What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)
|
Fund
Name |
Costs
of a $10,000 investment |
Costs
paid as a percentage of a $10,000 investment |
|---|---|---|
|
Academy
Veteran Bond ETF |
$36 |
0.35% |
How did the Fund perform in the past year?
The Fund is an actively managed exchange-traded fund that invests primarily in high-quality mortgage-backed securities ("MBS") and asset-backed securities ("ABS"). The Adviser uses loan-level analysis and quantitative modeling to identify undervalued securities with favorable borrower characteristics. Through this approach, the Fund seeks to provide broad portfolio diversification, limit exposure to corporate credit risk, and outperform the Bloomberg U.S. Mortgage-Backed Securities Index. For the fiscal year ended July 31, 2026, the Fund returned 4.21% at NAV, compared with returns of 4.13% for the Bloomberg U.S. Mortgage-Backed Securities Index and 2.71% for the Bloomberg U.S. Aggregate Bond Index.
What factors influenced performance?
Active security selection within the agency MBS and ABS markets contributed positively to the Fund's performance during the fiscal year. Higher-coupon securities generally performed better than lower-coupon securities during the period, consistent with their generally lower sensitivity to changes in interest rates.
Agency MBS performance was affected by interest-rate volatility and rising longer-term interest rates. Although the Federal Reserve lowered the target range for the federal funds rate by a total of 75 basis points ("bps"), the yield on the 10-year U.S. Treasury increased from 4.38% to 4.74%, weighing on MBS price returns. By contrast, the option-adjusted spread of the Bloomberg U.S. Mortgage-Backed Securities Index narrowed by 9 bps to 31 bps amid increased investor demand, supporting MBS prices. Spreads on small-business loan ABS also narrowed by 5 bps amid increased demand, supporting ABS prices. Mortgage rates remained elevated by historical standards. The national average rate for a 30-year fixed-rate mortgage ended the period at 6.73%, broadly unchanged from the end of the prior fiscal year despite fluctuations during the period. Elevated mortgage rates and affordability challenges kept refinancing and housing activity subdued, while limited housing supply continued to support home prices. The S&P Cotality Case-Shiller U.S. National Home Price NSA Index increased 1.1% year over year as of May 21, 2026, the last adjustment period.
Cumulative Performance
(Initial Investment of $10,000)
Annual Performance
|
Average
Annual Returns for the
Periods
Ended July 31, 2026 |
One
Year |
Since
Inception (8/1/2023) |
|---|---|---|
|
Academy
Veteran Bond ETF |
4.21% |
4.59% |
|
Bloomberg
U.S. Aggregate
Bond
Index |
2.71% |
3.92% |
|
Bloomberg
U.S. Mortgage-Backed Securities Index |
4.13% |
4.36% |
Key Fund Statistics
(as of July 31, 2026)
|
Fund
Size (Thousands) |
$124,485 |
|
Number
of Holdings |
153 |
|
Total
Advisory Fee Paid |
$325,233 |
|
Portfolio
Turnover Rate |
23% |
What did the Fund invest in?
(as of July 31, 2026)
Sector Breakdown
(% of Total Net Assets)
|
Top
Issuers |
(%
of Total Net Assets) |
|---|---|
|
Ginnie
Mae II Pool |
|
|
Small
Business Administration Pools |
|
|
Ginnie
Mae I Pool |
Fund Changes
Effective August 1, 2025, U.S. Bancorp Fund Services, LLC, doing business as Global Fund Services, no longer serves as the Sub‐Administrator for each series of Tidal Trust I, including the Fund.