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
6/30/2025

*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	$10.55m
NAV	$22.21
Shares Outstanding	475,000
Premium/discount Percentage	0.03%
Closing Price	$22.22
Median 30 Day Spread*	0.97%

Name
07/11/2025

*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

Month-End

Quarter-End

Month-End

Name
6/30/2025

Fund Name	Fund Name	1MO	3MO	6MO	YTD	1YR	3YR	5YR	10YR	Since Inception (Cumulative)	Since Inception (Annualized)	Date
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	1.19	8.36	5.94	5.94	6.53	–	–	–	9.80	6.07	06/30/2025
Aztlan North America Nearshoring Stock Selection ETF	NRSH NAV	1.19	7.88	6.19	6.19	6.5	–	–	–	9.73	6.03	06/30/2025
Aztlan North America Nearshoring Stock Selection ETF	Aztlan North America Nearshoring Total Return Index	1.40	8.28	6.91	6.91	8.31	–	–	–	12.23	7.55	06/30/2025
Aztlan North America Nearshoring Stock Selection ETF	S&P 500 TR	5.09	10.94	6.2	6.2	15.16	–	–	–	39.37	23.28	06/30/2025

Quarter-End

Name
6/30/2025

Fund Name	Fund Ticker	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception Cumulative	Since Inception Annualized	Date
Aztlan North America Nearshoring Stock Selection ETF	NRSH NAV	-5.12	-1.56	-10.35	-1.56	-7.4	–	–	1.71	1.28	03/31/2025
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	-5.24	-2.24	-10.58	-2.24	-7.97	–	–	1.32	0.99	03/31/2025
S&P 500 TR	AZNRTR	-5.00	-1.26	-9.9	-1.26	-5.98	–	–	3.65	2.72	03/31/2025
Solactive Aztlan Global Developed Markets SMID Cap Index TR	SPTR2	-5.63	-4.27	-1.97	-4.27	8.25	–	–	25.63	18.61	03/31/2025

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

Name
07/14/2025

Date	Account	StockTicker	Name	CUSIP	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits
07/14/2025	NRSH	MATX	Matson Inc	57686G105	5,803	116.30	674,888.90	6.40%	10,549,085	475,000	19
07/14/2025	NRSH	KEX	Kirby Corp	497266106	5,357	116.97	626,608.29	5.94%	10,549,085	475,000	19
07/14/2025	NRSH	ARCB	ArcBest Corp	03937C105	7,408	82.23	609,159.84	5.77%	10,549,085	475,000	19
07/14/2025	NRSH	SBAC	SBA Communications Corp	78410G104	2,502	228.80	572,457.60	5.43%	10,549,085	475,000	19
07/14/2025	NRSH	EXPD	Expeditors International of Washington Inc	302130109	4,781	115.76	553,448.56	5.25%	10,549,085	475,000	19
07/14/2025	NRSH	HUBG	Hub Group Inc	443320106	15,333	35.65	546,621.45	5.18%	10,549,085	475,000	19
07/14/2025	NRSH	TRNO	Terreno Realty Corp	88146M101	8,884	58.10	516,160.40	4.89%	10,549,085	475,000	19
07/14/2025	NRSH	STAG	STAG Industrial Inc	85254J102	14,030	36.12	506,763.60	4.80%	10,549,085	475,000	19
07/14/2025	NRSH	LXP	LXP Industrial Trust	529043101	58,999	8.59	506,801.41	4.80%	10,549,085	475,000	19
07/14/2025	NRSH	DIR-U CN	Dream Industrial Real Estate Investment Trust	BMH4P92	58,745	11.76	504,392.51	4.78%	10,549,085	475,000	19
07/14/2025	NRSH	FIBRAPL MM	Prologis Property Mexico SA de CV	BN56JP1	136,498	67.96	496,090.92	4.70%	10,549,085	475,000	19
07/14/2025	NRSH	REXR	Rexford Industrial Realty Inc	76169C100	12,644	37.06	468,586.64	4.44%	10,549,085	475,000	19
07/14/2025	NRSH	CP	Canadian Pacific Kansas City Ltd	13646K108	5,473	81.70	447,144.10	4.24%	10,549,085	475,000	19
07/14/2025	NRSH	NSC	Norfolk Southern Corp	655844108	1,672	266.57	445,705.04	4.23%	10,549,085	475,000	19
07/14/2025	NRSH	FR	First Industrial Realty Trust Inc	32054K103	8,644	49.43	427,272.92	4.05%	10,549,085	475,000	19
07/14/2025	NRSH	GXO	GXO Logistics Inc	36262G101	8,005	51.77	414,418.85	3.93%	10,549,085	475,000	19
07/14/2025	NRSH	EGP	EastGroup Properties Inc	277276101	2,289	168.00	384,552.00	3.65%	10,549,085	475,000	19
07/14/2025	NRSH	CNR CN	Canadian National Railway Co	2180632	3,437	143.93	361,177.97	3.42%	10,549,085	475,000	19
07/14/2025	NRSH	IRM	Iron Mountain Inc	46284V101	3,618	97.99	354,527.82	3.36%	10,549,085	475,000	19
07/14/2025	NRSH	PINFRA* MM	Promotora y Operadora de Infraestructura SAB de CV	2393388	9,040	231.70	112,014.97	1.06%	10,549,085	475,000	19
07/14/2025	NRSH	CJT CN	Cargojet Inc	BJXM607	1,493	102.55	111,785.60	1.06%	10,549,085	475,000	19
07/14/2025	NRSH	WTE CN	Westshore Terminals Investment Corp	B8KB138	5,123	27.52	102,935.03	0.98%	10,549,085	475,000	19
07/14/2025	NRSH	GRT-U CN	Granite Real Estate Investment Trust	BRYQ8P3	1,986	71.56	103,762.39	0.98%	10,549,085	475,000	19
07/14/2025	NRSH	FMTY14 MM	Fibra MTY SAPI de CV	BTFRPD6	143,885	13.14	101,109.63	0.96%	10,549,085	475,000	19
07/14/2025	NRSH	IIPR	Innovative Industrial Properties Inc	45781V101	1,809	56.11	101,502.99	0.96%	10,549,085	475,000	19
07/14/2025	NRSH	FIBRAMQ MM	MACQUARIE MEXICO REAL ESTATE	B80RZK1	60,639	31.26	101,373.08	0.96%	10,549,085	475,000	19
07/14/2025	NRSH	PLYM	Plymouth Industrial REIT Inc	729640102	6,271	16.10	100,963.10	0.96%	10,549,085	475,000	19
07/14/2025	NRSH	MTL CN	Mullen Group Ltd	B4MMW16	9,863	14.00	100,815.54	0.96%	10,549,085	475,000	19
07/14/2025	NRSH	TRAXIONA MM	Grupo Traxion SAB de CV	BF4GP25	98,856	17.13	90,561.17	0.86%	10,549,085	475,000	19
07/14/2025	NRSH	GMXT* MM	GMexico Transportes SAB de CV	BFLXFS5	28,825	32.50	50,099.60	0.47%	10,549,085	475,000	19
07/14/2025	NRSH	Cash&Other	Cash & Other	Cash&Other	29,192	1.00	29,192.36	0.28%	10,549,085	475,000	19
07/14/2025	NRSH	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	25,977	100.00	25,976.92	0.25%	10,549,085	475,000	19

Holdings are subject to change without notice.

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: