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

12/04/2025

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,657,251.66

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 11/30/2025)

1.35%

12 Month Distribution Yield

-

Market Price

$29.53

NAV

$29.53

Premium/Discount

0.01%

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 11/30/2025)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	1.80%	1.68%
2	3 Month	5.09%	5.16%
3	Year To Date	0.00%	0.00%
4	Since Inception*	16.53%	16.56%
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 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	FedEx Corp	FDX	31428X106	2.37%	230
1	United Parcel Service Inc	UPS	911312106	2.17%	608
2	GE AEROSPACE	GE	369604301	2.14%	195
3	Barrick Mining Corp	ABX CN	BNM23Q1	2.09%	1,355
4	Exxon Mobil Corp	XOM	30231G102	2.09%	474
5	Uber Technologies Inc	UBER	90353T100	1.92%	561
6	ConocoPhillips	COP	20825C104	1.91%	546
7	Northern Star Resources Ltd	NST AU	6717456	1.89%	2,903
8	Kinross Gold Corp	K CN	B03Z841	1.83%	1,777
9	Teck Resources Ltd	TECK	878742204	1.83%	1,082
10	DoorDash Inc	DASH	25809K105	1.81%	217
11	Halliburton Co	HAL	406216101	1.67%	1,596
12	Agnico Eagle Mines Ltd	AEM CN	2009823	1.64%	254
13	Repsol SA	REP SM	5669354	1.59%	2,224
14	Northern Dynasty Minerals Ltd	NAK	66510M204	1.58%	20,075
15	Baker Hughes Co	BKR	05722G100	1.52%	796
16	Delta Air Lines Inc	DAL	247361702	1.47%	582
17	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.44%	148
18	XPO Inc	XPO	983793100	1.43%	269
19	DSV A/S	DSV DC	B1WT5G2	1.42%	158
20	SLB Ltd	SLB	806857108	1.42%	990
21	Hecla Mining Co	HL	422704106	1.41%	2,220
22	United Airlines Holdings Inc	UAL	910047109	1.35%	342
23	Nippon Yusen KK	9101 JP	6643960	1.20%	1,000
24	Santos Ltd	STO AU	6776703	1.13%	6,820
25	Carnival Corp	CCL	143658300	1.07%	1,102
26	Nabors Industries Ltd	NBR	G6359F137	1.05%	492
27	Alphabet Inc	GOOGL	02079K305	1.02%	85
28	Novagold Resources Inc	NG	66987E206	1.01%	2,705
29	Core Laboratories Inc	CLB	21867A105	0.99%	1,600
30	COEUR MINING INC.	CDE	192108504	0.87%	1,429
31	International Business Machines Corp	IBM	459200101	0.83%	72
32	South32 Ltd	S32 AU	BWSW5D9	0.83%	9,445
33	Apple Inc	AAPL	037833100	0.81%	77
34	HCA Healthcare Inc	HCA	40412C101	0.81%	44
35	McKesson Corp	MCK	58155Q103	0.80%	26
36	Walmart Inc	WMT	931142103	0.80%	185
37	Expro Group Holdings NV	XPRO	N3144W105	0.80%	1,436
38	APA Corp	APA	03743Q108	0.79%	788
39	Cisco Systems Inc	CSCO	17275R102	0.76%	260
40	Marriott International Inc/MD	MAR	571903202	0.74%	66
41	American Airlines Group Inc	AAL	02376R102	0.73%	1,358
42	Wells Fargo & Co	WFC	949746101	0.73%	215
43	Matson Inc	MATX	57686G105	0.72%	169
44	CVS Health Corp	CVS	126650100	0.71%	247
45	General Dynamics Corp	GD	369550108	0.71%	55
46	Coca-Cola Co/The	KO	191216100	0.69%	259
47	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.69%	190
48	Emerson Electric Co	EMR	291011104	0.68%	133
49	Amazon.com Inc	AMZN	023135106	0.67%	78
50	Hilton Worldwide Holdings Inc	HLT	43300A203	0.66%	64
51	Lockheed Martin Corp	LMT	539830109	0.66%	39
52	McDonald's Corp	MCD	580135101	0.66%	57
53	PepsiCo Inc	PEP	713448108	0.66%	120
54	Air Canada	AC CN	BSDHYK1	0.65%	1,257
55	Northrop Grumman Corp	NOC	666807102	0.65%	31
56	Starbucks Corp	SBUX	855244109	0.65%	203
57	ANA Holdings Inc	9202 JP	6014908	0.64%	900
58	Costco Wholesale Corp	COST	22160K105	0.64%	19
59	Lowe's Cos Inc	LOW	548661107	0.64%	69
60	O'Reilly Automotive Inc	ORLY	67103H107	0.64%	171
61	Trane Technologies PLC	TT	G8994E103	0.64%	42
62	Microsoft Corp	MSFT	594918104	0.63%	35
63	Airbnb Inc	ABNB	009066101	0.62%	137
64	Sherwin-Williams Co/The	SHW	824348106	0.62%	49
65	Verizon Communications Inc	VZ	92343V104	0.62%	402
66	Oracle Corp	ORCL	68389X105	0.61%	76
67	Republic Services Inc	RSG	760759100	0.61%	75
68	Walt Disney Co/The	DIS	254687106	0.60%	151
69	Knife River Corp	KNF	498894104	0.60%	215
70	Honeywell International Inc	HON	438516106	0.59%	81
71	Marsh & McLennan Cos Inc	MMC	571748102	0.59%	86
72	Boeing Co/The	BA	097023105	0.58%	76
73	General Motors Co	GM	37045V100	0.57%	202
74	Home Depot Inc/The	HD	437076102	0.57%	43
75	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	0.56%	1,100
76	SkyWest Inc	SKYW	830879102	0.56%	145
77	Motorola Solutions Inc	MSI	620076307	0.55%	39
78	Globalstar Inc	GSAT	378973507	0.54%	210
79	Alaska Air Group Inc	ALK	011659109	0.51%	288
80	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.51%	716
81	Ford Motor Co	F	345370860	0.49%	997
82	Ferguson Enterprises Inc	FERG	31488V107	0.48%	51
83	Leidos Holdings Inc	LDOS	525327102	0.47%	65
84	GameStop Corp	GME	36467W109	0.46%	528
85	Pantheon Resources PLC	PANR LN	B125SX8	0.46%	42,517
86	ULTA BEAUTY INC	ULTA	90384S303	0.46%	23
87	L3Harris Technologies Inc	LHX	502431109	0.45%	43
88	Best Buy Co Inc	BBY	086516101	0.44%	157
89	WW Grainger Inc	GWW	384802104	0.44%	12
90	KeyCorp	KEY	493267108	0.44%	612
91	Yum! Brands Inc	YUM	988498101	0.44%	81
92	AutoZone Inc	AZO	053332102	0.43%	3
93	Domino's Pizza Inc	DPZ	25754A201	0.42%	26
94	Jacobs Solutions Inc	J	46982L108	0.42%	80
95	Labcorp Holdings Inc	LH	504922105	0.42%	43
96	Target Corp	TGT	87612E106	0.42%	121
97	Waste Connections Inc	WCN CN	BYQFRK5	0.42%	65
98	Kroger Co/The	KR	501044101	0.41%	174
99	Sysco Corp	SYY	871829107	0.41%	148
100	U-Haul Holding Co	UHAL	023586100	0.41%	206
101	Albertsons Cos Inc	ACI	013091103	0.40%	608
102	United Rentals Inc	URI	911363109	0.40%	13
103	Ameriprise Financial Inc	AMP	03076C106	0.39%	22
104	Lululemon Athletica Inc	LULU	550021109	0.39%	57
105	WSP Global Inc	WSP CN	BHR3R21	0.39%	59
106	Darden Restaurants Inc	DRI	237194105	0.38%	58
107	Constellation Brands Inc	STZ	21036P108	0.38%	74
108	AECOM	ACM	00766T100	0.37%	94
109	Fastenal Co	FAST	311900104	0.37%	236
110	Trilogy Metals Inc	TMQ	89621C105	0.36%	2,040
111	Booz Allen Hamilton Holding Corp	BAH	099502106	0.35%	107
112	Builders FirstSource Inc	BLDR	12008R107	0.35%	83
113	Bombardier Inc	BBD/B CN	BN33PL2	0.32%	51
114	Denny's Corp	DENN	24869P104	0.31%	1,326
115	Universal Health Services Inc	UHS	913903100	0.28%	32
116	MDU Resources Group Inc	MDU	552690109	0.26%	361
117	Major Drilling Group International Inc	MDI CN	2557515	0.24%	643
118	Northrim BanCorp Inc	NRIM	666762109	0.24%	250
119	Viasat Inc	VSAT	92552V100	0.24%	182
120	Yamaha Motor Co Ltd	7272 JP	6985264	0.22%	800
121	Buckle Inc/The	BKE	118440106	0.22%	104
122	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.22%	421
123	Lithia Motors Inc	LAD	536797103	0.22%	18
124	North West Co Inc/The	NWC CN	BZ3FZR8	0.21%	162
125	Tetra Tech Inc	TTEK	88162G103	0.21%	160
126	Hertz Global Holdings Inc	HTZ	42806J700	0.20%	1,015
127	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.20%	160
128	Stantec Inc	STN CN	2854238	0.20%	55
129	GCI Liberty Inc	GLIBK	36164V800	0.18%	157
130	Harley-Davidson Inc	HOG	412822108	0.18%	203
131	H&R Block Inc	HRB	093671105	0.18%	116
132	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.17%	4,546
133	Choice Hotels International Inc	CHH	169905106	0.16%	49
134	Iridium Communications Inc	IRDM	46269C102	0.16%	237
135	GoldMining Inc	GLDG	38149E101	0.13%	2,367
136	Cash & Other	Cash&Other	Cash&Other	0.10%	2,695
137	Freegold Ventures Ltd	FVL CN	2981631	0.06%	1,546
138	JAPANESE YEN	JPY	CASHJPY	0.04%	153,280
139	Solstice Advanced Materials Inc	SOLS	83443Q103	0.04%	20
140	CANADIAN DOLLAR	CAD	CASHCAD	0.01%	251
141	DANISH KRONE	DKK	CASHDKK	0.01%	1,976
142	GCI Liberty Inc	GLIBR	36164V115	0.01%	61
143	BRITISH POUNDS	GBP	CASHGBP	0.00%	40

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	40
1	Days traded at NAV	0	6	1
2	Days traded at discount	1	14	5

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	32.65%
1	Consumer Discretionary	17.96%
2	Materials	15.7%
3	Energy	15.14%
4	Consumer Staples	5.05%
5	Information Technology	4.77%
6	Communication Services	3.04%
7	Health Care	3.04%
8	Financials	2.33%
9	Utilities	0.27%
10	Money Market Fund	0.05%

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,657,251.66

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 11/30/2025)

1.35%

12 Month Distribution Yield

-

Market Price

$29.53

NAV

$29.53

Premium/Discount

0.01%

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

$2,657,251.66

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 11/30/2025)

1.35%

12 Month Distribution Yield

-

Market Price

$29.53

NAV

$29.53

Premium/Discount

0.01%

30-Day Median Bid-Ask Spread

0.24%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History