTec Inc	MTZ	576323109	0.58%	46
82	Cathay Pacific Airways Ltd	293 HK	6179755	0.57%	11,000
83	Alaska Air Group Inc	ALK	011659109	0.56%	381
84	GoldMining Inc	GLDG	38149E101	0.53%	11,727
85	Airbnb Inc	ABNB	009066101	0.51%	107
86	Booz Allen Hamilton Holding Corp	BAH	099502106	0.50%	176
87	Target Corp	TGT	87612E106	0.49%	116
88	WSP Global Inc	WSP CN	BHR3R21	0.48%	84
89	Best Buy Co Inc	BBY	086516101	0.47%	213
90	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.47%	13,515
91	WW Grainger Inc	GWW	384802104	0.47%	12
92	KeyCorp	KEY	493267108	0.47%	637
93	L3Harris Technologies Inc	LHX	502431109	0.47%	38
94	Constellation Brands Inc	STZ	21036P108	0.47%	84
95	Ferguson Enterprises Inc	FERG	31488V107	0.46%	52
96	Ameriprise Financial Inc	AMP	03076C106	0.45%	28
97	Fastenal Co	FAST	311900104	0.45%	293
98	Yum! Brands Inc	YUM	988498101	0.45%	81
99	Kroger Co/The	KR	501044101	0.44%	192
100	Motorola Solutions Inc	MSI	620076307	0.44%	29
101	Republic Services Inc	RSG	760759100	0.44%	61
102	Waste Connections Inc	WCN CN	BYQFRK5	0.44%	80
103	Darden Restaurants Inc	DRI	237194105	0.43%	63
104	Jacobs Solutions Inc	J	46982L108	0.43%	99
105	Labcorp Holdings Inc	LH	504922105	0.43%	47
106	AECOM	ACM	00766T100	0.42%	140
107	Leidos Holdings Inc	LDOS	525327102	0.42%	77
108	Domino's Pizza Inc	DPZ	25754A201	0.41%	32
109	Ford Motor Co	F	345370860	0.41%	942
110	Lululemon Athletica Inc	LULU	550021109	0.41%	74
111	United Rentals Inc	URI	911363109	0.40%	15
112	Sysco Corp	SYY	871829107	0.38%	149
113	AutoZone Inc	AZO	053332102	0.37%	3
114	Iridium Communications Inc	IRDM	46269C102	0.37%	280
115	ULTA BEAUTY INC	ULTA	90384S303	0.37%	20
116	Builders FirstSource Inc	BLDR	12008R107	0.35%	121
117	Hertz Global Holdings Inc	HTZ	42806J700	0.34%	1,502
118	Major Drilling Group International Inc	MDI CN	2557515	0.31%	698
119	Globalstar Inc	GSAT	378973507	0.30%	107
120	Viasat Inc	VSAT	92552V100	0.29%	140
121	Harley-Davidson Inc	HOG	412822108	0.27%	343
122	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.26%	183
123	Choice Hotels International Inc	CHH	169905106	0.24%	61
124	GameStop Corp	GME	36467W109	0.24%	282
125	H&R Block Inc	HRB	093671105	0.24%	223
126	Stantec Inc	STN CN	2854238	0.24%	76
127	Yamaha Motor Co Ltd	7272 JP	6985264	0.23%	900
128	Buckle Inc/The	BKE	118440106	0.23%	124
129	Northrim BanCorp Inc	NRIM	666762109	0.23%	273
130	U-Haul Holding Co	UHAL	023586100	0.23%	131
131	GCI Liberty Inc	GLIBK	36164V800	0.22%	171
132	Knife River Corp	KNF	498894104	0.22%	76
133	Lithia Motors Inc	LAD	536797103	0.22%	23
134	North West Co Inc/The	NWC CN	BZ3FZR8	0.22%	164
135	Tetra Tech Inc	TTEK	88162G103	0.22%	203
136	Albertsons Cos Inc	ACI	013091103	0.21%	359
137	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.21%	538
138	Worley Ltd	WOR AU	6562474	0.20%	720
139	Universal Health Services Inc	UHS	913903100	0.19%	30
140	Nova Minerals Ltd	NVA AU	BYW3ZW1	0.17%	9,448
141	Silver47 Exploration Corp	AGA CN	BT6MDS1	0.14%	7,791
142	Freegold Ventures Ltd	FVL CN	2981631	0.14%	4,397
143	Cash & Other	Cash&Other	Cash&Other	0.14%	4,069
144	Felix Gold Ltd	FXG AU	BNM4KH7	0.11%	14,525
145	Bridger Aerospace Group Holdings Inc	BAER	96812F102	0.08%	1,145
146	Graphite One Inc	GPH CN	BJ9N154	0.06%	1,903
147	Vizsla Copper Corp	VCU CN	BVLJ6W6	0.02%	668
148	CANADIAN DOLLAR	CAD	CASHCAD	0.00%	-122

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	Second Quarter 2026
0	Days traded at premium	104	34	8
1	Days traded at NAV	8	3	0
2	Days traded at discount	20	24	1

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	34.38%
1	Energy	18.57%
2	Consumer Discretionary	17.66%
3	Materials	11.55%
4	Consumer Staples	5.12%
5	Information Technology	4.27%
6	Communication Services	2.83%
7	Health Care	2.67%
8	Financials	2.52%
9	Money Market Fund	0.43%

index	Ex-Dividend Date	Income	ST Cap Gains	MD Cap Gains	LT Cap Gains
0	03/17/2026	0.028357780
1	12/17/2025	0.65612223

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,904,421.89

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 03/31/2026)

1.31%

12 Month Distribution Yield

-

Market Price

$32.28

NAV

$32.27

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.23%

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

$2,904,421.89

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 03/31/2026)

1.31%

12 Month Distribution Yield

-

Market Price

$32.28

NAV

$32.27

Premium/Discount

0.03%

30-Day Median Bid-Ask Spread

0.23%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History