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

10/15/2026

Fund Details

AKAF

CUSIP

268961703

Net Assets

$2,830,313.34

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

3.38%

Market Price

$31.52

NAV

$31.45

Premium/Discount

0.22%

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	ConocoPhillips	COP	20825C104	2.49%	482
1	ExxonMobil Holdings Corp	XOM	30233Q108	2.48%	392
2	Uber Technologies Inc	UBER	90353T100	2.01%	810
3	DoorDash Inc	DASH	25809K105	1.88%	281
4	APA Corp	APA	03743Q108	1.73%	996
5	Nippon Yusen KK	9101 JP	6643960	1.62%	1,000
6	Santos Ltd	STO AU	6776703	1.62%	7,241
7	Repsol SA	REP SM	5669354	1.60%	1,354
8	Carnival Corp Ltd	CCL	G2004J103	1.52%	1,664
9	Northern Star Resources Ltd	NST AU	6717456	1.51%	2,452
10	Halliburton Co	HAL	406216101	1.46%	1,236
11	XPO Inc	XPO	983793100	1.46%	222
12	Kawasaki Kisen Kaisha Ltd	9107 JP	6484686	1.44%	1,900
13	Royal Caribbean Cruises Ltd	RCL	V7780T103	1.44%	147
14	United Parcel Service Inc	UPS	911312106	1.43%	417
15	SLB Ltd	SLB	806857108	1.39%	793
16	Teck Resources Ltd	TECK	878742204	1.39%	610
17	Delta Air Lines Inc	DAL	247361702	1.38%	519
18	Baker Hughes Co	BKR	05722G100	1.36%	690
19	FedEx Corp	FDX	31428X106	1.34%	129
20	South32 Ltd	S32 AU	BWSW5D9	1.34%	11,799
21	Fedex Freight Holding Co Inc	FDXF	314352105	1.30%	326
22	DSV A/S	DSV DC	B1WT5G2	1.28%	195
23	United Airlines Holdings Inc	UAL	910047109	1.28%	377
24	Hecla Mining Co	HL	422704106	1.13%	2,097
25	COEUR MINING INC.	CDE	192108504	1.12%	2,049
26	Kinross Gold Corp	K CN	B03Z841	1.10%	1,298
27	McKesson Corp	MCK	58155Q103	0.85%	24
28	Apple Inc	AAPL	037833100	0.84%	69
29	Walmart Inc	WMT	931142103	0.84%	200
30	Marriott International Inc/MD	MAR	571903202	0.82%	60
31	Microsoft Corp	MSFT	594918104	0.82%	44
32	Matson Inc	MATX	57686G105	0.80%	97
33	HCA Healthcare Inc	HCA	40412C101	0.79%	49
34	Quanta Services Inc	PWR	74762E102	0.78%	35
35	Trane Technologies PLC	TT	G8994E103	0.78%	48
36	Costco Wholesale Corp	COST	22160K105	0.77%	22
37	Emerson Electric Co	EMR	291011104	0.77%	136
38	Coca-Cola Co/The	KO	191216100	0.77%	233
39	Walt Disney Co/The	DIS	254687106	0.76%	194
40	International Business Machines Corp	IBM	459200101	0.76%	93
41	Alphabet Inc	GOOGL	02079K305	0.75%	62
42	Kirby Corp	KEX	497266106	0.75%	155
43	Wells Fargo & Co	WFC	949746101	0.75%	253
44	Cisco Systems Inc	CSCO	17275R102	0.74%	195
45	CVS Health Corp	CVS	126650100	0.74%	228
46	Ryder System Inc	R	783549108	0.74%	88
47	ArcBest Corp	ARCB	03937C105	0.73%	160
48	Marsh & McLennan Cos Inc	MRSH	571748102	0.73%	110
49	Cathay Pacific Airways Ltd	293 HK	6179755	0.72%	12,000
50	Amazon.com Inc	AMZN	023135106	0.72%	82
51	Lockheed Martin Corp	LMT	539830109	0.72%	37
52	Sherwin-Williams Co/The	SHW	824348106	0.72%	61
53	ANA Holdings Inc	9202 JP	6014908	0.70%	1,100
54	GE AEROSPACE	GE	369604301	0.70%	63
55	Home Depot Inc/The	HD	437076102	0.69%	63
56	Starbucks Corp	SBUX	855244109	0.69%	200
57	Boeing Co/The	BA	097023105	0.68%	101
58	General Dynamics Corp	GD	369550108	0.68%	56
59	Lowe's Cos Inc	LOW	548661107	0.68%	98
60	Oracle Corp	ORCL	68389X105	0.68%	151
61	PepsiCo Inc	PEP	713448108	0.68%	147
62	SkyWest Inc	SKYW	830879102	0.68%	210
63	McDonald's Corp	MCD	580135101	0.67%	78
64	Nabors Industries Ltd	NBR	G6359F137	0.67%	242
65	Verizon Communications Inc	VZ	92343V104	0.67%	427
66	American Airlines Group Inc	AAL	02376R102	0.66%	1,570
67	Norwegian Cruise Line Holdings Ltd	NCLH	G66721104	0.66%	1,242
68	Weatherford International PLC	WFRD	G48833118	0.65%	241
69	Alaska Air Group Inc	ALK	011659109	0.64%	514
70	TFI INTERNATIONAL INC	TFII CN	BDRXBF4	0.64%	158
71	Core Laboratories Inc	CLB	21867A105	0.63%	1,775
72	Contango Silver & Gold Inc	CTGO	21077F100	0.57%	1,060
73	Air Canada	AC CN	BSDHYK1	0.56%	1,021
74	Best Buy Co Inc	BBY	086516101	0.54%	164
75	Hilton Worldwide Holdings Inc	HLT	43300A203	0.54%	44
76	Kroger Co/The	KR	501044101	0.54%	241
77	Major Drilling Group International Inc	MDI CN	2557515	0.54%	1,450
78	ULTA BEAUTY INC	ULTA	90384S303	0.54%	26
79	Novagold Resources Inc	NG	66987E206	0.53%	2,288
80	WW Grainger Inc	GWW	384802104	0.52%	11
81	Republic Services Inc	RSG	760759100	0.52%	64
82	Fastenal Co	FAST	311900104	0.50%	279
83	O'Reilly Automotive Inc	ORLY	67103H107	0.50%	158
84	Waste Connections Inc	WCN CN	BYQFRK5	0.50%	85
85	Darden Restaurants Inc	DRI	237194105	0.49%	64
86	Ferguson Enterprises Inc	FERG	31488V107	0.49%	60
87	General Motors Co	GM	37045V100	0.49%	164
88	Honeywell International Inc	HON	438516205	0.49%	66
89	Motorola Solutions Inc	MSI	620076307	0.49%	30
90	Sysco Corp	SYY	871829107	0.49%	170
91	Labcorp Holdings Inc	LH	504922105	0.48%	43
92	Northrop Grumman Corp	NOC	666807102	0.48%	26
93	Constellation Brands Inc	STZ	21036P108	0.48%	103
94	Yum! Brands Inc	YUM	988498101	0.48%	90
95	Jacobs Solutions Inc	J	46982L108	0.47%	95
96	L3Harris Technologies Inc	LHX	502431109	0.47%	54
97	Trilogy Metals Inc	TMQ	89621C105	0.47%	5,690
98	United Rentals Inc	URI	911363109	0.47%	13
99	Airbnb Inc	ABNB	009066101	0.46%	75
100	Ameriprise Financial Inc	AMP	03076C106	0.46%	26
101	KeyCorp	KEY	493267108	0.46%	653
102	Target Corp	TGT	87612E106	0.46%	84
103	Ford Motor Co	F	345370860	0.45%	1,025
104	Leidos Holdings Inc	LDOS	525327102	0.45%	103
105	AutoZone Inc	AZO	053332102	0.44%	4
106	WSP Global Inc	WSP CN	BHR3R21	0.42%	102
107	GoldMining Inc	GLDG	38149E101	0.39%	13,716
108	Northern Dynasty Minerals Ltd	NAK	66510M204	0.38%	12,022
109	GameStop Corp	GME	36467W109	0.37%	395
110	MasTec Inc	MTZ	576323109	0.37%	55
111	Pursuit Attractions and Hospitality Inc	PRSU	92552R406	0.29%	147
112	North West Co Inc/The	NWC CN	BZ3FZR8	0.28%	201
113	Albertsons Cos Inc	ACI	013091103	0.26%	565
114	Buckle Inc/The	BKE	118440106	0.26%	160
115	Universal Health Services Inc	UHS	913903100	0.26%	40
116	Yamaha Motor Co Ltd	7272 JP	6985264	0.25%	600
117	Booz Allen Hamilton Holding Corp	BAH	099502106	0.25%	95
118	Choice Hotels International Inc	CHH	169905106	0.25%	65
119	Canada Goose Holdings Inc	GOOS CN	BF0B2F6	0.25%	865
120	Globalstar Inc	GSAT	378973507	0.25%	87
121	Pantheon Resources PLC	PANR LN	B125SX8	0.25%	50,261
122	Harley-Davidson Inc	HOG	412822108	0.24%	253
123	Tetra Tech Inc	TTEK	88162G103	0.24%	194
124	AECOM	ACM	00766T100	0.23%	110
125	Domino's Pizza Inc	DPZ	25754A201	0.23%	21
126	H&R Block Inc	HRB	093671105	0.23%	133
127	Iridium Communications Inc	IRDM	46269C102	0.23%	151
128	Northrim BanCorp Inc	NRIM	666762109	0.23%	277
129	Stantec Inc	STN CN	2854238	0.23%	96
130	Expro Ltd	XPRO	G3314M109	0.23%	399
131	Lithia Motors Inc	LAD	536797103	0.21%	20
132	Viasat Inc	VSAT	92552V100	0.21%	99
133	Worley Ltd	WOR AU	6562474	0.21%	913
134	Builders FirstSource Inc	BLDR	12008R107	0.20%	102
135	Liberty Capital Corp	GLIBK	36164V800	0.20%	276
136	Hertz Global Holdings Inc	HTZ	42806J700	0.20%	3,256
137	Knife River Corp	KNF	498894104	0.20%	112
138	Lululemon Athletica Inc	LULU	550021109	0.20%	59
139	U-Haul Holding Co	UHAL	023586100	0.20%	101
140	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	0.17%	4,765
141	Bridger Aerospace Group Holdings Inc	BAER	96812F102	0.12%	6,803
142	Freegold Ltd	FVL CN	BXM1HJ9	0.08%	3,638
143	Cash & Other	Cash&Other	Cash&Other	0.08%	2,257
144	Nova Minerals Corp	NVA AU	BYW3ZW1	0.05%	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%	8
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	6
1	Days traded at NAV	8	3	1	8	2
2	Days traded at discount	20	24	25	23	3

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

$2,830,313.34

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

3.38%

Market Price

$31.52

NAV

$31.45

Premium/Discount

0.22%

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

$2,830,313.34

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

3.38%

Market Price

$31.52

NAV

$31.45

Premium/Discount

0.22%

30-Day Median Bid-Ask Spread

0.23%

Factors

Performance

ETF Holdings

Sector Breakdown

Fund Literature

Fund Literature

Distribution History