VETZ

ACADEMY VETERAN IMPACT ETF

INVESTMENT OBJECTIVE

The Academy Veteran Impact ETF seeks to generate income.

ABOUT THE FUND

The Academy Veteran Impact ETF is the first publicly traded ETF to primarily invest in loans to U.S. service members, military veterans, their survivors, and veteran-owned businesses. At least 80% of the underlying assets will consist of loans to veterans or their families.

GOVERNMENT BACKED MBS AND ABS SECURITIES

The Fund will primarily invest in MBS that are guaranteed by government-sponsored enterprises, such as the Ginnie Mae, Fannie Mae, and Freddie Mac. The Fund also invests in pools of small business loans backed by the Small Business Administration (SBA).

FUND INFORMATION

Name	value
Fund Inception	8/1/2023
Ticker	VETZ
Primary Exchange	NYSE
CUSIP	886364389
NAV Symbol	VETZ.NV
Expense Ratio	0.35%
30-Day SEC Yield As of 04/30/2024	5.37%

*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

Rate Date
05/01/2024

Name	value
Net Assets	$51.30 million
NAV	$19.54
Shares Outstanding	2,625,000
Premium/Discount Percentage	0.18%
Closing Price	$19.58
Median 30 Day Spread**	0.26%

**Median 30 Day 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
04/30/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	Since Inception Cumulative	YTD	3 Year	5 Year	Since Inception Annualized	Date
Academy Veteran Impact ETF	VETZ NAV	-2.48	-2.93	5.20	0.67	-3.09	–	–	0.00	04/30/2024
Academy Veteran Impact ETF	VETZ MKT	-2.27	-2.78	5.15	1.00	-2.87	–	–	0.00	04/30/2024
Bloomberg US MBS Index Total Return Value Unhedged	LUMSTRUU	-3.03	-3.59	5.32	0.00	-4.04	–	–		04/30/2024
Bloomberg US MBS Index Total Return Value Unhedged	LUMSTRUU	-3.03	-3.59	5.32	-0.31	-4.04	–	–		04/30/2024

Quarter-End

Name
03/31/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	Since Inception Cumulative	YTD	3 Year	5 Year	Since Inception Annualized	Date
Academy Veteran Impact ETF	VETZ NAV	1.17	-0.63	5.77	3.24	-0.63	–	–	0.00	03/31/2024
Academy Veteran Impact ETF	VETZ MKT	0.96	-0.62	5.50	3.34	-0.62	–	–	0.00	03/31/2024
Bloomberg US MBS Index Total Return Value Unhedged	LUMSTRUU	1.06	-1.04	6.36	2.80	-1.04	–	–		03/31/2024

The performance data quoted 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. Performance current to the most recent month-end can be obtained by calling (866) 631-0504. 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 returns.
Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

DISTRIBUTION DETAIL

Declared Date	Ex Date	Record Date	Payable Date	Dividend Amount	dividend_frequency	dividend_type
04/30/2024	05/01/2024	05/02/2024	05/07/2024	0.0864	Monthly	Income
03/28/2024	04/01/2024	04/02/2024	04/05/2024	0.0849	Monthly	Income
02/29/2024	03/01/2024	03/04/2024	03/07/2024	0.0794	Monthly	Income
01/31/2024	02/01/2024	02/02/2024	02/07/2024	0.0848	Monthly	Income
12/21/2023	12/22/2023	12/26/2023	12/29/2023	0.1094	Monthly	Income
11/30/2023	12/01/2023	12/04/2023	12/07/2023	0.0855	Monthly	Income
10/31/2023	11/01/2023	11/02/2023	11/07/2023	0.0737	Monthly	Income
09/29/2023	10/02/2023	10/03/2023	10/06/2023	0.0729	Monthly	Income
08/31/2023	09/01/2023	09/05/2023	09/08/2023	0.0424	Monthly	Income

HOLDINGS

Rate Date
05/01/2024

Date	Account	SecurityName	StockTicker	CUSIP	Par Value	Price	Market Value	Weighting	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 04/20/2045	36179RBV0	36179RBV0	149,229	84.36	125,889	0.24	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 05/20/2045	36179RD55	36179RD55	636,810	84.36	537,210	1.04	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 08/20/2048	36179T6X8	36179T6X8	164,769	84.67	139,516	0.27	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 1.5% 04/20/2052	36179W4Z8	36179W4Z8	571,352	73.69	421,034	0.82	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 1.5% 12/20/2043	36179W7G7	36179W7G7	109,684	79.78	87,506	0.17	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 08/20/2037	36179XCJ3	36179XCJ3	310,627	89.58	278,252	0.54	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 02/20/2037	36179XEL6	36179XEL6	479,191	86.26	413,338	0.80	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 01/20/2037	36179XGX8	36179XGX8	120,825	86.46	104,461	0.20	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4% 11/20/2052	36179XK62	36179XK62	1,981,297	89.29	1,769,176	3.44	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 01/20/2052	36179XVB9	36179XVB9	1,074,756	82.96	891,625	1.73	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 7% 12/20/2052	36179XWR3	36179XWR3	640,868	101.36	649,585	1.26	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2051	36179XXK7	36179XXK7	770,242	76.07	585,928	1.14	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 03/20/2052	36179XXL5	36179XXL5	1,317,649	79.42	1,046,460	2.03	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 01/20/2053	36179XZ33	36179XZ33	1,609,620	82.96	1,335,353	2.60	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 08/20/2052	36179XZZ2	36179XZZ2	818,777	76.07	622,850	1.21	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 08/20/2053	36179YC69	36179YC69	1,938,652	95.87	1,858,607	3.61	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 09/20/2053	36179YE26	36179YE26	836,368	79.42	664,233	1.29	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 09/20/2053	36179YE67	36179YE67	1,541,562	92.23	1,421,758	2.76	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 10/20/2053	36179YG99	36179YG99	851,989	86.31	735,319	1.43	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2052	36179YJ88	36179YJ88	874,492	82.96	725,485	1.41	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 07/20/2052	3617F4WK5	3617F4WK5	993,606	80.78	802,665	1.56	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 06/20/2052	3617F6F45	3617F6F45	1,134,765	84.38	957,571	1.86	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 05/20/2052	3617F6UJ5	3617F6UJ5	90,910	88.56	80,507	0.16	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4% 08/20/2052	3617F8RJ5	3617F8RJ5	436,002	90.11	392,876	0.76	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 08/20/2052	3617FFZ84	3617FFZ84	134,922	96.15	129,734	0.25	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 09/20/2052	3617FHUY8	3617FHUY8	1,183,181	84.89	1,004,455	1.95	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 11/20/2048	3617J6Q80	3617J6Q80	219,433	95.30	209,129	0.41	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 02/20/2050	3617MK2Y4	3617MK2Y4	1,239,020	88.99	1,102,649	2.14	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2050	3617MK3V9	3617MK3V9	952,486	85.92	818,348	1.59	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2050	3617MKSP5	3617MKSP5	855,857	85.92	735,326	1.43	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 12/20/2050	3617MQDQ6	3617MQDQ6	152,921	88.88	135,921	0.26	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 04/20/2050	3617N7YM3	3617N7YM3	62,035	82.00	50,871	0.10	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 10/20/2050	3617Q64V5	3617Q64V5	727,596	82.65	601,329	1.17	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 09/20/2050	3617QG2A1	3617QG2A1	1,040,166	82.23	855,322	1.66	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 04/20/2051	3617VEY49	3617VEY49	670,591	77.89	522,355	1.02	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3617XW2T7	3617XW2T7	1,939,305	84.38	1,636,481	3.18	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 03/20/2052	3617YDDX7	3617YDDX7	2,213,442	84.38	1,867,812	3.63	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 2.5% 04/15/2043	36180CDA4	36180CDA4	43,171	84.34	36,408	0.07	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 2.5% 04/15/2043	36180CDB2	36180CDB2	120,894	84.34	101,957	0.20	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 2.5% 05/15/2043	36180CDC0	36180CDC0	11,371	84.34	9,590	0.02	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 11/20/2052	3618A4RU2	3618A4RU2	987,612	84.89	838,427	1.63	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 11/20/2052	3618A8CW5	3618A8CW5	459,481	92.59	425,441	0.83	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 09/20/2060	3618AGLP2	3618AGLP2	677,338	85.05	576,057	1.12	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 02/20/2062	3618BB6T1	3618BB6T1	470,631	91.94	432,678	0.84	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 04/20/2053	3618BBTQ2	3618BBTQ2	1,089,047	92.48	1,007,158	1.96	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 6% 08/20/2062	3618BCQF7	3618BCQF7	236,349	100.44	237,391	0.46	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 04/20/2053	3618BGBL1	3618BGBL1	1,921,804	96.06	1,846,054	3.59	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 05/20/2053	3618BHEF9	3618BHEF9	894,928	92.41	826,982	1.61	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 6.5% 05/20/2053	3618BM3Y9	3618BM3Y9	258,276	102.97	265,951	0.52	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5.5% 08/20/2053	3618BN5M1	3618BN5M1	991,799	98.29	974,831	1.90	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 06/20/2053	3618BWFF5	3618BWFF5	1,112,554	96.06	1,068,702	2.08	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 07/20/2050	3618F35B5	3618F35B5	2,407,925	92.41	2,225,061	4.33	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5.5% 07/20/2053	3618F3BF9	3618F3BF9	1,254,280	98.69	1,237,831	2.41	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 06/20/2053	3618F3CY7	3618F3CY7	691,624	96.06	664,362	1.29	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5.5% 06/20/2053	3618F3MM2	3618F3MM2	433,227	99.26	430,012	0.84	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 7% 08/20/2053	3618FFT97	3618FFT97	325,126	101.34	329,477	0.64	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 01/20/2051	3622ABAK8	3622ABAK8	395,444	80.47	318,213	0.62	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3622ABUU4	3622ABUU4	85,370	84.38	72,040	0.14	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3622ABV33	3622ABV33	307,382	84.38	259,384	0.50	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 5% 01/20/2054	3622AC4Z0	3622AC4Z0	466,336	96.06	447,954	0.87	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 12/20/2052	3622ACB82	3622ACB82	2,332,729	86.38	2,015,108	3.92	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 12/20/2052	3622ACB90	3622ACB90	468,658	79.38	372,040	0.72	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2052	3622ACEZ9	3622ACEZ9	469,854	76.07	357,421	0.69	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 3.5% 11/20/2052	3622ACLC2	3622ACLC2	365,425	86.78	317,122	0.62	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2.5% 01/20/2053	3622ACLD0	3622ACLD0	951,677	79.41	755,717	1.47	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 4.5% 06/20/2053	3622ACM98	3622ACM98	919,989	92.59	851,833	1.66	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2052	3622ACNJ5	3622ACNJ5	481,389	76.07	366,196	0.71	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 4.5% 08/15/2033	36290RUZ4	36290RUZ4	486,187	98.09	476,883	0.93	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 2.5% 12/15/2042	36295CF89	36295CF89	90,334	84.32	76,167	0.15	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Ginnie Mae I Pool 4% 07/15/2049	36295V4N6	36295V4N6	189,381	92.68	175,511	0.34	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Small Business Administration Pools 6.05% 10/25/2033	8316A0PN4	8316A0PN4	370,086	100.78	372,977	0.73	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Small Business Administration Pools 6.05% 10/25/2033	8316A0PZ7	8316A0PZ7	938,827	100.89	947,138	1.84	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Small Business Administration Pools 6.2% 12/25/2033	8316A0Q29	8316A0Q29	386,786	101.84	393,887	0.77	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Small Business Administration Pools 6.15% 11/25/2033	8316A0QH6	8316A0QH6	1,535,525	101.48	1,558,183	3.03	51,426,375	2,625,000	105.00
05/03/2024	VETZ	Small Business Administration Pools 5.8% 05/25/2034	8316A0TS9	8316A0TS9	568,235	100.60	571,667	1.11	51,426,375	2,625,000	105.00
05/03/2024	VETZ	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	853,211	100.00	853,211	1.66	51,426,375	2,625,000	105.00	Y
05/03/2024	VETZ	Cash & Other	Cash&Other	Cash&Other	21,293	1.00	21,293	0.04	51,426,375	2,625,000	105.00	Y

Fund holdings and sector allocations are subject to change.

LITERATURE

BUY VETZ

Information on the Academy Veteran Impact ETF (VETZ) is available via phone (866) 631-0504. The VETZ ETF is available to purchase through various channels including, broker-dealers, investment advisers, and other financial services firms, including:

This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866) 631-0504 or visit our website at www.academyassetmanagement.com. Read the prospectus or summary prospectus carefully before investing.

Investing involves risk. Principal loss is possible. Agency Small Business Loan & MBS Risk. There is uncertainty as to the current status of many obligations of Fannie Mae or Freddie Mac and other agencies that are placed under conservatorship of the U.S. Government. Fixed income Securities Risk. Typically, the value of fixed income securities changes inversely with prevailing interest rates. Non-Agency MBS Risk. Non-agency MBS are subject to heightened risks as compared to agency MBS, including that non-agency MBS are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. Non-Agency MBS Risk. Non-agency MBS are subject to heightened risks as compared to agency MBS, including that non-agency MBS are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. Prepayment Risk and Extension Risk. Many issuers have a right to prepay their fixed income securities. Repurchase Agreement Risk. Repurchase agreements may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. TBA Transactions Risk. The Fund may enter into TBA transactions for MBS. New Fund Risk. As a new fund, there can be no assurance that the Fund will grow or maintain an economically viable size.

Investment grade is a rating of fixed-income bonds, bills, and notes by credit rating agencies like Standard and Poor’s (S&P), Fitch, and Moody’s, which signifies a low risk of default. The rating determines the creditworthiness of companies based on their financial strengths and structure, past data, and growth potential. Companies with good levels of debt, debt repayment, good earning potential, and growth will have good credit ratings.

Mortgage-backed securities (MBS) are investment products similar to bonds. Each MBS consists of a bundle of home loans and other real estate debt bought from the banks that issued them. Investors in mortgage-backed securities receive periodic payments similar to bond coupon payments.

Distributed by Foreside Fund Services, LLC. Foreside is not related to Academy.