VETZ

ACADEMY VETERAN IMPACT ETF

The Academy Veteran Impact ETF, NYSE: VETZ, is the first publicly traded ETF to primarily invest in loans to U.S. service members, military veterans, their survivors, and veteran-owned businesses.

About Academy Asset Management

Academy Asset Management is a service-disabled veteran-owned asset manager, that is committed to opportunities for veterans, AAM helps veterans by pairing them with Wall Street veterans for mentorship. Investing in this ETF will support Academy fulfill its mission.

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 10/31/2024	4.76%

*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	$73.26 million
NAV	$19.80
Shares Outstanding	3,700,000
Premium/Discount Percentage	0.22%
Closing Price	$19.85
Median 30 Day Spread**	0.25%

Rate Date
11/19/2024

**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
10/31/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	Since Inception Cumulative	YTD	1 Year	3 Year	5 Year	Since Inception Annualized	Date
Academy Veteran Impact ETF	VETZ NAV	-2.65	0.00	4.82	5.52	1.58	10.27	–	–	4.40	10/31/2024
Academy Veteran Impact ETF	VETZ MKT	-2.58	0.02	4.88	5.92	1.86	10.28	–	–	4.71	10/31/2024
Bloomberg U.S. Aggregate Bond Index	LBUSTRUU	-2.48	0.25	5.31	5.96	1.86	10.55	–	–	4.74	10/31/2024
Bloomberg U.S. Mortgage-Backed Securities Index	LUMSTRUU	-2.83	-0.09	5.81	5.49	1.54	11.44	–	–	4.37	10/31/2024

Quarter-End

Name
09/30/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	Since Inception Cumulative	YTD	1 Year	3 Year	5 Year	Since Inception Annualized	Date
Academy Veteran Impact ETF	VETZ NAV	0.96	4.65	5.00	8.39	4.34	11.05	–	–	7.17	09/30/2024
Academy Veteran Impact ETF	VETZ MKT	0.86	4.42	5.21	8.73	4.57	11.00	–	–	7.45	09/30/2024
Bloomberg U.S. Aggregate Bond Index	LBUSTRUU	1.34	5.20	5.26	8.65	4.45	11.57	–	–	7.39	09/30/2024
Bloomberg U.S. Mortgage-Backed Securities Index	LUMSTRUU	1.19	5.53	5.60	8.56	4.50	12.32	–	–	7.31	09/30/2024

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

Ex Date	Record Date	Payable Date	Amount
11/01/2024	11/01/2024	11/06/2024	0.0936
10/01/2024	10/01/2024	10/04/2024	0.0991
09/03/2024	09/03/2024	09/06/2024	0.0867
08/01/2024	08/01/2024	08/06/2024	0.0878
07/01/2024	07/01/2024	07/05/2024	0.0847
06/03/2024	06/03/2024	06/06/2024	0.0834
05/01/2024	05/02/2024	05/07/2024	0.0864
04/01/2024	04/02/2024	04/05/2024	0.0849
03/01/2024	03/04/2024	03/07/2024	0.0794
02/01/2024	02/02/2024	02/07/2024	0.0848

HOLDINGS

Rate Date
11/19/2024

Date	Account	SecurityName	StockTicker	CUSIP	Par Value	Price	Market Value	Weighting	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 04/20/2045	36179RBV0	36179RBV0	1,057,979	85.61	905,729	1.24	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 05/20/2045	36179RD55	36179RD55	726,176	85.61	621,674	0.85	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 08/20/2048	36179T6X8	36179T6X8	162,156	86.39	140,092	0.19	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 1.5% 02/20/2051	36179V7C8	36179V7C8	338,501	78.37	265,278	0.36	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2050	36179VFD7	36179VFD7	123,956	85.57	106,068	0.14	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 1.5% 04/20/2052	36179W4Z8	36179W4Z8	560,421	75.62	423,802	0.58	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 1.5% 12/20/2043	36179W7G7	36179W7G7	106,218	82.98	88,144	0.12	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 03/20/2037	36179WYB8	36179WYB8	666,723	86.85	579,077	0.79	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 06/20/2053	36179X5A0	36179X5A0	1,656,508	81.11	1,343,620	1.83	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 08/20/2037	36179XCJ3	36179XCJ3	233,136	91.53	213,387	0.29	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 02/20/2037	36179XEL6	36179XEL6	459,850	88.15	405,351	0.55	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 01/20/2037	36179XGX8	36179XGX8	115,380	88.18	101,741	0.14	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4% 11/20/2052	36179XK62	36179XK62	1,835,649	90.42	1,659,824	2.27	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 01/20/2052	36179XVB9	36179XVB9	1,418,082	84.93	1,204,310	1.64	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4% 03/20/2053	36179XVD5	36179XVD5	3,566,032	90.50	3,227,140	4.40	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2051	36179XXK7	36179XXK7	758,889	78.92	598,890	0.82	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 03/20/2052	36179XXL5	36179XXL5	1,299,587	79.95	1,039,047	1.42	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 01/20/2053	36179XZ33	36179XZ33	1,589,976	84.93	1,350,291	1.84	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 08/20/2052	36179XZZ2	36179XZZ2	804,808	78.92	635,128	0.87	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 08/20/2053	36179YC69	36179YC69	1,671,126	97.24	1,625,066	2.22	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 09/20/2053	36179YE26	36179YE26	825,504	79.95	660,008	0.90	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 09/20/2053	36179YE67	36179YE67	1,527,547	94.26	1,439,917	1.97	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	36179YG81	36179YG81	2,896,057	84.93	2,459,484	3.36	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 10/20/2053	36179YG99	36179YG99	842,729	87.34	736,028	1.00	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2052	36179YJ88	36179YJ88	863,022	84.93	732,924	1.00	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 09/20/2053	36179YLZ5	36179YLZ5	196,370	84.26	165,470	0.23	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 11/20/2053	36179YNX8	36179YNX8	1,724,651	87.40	1,507,304	2.06	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 01/20/2054	36179YRA4	36179YRA4	3,291,314	80.96	2,664,659	3.64	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 6% 04/20/2054	36179YUS1	36179YUS1	1,041,998	100.28	1,044,946	1.43	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 05/20/2054	36179YYF5	36179YYF5	841,283	94.11	791,713	1.08	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 07/20/2052	3617F4WK5	3617F4WK5	972,295	83.11	808,026	1.10	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 06/20/2052	3617F6F45	3617F6F45	1,120,821	86.10	964,983	1.32	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 05/20/2052	3617F6UJ5	3617F6UJ5	89,755	89.34	80,183	0.11	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4% 08/20/2052	3617F8RJ5	3617F8RJ5	407,203	91.39	372,140	0.51	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 08/20/2052	3617FFZ84	3617FFZ84	133,772	97.64	130,618	0.18	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 09/20/2052	3617FHUY8	3617FHUY8	1,166,394	86.20	1,005,401	1.37	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 11/20/2048	3617J6Q80	3617J6Q80	216,772	95.25	206,474	0.28	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 02/20/2050	3617MK2Y4	3617MK2Y4	1,221,570	89.95	1,098,852	1.50	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2050	3617MK3V9	3617MK3V9	939,319	87.04	817,545	1.12	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 02/20/2050	3617MKSP5	3617MKSP5	843,820	87.04	734,426	1.00	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 12/20/2050	3617MQDQ6	3617MQDQ6	150,969	89.62	135,294	0.18	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 04/20/2050	3617N7YM3	3617N7YM3	61,103	83.92	51,276	0.07	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 06/20/2051	3617N8BV6	3617N8BV6	170,172	88.24	150,163	0.20	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 10/20/2050	3617Q64V5	3617Q64V5	715,424	83.32	596,108	0.81	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 09/20/2050	3617QG2A1	3617QG2A1	964,074	83.21	802,180	1.09	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 03/20/2051	3617QUHP1	3617QUHP1	1,885,965	82.16	1,549,496	2.11	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 04/20/2051	3617VEY49	3617VEY49	433,889	80.63	349,848	0.48	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3617XW2T7	3617XW2T7	1,914,463	86.10	1,648,279	2.25	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3617YDD41	3617YDD41	358,757	86.10	308,876	0.42	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 03/20/2052	3617YDDX7	3617YDDX7	2,105,306	86.10	1,812,588	2.47	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 09/20/2052	3617YXL48	3617YXL48	975,101	86.10	839,524	1.15	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 2.5% 04/15/2043	36180CDA4	36180CDA4	41,202	85.60	35,270	0.05	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 2.5% 04/15/2043	36180CDB2	36180CDB2	112,774	85.60	96,539	0.13	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 2.5% 05/15/2043	