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

Name	Value
Fund Inception	08/18/2022
Ticker	AZTD
Primary Exchange	NYSE
CUSIP	886364470
IPOV Symbol	AZTD.IV
NAV Symbol	AZTD.NV
Expense Ratio	0.75%
30 Day SEC Yield* As of 11/30/2025	0.36%

*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	$31.82m
NAV	$28.29
Shares Outstanding	1,125,000
Premium/Discount Percentage	-0.24%
Closing Price	$28.22
Median 30 Day Spread*	0.37%

*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
11/30/2025

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	1.92	0.1	10.25	24.25	15.86	11.39	–	–	44.97	11.96	11/30/2025
Aztlan Global Stock Selection DM SMID ETF	AZTD NAV	1.54	-0.06	10.33	23.62	16.01	11.99	–	–	44.87	11.93	11/30/2025
Solactive Aztlan Global Developed Markets SMID Cap Index	SOLAZDMT	1.83	0.35	11.2	25.36	17.75	14.23	–	–	54.78	14.22	11/30/2025
MSCI World SMID Cap Index Gross Total Return Index	M2WOSM	1.21	2.73	12.36	17.88	11.08	13.44	–	–	41.47	11.13	11/30/2025
S&P 500 TR	SPTR2	0.25	6.34	16.57	17.81	15	20.57	–	–	68.2	17.14	11/30/2025

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
S&P 500 TR	SPTR2	3.65	8.12	19.96	14.83	17.60	24.94	–	–	63.95	17.17	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
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

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
12/05/2025	AZTD	LITE	55024U109	Lumentum Holdings Inc	3,612	327.85	1,184,194.20	3.72%	31,823,887	1,125,000	45
12/05/2025	AZTD	OLA CN	BYZGJ92	Orla Mining Ltd	60,141	19.23	829,962.63	2.61%	31,823,887	1,125,000	45
12/05/2025	AZTD	1803 JP	6804400	Shimizu Corp	47,816	2,679.00	828,342.75	2.60%	31,823,887	1,125,000	45
12/05/2025	AZTD	6754 JP	6044109	Anritsu Corp	53,318	2,335.50	805,226.09	2.53%	31,823,887	1,125,000	45
12/05/2025	AZTD	AGX	04010E109	Argan Inc	2,184	356.39	778,355.76	2.45%	31,823,887	1,125,000	45
12/05/2025	AZTD	ITV LN	3398649	ITV PLC	689,078	0.83	760,727.37	2.39%	31,823,887	1,125,000	45
12/05/2025	AZTD	BAMNB NA	B12W5Y9	Koninklijke BAM Groep NV	70,926	8.93	739,364.47	2.32%	31,823,887	1,125,000	45
12/05/2025	AZTD	AVOL SW	B0R80X9	Avolta AG	12,369	47.64	735,700.31	2.31%	31,823,887	1,125,000	45
12/05/2025	AZTD	SII CN	BMCB521	Sprott Inc	7,910	127.56	724,101.76	2.28%	31,823,887	1,125,000	45
12/05/2025	AZTD	OGC CN	BQXQY26	OceanaGold Corp	28,425	35.49	723,960.85	2.27%	31,823,887	1,125,000	45
12/05/2025	AZTD	ENVA	29357K103	Enova International Inc	5,193	136.16	707,078.88	2.22%	31,823,887	1,125,000	45
12/05/2025	AZTD	GEI CN	B44WH97	Gibson Energy Inc	37,785	25.83	700,410.17	2.20%	31,823,887	1,125,000	45
12/05/2025	AZTD	IG IM	BD2Z8S7	Italgas SpA	63,680	9.32	692,448.64	2.18%	31,823,887	1,125,000	45
12/05/2025	AZTD	CMC	201723103	Commercial Metals Co	10,603	65.23	691,633.69	2.17%	31,823,887	1,125,000	45
12/05/2025	AZTD	PLMR	69753M105	Palomar Holdings Inc	5,718	120.02	686,274.36	2.16%	31,823,887	1,125,000	45
12/05/2025	AZTD	FHI	314211103	Federated Hermes Inc	13,450	50.77	682,856.50	2.15%	31,823,887	1,125,000	45
12/05/2025	AZTD	LTMC IM	BMXPBZ7	Lottomatica Group Spa	25,994	21.68	657,860.85	2.07%	31,823,887	1,125,000	45
12/05/2025	AZTD	VALMT FH	BH6XZT5	Valmet Oyj	19,222	28.87	647,809.04	2.04%	31,823,887	1,125,000	45
12/05/2025	AZTD	GNC LN	0386410	Greencore Group PLC	196,582	2.48	650,672.62	2.04%	31,823,887	1,125,000	45
12/05/2025	AZTD	MTO LN	0465740	Mitie Group PLC	297,997	1.62	645,610.35	2.03%	31,823,887	1,125,000	45
12/05/2025	AZTD	5105 JP	6900182	Toyo Tire Corp	23,384	4,261.00	644,309.38	2.02%	31,823,887	1,125,000	45
12/05/2025	AZTD	DOCU	256163106	Docusign Inc	9,059	71.10	644,094.90	2.02%	31,823,887	1,125,000	45
12/05/2025	AZTD	4776 JP	6277927	Cybozu Inc	31,334	3,080.00	624,066.22	1.96%	31,823,887	1,125,000	45
12/05/2025	AZTD	HALO	40637H109	Halozyme Therapeutics Inc	9,790	62.95	616,280.50	1.94%	31,823,887	1,125,000	45
12/05/2025	AZTD	ALGM	01749D105	Allegro MicroSystems Inc	20,952	28.82	603,836.64	1.90%	31,823,887	1,125,000	45
12/05/2025	AZTD	REVG	749527107	REV Group Inc	10,645	56.80	604,636.00	1.90%	31,823,887	1,125,000	45
12/05/2025	AZTD	PJT	69343T107	PJT Partners Inc	3,543	170.74	604,931.82	1.90%	31,823,887	1,125,000	45
12/05/2025	AZTD	FTK GR	BYVQYG8	flatexDEGIRO AG	16,378	31.50	602,244.82	1.89%	31,823,887	1,125,000	45
12/05/2025	AZTD	7552 JP	6042675	Happinet Corp	15,187	6,140.00	602,982.19	1.89%	31,823,887	1,125,000	45
12/05/2025	AZTD	ARW	042735100	Arrow Electronics Inc	5,398	111.31	600,851.38	1.89%	31,823,887	1,125,000	45
12/05/2025	AZTD	ARRY	04271T100	Array Technologies Inc	72,359	8.18	591,896.62	1.86%	31,823,887	1,125,000	45
12/05/2025	AZTD	DEZ GR	4557847	Deutz AG	63,940	7.93	591,898.81	1.86%	31,823,887	1,125,000	45
12/05/2025	AZTD	MEDP	58506Q109	Medpace Holdings Inc	1,070	544.77	582,903.90	1.83%	31,823,887	1,125,000	45
12/05/2025	AZTD	EEFT	298736109	Euronet Worldwide Inc	7,872	74.01	582,606.72	1.83%	31,823,887	1,125,000	45
12/05/2025	AZTD	TE FP	BNC0116	Technip Energies NV	14,963	33.10	578,160.37	1.82%	31,823,887	1,125,000	45
12/05/2025	AZTD	5838 JP	BRPTWP9	Rakuten Bank Ltd	12,204	7,294.00	575,614.96	1.81%	31,823,887	1,125,000	45
12/05/2025	AZTD	VU FP	B0XMRC3	VusionGroup	2,366	206.00	568,962.46	1.79%	31,823,887	1,125,000	45
12/05/2025	AZTD	STRL	859241101	Sterling Infrastructure Inc	1,708	332.29	567,551.32	1.78%	31,823,887	1,125,000	45
12/05/2025	AZTD	MP	553368101	MP Materials Corp	9,146	61.80	565,222.80	1.78%	31,823,887	1,125,000	45
12/05/2025	AZTD	4751 JP	6220501	CyberAgent Inc	63,045	1,384.50	564,426.93	1.77%	31,823,887	1,125,000	45
12/05/2025	AZTD	JBH AU	6702623	JB Hi-Fi Ltd	8,716	96.09	554,440.01	1.74%	31,823,887	1,125,000	45
12/05/2025	AZTD	7419 JP	6616876	Nojima Corp	75,129	1,130.00	548,971.97	1.73%	31,823,887	1,125,000	45
12/05/2025	AZTD	TBBK	05969A105	Bancorp Inc/The	8,225	65.65	539,971.25	1.70%	31,823,887	1,125,000	45
12/05/2025	AZTD	SFM	85208M102	Sprouts Farmers Market Inc	6,095	85.25	519,598.75	1.63%	31,823,887	1,125,000	45
12/05/2025	AZTD	HFG GR	BYWH8S0	HelloFresh SE	73,288	5.95	509,039.50	1.60%	31,823,887	1,125,000	45
12/05/2025	AZTD	RELY	75960P104	Remitly Global Inc	37,652	13.45	506,419.40	1.59%	31,823,887	1,125,000	45
12/05/2025	AZTD	FTDR	35905A109	Frontdoor Inc	9,409	53.28	501,311.52	1.58%	31,823,887	1,125,000	45
12/05/2025	AZTD	R3NK GR	BMD6RR4	RENK Group AG	8,258	49.46	476,745.65	1.50%	31,823,887	1,125,000	45
12/05/2025	AZTD	RSGN SW	BPBQL86	R&S Group Holding AG	19,282	17.40	418,886.07	1.32%	31,823,887	1,125,000	45
12/05/2025	AZTD	CAT AU	BTL0Y76	Catapult Sports Ltd	135,018	4.64	414,733.19	1.30%	31,823,887	1,125,000	45
12/05/2025	AZTD	JPY	CASHJPY	JAPANESE YEN	2,217,307	1.00	14,338.05	0.05%	31,823,887	1,125,000	45
12/05/2025	AZTD	Cash&Other	Cash&Other	Cash & Other	17,185	1.00	17,184.81	0.05%	31,823,887	1,125,000	45
12/05/2025	AZTD	FGXXX	31846V336	First American Government Obligations Fund 12/01/2031	12,908	100.00	12,907.81	0.04%	31,823,887	1,125,000	45
12/05/2025	AZTD	CAD	CASHCAD	CANADIAN DOLLAR	-3,744	1.00	-2,687.22	-0.01%	31,823,887	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: