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	value	date
30-Day SEC Yield	0.76	08/31/2024

Name	value	date
30-Day SEC Yield	0.76	08/31/2024

*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	$10.52m
NAV	$22.15
Shares Outstanding	475,000.00
Premium/discount Percentage	0.34%
Closing Price	$22.22
Median 30 Day Spread**	0.46%

Name
09/13/2024

*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
08/31/2024

Fund Name	Fund Name	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception Cumulative	Since Inception Annualized	Date
Aztlan North America Nearshoring Stock Selection ETF	NRSH NAV	0.15	6.79	3.11	0.86	–	–	–	11.18	–	08/31/2024
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	0.23	6.61	2.63	0.41	–	–	–	10.91	–	08/31/2024
S&P 500 TR	SPTR2	2.43	7.39	11.59	19.53	–	–	–	25.47		08/31/2024
Solactive Aztlan Global Developed Markets SMID Cap Index TR	SOLAZDMT	5.67	6.97	9.38	9.15	–	–	–	15.43		08/31/2024

Quarter-End

Name
03/31/2024

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	1.87	-0.35	–	-0.35	–	–	–	9.84	–	03/31/2024
Aztlan North America Nearshoring Stock Selection ETF	NRSH MKT	1.88	-0.32	–	-0.32	–	–	–	10.10	–	03/31/2024

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
12/26/2023	12/27/2023	12/28/2023	0.04

Top 10 Holdings

Name
09/16/2024

Date	Account	StockTicker	Name	CUSIP	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
09/16/2024	NRSH	ARCB	ArcBest Corp	03937C105	5,057	103.83	525,068.31	4.99%	10,520,205	475,000	19
09/16/2024	NRSH	ATSG	Air Transport Services Group Inc	00922R105	7,802	15.33	119,604.66	1.14%	10,520,205	475,000	19
09/16/2024	NRSH	CHRW	CH Robinson Worldwide Inc	12541W209	7,990	100.07	799,559.30	7.60%	10,520,205	475,000	19
09/16/2024	NRSH	CNR CN	Canadian National Railway Co	2180632	3,893	161.44	462,819.63	4.40%	10,520,205	475,000	19
09/16/2024	NRSH	CP	Canadian Pacific Kansas City Ltd	13646K108	5,512	86.32	475,795.84	4.52%	10,520,205	475,000	19
09/16/2024	NRSH	CSX	CSX Corp	126408103	16,144	33.52	541,146.88	5.14%	10,520,205	475,000	19
09/16/2024	NRSH	CVLG	COVENANT TRANS INC - CL A	22284P105	1,002	52.38	52,484.76	0.50%	10,520,205	475,000	19
09/16/2024	NRSH	EXPD	Expeditors International of Washington Inc	302130109	2,727	120.78	329,367.06	3.13%	10,520,205	475,000	19
09/16/2024	NRSH	FGXXX	First American Government Obligations Fund 12/01/2031	31846V336	11,518	100.00	11,518.52	0.11%	10,520,205	475,000	19	Y
09/16/2024	NRSH	FIBRAMQ MM	MACQUARIE MEXICO REAL ESTATE	B80RZK1	58,599	31.17	94,653.62	0.90%	10,520,205	475,000	19
09/16/2024	NRSH	FIBRAPL MM	Prologis Property Mexico SA de CV	BN56JP1	142,389	64.00	472,244.18	4.49%	10,520,205	475,000	19
09/16/2024	NRSH	FMTY14 MM	Fibra MTY SAPI de CV	BTFRPD6	178,825	11.01	102,029.50	0.97%	10,520,205	475,000	19
09/16/2024	NRSH	FWRD	Forward Air Corp	349853101	22,732	35.41	804,940.12	7.65%	10,520,205	475,000	19
09/16/2024	NRSH	GMXT* MM	GMexico Transportes SAB de CV	BFLXFS5	22,657	32.85	38,569.85	0.37%	10,520,205	475,000	19
09/16/2024	NRSH	GRT-U CN	Granite Real Estate Investment Trust	B9GS088	1,968	80.46	116,606.12	1.11%	10,520,205	475,000	19
09/16/2024	NRSH	HUBG	Hub Group Inc	443320106	11,285	44.78	505,342.30	4.80%	10,520,205	475,000	19
09/16/2024	NRSH	KEX	Kirby Corp	497266106	3,220	119.03	383,276.60	3.64%	10,520,205	475,000	19
09/16/2024	NRSH	LSTR	Landstar System Inc	515098101	3,321	182.37	605,650.77	5.76%	10,520,205	475,000	19
09/16/2024	NRSH	MATX	Matson Inc	57686G105	3,836	132.63	508,768.68	4.84%	10,520,205	475,000	19
09/16/2024	NRSH	MTL CN	Mullen Group Ltd	B4MMW16	10,211	14.11	106,099.05	1.01%	10,520,205	475,000	19
09/16/2024	NRSH	MXN	MEXICAN PESO	CASHMXN	82,376	1.00	4,268.85	0.04%	10,520,205	475,000	19
09/16/2024	NRSH	NSC	Norfolk Southern Corp	655844108	1,989	245.80	488,896.20	4.65%	10,520,205	475,000	19
09/16/2024	NRSH	ODFL	Old Dominion Freight Line Inc	679580100	1,875	192.61	361,143.75	3.43%	10,520,205	475,000	19
09/16/2024	NRSH	PINFRA* MM	Promotora y Operadora de Infraestructura SAB de CV	2393388	9,987	178.51	92,386.35	0.88%	10,520,205	475,000	19
09/16/2024	NRSH	PTSI	PAM Transportation Services Inc	693149106	3,021	17.62	53,230.02	0.51%	10,520,205	475,000	19
09/16/2024	NRSH	SNDR	Schneider National Inc	80689H102	21,954	27.72	608,564.88	5.78%	10,520,205	475,000	19
09/16/2024	NRSH	TERRA13 MM	PLA ADMINISTRADORA INDUSTRIA	B87Y2V5	47,871	38.85	96,377.07	0.92%	10,520,205	475,000	19
09/16/2024	NRSH	TFII CN	TFI INTERNATIONAL INC	BDRXBF4	3,692	194.42	528,589.89	5.02%	10,520,205	475,000	19
09/16/2024	NRSH	ULH	UNIVERSAL LOGISTICS HOLDINGS I	91388P105	1,209	42.40	51,261.60	0.49%	10,520,205	475,000	19
09/16/2024	NRSH	UNP	Union Pacific Corp	907818108	2,560	249.12	637,747.20	6.06%	10,520,205	475,000	19
09/16/2024	NRSH	WERN	Werner Enterprises Inc	950755108	11,442	37.33	427,129.86	4.06%	10,520,205	475,000	19
09/16/2024	NRSH	WTE CN	Westshore Terminals Investment Corp	B8KB138	5,926	23.51	102,596.02	0.98%	10,520,205	475,000	19
09/16/2024	NRSH	Cash&Other	Cash & Other	Cash&Other	12,252	1.00	12,252.97	0.12%	10,520,205	475,000	19	Y

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: