NRSH

North America Nearshoring Stock Selection ETF

Investment Objective

The Aztlan North America Nearshoring Stock Selection ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Aztlan North America Nearshoring Index (the “Index”).

Fund Summary

NRSH is Aztlan’s North America Nearshoring Stock Selection ETF, a rules-based strategy that seeks to invest in stocks that are based in North America, including The USA, Mexico, and Canada, and that have been identified by Aztlan as direct beneficiaries of the nearshoring phenomenon. The NRSH investable universe is comprised by North American companies that belong to one of the categories: (a) Industrial REITs, (b) Specialty REITs, (c) Real Estate Management & Development, (d) Specialized REITs, (e) Ground Transportation, (f) Air Freight & Logistics, (g) Transportation Infrastructure, or (h) Marine Transportation. NRSH uses a proprietary 6-factor fundamental model to assign stock rankings for final stock selection: cash flow generation, value, growth, capital structure quality, earnings revisions and momentum. t

Fund Documents

Fund Details

wdt_ID	Name	Information
1	Fund Inception	11/29/2023
2	Ticker	NRSH
3	Primary Exchange	NYSE
4	CUSIP	886364272
5	IPOV Symbol	NRSH.IV
6	NAV Symbol	NRSH.NV
7	Expense Ratio	0.75%

Name
10/31/2025

*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.

Fund Data & Pricing

Name	Value
Net Assets	$18.83m
NAV	$22.15
Shares Outstanding	850,000
Premium/Discount Percentage	0.05%
Closing Price	$22.16
Median 30 Day Spread*	0.91%

*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Name
10/31/2025

Fund Name	Fund Ticker	1MO	3MO	6MO	YTD	1YR	3YR	5YR	10YR	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	7.95	17.95	24.19	21.33	13.12	–	–	–	25.75	12.65	10/31/2025
Aztlan North America Nearshoring Stock Selection ETF	NRSH NAV	7.88	17.42	23.85	21.6	13.53	–	–	–	25.65	12.61	10/31/2025
S&P 500 TR	SPTR2	2.34	8.23	23.6	17.52	21.45	–	–	–	54.23	25.27	10/31/2025
Aztlan North America Nearshoring Price Return Index	AZNR	7.91	17.64	23.45	20.62	12.19	13.11	–	–	23.48	11.59	10/31/2025

Name
9/30/2025

Fund Name	Fund Ticker	1MO	3MO	6MO	YTD	1YR	3YR	5YR	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	6.59	6.1	14.98	12.4	2.81	–	–	–	16.49	8.66	09/30/2025
Aztlan North America Nearshoring Stock Selection ETF	NRSH NAV	6.50	6.15	14.51	12.72	2.66	–	–	–	16.48	8.65	09/30/2025
Aztlan North America Nearshoring Price Return Index	AZNR	7.76	6.28	14.07	11.78	1.36	13.29	–	–	14.43	7.61	09/30/2025
S&P 500 TR	SPTR2	3.65	8.12	19.96	14.83	17.6	–	–	–	50.70	24.99	09/30/2025

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling . Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Distribution Detail

Ex Date	Record Date	Payable Date	Amount
12/24/2024	12/24/2024	12/27/2024	0.18
12/26/2023	12/27/2023	12/28/2023	0.04

Top 10 Holdings

Holdings are subject to change without notice.

Date	Account	StockTicker	Name	CUSIP	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits
11/21/2025	NRSH	CIEN	Ciena Corp	171779309	4,902	176.45	864,957.90	4.59%	18,830,730	850,000	34
11/21/2025	NRSH	CACI	CACI International Inc	127190304	1,298	595.00	772,310.00	4.10%	18,830,730	850,000	34
11/21/2025	NRSH	WCC	WESCO International Inc	95082P105	2,998	246.98	740,446.04	3.93%	18,830,730	850,000	34
11/21/2025	NRSH	CRWD	Crowdstrike Holdings Inc	22788C105	1,476	501.31	739,933.56	3.93%	18,830,730	850,000	34
11/21/2025	NRSH	APLD	Applied Digital Corp	038169207	34,451	21.37	736,217.87	3.91%	18,830,730	850,000	34
11/21/2025	NRSH	CSCO	Cisco Systems Inc	17275R102	9,659	75.44	728,674.96	3.87%	18,830,730	850,000	34
11/21/2025	NRSH	CHRW	CH Robinson Worldwide Inc	12541W209	4,860	148.57	722,050.20	3.83%	18,830,730	850,000	34
11/21/2025	NRSH	SPXC	SPX Technologies Inc	78473E103	3,454	199.31	688,416.74	3.66%	18,830,730	850,000	34
11/21/2025	NRSH	CW	Curtiss-Wright Corp	231561101	1,264	535.80	677,251.20	3.60%	18,830,730	850,000	34
11/21/2025	NRSH	APG	API Group Corp	00187Y100	18,450	36.77	678,406.50	3.60%	18,830,730	850,000	34
11/21/2025	NRSH	GE	GE AEROSPACE	369604301	2,285	290.62	664,066.70	3.53%	18,830,730	850,000	34
11/21/2025	NRSH	NVDA	NVIDIA Corp	67066G104	3,619	180.64	653,736.16	3.47%	18,830,730	850,000	34
11/21/2025	NRSH	COMM	CommScope Holding Co Inc	20337X109	39,457	16.57	653,802.49	3.47%	18,830,730	850,000	34
11/21/2025	NRSH	VVX	V2X Inc	92242T101	11,944	52.16	622,999.04	3.31%	18,830,730	850,000	34
11/21/2025	NRSH	AVGO	Broadcom Inc	11135F101	1,788	346.82	620,114.16	3.29%	18,830,730	850,000	34
11/21/2025	NRSH	ATEN	A10 Networks Inc	002121101	36,880	16.63	613,314.40	3.26%	18,830,730	850,000	34
11/21/2025	NRSH	CCI	Crown Castle Inc	22822V101	6,746	90.12	607,949.52	3.23%	18,830,730	850,000	34
11/21/2025	NRSH	MWA	Mueller Water Products Inc	624758108	25,852	23.29	602,093.08	3.20%	18,830,730	850,000	34
11/21/2025	NRSH	EME	EMCOR Group Inc	29084Q100	1,023	583.08	596,490.84	3.17%	18,830,730	850,000	34
11/21/2025	NRSH	AIT	Applied Industrial Technologies Inc	03820C105	2,445	242.52	592,961.40	3.15%	18,830,730	850,000	34
11/21/2025	NRSH	YOU	Clear Secure Inc	18467V109	17,235	33.98	585,645.30	3.11%	18,830,730	850,000	34
11/21/2025	NRSH	CALX	Calix Inc	13100M509	10,415	53.34	555,536.10	2.95%	18,830,730	850,000	34
11/21/2025	NRSH	TENB	Tenable Holdings Inc	88025T102	21,523	25.65	552,064.95	2.93%	18,830,730	850,000	34
11/21/2025	NRSH	ANET	Arista Networks Inc	040413205	4,617	119.59	552,147.03	2.93%	18,830,730	850,000	34
11/21/2025	NRSH	ACM	AECOM	00766T100	5,083	106.14	539,509.62	2.87%	18,830,730	850,000	34
11/21/2025	NRSH	NTAP	NetApp Inc	64110D104	5,190	103.24	535,815.60	2.85%	18,830,730	850,000	34
11/21/2025	NRSH	ROAD	Construction Partners Inc	21044C107	5,140	100.43	516,210.20	2.74%	18,830,730	850,000	34
11/21/2025	NRSH	EXTR	Extreme Networks Inc	30226D106	28,833	16.92	487,854.36	2.59%	18,830,730	850,000	34
11/21/2025	NRSH	ADTN	ADTRAN Holdings Inc	00486H105	63,655	7.40	471,047.00	2.50%	18,830,730	850,000	34
11/21/2025	NRSH	AXON	Axon Enterprise Inc	05464C101	854	519.61	443,746.94	2.36%	18,830,730	850,000	34
11/21/2025	NRSH	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	19,769	100.00	19,768.70	0.10%	18,830,730	850,000	34
11/21/2025	NRSH	Cash&Other	Cash & Other	Cash&Other	-5,963	1.00	-5,963.11	-0.03%	18,830,730	850,000	34

Purchase

The Fund (NRSH) is available through various channels including via phone (800) 886-4107, broker-dealers, investment advisers, and other financial services firms, including: