AZTD

Aztlan Global Stock Selection DM SMID ETF

Investment Objective

The Aztlan Global Stock Selection DM SMID ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Solactive Aztlan Global Developed Markets SMID Cap Index (the “Index”).

Fund Summary

AZTD is Atzlan’s stock selection ETF, a unique rules-based strategy that selects the top 27 stocks based on fundamental factors. AZTD uses a proprietary 6-factor fundamental model to assign stock rankings: cash flow generation, value, growth, capital structure quality, earnings revisions and momentum. The Fund’s stock picks represent companies in developed markets across North America, Western Europe and Developed Asia, with market caps between $500 million and $10 billion. Energy, Real Estate and Pharmaceuticals are excluded.

Fund Documents

Fund Details

wdt_ID	Name	Information
1	Fund Inception	08/18/2022
2	Ticker	AZTD
3	Primary Exchange	NYSE
4	CUSIP	886364470
5	IPOV Symbol	AZTD.IV
6	NAV Symbol	AZTD.NV
7	Expense Ratio	0.75%

Name
9/30/2025

*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	$31.20m
NAV	$27.74
Shares Outstanding	1,125,000
Premium/Discount Percentage	-0.09%
Closing Price	$27.71
Median 30 Day Spread*	0.29%

*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
9/30/2025

Fund Name	Fund Ticker	1MO	3MO	6MO	YTD	1YR	3YR	5YR	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Aztlan Global Stock Selection DM SMID ETF	AZTD MKT	-0.20	4.25	23.53	23.87	16.99	16.89	–	–	44.53	12.53	09/30/2025
Aztlan Global Stock Selection DM SMID ETF	AZTD NAV	-0.24	4.51	23.63	23.39	17.1	16.95	–	–	44.6	12.54	09/30/2025
MSCI World SMID Cap Index Gross Total Return Index	M2WOSM	1.39	6.43	18.36	16.39	13.47	18.32	–	–	39.68	11.29	09/30/2025
Solactive Aztlan Global Developed Markets SMID Cap Index	SOLAZDMT	-0.39	4.87	24.54	24.67	19.17	19.26	–	–	53.93	14.81	09/30/2025
S&P 500 TR	SPTR2	3.65	8.12	19.96	14.83	17.6	24.94	–	–	63.95	17.17	09/30/2025

Name
9/30/2025

Fund Name	Fund Name	1MO	3MO	6MO	YTD	1YR	3YR	5YR	10 Year	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Aztlan Global Stock Selection DM SMID ETF	AZTD MKT	-0.20	4.25	23.53	23.87	16.99	16.89	–	–	44.53	12.53	09/30/2025
Aztlan Global Stock Selection DM SMID ETF	AZTD NAV	-0.24	4.51	23.63	23.39	17.10	16.95	–	–	44.60	12.54	09/30/2025
MSCI World SMID Cap Index Gross Total Return Index	M2WOSM	1.39	6.43	18.36	16.39	13.47	18.32	–	–	39.68	11.29	09/30/2025
Solactive Aztlan Global Developed Markets SMID Cap Index	SOLAZDMT	-0.39	4.87	24.54	24.67	19.17	19.26	–	–	53.93	14.81	09/30/2025
S&P 500 TR	SPTR2	3.65	8.12	19.96	14.83	17.60	24.94	–	–	63.95	17.17	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	0.43
12/26/2023	12/27/2023	12/28/2023	0.03

Top 10 Holdings

Holdings are subject to change without notice.

Date	Account	StockTicker	CUSIP	Name	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits
10/17/2025	AZTD	CLS CN	BSCB6L9	Celestica Inc	3,082	393.49	863,833.73	2.77%	31,203,112	1,125,000	45
10/17/2025	AZTD	HOT GR	5108664	HOCHTIEF AG	2,811	261.60	858,661.37	2.75%	31,203,112	1,125,000	45
10/17/2025	AZTD	STRL	859241101	Sterling Infrastructure Inc	2,307	361.02	832,873.14	2.67%	31,203,112	1,125,000	45
10/17/2025	AZTD	5105 JP	6900182	Toyo Tire Corp	29,141	3,995.00	772,158.22	2.47%	31,203,112	1,125,000	45
10/17/2025	AZTD	IDR SM	4476210	Indra Sistemas SA	14,998	43.28	757,955.91	2.43%	31,203,112	1,125,000	45
10/17/2025	AZTD	MEDP	58506Q109	Medpace Holdings Inc	1,450	521.21	755,754.50	2.42%	31,203,112	1,125,000	45
10/17/2025	AZTD	ACS SM	B01FLQ6	ACS Actividades de Construccion y Servicios SA	8,957	72.25	755,655.36	2.42%	31,203,112	1,125,000	45
10/17/2025	AZTD	7735 JP	6251028	SCREEN Holdings Co Ltd	7,779	14,190.00	732,135.11	2.35%	31,203,112	1,125,000	45
10/17/2025	AZTD	FIX	199908104	Comfort Systems USA Inc	874	838.78	733,093.72	2.35%	31,203,112	1,125,000	45
10/17/2025	AZTD	MKS LN	3127489	Marks & Spencer Group PLC	134,459	3.98	718,535.60	2.30%	31,203,112	1,125,000	45
10/17/2025	AZTD	SAVE SS	BNDLH43	Nordnet AB publ	22,798	286.00	692,242.06	2.22%	31,203,112	1,125,000	45
10/17/2025	AZTD	WRT1V FH	4525189	Wartsila OYJ Abp	22,320	26.49	690,397.94	2.21%	31,203,112	1,125,000	45
10/17/2025	AZTD	BZU IM	5782206	Buzzi SpA	11,833	48.50	670,131.36	2.15%	31,203,112	1,125,000	45
10/17/2025	AZTD	CNA LN	B033F22	Centrica PLC	284,275	1.75	668,871.12	2.14%	31,203,112	1,125,000	45
10/17/2025	AZTD	GAP	364760108	Gap Inc/The	31,822	20.65	657,124.30	2.11%	31,203,112	1,125,000	45
10/17/2025	AZTD	YOU	18467V109	Clear Secure Inc	21,056	30.95	651,683.20	2.09%	31,203,112	1,125,000	45
10/17/2025	AZTD	UPBD	76009N100	Upbound Group Inc	30,010	21.65	649,716.50	2.08%	31,203,112	1,125,000	45
10/17/2025	AZTD	MX CN	2654416	Methanex Corp	18,484	49.36	649,882.64	2.08%	31,203,112	1,125,000	45
10/17/2025	AZTD	3197 JP	BQQD167	Skylark Holdings Co Ltd	32,432	2,978.00	640,594.92	2.05%	31,203,112	1,125,000	45
10/17/2025	AZTD	JBH AU	6702623	JB Hi-Fi Ltd	8,611	113.62	636,345.90	2.04%	31,203,112	1,125,000	45
10/17/2025	AZTD	IVG IM	BKPGF52	Iveco Group NV	29,800	18.18	632,606.26	2.03%	31,203,112	1,125,000	45
10/17/2025	AZTD	ENVA	29357K103	Enova International Inc	5,922	107.07	634,068.54	2.03%	31,203,112	1,125,000	45
10/17/2025	AZTD	ALKT	01644J108	Alkami Technology Inc	27,781	22.43	623,127.83	2.00%	31,203,112	1,125,000	45
10/17/2025	AZTD	OSB LN	BLDRH36	OSB Group PLC	84,158	5.46	616,713.98	1.98%	31,203,112	1,125,000	45
10/17/2025	AZTD	8174 JP	6640068	Nippon Gas Co Ltd	33,907	2,721.50	612,044.18	1.96%	31,203,112	1,125,000	45
10/17/2025	AZTD	5929 JP	6776781	Sanwa Holdings Corp	22,521	4,090.00	610,936.46	1.96%	31,203,112	1,125,000	45
10/17/2025	AZTD	NEX FP	7130836	Nexans SA	4,280	122.00	609,715.09	1.95%	31,203,112	1,125,000	45
10/17/2025	AZTD	KCR FH	B11WFP1	Konecranes Oyj	7,381	69.20	596,409.62	1.91%	31,203,112	1,125,000	45
10/17/2025	AZTD	VCTR	92645B103	Victory Capital Holdings Inc	8,986	66.34	596,131.24	1.91%	31,203,112	1,125,000	45
10/17/2025	AZTD	NMIH	629209305	NMI Holdings Inc	16,593	35.35	586,562.55	1.88%	31,203,112	1,125,000	45
10/17/2025	AZTD	TMV GR	BJ7WGS1	TeamViewer SE	60,047	8.32	583,361.79	1.87%	31,203,112	1,125,000	45
10/17/2025	AZTD	ITV LN	3398649	ITV PLC	575,750	0.74	574,280.46	1.84%	31,203,112	1,125,000	45
10/17/2025	AZTD	GFF	398433102	Griffon Corp	7,620	74.94	571,042.80	1.83%	31,203,112	1,125,000	45
10/17/2025	AZTD	CAL	129500104	CALERES INC COM	45,102	12.69	572,344.38	1.83%	31,203,112	1,125,000	45
10/17/2025	AZTD	PME AU	6292782	Pro Medicus Ltd	2,979	292.64	567,007.84	1.82%	31,203,112	1,125,000	45
10/17/2025	AZTD	NSIT	45765U103	Insight Enterprises Inc	5,222	108.76	567,944.72	1.82%	31,203,112	1,125,000	45
10/17/2025	AZTD	SQN SW	B1X3KP7	Swissquote Group Holding SA	921	488.80	566,127.77	1.81%	31,203,112	1,125,000	45
10/17/2025	AZTD	DOKA SW	7050417	DORMA + KABA HOLDING AG	637	694.00	555,933.10	1.78%	31,203,112	1,125,000	45
10/17/2025	AZTD	TNET	896288107	TriNet Group Inc	9,132	60.45	552,029.40	1.77%	31,203,112	1,125,000	45
10/17/2025	AZTD	DVA	23918K108	DAVITA INC	4,399	125.25	550,974.75	1.77%	31,203,112	1,125,000	45
10/17/2025	AZTD	SKWD	830940102	Skyward Specialty Insurance Group Inc	12,243	45.00	550,935.00	1.77%	31,203,112	1,125,000	45
10/17/2025	AZTD	WAWI NO	B55WMQ5	Wallenius Wilhelmsen ASA	69,364	77.35	534,105.70	1.71%	31,203,112	1,125,000	45
10/17/2025	AZTD	PLMR	69753M105	Palomar Holdings Inc	4,674	112.60	526,292.40	1.69%	31,203,112	1,125,000	45
10/17/2025	AZTD	CROX	227046109	Crocs Inc	6,209	83.15	516,278.35	1.65%	31,203,112	1,125,000	45
10/17/2025	AZTD	PPC	72147K108	Pilgrim’s Pride Corp	13,067	37.28	487,137.76	1.56%	31,203,112	1,125,000	45
10/17/2025	AZTD	PNDORA DC	B44XTX8	Pandora A/S	3,719	822.40	478,160.47	1.53%	31,203,112	1,125,000	45
10/17/2025	AZTD	TOST	888787108	Toast Inc	12,679	37.40	474,194.60	1.52%	31,203,112	1,125,000	45
10/17/2025	AZTD	VIRT	928254101	Virtu Financial Inc	14,029	33.10	464,359.90	1.49%	31,203,112	1,125,000	45
10/17/2025	AZTD	4680 JP	6248365	Round One Corp	60,453	1,151.00	461,506.95	1.48%	31,203,112	1,125,000	45
10/17/2025	AZTD	ANF	002896207	Abercrombie & Fitch Co	6,449	69.07	445,432.43	1.43%	31,203,112	1,125,000	45
10/17/2025	AZTD	Cash&Other	Cash&Other	Cash & Other	74,576	1.00	74,576.32	0.24%	31,203,112	1,125,000	45
10/17/2025	AZTD	FGXXX	31846V336	First American Government Obligations Fund 12/01/2031	21,207	100.00	21,207.12	0.07%	31,203,112	1,125,000	45

Purchase

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