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

10/12/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,825,263.94

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 09/30/2026)

1.35%

12 Month Distribution Yield

3.39%

Market Price

$31.39

NAV

$31.39

Premium/Discount

-0.02%

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 09/30/2026)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	1 Month	-6.54%	-6.48%
2	3 Month	-1.48%	-1.45%
3	Year To Date	7.68%	7.69%
4	Since Inception*	27.60%	27.68%
5	Average Annual
6	1 Year	12.64%	12.70%
7	3 Year	0.00%	0.00%
8	5 Year	0.00%	0.00%
9	10 Year	0.00%	0.00%
10	Since Inception*	21.23%	21.29%

index	Quarter End Performance (As of 09/30/2026)	AKAF Nav Returns	AKAF Market Price Returns
0	Cumulative
1	Quarter	-1.48%	-1.45%
2	Year To Date	7.68%	7.69%
3	Since Inception*	27.60%	27.68%
4	Average Annual
5	1 Year	12.64%	12.70%
6	3 Year	0.00%	0.00%
7	5 Year	0.00%	0.00%
8	10 Year	0.00%	0.00%
9	Since Inception*	21.23%	21.29%

*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	ExxonMobil Holdings Corp	XOM	30233Q108	2.41%	392
1	ConocoPhillips	COP	20825C104	2.40%	482
2	Uber Technologies Inc	UBER	90353T100	2.04%	810
3	DoorDash Inc	DASH	25809K105	1.92%	281
4	Nippon Yusen KK	9101 JP	6643960	1.69%	1,000
5	APA Corp	APA	03743Q108	1.69%	996
6	Repsol SA	REP SM	5669354	1.59%	1,354
7	Santos Ltd	STO AU	6776703	1.59%	7,241
8	Carnival Corp Ltd	CCL	G2004J103	1.57%	1,664
9	Northern Star Resources Ltd	NST AU	6717456	1.51%	2,452
10	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	1.48%	1,900
11	Delta Air Lines Inc	DAL	247361702	1.46%	519
12	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.46%	147
13	Teck Resources Ltd	TECK	878742204	1.45%	610
14	Halliburton Co	HAL	406216101	1.43%	1,236
15	XPO Inc	XPO	983793100	1.42%	222
16	South32 Ltd	S32 AU	BWSW5D9	1.41%	11,799
17	United Parcel Service Inc	UPS	911312106	1.40%	417
18	Baker Hughes Co	BKR	05722G100	1.38%	690
19	United Airlines Holdings Inc	UAL	910047109	1.38%	377
20	SLB Ltd	SLB	806857108	1.37%	793
21	FedEx Corp	FDX	31428X106	1.33%	129
22	Fedex Freight Holding Co Inc	FDXF	314352105	1.27%	326
23	Hecla Mining Co	HL	422704106	1.20%	2,097
24	DSV A/S	DSV DC	B1WT5G2	1.19%	195
25	COEUR MINING INC.	CDE	192108504	1.18%	2,049
26	Kinross Gold Corp	K CN	B03Z841	1.08%	1,298
27	Microsoft Corp	MSFT	594918104	0.85%	44
28	Quanta Services Inc	PWR	74762E102	0.85%	35
29	Apple Inc	AAPL	037833100	0.83%	69
30	McKesson Corp	MCK	58155Q103	0.82%	24
31	Matson Inc	MATX	57686G105	0.81%	97
32	Trane Technologies PLC	TT	G8994E103	0.81%	48
33	HCA Healthcare Inc	HCA	40412C101	0.80%	49
34	Cisco Systems Inc	CSCO	17275R102	0.79%	195
35	Emerson Electric Co	EMR	291011104	0.79%	136
36	Marriott International Inc/MD	MAR	571903202	0.79%	60
37	Walmart Inc	WMT	931142103	0.79%	200
38	Alphabet Inc	GOOGL	02079K305	0.78%	62
39	International Business Machines Corp	IBM	459200101	0.76%	93
40	Oracle Corp	ORCL	68389X105	0.76%	151
41	Cathay Pacific Airways Ltd	293 HK	6179755	0.75%	12,000
42	Amazon.com Inc	AMZN	023135106	0.75%	82
43	Kirby Corp	KEX	497266106	0.75%	155
44	ArcBest Corp	ARCB	03937C105	0.74%	160
45	Costco Wholesale Corp	COST	22160K105	0.74%	22
46	Walt Disney Co/The	DIS	254687106	0.74%	194
47	Coca-Cola Co/The	KO	191216100	0.74%	233
48	Ryder System Inc	R	783549108	0.74%	88
49	Wells Fargo & Co	WFC	949746101	0.72%	253
50	ANA Holdings Inc	9202 JP	6014908	0.71%	1,100
51	CVS Health Corp	CVS	126650100	0.71%	228
52	Sherwin-Williams Co/The	SHW	824348106	0.70%	61
53	SkyWest Inc	SKYW	830879102	0.70%	210
54	American Airlines Group Inc	AAL	02376R102	0.69%	1,570
55	Alaska Air Group Inc	ALK	011659109	0.69%	514
56	GE AEROSPACE	GE	369604301	0.69%	63
57	Marsh & McLennan Cos Inc	MRSH	571748102	0.69%	110
58	Nabors Industries Ltd	NBR	G6359F137	0.69%	242
59	Boeing Co/The	BA	097023105	0.67%	101
60	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.67%	1,242
61	General Dynamics Corp	GD	369550108	0.66%	56
62	Lockheed Martin Corp	LMT	539830109	0.66%	37
63	PepsiCo Inc	PEP	713448108	0.66%	147
64	Verizon Communications Inc	VZ	92343V104	0.66%	427
65	Weatherford International PLC	WFRD	G48833118	0.66%	241
66	Home Depot Inc/The	HD	437076102	0.65%	63
67	Lowe's Cos Inc	LOW	548661107	0.65%	98
68	McDonald's Corp	MCD	580135101	0.65%	78
69	Starbucks Corp	SBUX	855244109	0.65%	200
70	Core Laboratories Inc	CLB	21867A105	0.64%	1,775
71	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.63%	158
72	Contango Silver & Gold Inc	CTGO	21077F100	0.59%	1,060
73	Air Canada	AC CN	BSDHYK1	0.58%	1,021
74	Major Drilling Group International Inc	MDI CN	2557515	0.58%	1,450
75	Novagold Resources Inc	NG	66987E206	0.54%	2,288
76	Trilogy Metals Inc	TMQ	89621C105	0.53%	5,690
77	ULTA BEAUTY INC	ULTA	90384S303	0.53%	26
78	WW Grainger Inc	GWW	384802104	0.52%	11
79	Kroger Co/The	KR	501044101	0.52%	241
80	Best Buy Co Inc	BBY	086516101	0.51%	164
81	Fastenal Co	FAST	311900104	0.51%	279
82	Hilton Worldwide Holdings Inc	HLT	43300A203	0.51%	44
83	Republic Services Inc	RSG	760759100	0.50%	64
84	General Motors Co	GM	37045V100	0.49%	164
85	United Rentals Inc	URI	911363109	0.49%	13
86	Honeywell International Inc	HON	438516205	0.48%	66
87	Jacobs Solutions Inc	J	46982L108	0.48%	95
88	Labcorp Holdings Inc	LH	504922105	0.48%	43
89	Motorola Solutions Inc	MSI	620076307	0.48%	30
90	O'Reilly Automotive Inc	ORLY	67103H107	0.48%	158
91	Darden Restaurants Inc	DRI	237194105	0.47%	64
92	Ferguson Enterprises Inc	FERG	31488V107	0.47%	60
93	Sysco Corp	SYY	871829107	0.47%	170
94	Yum! Brands Inc	YUM	988498101	0.47%	90
95	KeyCorp	KEY	493267108	0.46%	653
96	Constellation Brands Inc	STZ	21036P108	0.46%	103
97	Waste Connections Inc	WCN CN	BYQFRK5	0.46%	85
98	Ameriprise Financial Inc	AMP	03076C106	0.45%	26
99	L3Harris Technologies Inc	LHX	502431109	0.45%	54
100	Target Corp	TGT	87612E106	0.45%	84
101	Airbnb Inc	ABNB	009066101	0.44%	75
102	Ford Motor Co	F	345370860	0.44%	1,025
103	Leidos Holdings Inc	LDOS	525327102	0.44%	103
104	Northrop Grumman Corp	NOC	666807102	0.44%	26
105	Northern Dynasty Minerals Ltd	NAK	66510M204	0.43%	12,022
106	GoldMining Inc	GLDG	38149E101	0.42%	13,716
107	AutoZone Inc	AZO	053332102	0.41%	4
108	WSP Global Inc	WSP CN	BHR3R21	0.41%	102
109	MasTec Inc	MTZ	576323109	0.40%	55
110	GameStop Corp	GME	36467W109	0.38%	395
111	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.28%	147
112	North West Co Inc/The	NWC CN	BZ3FZR8	0.27%	201
113	Yamaha Motor Co Ltd	7272 JP	6985264	0.25%	600
114	Albertsons Cos Inc	ACI	013091103	0.25%	565
115	Buckle Inc/The	BKE	118440106	0.25%	160
116	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.25%	865
117	Globalstar Inc	GSAT	378973507	0.25%	87
118	Harley-Davidson Inc	HOG	412822108	0.25%	253
119	Iridium Communications Inc	IRDM	46269C102	0.25%	151
120	Pantheon Resources PLC	PANR LN	B125SX8	0.25%	50,261
121	Universal Health Services Inc	UHS	913903100	0.25%	40
122	Booz Allen Hamilton Holding Corp	BAH	099502106	0.24%	95
123	Choice Hotels International Inc	CHH	169905106	0.24%	65
124	Northrim BanCorp Inc	NRIM	666762109	0.24%	277
125	AECOM	ACM	00766T100	0.23%	110
126	Stantec Inc	STN CN	2854238	0.23%	96
127	Tetra Tech Inc	TTEK	88162G103	0.23%	194
128	Viasat Inc	VSAT	92552V100	0.23%	99
129	Expro Ltd	XPRO	G3314M109	0.23%	399
130	Domino's Pizza Inc	DPZ	25754A201	0.22%	21
131	Hertz Global Holdings Inc	HTZ	42806J700	0.22%	3,256
132	H&R Block Inc	HRB	093671105	0.21%	133
133	Worley Ltd	WOR AU	6562474	0.21%	913
134	Liberty Capital Corp	GLIBK	36164V800	0.20%	276
135	Lithia Motors Inc	LAD	536797103	0.20%	20
136	Lululemon Athletica Inc	LULU	550021109	0.20%	59
137	U-Haul Holding Co	UHAL	023586100	0.20%	101
138	Builders FirstSource Inc	BLDR	12008R107	0.19%	102
139	Knife River Corp	KNF	498894104	0.19%	112
140	Bridger Aerospace Group Holdings Inc	BAER	96812F102	0.13%	6,803
141	Cash & Other	Cash&Other	Cash&Other	0.13%	3,616
142	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.12%	3,394
143	Freegold Ltd	FVL CN	BXM1HJ9	0.09%	3,638
144	Nova Minerals Corp	NVA AU	BYW3ZW1	0.07%	4,802
145	Vizsla Copper Corp	VCU CN	BVLJ6W6	0.04%	1,485
146	Silver47 Exploration Corp	AGA CN	BT6MDS1	0.03%	2,203
147	EURO	EUR	CASHEUR	0.03%	815
148	Felix Gold Ltd	FXG AU	BNM4KH7	0.03%	7,251
149	Graphite One Inc	GPH CN	BJ9N154	0.03%	1,393
150	CANADIAN DOLLAR	CAD	CASHCAD	0.00%	-102
151	DANISH KRONE	DKK	CASHDKK	0.00%	55
152	HONG KONG DOLLAR	HKD	CASHHKD	0.00%	260

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	Third Quarter 2026	Forth Quarter 2026
0	Days traded at premium	104	34	36	33	4
1	Days traded at NAV	8	3	1	8	2
2	Days traded at discount	20	24	25	23	2

Sector Breakdown

As of DATE

index	Name	Weight
0	Industrials	35.72%
1	Consumer Discretionary	16.84%
2	Energy	15.91%
3	Materials	13.47%
4	Consumer Staples	5.11%
5	Information Technology	4.39%
6	Communication Services	2.83%
7	Health Care	2.82%
8	Financials	2.62%
9	Money Market Fund	0.29%

index	Ex-Dividend Date	Income
0	09/17/2026	0.111688330
1	06/16/2026	0.266744550
2	03/17/2026	0.028357780
3	12/17/2025	0.65612223

The Frontier Economic Fund

Investment Objectives

Fund Details

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,825,263.94

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 09/30/2026)

1.35%

12 Month Distribution Yield

3.39%

Market Price

$31.39

NAV

$31.39

Premium/Discount

-0.02%

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

$2,825,263.94

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 09/30/2026)

1.35%

12 Month Distribution Yield

3.39%

Market Price

$31.39

NAV

$31.39

Premium/Discount

-0.02%

30-Day Median Bid-Ask Spread

0.23%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History