36180CDC0	36180CDC0	10,731	85.60	9,186	0.01	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 11/20/2052	3618A4RU2	3618A4RU2	975,602	86.20	840,944	1.15	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 11/20/2052	3618A8CW5	3618A8CW5	437,380	94.64	413,945	0.56	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 09/20/2060	3618AGLP2	3618AGLP2	672,091	86.18	579,240	0.79	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 02/20/2062	3618BB6T1	3618BB6T1	467,899	93.20	436,085	0.60	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 04/20/2053	3618BBTQ2	3618BBTQ2	769,156	94.59	727,516	0.99	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 6% 08/20/2062	3618BCQF7	3618BCQF7	235,548	100.38	236,453	0.32	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 04/20/2053	3618BGBL1	3618BGBL1	1,572,419	97.38	1,531,209	2.09	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 05/20/2053	3618BHEF9	3618BHEF9	684,193	94.59	647,153	0.88	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 6.5% 05/20/2053	3618BM3Y9	3618BM3Y9	203,587	101.93	207,524	0.28	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5.5% 08/20/2053	3618BN5M1	3618BN5M1	660,894	99.34	656,521	0.90	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 06/20/2053	3618BWFF5	3618BWFF5	1,103,372	97.38	1,074,454	1.47	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 07/20/2050	3618F35B5	3618F35B5	1,386,504	94.59	1,311,443	1.79	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5.5% 07/20/2053	3618F3BF9	3618F3BF9	1,244,550	99.63	1,239,908	1.69	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 06/20/2053	3618F3CY7	3618F3CY7	685,765	97.38	667,792	0.91	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5.5% 06/20/2053	3618F3MM2	3618F3MM2	428,362	100.02	428,468	0.58	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 7% 08/20/2053	3618FFT97	3618FFT97	134,449	101.46	136,410	0.19	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 04/20/2050	3622AAM68	3622AAM68	988,378	88.84	878,026	1.20	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 01/20/2051	3622ABAK8	3622ABAK8	2,005,808	81.98	1,644,304	2.24	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3622ABUU4	3622ABUU4	78,967	86.10	67,988	0.09	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3% 04/20/2052	3622ABV33	3622ABV33	286,921	86.10	247,028	0.34	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 5% 01/20/2054	3622AC4Z0	3622AC4Z0	2,493,495	97.38	2,428,144	3.31	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 12/20/2052	3622ACB82	3622ACB82	2,208,354	87.49	1,932,110	2.64	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 12/20/2052	3622ACB90	3622ACB90	448,459	80.14	359,374	0.49	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2052	3622ACEZ9	3622ACEZ9	451,910	78.92	356,632	0.49	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 3.5% 11/20/2052	3622ACLC2	3622ACLC2	347,328	87.84	305,105	0.42	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2.5% 01/20/2053	3622ACLD0	3622ACLD0	917,164	80.16	735,198	1.00	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4.5% 06/20/2053	3622ACM98	3622ACM98	845,610	94.64	800,301	1.09	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 2% 12/20/2052	3622ACNJ5	3622ACNJ5	457,836	78.92	361,309	0.49	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae II Pool 4% 04/20/2053	3622ACP38	3622ACP38	951,672	91.39	869,742	1.19	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 4.5% 08/15/2033	36290RUZ4	36290RUZ4	410,455	99.42	408,086	0.56	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 2.5% 12/15/2042	36295CF89	36295CF89	84,935	85.55	72,664	0.10	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Ginnie Mae I Pool 4% 07/15/2049	36295V4N6	36295V4N6	171,272	93.79	160,634	0.22	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.55% 10/25/2033	8316A0PN4	8316A0PN4	342,060	100.62	344,176	0.47	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.55% 10/25/2033	8316A0PZ7	8316A0PZ7	853,466	100.63	858,836	1.17	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.7% 12/25/2033	8316A0Q29	8316A0Q29	344,485	100.95	347,742	0.47	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.65% 11/25/2033	8316A0QH6	8316A0QH6	1,289,337	100.86	1,300,436	1.77	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.3% 05/25/2034	8316A0T83	8316A0T83	476,676	100.05	476,895	0.65	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.3% 05/25/2034	8316A0TS9	8316A0TS9	539,980	100.04	540,216	0.74	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.3% 08/25/2034	8316A0UN8	8316A0UN8	822,648	100.04	823,009	1.12	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 7% 08/25/2034	8316A0US7	8316A0US7	290,379	104.60	303,740	0.41	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.3% 08/25/2034	8316A0VE7	8316A0VE7	483,792	100.05	484,017	0.66	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.35% 08/25/2034	8316A0VZ0	8316A0VZ0	186,173	100.20	186,540	0.25	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.35% 09/25/2034	8316A0WP1	8316A0WP1	74,052	100.20	74,201	0.10	73,262,220	3,700,000	148.00
11/20/2024	VETZ	Small Business Administration Pools 5.35% 11/01/2034	BCCY0BI10	BCCY0BI10	450,000	100.00	450,000	0.61	73,262,220	3,700,000	148.00
11/20/2024	VETZ	First American Government Obligations Fund 12/01/2031	FGXXX	31846V336	570,864	100.00	570,864	0.78	73,262,220	3,700,000	148.00	Y
11/20/2024	VETZ	Cash & Other	Cash&Other	Cash&Other	407,854	1.00	407,854	0.56	73,262,220	3,700,000	148.00	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.

Contact Us to Learn More

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.

Bloomberg US Aggregate Bond Index This index (the “Agg”) represents securities that are SEC registered, taxable and U.S. dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Bloomberg US Mortgage-Backed Securities (MBS) Index This index measures the performance of investment grade, fixed-rate, mortgage-backed, pass-through securities of the government-sponsored enterprises (GSEs): Federal Home Loan Mortgage Corp. (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Government National Mortgage Association (Ginnie Mae).

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